A representative of a Turkish-based company, Atlas, which has officially signed up to a 49-year lease to operate a golf course on land designated by the Ministry of Culture and Tourism.
The plans are centred on an area of land at Mercimek, which borders the Zonguldakllar estate and close to the Sultan Kent and Konya Kültür housing estates on the Akbük road.
The area covers 173 acres of land on which there will be allocated a clubhouse, an 18-hole golf course and a holiday village with a capacity of 420 beds.
Mr Kinaci, a map engineer based in Milas, confirmed the project would cost $40 million (approximately £20 million) – with the golf course costing close to $10 million.
He said: “I can confirm to Voices Newspaper that Atlas has signed a 49-year lease to operate a golf course and hotel project on the land at Mercimek.
“The project has been put to public consultation and there are no objections.”
He added: “As far as we are concerned, once all the legalities are complete, Atlas will build the first golf course in Didim. It will be a major boost to tourism to the whole area.”
Atlas is a company predominantly in the steel and shipbuilding industries in Turkey. This project is believed to be their first foray into the golf tourism business.
Mr Kinaci said: “We are moving ever closer to reality. We are being extremely cautious as we want to get everything right and ensure that the news we give is accurate, clear and concrete to the public.
“We would not want to raise people’s hopes unnecessarily, but things are beginning to happen.”
He declined to give any time schedule on developing the course or when Atlas hoped to open the golf course and hotel facilities.
Seda Türk, Didim council’s planning department manager, and Meltem Öz, Didim Council’s city planner, confirmed Atlas’ interest was more than just a ‘passing one’. And they confirmed that it would provide a big boost to the tourism of the area.
On a separate note, Mayor Mümın Kamaci said representatives of an unnamed Swedish company had visited Didim council offices this week to look at the potential of building a new golf course in the area.
He said that the company had been given a number of options and they had departed back to Sweden to ‘mull over’ the proposals.
Monday, September 22, 2008
Thursday, September 4, 2008
Jet2Turkey
Located on Turkey's southwestern Mediterranean coast in the Mugla Province, Dalaman is the ideal destination for tourists visiting the seaside resorts to the west and east of Dalaman such as Fethiye, Marmaris, Koycegiz, Oludeniz, Dalyan and Hisaronu. With culture, nightlife and wonderful beaches, holidays in Dalaman have something for everyone.
Flights will be from Leeds Bradford and Manchester and will start in Summer '09 so register your interest now and we will let you know before the seats go on sale so that you can plan ahead and get the best deals for your trip to Dalaman next year!
Flights will be from Leeds Bradford and Manchester and will start in Summer '09 so register your interest now and we will let you know before the seats go on sale so that you can plan ahead and get the best deals for your trip to Dalaman next year!
Thursday, August 21, 2008
Didim
Prospective investors in Turkey were delighted with the recent news that the government’s temporary ban on the issue of title deeds (Tapu) to foreigners has been lifted. Now that the Turkish government has had time to re-draft the relevant law, title deeds are being processed as usual. This is welcome news for foreign investors, especially now that mortgages are more readily available in Turkey - the essential elements for overseas property investors are firmly in place.
The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.
Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”
Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.
Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.
The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.
Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”
Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.
Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.
Saturday, August 9, 2008
Disneyland
Turkey is to build a Disneyland resort near the town of Oren, 35 kilometres south east of Milas, after reaching a deal with all parties concerned in just 3 days. Disneyland Turkey, which will rival Eurodisney Paris, is to be situated just 90 minutes from Didim.
The complex is expected to be constructed in under 2 years, planning was completed after officials visited Eurodisney Paris and Germany’s Heidi Park. It will be built over an area of 1.3m square metres and will employ a “cast” of almost 17,000 staff.
According to the news, reported in Turkey’s Hurriyet daily, all the permission from 74 authorities has been granted and construction will commence after the proposal is signed by the Council of Ministers.
Project manager, Tekin Erdogan said “The electricity station in Oren had a negative effect on tourism in the area. It was struggling to bring any tourism investment to the town. We decided a different angle was needed to attract both investors and holidaymakers. This will be bigger than the Disneyland resort in Paris.”
He also stated that there will be 5 hotels of up to 7 stars with a total capacity of 8,000; a marina is also being built close to the resort.
Animation shows with cartoons heroes, the entertainment facilities, Turkish-Ottoman and Selcuk architectural examples are projected to attract an estimated 12,000 visitors daily. People will be able to visit the Turkish Disneyland via the marina. There will also be scheduled ferry services from selected locations to the fun park.
Babakn Olcaysu who is the licence owner of the Oren Investment Concept said “The government has given its full support to the project. We got all the permissions in just 3 days. The project is expected to cost $3.2 billion. Babakn added:” This will attract tourists from all over the world, and will be of great benefit to all cities around it.”
The complex is expected to be constructed in under 2 years, planning was completed after officials visited Eurodisney Paris and Germany’s Heidi Park. It will be built over an area of 1.3m square metres and will employ a “cast” of almost 17,000 staff.
According to the news, reported in Turkey’s Hurriyet daily, all the permission from 74 authorities has been granted and construction will commence after the proposal is signed by the Council of Ministers.
Project manager, Tekin Erdogan said “The electricity station in Oren had a negative effect on tourism in the area. It was struggling to bring any tourism investment to the town. We decided a different angle was needed to attract both investors and holidaymakers. This will be bigger than the Disneyland resort in Paris.”
He also stated that there will be 5 hotels of up to 7 stars with a total capacity of 8,000; a marina is also being built close to the resort.
Animation shows with cartoons heroes, the entertainment facilities, Turkish-Ottoman and Selcuk architectural examples are projected to attract an estimated 12,000 visitors daily. People will be able to visit the Turkish Disneyland via the marina. There will also be scheduled ferry services from selected locations to the fun park.
Babakn Olcaysu who is the licence owner of the Oren Investment Concept said “The government has given its full support to the project. We got all the permissions in just 3 days. The project is expected to cost $3.2 billion. Babakn added:” This will attract tourists from all over the world, and will be of great benefit to all cities around it.”
Wednesday, July 30, 2008
tax
If you propose to invest in property abroad or take a more permanent step and live abroad, tax planning is one of the most important considerations. Obtaining tax advice – and this should be from a professional tax adviser with knowledge of tax regulations both in your home country and the country where you plan to invest – before you make any investment decisions means that you can make the most of opportunities to reduce your tax liabilities.
Within the general tax considerations of owning assets abroad is the question of inheritance tax, an aspect that many property investors tend to overlook. However, this is one area that has wide implications for the future of your heirs. Careful inheritance tax planning can make the difference between your heirs continuing to enjoy your investments or losing them to pay a large inheritance tax bill.
While inherited assets in some countries attract no inheritance taxes, in other countries taxes can be higher than 80%, particularly if the beneficiary is not a close relative. It is therefore very important to bear this in mind when making investment plans. A further issue to consider is that regardless of the country you choose to invest in or move to, you may still be liable for inheritance tax in your home country. “Inheritance tax rules have important implications for investors,” comments Ken Thorkildsen, Director of Obelisk Private Finance. “If you do not plan your inheritance tax carefully, you may find that your heirs face high tax bills both in the country where you invested and in the UK.”
In general, resident heirs pay less inheritance tax than those who are non-resident and many countries also offer generous deductions or total exemptions for beneficiaries who are direct relatives, e.g. spouse, children or parents. This is the case in Andalucía, home to the Costa del Sol, where recent legislation means that direct heirs who have been resident in the region for 5 years, are exempt from inheritance tax on assets up to the value of €175,000. Ken welcomes this recent development which he believes “has hugely positive implications for the resident ex-pat population in one of Spain’s most popular investment destinations.”
Laws on inheritance tax are complicated and inheritance tax regulations vary in individual countries. For example, Spanish law rules that in the case of a married couple, 50% of the net assets are liable for inheritance tax on first death, whereas under UK law, a married couple may be liable for 100% of the assets minus allowances. Basic familiarity with a country’s tax regimes and its implications should be a high priority for the global property investor. This coupled with expert guidance from a tax expert, can make a substantial difference to the planning of an investor’s estate and by extension, to the beneficiaries. “An essential aspect of owning assets in more than one country is to draw up a will in each country,” advises Ken. “This helps speed up the inheritance process and makes things much easier for your heirs.”
Given the complexity of inheritance regulations and the fact that in many countries they are in a state of constant change, Ken offers the following advice: “No action should be taken without consultation with a professional tax adviser. While there are many ways of reducing inheritance tax liability, only an expert can offer guidance on the right ones for you and your particular situation.”
Within the general tax considerations of owning assets abroad is the question of inheritance tax, an aspect that many property investors tend to overlook. However, this is one area that has wide implications for the future of your heirs. Careful inheritance tax planning can make the difference between your heirs continuing to enjoy your investments or losing them to pay a large inheritance tax bill.
While inherited assets in some countries attract no inheritance taxes, in other countries taxes can be higher than 80%, particularly if the beneficiary is not a close relative. It is therefore very important to bear this in mind when making investment plans. A further issue to consider is that regardless of the country you choose to invest in or move to, you may still be liable for inheritance tax in your home country. “Inheritance tax rules have important implications for investors,” comments Ken Thorkildsen, Director of Obelisk Private Finance. “If you do not plan your inheritance tax carefully, you may find that your heirs face high tax bills both in the country where you invested and in the UK.”
In general, resident heirs pay less inheritance tax than those who are non-resident and many countries also offer generous deductions or total exemptions for beneficiaries who are direct relatives, e.g. spouse, children or parents. This is the case in Andalucía, home to the Costa del Sol, where recent legislation means that direct heirs who have been resident in the region for 5 years, are exempt from inheritance tax on assets up to the value of €175,000. Ken welcomes this recent development which he believes “has hugely positive implications for the resident ex-pat population in one of Spain’s most popular investment destinations.”
