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by Overseas Property Mall on Wednesday, November 16th, 2011 in UK Property, United States Property
We always talk about the special partnership between the UK and US, and we all know that it will scarcely ever be as “special” as it was between Bush and Blair, at least not until sufficient time to have past for us all to have forgotten the lies Blair told during the time that he was being operated from behind by Bush, but that is another article. But one special relationship that we have no such choice in is the special relationship between our economies and housing markets.
by Overseas Property Mall on Monday, November 14th, 2011 in Sri Lankan Property
The Sri Lankan government is scrapping the 100% tax levied on foreigners buying land, in favour of a new special land tax to be unveiled in the 2012 budget.
The new tax will remove restrictions on foreigners buying and developing land anywhere in the country, and will also close loopholes which have allowed many foreigners to buy land in Sri Lanka tax free. It is also thought that removing the tax will increase tourism and property sales to foreigners. The overall aim of the decision is to increase the revenues coming into government coffers from the sale of land to foreigners, sources from the Finance Ministry told reporters.
by Overseas Property Mall on Wednesday, November 2nd, 2011 in Golf Properties, Scottish Property
Donald Trump is furious about a proposed off-shore wind-farm near his £750 million golf resort development in Menie on the Scottish Aberdeenshire coast — so much so that he has written a letter to Alex Salmond. In the letter, Trump calls the proposed 11-turbine wind-farm “disastrous and environmentally irresponsible”, one wonders if he would think it was so disastrous or environmentally irresponsible if he wasn’t about to see completion of a golf resort a mile down the beach from it.
by Overseas Property Mall on Monday, October 24th, 2011 in Buy to Let, London Property, UK Property
For the last few years, the London property market has been one of the most talked about in the world. Before the crash it was talked about because of the rapid rate at which property prices were growing, especially prime properties, and the fact that first time buyers were being priced out of the market.
by Overseas Property Mall on Friday, September 30th, 2011 in Luxury Property
This year’s Financial News has listed the world’s top 10 most expensive streets. From Hong Kong to Fifth Avenue residents are splashing out a jaw-dropping $78,000 a square meter for these prestigious addresses.
According to the Wall Street Journal report, Seven Street in Hong Kong is now the most expensive street in the world. Despite seeing rates fall by as much as 72% during the recession, the wealthy residents of this luxury area successfully drove prices back up, helping to secure their prestigious title for the second year running.
by Overseas Property Mall on Monday, September 19th, 2011 in Buy to Let, UK Property
No one was hit harder by the violent crash of the UK housing market than buy to let investors. Landlords went from having no difficulty getting credit to having no chance of getting credit in a very short space of time. The market was just too risky. But now they are having the last laugh, lenders are practically falling over themselves to keep buy to let investors in credit as the UK rental market booms.
There have been near constant reports of rising rental demand and rising rents since the second half of 2010. According to the reports rents rose across the entire UK in 2010, but the most notable rises were, and continue to be in London and the South West. According to Cluttons, rents in Central London rose by a record 19.1% in 2010.
And it hasn’t stopped this year. In RICS second quarter report in the buy to let market, a balance of 35% of surveyors reported rents rising rather than falling, and the also reported rents rising as well with a forecast for 8-10 percent rises in Central London this year.
The growth is hardly surprising. The UK house price correction was nowhere near as expected, or as it would have needed to be to make UK housing affordable — especially in London. And at the same time the crash in the banking system was exactly as bad as expected, or maybe even worse. The banks are barely lending, and even the few first time buyers with good enough credit to get a loan need at least a 10% deposit, which most just can’t raise in the current climate. So, would-be first time buyers are renting and getting used to it.
This is now fuelling record growth in rents according to the latest data from LSL Property Services. In the latest release of its buy to let index the firm reported a 1.2% month on month increase in August. This is the fastest rise recorded by the index in a year, and took the average rent in England and Wales to the record high of £713 per month.
So, the investors who can afford it are building their portfolios at record low interest rates, and with prices still subdued in most of the country (except London and the south). House-builder Barratt have just reported a 25% rise in sales to investors in the first six months of this year compared to last year. This growth is confirmed by the growing number of buy to let mortgage products being released by lenders to meet the growing demand.
by Overseas Property Mall on Tuesday, September 13th, 2011 in Commercial Property, London Property, UK Property
Customers gathered outside the new Westfield Shopping Centre in Stratford City today eagerly waiting to explore this brand new mega-centre, which is now the largest shopping centre in Europe surpassing Westfield group’s Shepherd Bush Centre in West London.
by Overseas Property Mall on Friday, September 9th, 2011 in Dubai Property, UAE Property
Some mixed news for Emaar properties, one of Dubai’s — state owned — master developers. That is, mixed news, not in a share of good and bad news, but rather in the fact that the bad news was tinged with goodness.
The company posted a 69 per cent decline in net profits for the second quarter of this year, which is obviously not good news. However, the decline was largely put down to the equity-hit the company took for writing off its 30 per cent stake in Dubai Bank, which was taken over by the government earlier in the year. This is being reported as good for the company, because it removes a “corporate distraction” and absolves the firm of any further calls for equity injection. In short: allowing the developer to concentrate on development.
by Overseas Property Mall on Wednesday, September 7th, 2011 in Cuban Property
I’m standing at a shaded corner in Central Havana (Cuba) with many others, all of us looking as shady as our surroundings. Someone comes up to me asking "what are you offering" to break the ice. Where am I?
You would be forgiven for thinking I am on the run, trying to buy papers to get across the border, but actually all I am doing is trying to buy a house.
by Overseas Property Mall on Monday, September 5th, 2011 in Architecture, Chicago, United States Property
Chicago is without doubt one of the greatest cities in the US and the world. In some ways like the UK’s Brighton, Chicago is unique, with its own systems, unwritten codes, and ways of doing things. Like almost every city, street, town, suburb and person in America, Chicago has lost some of its sheen to the financial crisis and cuts in public spending. But International Property Developers Inc plan on restoring a huge chunk of central Chicago to its former glory. They have just (July 21) filed plans for a new $3.5 billion development, which will include the tallest tower in the US.
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