Back in April we blogged about the temporary halt on the sale of Turkish property to foriegners by a Turkish Constitutional Court ruling. The ban of the title deed act named Tapu has now been lifted by a new court ruling on May 1st.
The deed system change will be effective within the next few weeks once the official gazette will publish the news. What prompted this action was a constitutional rights contrary that affected article 35 of the Tapu title deed act.
Contrary to popular belief, the issue itself had nothing to do with whether foreigners were allowed to purchase property and land in Turkey, but more so with the size of land that could be bought according to the government.
Read the rest of this entry »
Mukesh Ambani, the fifth richest man in the world and head of the Mumbai based petrochemical giant Reliance Industries is estimated to be worth some where in the region of $43 billion. He is also the owner to-be of a 27-story skyscraper in downtown Mumbai that is to cost him colossal $2 billion!
When you’ve got so much money you have to come up with ideas on how to spend it. Exactly this happened while his wife was staying in the Mandarin Oriental in New York, back in 2005. Nita Ambani was so impressed with the interior Asian style decor that she wanted something similar for her to live in.
Her inquiries about the designer soon led to the next step; drawing up plans done with expertise by architecture firm Perkins & Will and Hirsch Bedner Associates, the designers behind the Mandarin Oriental.
What resulted from that is the world’s largest and most expensive home ever. We have covered this in a past post but wanted to deliver some updated information. Every storey Antilla’s skyscraper home will be built to a different specification. The vast variation of materials to be used in it’s build has tremendously added to its overall cost.
Read the rest of this entry »
Wednesday, May 7th, 2008
Posted by OP-Mall in
UK Property
Debtwire is an organisation that keeps an eye on the health of real estate agencies in the UK and according to their latest reports there is trouble brewing on the horizon.
The Telegraph posted an article yesterday that painted doom and gloom of the UK real estate affairs reporting that some 1,000 agencies had shut down countrywide since the start of this year. The report was based on Debtwire’s studies and indicates that since every Realtor employs an average of 4 people in their offices that would reflect a total job loss of 4,000 and numbers are expected to rise further for the remainder of 2008.
Read the rest of this entry »
Be one of the first to cash in on a fantastic investment opportunity in the popular Cordoba province in Argentina. With the country’s real estate market on fire, this brand new announcement will set to sell fast and you’ll have to act quickly to be amongst the lucky owners in the Estancia Catalina development.
Estancia Catalina is the answer to a very strong and repeat tourism trade that is growing stronger every year. It offers a unique and not often found opportunity to purchase land plots below their current market value in one of South America’s most amazing and sought after regions. This is the kind of opportunity that doesn’t knock on your door too often.
The estate is home to an already very successful boutique hotel that enjoys a 78 % occupancy rate throughout the year, has nearby horse stables and fabulous polo facilities. With a nightly price tag of $500 per room , it is easy to see how great this opportunity really is for investors.
Add to this the unheard of price of £75,000 for a land parcel of 10,000 sqm and you’ll have to be hard pressed to find something equally as promising than land in Estancia Catalina.
Read the rest of this entry »
With the financial wounds many institutions are receiving right now, lending has reached an all time low. Many are therefore cashing in on existing assets to get some cash flow happening for refinancing purposes.
Property giant Savills has recently closed a massive deal in which they sold the Trade Square building in Hong Kong for an estimated US$200 million to get funds flowing again.
Asia is especially favoured right now by investors, since the market pressures those with huge mortgages to sell. Investors with plenty of cash flow can sit back quietly and wait for the housing prices to drop before they buy up big. This is especially true for American funds that are tied up in countries like Australia, Japan, Hong Kong and China.
Read the rest of this entry »
Vietnam is enjoying the property hot seat right now with many reports stating that the country’s economy is on a huge up rise. Vincom Joint Stock Co. reported a 33 percent increase in revenue for the first quarter of 2008 alone. The Vietnamese real estate developer reports that a range of clients signed contracts to rent stalls at higher rentals than usual.
A recent draft regulation that allows foreigners to “lease” property for a 70 year period has created quite a stir amongst foreign investors and foreign expatriates in Vietnam.
Read the rest of this entry »
With the announcement of Europe’s first six star service hotel and residential resort Palacio da Quinta on the Portuguese Algarve a couple of days back, we set out to discover some more tasty accommodation morsels to show you what living in true luxury really means if you like to travel (and rest) in style.
It seems that five star hotels are no longer the norm when it comes to bedding our heads for the night. These days it is caviar, personal butlers and Bentley that are on the menu of savvy and wealthy globetrotters.
Read the rest of this entry »
With the spring season already in full swing, we thought that we’d share a couple of overseas property exhibitions for 2008 that you can pencil into your dairies. It might be just the right time to find some bargains or establish some key relationships. Please drop us comments on any exhibitions we might have left out as the list open & bound to grow.
Read the rest of this entry »