Laws on inheritance tax are complicated and inheritance tax regulations vary in individual countries. For example, Spanish law rules that in the case of a married couple, 50% of the net assets are liable for inheritance tax on first death, whereas under UK law, a married couple may be liable for 100% of the assets minus allowances. Basic familiarity with a country’s tax regimes and its implications should be a high priority for the global property investor. This coupled with expert guidance from a tax expert, can make a substantial difference to the planning of an investor’s estate and by extension, to the beneficiaries. “An essential aspect of owning assets in more than one country is to draw up a will in each country,” advises Ken. “This helps speed up the inheritance process and makes things much easier for your heirs.”
Given the complexity of inheritance regulations and the fact that in many countries they are in a state of constant change, Ken offers the following advice: “No action should be taken without consultation with a professional tax adviser. While there are many ways of reducing inheritance tax liability, only an expert can offer guidance on the right ones for you and your particular situation.”
Saturday, July 26, 2008
Mortgages
Garanti Bank has begun to offer a new “non resident mortgage” to foreigners looking to purchase property in Turkey. With the new service the bank will enable foreigners to obtain lira or foreign exchange indexed loans with a maximum 240-month maturity. Foreigners will also be able to obtain loans of YTL 500,000 or the equivalent amount in foreign currency
Saturday, July 19, 2008
Tapu
A circular concerning the implementation of a bill regulating property sales to foreigners was issued Thursday. The circular restarted the process of property sales to foreigners, which had been suspended April 16 after the Constitutional Court's annulment of the existing legislation created a legal loophole.
The regulation enables foreign companies, which had previously been granted rights equal to Turkish ones to purchase real estate on the basis of the Foreign Direct Investment Law-No. 4875, to own real estate by permission of the governor's office. The regulations, which will come into effect in three months, will determine the basic aspects of how to receive this permission. As a result, no land will be sold to the companies concerned until then.
Meanwhile, companies operating in foreign countries and foreign real persons will be able to own up to 10 percent of the land within a building scheme. In addition, the area that foreigners can own will be restricted to two and a half hectares and demands by foreigners that surpass these limits will be rejected, according to the new amendment.
Parliament passed the bill regulating property sales to foreigners on July 3 after it was revised taking into consideration the Constitutional Court's annulment of previous legislation.
The regulation enables foreign companies, which had previously been granted rights equal to Turkish ones to purchase real estate on the basis of the Foreign Direct Investment Law-No. 4875, to own real estate by permission of the governor's office. The regulations, which will come into effect in three months, will determine the basic aspects of how to receive this permission. As a result, no land will be sold to the companies concerned until then.
Meanwhile, companies operating in foreign countries and foreign real persons will be able to own up to 10 percent of the land within a building scheme. In addition, the area that foreigners can own will be restricted to two and a half hectares and demands by foreigners that surpass these limits will be rejected, according to the new amendment.
Parliament passed the bill regulating property sales to foreigners on July 3 after it was revised taking into consideration the Constitutional Court's annulment of previous legislation.
Thursday, July 17, 2008
Fadesa
One of Spain's major developers, Martinsa Fadesa, has filed for voluntary administration after failing to renegotiate a €150m (£119m) loan earlier this week. The company reportedly owes The debts of around €5bn (£3.98bn).
company said in a regulatory filing that it had lodged a petition for court administration, marking the start of Spain’s largest bankruptcy process since the introduction of new rules in 2004.
It follows the rescue in March of Immobiliaria Colonial by by creditor banks, which swapped debt for equity held by the controlling shareholders in Spain’s second-largest property company.
Martinsa Fadesa is the latest in a long line of Spanish property companies to run into difficulties, following the collapse of the Spanish housing market last year, after a decade or so of booming activity. Many small construction companies and property developers have either filed for protection or been absorbed by larger groups. The number of companies entering administration this year has more than doubled compared with 2007, according to lawyers.
“Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," said a spokesperson. "The company, along with its administrators, will from now on focus in revenue-generating, through the sale of assets and land management and restructuring the company so the project can be revived.”
company said in a regulatory filing that it had lodged a petition for court administration, marking the start of Spain’s largest bankruptcy process since the introduction of new rules in 2004.
It follows the rescue in March of Immobiliaria Colonial by by creditor banks, which swapped debt for equity held by the controlling shareholders in Spain’s second-largest property company.
Martinsa Fadesa is the latest in a long line of Spanish property companies to run into difficulties, following the collapse of the Spanish housing market last year, after a decade or so of booming activity. Many small construction companies and property developers have either filed for protection or been absorbed by larger groups. The number of companies entering administration this year has more than doubled compared with 2007, according to lawyers.
“Filing for voluntary administration is the best way to avoid aggravating a crisis situation that could become irreversible and have serious repercussions on creditors and all shareholders' interests," said a spokesperson. "The company, along with its administrators, will from now on focus in revenue-generating, through the sale of assets and land management and restructuring the company so the project can be revived.”
Thursday, July 10, 2008
Turkey
News in the foreign press pertaining to Turkey's real estate sector experienced a surge in the aftermath of the approval of a bill by Parliament on July 5 that regulates property sales to foreigners. The attention paid to Turkey's real estate sector, which is characterized by low prices, has been increasing, wrote British newspaper The Times, adding that prices in the sector are expected to skyrocket if Turkey manages to join the European Union.
“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote.
The paper emphasized that prices in the country's real estate sector are far lower than that of the EU average. “British customers have started to settle in Turkey's popular cities such as Istanbul and coastal areas such as Antalya and Bodrum in the aftermath of the opening of Turkey's real estate market to foreign customers in 2003. The investors expect an increase in the prices of the country's real estate market if Turkey becomes a member of the European Union,” wrote the paper.
“It is possible to purchase a property on Turkish shores at a relatively low price of 35,000 sterling (pounds). Does this sound attractive to you?” wrote the paper. “A clever couple can buy a property with a little amount of deposit and with two credit cards. Credit-card companies provide the opportunity of zero interest rates for 15 months period for those with high credit rankings,” The Times wrote.
The paper emphasized that prices in the country's real estate sector are far lower than that of the EU average. “British customers have started to settle in Turkey's popular cities such as Istanbul and coastal areas such as Antalya and Bodrum in the aftermath of the opening of Turkey's real estate market to foreign customers in 2003. The investors expect an increase in the prices of the country's real estate market if Turkey becomes a member of the European Union,” wrote the paper.
Wednesday, July 9, 2008
Paradorproperties
Parador Properties, which had a number of overseas operations, including Cyprus, has gone into voluntary administration.
The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.
Parador’s PR company, Quay West Communications, announced: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”
The company was once considered to be one of Europe’s top estate agents. It used to fly prospective purchasers to their desired destinations and offered advice about specific areas and communities. Simon Lambert and managing director Jack Hamilton founded Parador in 1998.
Parador’s PR company, Quay West Communications, announced: “It is with regret that Parador Properties has announced that, due to the downturn in the overseas property market, it has gone into voluntary administration. This does not affect property purchases by any of its clients, as all contracts were made between the individual client and the builder; Parador Properties acted only as an introductory agent.”
Thursday, July 3, 2008
Tapu
A DRAFT bill seeking to expand the scope of the law regulating property sales to foreigners was today (THURS) endorsed by Parliament.
The bill, which was discussed in Parliament last week, has been taken back to the Justice Commission at the last minute.
Amendments for opening up properties in prohibited military zones and strategic regions (lands) to foreigners through permission from governor's offices were sent to the Justice Commission for ratification.
This was passed, and sent back to Parliament which duly gave the title deeds lawchanges the nod. They now await being rubber-stamped by President Abdullah Gul.
During previous meetings in Parliament, the ruling Justice and Development Party, or AKP, was forced to withdraw the regulation expanding the scope of property sales due to opposition pressure.
The regulation, which was taken back to the Committee at the last minute, enables private business enterprises in Turkey launched or contributed to by foreign investors to exercise the rights for immovable and limited property for conducting their operations enumerated in main contracts.
The same principal will be valid in case immovable properties are transferred to another company with foreign investment or in case an immovable owned company with national capital becomes foreign owned through share transfer.
Acquisitions of companies in strategic properties under Article No 28 of the Law on Prohibited Military Zones and Security Zones and in military zones, security zones and some strategic lands enumerated in the same law, will be subject to the permission of governor under whose jurisdiction the related property falls.
The demand for permission will be decided after an evaluation of the acquisition's conformity with the country's security and operation field, in the commission established with the participation of related representatives within the governor's office.
The draft bill handled by Parliament for property sales to foreigners, maintains foreign persons and institutions can possess immovable lands, 10 percent of the total land, within the frameworks of zoning implementation plan and piecemeal plan, while the regulation expands the scope of possessing properties.
The bill, which was discussed in Parliament last week, has been taken back to the Justice Commission at the last minute.
Amendments for opening up properties in prohibited military zones and strategic regions (lands) to foreigners through permission from governor's offices were sent to the Justice Commission for ratification.
This was passed, and sent back to Parliament which duly gave the title deeds lawchanges the nod. They now await being rubber-stamped by President Abdullah Gul.
During previous meetings in Parliament, the ruling Justice and Development Party, or AKP, was forced to withdraw the regulation expanding the scope of property sales due to opposition pressure.
The regulation, which was taken back to the Committee at the last minute, enables private business enterprises in Turkey launched or contributed to by foreign investors to exercise the rights for immovable and limited property for conducting their operations enumerated in main contracts.
The same principal will be valid in case immovable properties are transferred to another company with foreign investment or in case an immovable owned company with national capital becomes foreign owned through share transfer.
