Press Releases
The latest press releases to come from the overseas property market - read what they have to say about what!

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The CNBC Americas Property Awards 2008, in association with The New York Times, has announced Criterion Global a winner in its Property Marketing category, for excellence in marketing luxury destination development.

Criterion Global has long been a leader in international property marketing, serving as advisor to the world’s foremost property developments, hoteliers, and gaming brands. “Our heart and head is in the property sector,” says Criterion Global VP of Communications Amy McKeever. Criterion Global delivers services and counsel critical to property development – global market research, competitive strategy and positioning, international media planning and international media buying, proprietary search engine marketing (SEM), search engine optimisation (SEO), and back-end analytics systems that give developers and brand managers tangible, track-able ROI.

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Foreign currency specialists FC Exchange have revealed that the number of people cashing in on their overseas properties back into Sterling has shot up by 20% over the last year.

Nick Fullerton, MD of FC Exchange commented, “A property in the Eurozone being sold at €200,000 would give its owner in the region of £162,500 back – that’s roughly a £27,000 increase from this time last year.”

“With the Euro at a 52 week high and Sterling having taken a battering in recent months – and no improvement for the foreseeable future – investors may be better off taking advantage of currency rates, selling up their Eurozone home and bringing their funds back to the UK.”

With the recent news of Stamp Duty suspension for the next twelve months in the UK, selling overseas property could become more of an attractive prospect, coupled with the level of returns due to the exchange rate.

“If you are waiting for even better currency deals you may want to consider a Forward Contract – an efficient way of ensuring a favourable rate – effectively freezing current rates so you are not at the mercy of volatile exchange rates.”

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Whilst the credit crunch and property downturn starts to bite in both the UK and Ireland some overseas markets look set to benefit.  As a growing number of residents jump ship to seek a brighter future abroad.  According to recently released research from Lanzarote Guidebook, the leading Lanzarote property portal.

Lanzarote Guidebook´s second quarter review and analysis of the Lanzarote property market has revealed a sharp increase in the number of British and Irish residents planning to relocate to the island.  With long term rental enquiries up by 35% versus the first quarter of this year.

The majority of these would be expats are on the hunt for apartments in Puerto del Carmen – Lanzarote´s most popular holiday resort and the hub of the island’s British and Irish communities.  Who currently account for around 7% of Lanzarote´s total population of 126,000 plus residents.

On the 1st of July, 2008, London-based overseas property specialists, Fresh Property Co opened Fresh Property Albania offices.  The offices are located in Albania’s capital Tirana and in the coastal resort of Saranda, opposite the Greek Island of Corfu.

Since launching Albanian property for sale since 2007, the demand from international investors has been very high, due to the very low property prices and excellent capital growth and rental return projections.

The offices will provide on-going support to clients of Fresh Property Co, as well as regular sales, long term lettings and holiday lettings for locals and tourists.

The offices are located in prime locations in Tirana’s city centre, just off Myslim Shuri, and in Saranda, next to the bustling port.

Fiona Bosticky, the company’s director said: “We are very excited to be opening these new offices at a time when the Albanian property market is taking off, and other more established markets are cooling.  Having our own offices and own staff on the ground will help us to maintain a very high level of service for our clients”.

Fresh Property Co offers a portfolio of investment property in the capital Tirana, and also in the beachside resort towns of Durres, Vlora and Saranda.

There has been a great deal in the press recently regarding the fast emerging Russian market with details on Russian buyers investing in property around the world in ever increasing numbers.

Six years ago the aiGroup created the full mechanism to enable International Real estate agents and developers to target and contact potential Russian investors. The Moscow International Property Shows were the first events to be staged in Russia and the success is due to careful management and appreciating the requirements of the participants.

The Moscow International Property Shows have now been joined by the Moscow International Investment Shows and the St. Petersburg International Property Shows with all events following the same principles attracting high numbers of potential buyers.

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Investors in overseas property are taking advantage of the short-term dip in the value of the US Dollar by focusing their attention on properties in countries whose currencies are pegged to the dollar and taking out forward contracts as the UK housing market stalls.

This week a mixture of falling house prices and rising mortgage costs has meant record falls in the number of people applying for new mortgages. Alongside fears that the stock market will fall even further before it gets better the only option left for many is to invest their money in overseas property.

Nick Fullerton, MD of FC Exchange, said: “These people have been watching the markets closely for months and are choosing their time carefully to buy forward contracts which allow them to freeze exchange rates at this level for up to two years. Experts don’t expect these favourable rates for UK investors to last for long and our customers are acting quickly to secure rates they are happy with.

“Those investing in UK stocks and shares and the housing market are looking to the long term at the moment but there are short-term opportunities to make a profit. There are 21 currencies pegged to the dollar and many are becoming increasingly popular as potential investors in overseas properties see the dollar hit a low,” he added.

Locations like the Bahamas, Jamaica, the United Arab Emirates as well as the US itself are being seen by our customers as opportunities to own a property in paradise as well as an investment. Even the locations that unofficially use the dollar – Panama or the British Virgin Islands for example -“ are becoming increasingly popular.

If you would like to speak to an expert currency broker from FC Exchange (www.fcexchange.co.uk) about Forward Contracts or any currency issues, please contact Lucy Willatt at Hudson Sandler on 020 7710 8912 or lwillatt@hudsonsandler.com or Nathan Field on 020 7710 8937 or nfield@hudsonsandler.com.

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India’s “crunch-proof” property market brought to Manchester by Navyroof.com

As new-build flat prices in Manchester are in freefall, some selling for over £50,000 less than originally purchased, local property investors are looking to India for profitability where Merrill Lynch has predicted a 700 per cent increase in property prices by 2015.

A seminar at the Midland hotel in Manchester city centre, at 7pm on 29th May, will give Greater Manchester property investors valuable information on how they can benefit from investing in India’s thriving housing sector.
It is hosted by Navyroof.com – the company that brings investment opportunities from the most up-and-coming areas of India to the UK.

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Merrill Lynch predicts a 700% increase in Indian property market by 2015

Changes in Indian property law will allow UK investors to take advantage of the predicted seven fold increase in the Indian property market. Navyroof.com – the company that brings investment opportunities from the most up and coming areas of India to investors in the UK – has been quick to present Rudrapur to UK investors after the change in Indian investment laws. Units start at just £28,950 (€ 36,735).

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April 2008 sees the launch of Europe’s first six star service hotel and residential resort ‘Palacio da Quinta’, situated in the Algarve, Portugal’s most beautiful coastal region.

The truly palatial development will comprise 80 luxurious apartments and penthouses set within 17 acres of lush sub-tropical gardens. Residents’ every wish will be provided for by a central six star service hotel, including private chef and butler, 24 hour concierge, chauffeur service, private jet and yacht charter. The resort will also feature indoor and outdoor swimming pools, 1000sq.m health spa, cinema, gourmet destination restaurants, bars, designer boutiques, tennis academy and offer preferred tee times and discounts on green fees at some of the finest golf courses in Europe.

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Asian property markets, though still relatively unaffected by the credit crunch, will soon be affected by inflation and higher interest rates, warns the Global Property Guide, because of rising food, fuel and other commodity prices.

“Higher food, fuel and other commodity prices affect the housing market negatively in several ways,” says Prince Christian Cruz, senior economist at the Global Property Guide.

“At the micro level, households may postpone their decision to purchase a new house or spend on renovation if they anticipate higher prices. At the macro level, higher food and fuel prices push inflation up. Monetary authorities typically raise key interest rates to stem inflationary pressure,” Cruz explains.