Acquisitions of companies in strategic properties under Article No 28 of the Law on Prohibited Military Zones and Security Zones and in military zones, security zones and some strategic lands enumerated in the same law, will be subject to the permission of governor under whose jurisdiction the related property falls.
The demand for permission will be decided after an evaluation of the acquisition's conformity with the country's security and operation field, in the commission established with the participation of related representatives within the governor's office.
The draft bill handled by Parliament for property sales to foreigners, maintains foreign persons and institutions can possess immovable lands, 10 percent of the total land, within the frameworks of zoning implementation plan and piecemeal plan, while the regulation expands the scope of possessing properties.
mortgages
A Turkish bank has introduced a new product in housing credits, "Mortgage with Low Installments," to the market, reported daily Milliyet yesterday.
In Finansbank's new mortgage program, installments start at YTL 500, according to authorities at the bank. The installments are determined on the basis of triple combinations, such as, YTL 500, YTL 750 and YTL 1,000, and increase on a two-tiered basis, such as YTL 500 for the first two years, YTL 750 for the second two years and YTL 1,000 for the remaining period.
Consumers are provided with the opportunity to choose the appropriate amount of credits and the payment plan that best fits their incomes. "Finansbank's new product encompasses an installment plan that has not been implemented until now and, therefore, this new product is the first of its kind in housing credits," said Erkin Aydın, Finansbank Mortgage and Personal Loans group manager.
In Finansbank's new mortgage program, installments start at YTL 500, according to authorities at the bank. The installments are determined on the basis of triple combinations, such as, YTL 500, YTL 750 and YTL 1,000, and increase on a two-tiered basis, such as YTL 500 for the first two years, YTL 750 for the second two years and YTL 1,000 for the remaining period.
Consumers are provided with the opportunity to choose the appropriate amount of credits and the payment plan that best fits their incomes. "Finansbank's new product encompasses an installment plan that has not been implemented until now and, therefore, this new product is the first of its kind in housing credits," said Erkin Aydın, Finansbank Mortgage and Personal Loans group manager.
Wednesday, June 25, 2008
Hotels
Seventeen Turkish hotels were ranked among the world's top 100 in a customer satisfaction survey of 35 million TUI travelers.
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Germany's TUI, one of the world's biggest tour operators, conducted the survey between Jan. 1 and Dec. 31 of last year, TUI Turkey Product and Contract Director Melih Yetiş told the Anatolia news agency: "Seventeen of Turkey's hotels are among the best hotels in the world, and they are qualified for the 'TUI Holly' prize. Last year, this number was 13. The increased number shows Turkey has improved its quality in tourism and that customer satisfaction has also risen."
According to data provided by Yetiş, the Turkish hotels ranking among top 100 are: Amara Beach Resort (Side-Antalya), Barut Club Hotel Hemera (Side-Antalya), Barut Hotel Lara Resort Spa & Suites (Lara-Antalya), Cornelia de Luxe Resort (Belek-Antalya), Gloria Serenity Resort (Belek-Antalya), Hotel Delphin Deluxe Resort (Alanya-Antalya), Hotel Delphin Palace (Lara-Antalya), Hotel Marmaris Park (İçmeler-Marmaris-Muğla), Hotel Melas Resort (Side-Antalya), Hotel Papillon Ayscha (Belek-Antalya), Hotel Papillon Zeugma (Belek-Antalya), Hotel Yetkin (Alanya-Antalya), Iber Otel Sarigerme Park (Sarigerme-Muğla), Magic Life Kemer Imperial (Kemer-Antalya), Robinson Club (Çamyuva-Kemer), Antalya Robinson Club Nobilis (Belek-Antalya), Robinson Club Pamfilya (Side-Antalya).
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Germany's TUI, one of the world's biggest tour operators, conducted the survey between Jan. 1 and Dec. 31 of last year, TUI Turkey Product and Contract Director Melih Yetiş told the Anatolia news agency: "Seventeen of Turkey's hotels are among the best hotels in the world, and they are qualified for the 'TUI Holly' prize. Last year, this number was 13. The increased number shows Turkey has improved its quality in tourism and that customer satisfaction has also risen."
According to data provided by Yetiş, the Turkish hotels ranking among top 100 are: Amara Beach Resort (Side-Antalya), Barut Club Hotel Hemera (Side-Antalya), Barut Hotel Lara Resort Spa & Suites (Lara-Antalya), Cornelia de Luxe Resort (Belek-Antalya), Gloria Serenity Resort (Belek-Antalya), Hotel Delphin Deluxe Resort (Alanya-Antalya), Hotel Delphin Palace (Lara-Antalya), Hotel Marmaris Park (İçmeler-Marmaris-Muğla), Hotel Melas Resort (Side-Antalya), Hotel Papillon Ayscha (Belek-Antalya), Hotel Papillon Zeugma (Belek-Antalya), Hotel Yetkin (Alanya-Antalya), Iber Otel Sarigerme Park (Sarigerme-Muğla), Magic Life Kemer Imperial (Kemer-Antalya), Robinson Club (Çamyuva-Kemer), Antalya Robinson Club Nobilis (Belek-Antalya), Robinson Club Pamfilya (Side-Antalya).
Wednesday, June 18, 2008
turkey
Istanbul’s Chamber of Commerce (ITO) has claimed that a housing shortage is looming in the country that needs between 300,000 and 350,000 new properties to be built annually to cope with the demand placed on it from a growing younger population and foreign interest. Data obtained from the ITO revealed that in the next eight years, a projected 5.5million new homes will be required to facilitate the country’s expanding population. Some 2.88 million will be needed due to population increases, 760,000 to cope with internal migration and 652,000 to replace old and neglected properties. The ITO also revealed that an additional 1.25 million homes would be needed as part of ongoing urban transformation projects across the country.
Saturday, June 14, 2008
Turkey
Just as Turkey looks as if it is shaping up to become the next major holiday-home and investment destination, its government has stopped title deeds being issued to foreigners.
Safe as houses: Bodrum Castle overlooks the lively old town. The peninsula is popular with British and Turkish buyers alike
The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.
Agents selling in Turkey expect the restriction to be lifted soon. "I don't see it as a problem, as you could never expect to receive your title deeds within three months anyway," says Julian Walker from Turkish property specialist Spot Blue. "For anyone buying now, the suspension will have ended by the time they reach completion."
Even 10 per cent foreign ownership of land is a high figure that is unlikely to ever be met, Walker points out. "Even in Spain, 95 per cent of sales are to the domestic market. In Turkey, there are 77,000 foreign property owners out of a population of 77 million, which is 0.1 per cent, so 10 per cent is light years away," he says.
"You have to remember Turkey is a poor country, 20 years behind the West in its property market, laws and business practice. And even though finance is available, it is also still typically a cash market."
advertisementApart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank.
The currency exchange company Moneycorp reports that British interest in Turkish property has trebled in the past year. A NatWest survey of mortgage lenders predicts that Turkey - where 22,650 Brits own property - will be the third most popular
destination for UK buyers in the next three years, with most sticking to the area between Kusadasi on the Aegean coast and Alanya on the Med.
In its attempts to double tourist numbers to 10 million by 2010, the Turkish government is investing in infrastructure and attractions, including new golf courses in Dalaman and Belek.
It is also encouraging new air routes and airport expansion. EasyJet now flies to Dalaman and Istanbul, BA to Antalya. A new international airport at Edremit will open up areas around Ayvalik, north of Izmir - until now, despite good beaches, great windsurfing and attractive property, the preserve of Turkish buyers.
Beyond its appeal as a value-for-money location for holiday homes - outside pricier Istanbul or Bodrum, the average two-bedroom apartment costs £35,000-£90,000 - Turkey is also drawing investors to Istanbul, where new development is taking place on both sides of the Bosphorus.
Prices average about £700-£900 per square metre, with studios from £40,000 in developments such as Life Studio near Ataturk international airport (through The Right Move Abroad), or Astrum Towers, six miles from the airport, which agent Regnum predicts will see annual growth of 30 per cent.
So, this Christmas - or whenever the restrictions ease - why not vote for Turkey?
BODRUM FAR FROM HUMDRUM
Lively resorts, leisure facilities and low-priced newbuild properties make the Bodrum peninsula one of Turkey's best-known areas for British visitors, while quieter spots such as Yalikavak and Gumusluk appeal to wealthy Turkish property buyers wanting £1m-plus villas.
"Bodrum is one of the most popular coastal regions," says Jane Griffiths, managing director of Regnum, "and Turkey's appeal is widening to take in growing numbers of Eastern European holidaymakers as well as British. Small apartments can achieve rents of £300 a week."
Safe as houses: Bodrum Castle overlooks the lively old town. The peninsula is popular with British and Turkish buyers alike
The country did it for six months in 2005, too, in an attempt to prevent large tracts of rural land being bought up. The latest ban - announced in April and awaiting ratification in parliament - has a similar purpose, limiting foreign ownership to 10 per cent of the land in any town.
Agents selling in Turkey expect the restriction to be lifted soon. "I don't see it as a problem, as you could never expect to receive your title deeds within three months anyway," says Julian Walker from Turkish property specialist Spot Blue. "For anyone buying now, the suspension will have ended by the time they reach completion."
Even 10 per cent foreign ownership of land is a high figure that is unlikely to ever be met, Walker points out. "Even in Spain, 95 per cent of sales are to the domestic market. In Turkey, there are 77,000 foreign property owners out of a population of 77 million, which is 0.1 per cent, so 10 per cent is light years away," he says.
"You have to remember Turkey is a poor country, 20 years behind the West in its property market, laws and business practice. And even though finance is available, it is also still typically a cash market."
advertisementApart from this blip, Turkey's property market is proving resilient, with prices expected to rise by 10-15 per cent this year, says Knight Frank.
The currency exchange company Moneycorp reports that British interest in Turkish property has trebled in the past year. A NatWest survey of mortgage lenders predicts that Turkey - where 22,650 Brits own property - will be the third most popular
destination for UK buyers in the next three years, with most sticking to the area between Kusadasi on the Aegean coast and Alanya on the Med.
In its attempts to double tourist numbers to 10 million by 2010, the Turkish government is investing in infrastructure and attractions, including new golf courses in Dalaman and Belek.
It is also encouraging new air routes and airport expansion. EasyJet now flies to Dalaman and Istanbul, BA to Antalya. A new international airport at Edremit will open up areas around Ayvalik, north of Izmir - until now, despite good beaches, great windsurfing and attractive property, the preserve of Turkish buyers.
Beyond its appeal as a value-for-money location for holiday homes - outside pricier Istanbul or Bodrum, the average two-bedroom apartment costs £35,000-£90,000 - Turkey is also drawing investors to Istanbul, where new development is taking place on both sides of the Bosphorus.
Prices average about £700-£900 per square metre, with studios from £40,000 in developments such as Life Studio near Ataturk international airport (through The Right Move Abroad), or Astrum Towers, six miles from the airport, which agent Regnum predicts will see annual growth of 30 per cent.
So, this Christmas - or whenever the restrictions ease - why not vote for Turkey?
BODRUM FAR FROM HUMDRUM
Lively resorts, leisure facilities and low-priced newbuild properties make the Bodrum peninsula one of Turkey's best-known areas for British visitors, while quieter spots such as Yalikavak and Gumusluk appeal to wealthy Turkish property buyers wanting £1m-plus villas.
"Bodrum is one of the most popular coastal regions," says Jane Griffiths, managing director of Regnum, "and Turkey's appeal is widening to take in growing numbers of Eastern European holidaymakers as well as British. Small apartments can achieve rents of £300 a week."
Sunday, June 8, 2008
Bodrum
Buyers looking for overseas properties could benefit from investment opportunities in Turkey, as prices look set to rise in the near future.
One UK property fund manager, Cordea Savills, is in the process of raising €400 million to invest in Turkish real estate with an estimated rate of return of 25 per cent, reports Reuters.
Ian Jones, director of investments at Cordea Savills, commented: "This is a country of some 70 million people with half of the population under 30 and with an average annual population growth of about one per cent."
He added that although the economy was cooling, it was "slowing but coming down from a high base".
Those looking for a holiday home as well as investment properties in Turkey may wish to consider the Bodrum district of the Turkish Riviera, where prices are low but expected to soon compete with Mallorca and Saint Tropez, according to Turkish Daily News.
One UK property fund manager, Cordea Savills, is in the process of raising €400 million to invest in Turkish real estate with an estimated rate of return of 25 per cent, reports Reuters.
Ian Jones, director of investments at Cordea Savills, commented: "This is a country of some 70 million people with half of the population under 30 and with an average annual population growth of about one per cent."
He added that although the economy was cooling, it was "slowing but coming down from a high base".
Those looking for a holiday home as well as investment properties in Turkey may wish to consider the Bodrum district of the Turkish Riviera, where prices are low but expected to soon compete with Mallorca and Saint Tropez, according to Turkish Daily News.
Thursday, June 5, 2008
Iraq
Middle east developer DAMAC has announced that it plans to invest around $15bn (£7.7bn) constructing a mixed-use project in Iraq’s Kurdistan province in an effort to kickstart the region’s recovery following the Iraq war.
The company plans to start building phase one at a cost of $4.5bn (£2.3bn) of Tarin Hills in the northern town of Erbil, at the tail end of this year. The scheme, which will measure around 170m sq ft, will include residential, commercial, retail, hospitality, entertainment, health and sporting facilities.
Peter Riddoch, CEO of DAMAC, commented: “The hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined amongst the 18-hole course. This community will be augmented with a golf club and health centre, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centres, retail complexes, besides schools and business parks."
DAMAC chairman Hussain Sahwani believes that Tarin Hills could be the catalyst for turning the Kurdistan region into an “attractive destination for both high-end and mass tourism.”
He added: “There are five million people in Kurdistan from different classes and there are many people from Iraq that would like to take residence or move to Kurdistan because it is safer.”
Sahwani also wants to lure back all those people who left Iraq for Europe and the Middle East during the rule of previous president Saddam Hussain, or otherwise left to escape the war. “They would like to come back, and want luxurious residences to live in,” Sahwani concluded.
Anyone who may be concerned about investing in the region will be reassured to learn that DAMAC plans to create a fully gated community with security gates, 24-hour security, a police station and a civil defense base, all of which will be situated on site.
Nechirvan Barzani, prime minister of the Kurdistan regional government of Iraq, has welcomed the planned initiative. He said: "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative, which is a very positive statement, and a symbol of the stability and growth potential of the Kurdistan region. We are confident of the success of this project and pledge our full cooperation with DAMAC and its investors in making Tarin Hills a world-class development."
The company plans to start building phase one at a cost of $4.5bn (£2.3bn) of Tarin Hills in the northern town of Erbil, at the tail end of this year. The scheme, which will measure around 170m sq ft, will include residential, commercial, retail, hospitality, entertainment, health and sporting facilities.
Peter Riddoch, CEO of DAMAC, commented: “The hills of Tarin will be transformed into a golf course residential community with villas surrounding and intertwined amongst the 18-hole course. This community will be augmented with a golf club and health centre, which will be a focal point destination for recreation and leisure. In addition to this, the community will encompass a water and theme park, arts and crafts centres, retail complexes, besides schools and business parks."
DAMAC chairman Hussain Sahwani believes that Tarin Hills could be the catalyst for turning the Kurdistan region into an “attractive destination for both high-end and mass tourism.”
He added: “There are five million people in Kurdistan from different classes and there are many people from Iraq that would like to take residence or move to Kurdistan because it is safer.”
Sahwani also wants to lure back all those people who left Iraq for Europe and the Middle East during the rule of previous president Saddam Hussain, or otherwise left to escape the war. “They would like to come back, and want luxurious residences to live in,” Sahwani concluded.
Anyone who may be concerned about investing in the region will be reassured to learn that DAMAC plans to create a fully gated community with security gates, 24-hour security, a police station and a civil defense base, all of which will be situated on site.
Nechirvan Barzani, prime minister of the Kurdistan regional government of Iraq, has welcomed the planned initiative. He said: "The Tarin Hills development will not only help promote the global face of Erbil, it will also create jobs and support growth in related sectors, such as tourism and hospitality. We thank DAMAC for taking this initiative, which is a very positive statement, and a symbol of the stability and growth potential of the Kurdistan region. We are confident of the success of this project and pledge our full cooperation with DAMAC and its investors in making Tarin Hills a world-class development."
Turkey
Turkey's convergence process with the European Union and macroeconomic stability should boost foreign interest in Turkish real estate, Akın Tüzün, head of Turkish equity research at Citigroup, said yesterday.
Speaking at the Turkish Real Estate Summit organized by The Association of Real Estate Investment Companies (GYODER) in Istanbul, Tüzün noted Turkey currently attracts around $3 billion foreign investment into the local real estate sector. “This is less than 0.5 percent of Gross Domestic Product (GDP) – a low figure as such if compared to Eastern Europe, and particularly to Spain, Portugal and Greece.” With close to $50 billion in current account deficit, Turkey needs substantial foreign capital inflow. As portfolio inflows and major privatizations slow down this year, Turkey has to attract foreign capital particularly in real estate,” Tüzün added.
Energy, tourism and real estate to drive FDI
The majority of all FDI inflow to Turkey since 2003 has consisted of privatizations and asset sales, mainly in the banking sector. So far real estate investments have made some 17 percent of all FDI into Turkey. “However, over the next decades energy, tourism and real estate will be the main areas of FDI inflow into Turkey,” Tüzün said. “The sustainability of foreign direct investment (FDI) is the key for Turkey's balance of payment dynamics and real estate FDI should play an important role in this.”
Turmoil boosts real estate investments
The global economic slowdown has not had as notable impact on capital FDI and real estate as much as was feared, noted Tüzün. “In fact, whereas since 2003 real estate investments made 11 percent of all FDI, in the first three months of 2008, they made 21 percent of all FDI into Turkey. […] On the other hand, portfolio inflows, mainly consisting of so-called ‘hot money,' have slowed down considerably in 2008,” Tüzün explained.
Despite the global turmoil, appetite for mergers and acquisitions (M&A) and real estate seem strong. “This is because investor profile for these assets, are not bothered by the short-term risk factors. In fact, the short-term turmoil provides a good opportunity for them.”The two day summit continues today with sessions on residential property, real estate opportunities in tourism, offices and logistics, urban regeneration and investment potential of Turks.
Speaking at the Turkish Real Estate Summit organized by The Association of Real Estate Investment Companies (GYODER) in Istanbul, Tüzün noted Turkey currently attracts around $3 billion foreign investment into the local real estate sector. “This is less than 0.5 percent of Gross Domestic Product (GDP) – a low figure as such if compared to Eastern Europe, and particularly to Spain, Portugal and Greece.” With close to $50 billion in current account deficit, Turkey needs substantial foreign capital inflow. As portfolio inflows and major privatizations slow down this year, Turkey has to attract foreign capital particularly in real estate,” Tüzün added.
Energy, tourism and real estate to drive FDI
The majority of all FDI inflow to Turkey since 2003 has consisted of privatizations and asset sales, mainly in the banking sector. So far real estate investments have made some 17 percent of all FDI into Turkey. “However, over the next decades energy, tourism and real estate will be the main areas of FDI inflow into Turkey,” Tüzün said. “The sustainability of foreign direct investment (FDI) is the key for Turkey's balance of payment dynamics and real estate FDI should play an important role in this.”
Turmoil boosts real estate investments
The global economic slowdown has not had as notable impact on capital FDI and real estate as much as was feared, noted Tüzün. “In fact, whereas since 2003 real estate investments made 11 percent of all FDI, in the first three months of 2008, they made 21 percent of all FDI into Turkey. […] On the other hand, portfolio inflows, mainly consisting of so-called ‘hot money,' have slowed down considerably in 2008,” Tüzün explained.
Despite the global turmoil, appetite for mergers and acquisitions (M&A) and real estate seem strong. “This is because investor profile for these assets, are not bothered by the short-term risk factors. In fact, the short-term turmoil provides a good opportunity for them.”The two day summit continues today with sessions on residential property, real estate opportunities in tourism, offices and logistics, urban regeneration and investment potential of Turks.
Thursday, May 22, 2008
House prices in the Uk
British house prices fell in May by the most in at least 17 years as the shortage of credit starved the property market of buyers, Nationwide Building Society said.
The price of an average home dropped 2.5 percent from April to 173,583 pounds ($344,000), Britain's fourth-biggest mortgage lender said yesterday in a statement. That's the biggest drop since the index started in January 1991. From a year earlier, prices fell 4.4 percent.
Bank of England Governor Mervyn King predicted this month that property values are “likely to fall further” and said there is a risk that the British economy may contract. Mortgage approvals fell in April by 39 percent from a year earlier, the British Bankers' Association said this week.
“Tighter credit conditions in the market at present are making it more difficult for borrowers to obtain loans,” said Nationwide Chief Economist Fionnuala Earley in a statement. “More weak economic news added to the gathering momentum of negative sentiment about the housing market.”
Property values have now declined for seven months, the longest streak of drops since 1992, Nationwide said yesterday. Hometrack and HBOS, Britain's biggest mortgage lender, also reported price drops this month.
Homebuyers are paying more for mortgages after the global credit squeeze prompted lenders to curb lending. British banks increased the cost of home loans with a 5 percent down payment to the highest in more than eight years in April, failing to pass on the Bank of England's three interest-rate cuts since December.
The central bank kept the main rate at 5 percent on May 8 as record oil prices pushed the inflation rate up by the most since 2002 in April. Policy makers, who will take their next decision in a week, signaled they have little scope to lower rates further as inflation is set to accelerate, minutes of the meeting showed.
The price of an average home dropped 2.5 percent from April to 173,583 pounds ($344,000), Britain's fourth-biggest mortgage lender said yesterday in a statement. That's the biggest drop since the index started in January 1991. From a year earlier, prices fell 4.4 percent.
Bank of England Governor Mervyn King predicted this month that property values are “likely to fall further” and said there is a risk that the British economy may contract. Mortgage approvals fell in April by 39 percent from a year earlier, the British Bankers' Association said this week.
“Tighter credit conditions in the market at present are making it more difficult for borrowers to obtain loans,” said Nationwide Chief Economist Fionnuala Earley in a statement. “More weak economic news added to the gathering momentum of negative sentiment about the housing market.”
Property values have now declined for seven months, the longest streak of drops since 1992, Nationwide said yesterday. Hometrack and HBOS, Britain's biggest mortgage lender, also reported price drops this month.
Homebuyers are paying more for mortgages after the global credit squeeze prompted lenders to curb lending. British banks increased the cost of home loans with a 5 percent down payment to the highest in more than eight years in April, failing to pass on the Bank of England's three interest-rate cuts since December.
The central bank kept the main rate at 5 percent on May 8 as record oil prices pushed the inflation rate up by the most since 2002 in April. Policy makers, who will take their next decision in a week, signaled they have little scope to lower rates further as inflation is set to accelerate, minutes of the meeting showed.
New rail system for Turkey
The property market in Eskişehir, Turkey could benefit from the news that the newly built Ankara-Eskişehir high-speed rail line is now ready for test-driving the trains, which will continue for several months, officials said.
When the high-speed trains, which were specially produced in Spain, start running between Ankara and Eskişehir, the usual three-hour travel time between the two cities will decrease to just one hour and 10 minutes.
This is likely to drive demand for properties in the Eskişehir region, which remain extremely affordable, with local property prices currently starting from around €15,000 (£12,000). Tourism in the area is growing at a fast pace, which is also driving demand for rental accommodation.
When the high-speed trains, which were specially produced in Spain, start running between Ankara and Eskişehir, the usual three-hour travel time between the two cities will decrease to just one hour and 10 minutes.
This is likely to drive demand for properties in the Eskişehir region, which remain extremely affordable, with local property prices currently starting from around €15,000 (£12,000). Tourism in the area is growing at a fast pace, which is also driving demand for rental accommodation.
Dubai property
EFG-Hermes Holding SAE predicted a 10 percent decline in the number of Britons buying Dubai property as the British housing slump erodes their buying power, Zawya Dow Jones reported, citing the bank's real-estate analyst Stefan Schurmann.
British buyers now account for 12 percent of foreign real-estate investors in the Gulf emirate, behind nationals from Saudi Arabia and India, said EFG-Hermes, the biggest publicly traded Arab investment bank, Zawya Dow Jones reported on its Web site Sunday.
Property prices in Dubai have soared since foreigners were given the right to own real estate in 2002 as demand exceeded supply on record population growth. Dubai's residential property prices rose 4.4 percent in April from March and 35 percent from a year earlier, Al Mal Capital PSC, a United Arab Emirates-based investment bank, said in a report on May 12.
Meanwhile, the Dubai government has evicted 600 families from multi-occupancy villas in al-Rashidiya neighborhood because of alleged health and fire hazards, The National reported, citing residents.
The Dubai government, which has recently banned more than one family from occupying the same villa, threatened to cut water and electricity to the villas if the families did not leave within three to 10 days of receiving notice, the newspaper reported, citing residents who are being evicted.
Landlords have refused to repay advance rents of up to one year owed to tenants, making it difficult for the residents to pay for new housing, the newspaper reported.
British buyers now account for 12 percent of foreign real-estate investors in the Gulf emirate, behind nationals from Saudi Arabia and India, said EFG-Hermes, the biggest publicly traded Arab investment bank, Zawya Dow Jones reported on its Web site Sunday.
Property prices in Dubai have soared since foreigners were given the right to own real estate in 2002 as demand exceeded supply on record population growth. Dubai's residential property prices rose 4.4 percent in April from March and 35 percent from a year earlier, Al Mal Capital PSC, a United Arab Emirates-based investment bank, said in a report on May 12.
Meanwhile, the Dubai government has evicted 600 families from multi-occupancy villas in al-Rashidiya neighborhood because of alleged health and fire hazards, The National reported, citing residents.
The Dubai government, which has recently banned more than one family from occupying the same villa, threatened to cut water and electricity to the villas if the families did not leave within three to 10 days of receiving notice, the newspaper reported, citing residents who are being evicted.
Landlords have refused to repay advance rents of up to one year owed to tenants, making it difficult for the residents to pay for new housing, the newspaper reported.
Property in Turkey
Turkey has the potential to attract $10 billion more in foreign direct investment (FDI) in the coming years, an advisor to the Organization for Economic Co-operation and Development (OECD) said Tuesday.
A $30-billion inflow of FDI in the coming years is realistic, said Charles Kovacs, who is also a consultant to Lehman Brothers Europe. “A country must decide how much FDI it wants to attract and build its regulatory framework accordingly. The growth in the inflow of FDI in Turkey is a major success story, but if regulations in Turkey were developed further, Turkey could attract a lot more in FDI,” he said.
The case of Hungary shows FDI inflow enables cultural transfer and creates new jobs, he added. “These are both positive developments, which could hopefully also happen in Turkey.”
Economy to reach $1.5 trillion
The Turkish economy has enormous growth potential, said Kovacs. “Turkey obviously has good economic potential. Turkey today has an economy of approximately $500 billion, and by the time the country is likely to join the European Union, its economy will have reached $1.5 trillion, depending, of course, on growth figures,” he said.
Today $1.5 trillion is some 10 percent of the EU's Gross Domestic Product (GDP), he said, adding, “The EU's economy will also certainly grow in the next 10-15 years, but we can still assume that in 10-15 years the Turkish economy will make up some 6-7 percent of the EU's GDP.”
The other benefits Turkey brings to the EU process are its young population and strong military, said Kovacs. “Turkey's young population is good not only for providing social security payments, but also because it can be a source of labor by providing migrants to other European countries. Finally, he concluded, “Turkey, which has probably the largest military in the EU, will also give the EU greater military credibility.”
Corruption in Romania, Bulgaria still an issue
The expansion of the EU into the region near Turkey has not been without complications, he conceded. “The ability and dedication of new member states to maintain accession commitments and work toward integration varies immensely. The performance of some countries, like Bulgaria and Romania, in tackling domestic issues like corruption has not been great,” he said, adding that no effective measures have been taken to fight corruption in these two member states.
A possible failure to keep accession commitments is one of the reservations EU citizens have about Turkey's admission to the union. However, he said, “Resistance towards Turkey's membership by newer member states like Bulgaria and Romania is more based on politicians exploiting nationalism than the actual issues at hand today,” noted Kovacs.
Because of this, he said it is important for Turkey to focus on image building and developing bilateral relations and communication channels with each EU member state, he added.
“Relying on bureaucracy and clinically focusing on negotiation chapters is simply not enough. The process to join the EU is a multilateral public relations campaign in which the country applying needs to understand the countries it is dealing with, and what the actual and hidden agendas are,” Kovacs concluded.
A $30-billion inflow of FDI in the coming years is realistic, said Charles Kovacs, who is also a consultant to Lehman Brothers Europe. “A country must decide how much FDI it wants to attract and build its regulatory framework accordingly. The growth in the inflow of FDI in Turkey is a major success story, but if regulations in Turkey were developed further, Turkey could attract a lot more in FDI,” he said.
The case of Hungary shows FDI inflow enables cultural transfer and creates new jobs, he added. “These are both positive developments, which could hopefully also happen in Turkey.”
Economy to reach $1.5 trillion
The Turkish economy has enormous growth potential, said Kovacs. “Turkey obviously has good economic potential. Turkey today has an economy of approximately $500 billion, and by the time the country is likely to join the European Union, its economy will have reached $1.5 trillion, depending, of course, on growth figures,” he said.
Today $1.5 trillion is some 10 percent of the EU's Gross Domestic Product (GDP), he said, adding, “The EU's economy will also certainly grow in the next 10-15 years, but we can still assume that in 10-15 years the Turkish economy will make up some 6-7 percent of the EU's GDP.”
The other benefits Turkey brings to the EU process are its young population and strong military, said Kovacs. “Turkey's young population is good not only for providing social security payments, but also because it can be a source of labor by providing migrants to other European countries. Finally, he concluded, “Turkey, which has probably the largest military in the EU, will also give the EU greater military credibility.”
Corruption in Romania, Bulgaria still an issue
The expansion of the EU into the region near Turkey has not been without complications, he conceded. “The ability and dedication of new member states to maintain accession commitments and work toward integration varies immensely. The performance of some countries, like Bulgaria and Romania, in tackling domestic issues like corruption has not been great,” he said, adding that no effective measures have been taken to fight corruption in these two member states.
A possible failure to keep accession commitments is one of the reservations EU citizens have about Turkey's admission to the union. However, he said, “Resistance towards Turkey's membership by newer member states like Bulgaria and Romania is more based on politicians exploiting nationalism than the actual issues at hand today,” noted Kovacs.
Because of this, he said it is important for Turkey to focus on image building and developing bilateral relations and communication channels with each EU member state, he added.
“Relying on bureaucracy and clinically focusing on negotiation chapters is simply not enough. The process to join the EU is a multilateral public relations campaign in which the country applying needs to understand the countries it is dealing with, and what the actual and hidden agendas are,” Kovacs concluded.
Tuesday, May 20, 2008
Turkish homes
We have, it seems, had enough: record numbers of people left the United Kingdom last year to start new lives elsewhere. According to recent figures published by The Office of National Statistics, an alarming 400,000 people permanently fled these shores last year, over 200,000 of who were British citizens. And if the word – and indeed the mood – on the street is to be believed, then there are a slew of people eager to follow them. Sir Andrew Green of Migrationwatch admitted that “the number leaving [the UK] had doubled under this government” and there is precious little to indicate that this trend won’t continue, let alone snowball.
But why does this running to the hills – or at least running to the beaches, golf courses and wide-open spaces – look set to continue unabated? Well, the reasons are varied, but those cited often include the dreadful weather, the ballooning crime rate, stealth tax, rampant political correctness and, rather ironically, a huge increase in the number of immigrants. Sir Andrew Green pretty much summed it up when he said “quality of life is a large part of it, along with economic opportunities elsewhere”. Broadly speaking we want to be happy and we want to have more money. Sadly, in the UK, many of us are falling short in both respects.
And when we get out, where do we go? The majority of us will head to one of five places: Spain, France, Australia, New Zealand or the United States. Traditionally we have tended to feel as if we know these places, regardless of whether or not we have been to them. This security and level of comfort is some attraction, as is the hotter weather, the price of property and the (in the main) less stressful atmosphere. But, slowly, things are changing. The problem with these places is that their popularity has caused house prices to fatten and those of us with an eye for a bargain are starting to turn their attention elsewhere. As the world shrinks – metaphorically you understand, not literally – and we become braver, the places we buy homes in becomes increasingly varied. We are looking towards more exotic, less well-known places – places where the muscular British pound carries considerable clout. Not only are these areas phenomenally cheap, they also bring some excitement: Eastern Europe is enjoying a popularity hardly imaginable a decade or so ago; pockets of Asia are showing enviable investment potential; even parts of Africa are drawing considerable interest. Chief among these gems however, is Turkey. For those of us with a keen involvement in the property industry (and I’m aware there are lots of you out there) this is perhaps not groundbreaking news. Turkey has undergone a dramatic renaissance, particularly over the last five years. What is quite astonishing however, isn’t necessarily the level of growth that many of us have witnessed; it is that this level of growth, in many areas at least, is refusing to reach any sort of plateau. By all accounts, Turkey is one for the future.
Rather significantly, Turkey straddles two continents and as such has a unique, heady blend of Eastern and Western culture and tradition. Much of it is well integrated into Europe and yet it still retains and fosters a relationship with the eastern world. Being so strategically positioned has meant that it has endured a rather chaotic past, but now it is a stable, democratic, pleasant country. Roughly speaking it is split into seven geographical regions: Marmara, Aegean, Black Sea, Central Anatolia, South Eastern Anatolia and the Mediterranean. It has rugged, spectacular landscapes shaped by dramatic earth movements over thousands of years and areas are still prone to earthquakes and volcanic eruptions. The central Anatolian Plateau is subject to extreme fluctuations is temperature, getting down to –40 degrees centigrade during the severe winters. Generally though, it has a very favourable climate with temperatures hovering around thirty degrees for much of the summer in the west. But it isn’t just the weather: it has a wonderfully diverse cultural climate, beyond friendly locals and, for both the investor and holidaymaker alike, a stunning array of very reasonably priced property.
Last year over 25 million people visited Turkey and it is estimated that this figure will swell by 25% during 2008. After a period languishing in the investment wilderness, the country is well and truly emerging from the shadows: according to figures released by the Turkish government, foreign investment stood at $1.3 billion last year, with the bulk of the investors hailing from the UK, Ireland, Germany and Canada. The super canny investors began sniffing around several years ago and it is believed that the number of properties owned by UK citizens trebled between 2003 and 2005. Not that Turkey has had it’s day; not by a long shot. At the time of writing it is experiencing unprecedented exposure and many commentators are dubbing it “The New Spain”. The tourist market is booming and the reasoning is that so too will the property market. Prices stand at the same level Spanish properties were at a decade ago, and since then prices in Spain have rocketed by a mighty 300%. Those with a vested interest are hoping that Turkey will follow suit. And it well might. The government is investing heavily and the economy is growing stronger by the day; infrastructure is improving markedly and press coverage is favourable and widespread. Moreover, it looks like it will one day gain ascension into the EU: formal accession negotiations began in October 2005 and it is expected to be formally accepted within the next decade.
Most of the smart money is, unsurprisingly, headed to the coast, with the property boom being concentrated along the Aegean and Mediterranean seas, in particular the fashionable Bodrum peninsula, Dalaman, Fethiye and the seaside towns of Kas, Kalkan and Altinkum. Naim Pektas, managing director of Place Overseas, who specialise in Turkish property pretty much echoed this, reckoning the best places for investment were Bodrum, Antalya and Fethiye. “Here” he told me “we have seen exceptional growth, with appreciations reaching 30-40%”. Which is extraordinary really, when you consider that you can still pick up a two-bedroom apartment in Bodrum for around £50,000. And he reckons the market shows no sign of slowing, estimating that the growth could well continue for “the next ten years”. If the majority of reports are anything to go by, then places in the majority of coastal reports are considered to have doubled in price in the last two to three years.
Naturally, like anywhere, the news isn’t altogether encouraging. For a start, one of the main accusations levelled at Turkey is that there is a discrepancy between the number of people who want to travel there and the number of cheap flights available. It doesn’t have the number of cheap affordable and regular flights that are available to, say, Spain, France or Italy, but certainly in that respect things are improving. Low cost carriers are beginning to provide regular services to Istanbul and coastal resorts and with the continuing influx of visitors, this looks like it will only get better. Another potential problem too is one of “flipping” – essentially this is when property speculators sell off-plan contracts before the development is complete and head off to somewhere they consider riper for investment. Many claim that this causes house prices to stagnate or even fall, but if it is a genuine problem it is a genuine problem with any sort of investment opportunity and the massive growths predicted for many areas of Turkey mean that it will be significantly contained. A final hurdle that is often muted is one of rentals. Due to the relatively irregular number of flights, many consider Turkey to be at the lesser end of the rental market. From the people this writer spoke to, this isn’t really the case. In fact, both private investors and those promoting Turkey were keen to point out the healthy rental market. Many were keen to highlight the impact of golf – there are plenty of decent courses in the coastal areas and they’re cheap too: the average cost of a round in, for example, Antalya is about 40 euros, where-as in much of Europe a golfer would expect to pay at least double this.
So, in a sense, even the bad news is good news. And there’s more: as of January 2008 proper mortgages rather than home loans will become legal. This, combined with the residents of Turkey having the lowest debt per person in Europe means that home ownership is expected to rise three-fold by 2015. Not only that, but the buying process is considered extremely secure as the whole process is overseen by the military. As the population (currently standing at about 70 million) is expected to swell by three million within the next two years, it is difficult to see where you could go wrong. The population in Istanbul in particular is estimated to rise massively, and with swanky one-bedroom flats going for around 60 grand in the city, it is a decent investment alternative if you don’t fancy the coastal areas.
Potential investors then better be quick: this is being written hours after England’s football team failed to qualify for next year’s European Championship and there are lots of people without a team to support next year. With that in mind, it could be a good time to visit Turkey: you may well end up coming back with a second home, a strong investment and a new football team to support all in one. You never know, your new team might even win it.
But why does this running to the hills – or at least running to the beaches, golf courses and wide-open spaces – look set to continue unabated? Well, the reasons are varied, but those cited often include the dreadful weather, the ballooning crime rate, stealth tax, rampant political correctness and, rather ironically, a huge increase in the number of immigrants. Sir Andrew Green pretty much summed it up when he said “quality of life is a large part of it, along with economic opportunities elsewhere”. Broadly speaking we want to be happy and we want to have more money. Sadly, in the UK, many of us are falling short in both respects.
And when we get out, where do we go? The majority of us will head to one of five places: Spain, France, Australia, New Zealand or the United States. Traditionally we have tended to feel as if we know these places, regardless of whether or not we have been to them. This security and level of comfort is some attraction, as is the hotter weather, the price of property and the (in the main) less stressful atmosphere. But, slowly, things are changing. The problem with these places is that their popularity has caused house prices to fatten and those of us with an eye for a bargain are starting to turn their attention elsewhere. As the world shrinks – metaphorically you understand, not literally – and we become braver, the places we buy homes in becomes increasingly varied. We are looking towards more exotic, less well-known places – places where the muscular British pound carries considerable clout. Not only are these areas phenomenally cheap, they also bring some excitement: Eastern Europe is enjoying a popularity hardly imaginable a decade or so ago; pockets of Asia are showing enviable investment potential; even parts of Africa are drawing considerable interest. Chief among these gems however, is Turkey. For those of us with a keen involvement in the property industry (and I’m aware there are lots of you out there) this is perhaps not groundbreaking news. Turkey has undergone a dramatic renaissance, particularly over the last five years. What is quite astonishing however, isn’t necessarily the level of growth that many of us have witnessed; it is that this level of growth, in many areas at least, is refusing to reach any sort of plateau. By all accounts, Turkey is one for the future.
Rather significantly, Turkey straddles two continents and as such has a unique, heady blend of Eastern and Western culture and tradition. Much of it is well integrated into Europe and yet it still retains and fosters a relationship with the eastern world. Being so strategically positioned has meant that it has endured a rather chaotic past, but now it is a stable, democratic, pleasant country. Roughly speaking it is split into seven geographical regions: Marmara, Aegean, Black Sea, Central Anatolia, South Eastern Anatolia and the Mediterranean. It has rugged, spectacular landscapes shaped by dramatic earth movements over thousands of years and areas are still prone to earthquakes and volcanic eruptions. The central Anatolian Plateau is subject to extreme fluctuations is temperature, getting down to –40 degrees centigrade during the severe winters. Generally though, it has a very favourable climate with temperatures hovering around thirty degrees for much of the summer in the west. But it isn’t just the weather: it has a wonderfully diverse cultural climate, beyond friendly locals and, for both the investor and holidaymaker alike, a stunning array of very reasonably priced property.
Last year over 25 million people visited Turkey and it is estimated that this figure will swell by 25% during 2008. After a period languishing in the investment wilderness, the country is well and truly emerging from the shadows: according to figures released by the Turkish government, foreign investment stood at $1.3 billion last year, with the bulk of the investors hailing from the UK, Ireland, Germany and Canada. The super canny investors began sniffing around several years ago and it is believed that the number of properties owned by UK citizens trebled between 2003 and 2005. Not that Turkey has had it’s day; not by a long shot. At the time of writing it is experiencing unprecedented exposure and many commentators are dubbing it “The New Spain”. The tourist market is booming and the reasoning is that so too will the property market. Prices stand at the same level Spanish properties were at a decade ago, and since then prices in Spain have rocketed by a mighty 300%. Those with a vested interest are hoping that Turkey will follow suit. And it well might. The government is investing heavily and the economy is growing stronger by the day; infrastructure is improving markedly and press coverage is favourable and widespread. Moreover, it looks like it will one day gain ascension into the EU: formal accession negotiations began in October 2005 and it is expected to be formally accepted within the next decade.
Most of the smart money is, unsurprisingly, headed to the coast, with the property boom being concentrated along the Aegean and Mediterranean seas, in particular the fashionable Bodrum peninsula, Dalaman, Fethiye and the seaside towns of Kas, Kalkan and Altinkum. Naim Pektas, managing director of Place Overseas, who specialise in Turkish property pretty much echoed this, reckoning the best places for investment were Bodrum, Antalya and Fethiye. “Here” he told me “we have seen exceptional growth, with appreciations reaching 30-40%”. Which is extraordinary really, when you consider that you can still pick up a two-bedroom apartment in Bodrum for around £50,000. And he reckons the market shows no sign of slowing, estimating that the growth could well continue for “the next ten years”. If the majority of reports are anything to go by, then places in the majority of coastal reports are considered to have doubled in price in the last two to three years.
Naturally, like anywhere, the news isn’t altogether encouraging. For a start, one of the main accusations levelled at Turkey is that there is a discrepancy between the number of people who want to travel there and the number of cheap flights available. It doesn’t have the number of cheap affordable and regular flights that are available to, say, Spain, France or Italy, but certainly in that respect things are improving. Low cost carriers are beginning to provide regular services to Istanbul and coastal resorts and with the continuing influx of visitors, this looks like it will only get better. Another potential problem too is one of “flipping” – essentially this is when property speculators sell off-plan contracts before the development is complete and head off to somewhere they consider riper for investment. Many claim that this causes house prices to stagnate or even fall, but if it is a genuine problem it is a genuine problem with any sort of investment opportunity and the massive growths predicted for many areas of Turkey mean that it will be significantly contained. A final hurdle that is often muted is one of rentals. Due to the relatively irregular number of flights, many consider Turkey to be at the lesser end of the rental market. From the people this writer spoke to, this isn’t really the case. In fact, both private investors and those promoting Turkey were keen to point out the healthy rental market. Many were keen to highlight the impact of golf – there are plenty of decent courses in the coastal areas and they’re cheap too: the average cost of a round in, for example, Antalya is about 40 euros, where-as in much of Europe a golfer would expect to pay at least double this.
So, in a sense, even the bad news is good news. And there’s more: as of January 2008 proper mortgages rather than home loans will become legal. This, combined with the residents of Turkey having the lowest debt per person in Europe means that home ownership is expected to rise three-fold by 2015. Not only that, but the buying process is considered extremely secure as the whole process is overseen by the military. As the population (currently standing at about 70 million) is expected to swell by three million within the next two years, it is difficult to see where you could go wrong. The population in Istanbul in particular is estimated to rise massively, and with swanky one-bedroom flats going for around 60 grand in the city, it is a decent investment alternative if you don’t fancy the coastal areas.
Potential investors then better be quick: this is being written hours after England’s football team failed to qualify for next year’s European Championship and there are lots of people without a team to support next year. With that in mind, it could be a good time to visit Turkey: you may well end up coming back with a second home, a strong investment and a new football team to support all in one. You never know, your new team might even win it.
Friday, May 9, 2008
101 most popular property-related searches on UK search engines
Source http://www.globaledge.co.uk/news/details/101-most-popular-overseas-property-destinations/20490
Position
Region Share of property-related searches
1 Spain 10.84%
2 France 4.58%
3 Bulgaria
3.65%
4 Cyprus
3.37%
5 Costa Blanca
2.42%
6
Turkey 2.24%
7
Dubai
1.87%
8
Tenerife
1.77%
9
Murcia
1.42%
10
Mallorca/Majorca
0.90%
11
Marbella
0.88%
12
Torrevieja
0.86%
13
Morocco
0.85%
14
Portugal
0.78%
15
Fuerteventura
0.77%
16
Florida
0.73%
17
Villamartin
0.72%
18
Costa Almeria
0.65%
19
Prague
0.63%
20
Gran Canaria
0.59%
21
Italy
0.58%
22
Brazil
0.56%
23
Costa del Sol
0.56%
24
Cape Verde
0.52%
25
Crete
0.43%
26
Algarve
0.41%
27
Lanzarote
0.40%
28
Valencia
0.38%
29
Limousin
0.38%
30
Czech Republic
0.34%
31
Costa Calida
0.33%
32
Romania
0.28%
33
Marrakesh
0.27%
34
Greece
0.25%
35
Croatia
0.24%
36
Brittany 0.17%
37
Caleta de Fuste 0.16%
38
Corralejo 0.16%
39
Madeira
0.16%
40
Costa Teguise
0.16%
41
French Alps
0.13%
42
Javea
0.12%
43
Slovakia
0.12%
44
Jalon
0.12%
45
Caribbean
0.11%
46
Barbados
0.10%
47
New Zealand
0.10%
48
Nerja
0.10%
49
Bansko
0.10%
50
Corfu
0.10%
51
Andalucia
0.10%
52
Dordogne
0.09%
53
Roquetas
0.09%
54
Montenegro
0.09%
55
Goa
0.08%
56
Egypt
0.08%
57
Switzerland
0.08%
58
Umbria
0.08%
59
Mexico
0.08%
60
Thailand
0.08%
61
Extremadura
0.08%
62
Palm Mar
0.07%
63
Languedoc Roussillon
0.06%
64
Sofia
0.06%
65
Charente
0.06%
66
French Riviera
0.06%
67
Paphos
0.05%
68
Savoie
0.05%
69
Kanpur
0.05%
70
Mijas Pueblo
0.05%
71
Puglia/Apulia
0.05%
72
Australia
0.04%
73
Chamonix
0.04%
74
Le Marche
0.04%
75
Ibiza
0.04%
76
Moraira
0.04%
77
Berlin
0.04%
78
Mazarron
0.04%
79
Playa del Carmen
0.04%
80
South of France
0.04%
81
Larnaca
0.04%
82
Malta
0.04%
83
Provence
0.04%
84
Courchevel
0.04%
85
Latvia
0.04%
86
Hungary
0.03%
87
Meribel
0.03%
88
South Africa 0.03%
89
Canada
0.03%
90
Costa de la Luz
0.03%
91
Malaga
0.03%
92
Dominican Republic
0.03%
93
South West France
0.03%
94
Cape Town
0.03%
95
La Manga
0.03%
96
Calabria
0.03%
97
Menorca
0.03%
98
Poitou
0.03%
99
Bordeaux
0.03%
100
Axarquia
0.03%
101
Estonia
0.03%
Position
Region Share of property-related searches
1 Spain 10.84%
2 France 4.58%
3 Bulgaria
3.65%
4 Cyprus
3.37%
5 Costa Blanca
2.42%
6
Turkey 2.24%
7
Dubai
1.87%
8
Tenerife
1.77%
9
Murcia
1.42%
10
Mallorca/Majorca
0.90%
11
Marbella
0.88%
12
Torrevieja
0.86%
13
Morocco
0.85%
14
Portugal
0.78%
15
Fuerteventura
0.77%
16
Florida
0.73%
17
Villamartin
0.72%
18
Costa Almeria
0.65%
19
Prague
0.63%
20
Gran Canaria
0.59%
21
Italy
0.58%
22
Brazil
0.56%
23
Costa del Sol
0.56%
24
Cape Verde
0.52%
25
Crete
0.43%
26
Algarve
0.41%
27
Lanzarote
0.40%
28
Valencia
0.38%
29
Limousin
0.38%
30
Czech Republic
0.34%
31
Costa Calida
0.33%
32
Romania
0.28%
33
Marrakesh
0.27%
34
Greece
0.25%
35
Croatia
0.24%
36
Brittany 0.17%
37
Caleta de Fuste 0.16%
38
Corralejo 0.16%
39
Madeira
0.16%
40
Costa Teguise
0.16%
41
French Alps
0.13%
42
Javea
0.12%
43
Slovakia
0.12%
44
Jalon
0.12%
45
Caribbean
0.11%
46
Barbados
0.10%
47
New Zealand
0.10%
48
Nerja
0.10%
49
Bansko
0.10%
50
Corfu
0.10%
51
Andalucia
0.10%
52
Dordogne
0.09%
53
Roquetas
0.09%
54
Montenegro
0.09%
55
Goa
0.08%
56
Egypt
0.08%
57
Switzerland
0.08%
58
Umbria
0.08%
59
Mexico
0.08%
60
Thailand
0.08%
61
Extremadura
0.08%
62
Palm Mar
0.07%
63
Languedoc Roussillon
0.06%
64
Sofia
0.06%
65
Charente
0.06%
66
French Riviera
0.06%
67
Paphos
0.05%
68
Savoie
0.05%
69
Kanpur
0.05%
70
Mijas Pueblo
0.05%
71
Puglia/Apulia
0.05%
72
Australia
0.04%
73
Chamonix
0.04%
74
Le Marche
0.04%
75
Ibiza
0.04%
76
Moraira
0.04%
77
Berlin
0.04%
78
Mazarron
0.04%
79
Playa del Carmen
0.04%
80
South of France
0.04%
81
Larnaca
0.04%
82
Malta
0.04%
83
Provence
0.04%
84
Courchevel
0.04%
85
Latvia
0.04%
86
Hungary
0.03%
87
Meribel
0.03%
88
South Africa 0.03%
89
Canada
0.03%
90
Costa de la Luz
0.03%
91
Malaga
0.03%
92
Dominican Republic
0.03%
93
South West France
0.03%
94
Cape Town
0.03%
95
La Manga
0.03%
96
Calabria
0.03%
97
Menorca
0.03%
98
Poitou
0.03%
99
Bordeaux
0.03%
100
Axarquia
0.03%
101
Estonia
0.03%
Saturday, May 3, 2008
Tourism figures
A report by the World Travel and Tourism Council (WTTC) has highlighted the importance of travel and tourism on the overall worldwide economy. Tourism and travel currently account for around 10% of world GDP and it believes this figure is set to grow at an annual rate of 4% over the next decade as more and more people choose to travel to previously unconnected cities and emerging hotspots become accessible at a low-cost, buy a property abroad and emigrate overseas. According to the WTO, a billion trips were made in 2006
Even though it has always been known that travel and tourism are vital to the economy of so many countries, the contribution to the worldwide economy may surprise many. Globally, travel and tourism demand is expected to generate around $7, 893 billion worth of worldwide economic activity in 2008, reaching highs of $14,838 billion by 2018. The overall contribution of tourism and travel to worldwide GDP apart from basic travel expenses and accommodation creates a ripple effect on the local economy with growth in tourism to an area resulting in increased service requirements, commodities and in popular destinations; property. All of these factors will have a material impact on both the local workforce and money coming into the region and the tourism industry provides jobs for over 200 million people. Renowned tourism and now holiday property hotspots such as Spain’s Costa del Sol have developed to include a variety of international service providers from property furnishing services to accountancy.
Longer term the impact of migratory travel may see a reduction in travel for example in countries such as Britain and the Middle East, where nations such as the United Arab Emirates, have been dependant upon foreign immigrants more than most. Employment and a good standard of living is one of the principal draws for expats to the region. However, as emerging markets such as India continue to grow and prosper, domestic opportunities for employment become greater with the overall impact of reducing poverty. It is highly likely that many expats from India will return to their “homeland” leaving countries such as the UAE short of workers. This repatriation of some of the workforce would probably see an increase in costs in the region, with companies having to increase workers salaries to retain their services. This in turn would impact upon the cost of services and commodities with a knock on effect to the consumer.
The travel and tourism market can be very fickle and if costs increase too much then many may look at other less expensive regions of the world, taking us back to the beginning and the start of a new cycle. Attracting and keeping travellers and tourists in the future will be key to the long term success of many regions of the world and their long term economies.
Even though it has always been known that travel and tourism are vital to the economy of so many countries, the contribution to the worldwide economy may surprise many. Globally, travel and tourism demand is expected to generate around $7, 893 billion worth of worldwide economic activity in 2008, reaching highs of $14,838 billion by 2018. The overall contribution of tourism and travel to worldwide GDP apart from basic travel expenses and accommodation creates a ripple effect on the local economy with growth in tourism to an area resulting in increased service requirements, commodities and in popular destinations; property. All of these factors will have a material impact on both the local workforce and money coming into the region and the tourism industry provides jobs for over 200 million people. Renowned tourism and now holiday property hotspots such as Spain’s Costa del Sol have developed to include a variety of international service providers from property furnishing services to accountancy.
Longer term the impact of migratory travel may see a reduction in travel for example in countries such as Britain and the Middle East, where nations such as the United Arab Emirates, have been dependant upon foreign immigrants more than most. Employment and a good standard of living is one of the principal draws for expats to the region. However, as emerging markets such as India continue to grow and prosper, domestic opportunities for employment become greater with the overall impact of reducing poverty. It is highly likely that many expats from India will return to their “homeland” leaving countries such as the UAE short of workers. This repatriation of some of the workforce would probably see an increase in costs in the region, with companies having to increase workers salaries to retain their services. This in turn would impact upon the cost of services and commodities with a knock on effect to the consumer.
The travel and tourism market can be very fickle and if costs increase too much then many may look at other less expensive regions of the world, taking us back to the beginning and the start of a new cycle. Attracting and keeping travellers and tourists in the future will be key to the long term success of many regions of the world and their long term economies.
Property in Altinkum
Property prices, which as a result of the global crisis have not risen for some time, mark a good opportunity for those who want to buy a home.
Prices have come to a standstill despite the rising costs as companies have experienced difficulties in selling their projects for some time. Construction companies, which cannot see their future clearly, constantly launch new campaigns to overcome the sales problems. The companies offer many opportunities to their customers, such as low deposits and interest rates, installment deferrals and rebates in cash purchases, besides the low house prices. However, the question remains, how long will the construction companies hold out? The top managers of construction companies expect prices to rise from June onwards parallel to the rising costs, and to peak in September.
Many other companies, meanwhile, warn customers to make a thorough assessment of the recent campaigns. Many companies have begun deceiving customers by first increasing prices and then offering rebates on the already increased prices, according to the companies. Some other companies make up for the rebates offered in interest rates in the overall price of the property, or they apply high installment rates to the lowered prices.
“The construction sector has entered a revival period since 2003, which is a good opportunity for the companies that produce construction materials. They attempted to increase prices by two or even three times the inflation rate. Material prices increased by 50 to 60 percent while inflation was 9 to 20 percent. Low and middle-income groups had difficulties in buying homes, while the high-income groups preferred to wait. Moreover, the housing loan interest rates, which had dropped to 0.95 percent, have now increased to 1.5 percent again,” said Erdoğan Bayraktar, chairman of the Mass Housing Administration(TOKİ), who also noted that there was an excess of housing as a result of the fact that those who had no experience in the construction sector entered this business, giving rise to a period of stagnation.
“We all expect that there will be an increase in house prices as a result of the rising costs. Now is a good time to buy a house. However, people should be selective in their purchases instead of making quick decisions. The mortgage crisis originating in the United States has also affected Turkey to some extent. However, there is still a rising supply and demand for houses in Turkey. People are waiting for prices to go down. This, however, does not seem to be possible while the demand is this high,” said Feyzullah Yetgin, CEO of the Real Estate Investment Partnership (GYO).
Prices have come to a standstill despite the rising costs as companies have experienced difficulties in selling their projects for some time. Construction companies, which cannot see their future clearly, constantly launch new campaigns to overcome the sales problems. The companies offer many opportunities to their customers, such as low deposits and interest rates, installment deferrals and rebates in cash purchases, besides the low house prices. However, the question remains, how long will the construction companies hold out? The top managers of construction companies expect prices to rise from June onwards parallel to the rising costs, and to peak in September.
Many other companies, meanwhile, warn customers to make a thorough assessment of the recent campaigns. Many companies have begun deceiving customers by first increasing prices and then offering rebates on the already increased prices, according to the companies. Some other companies make up for the rebates offered in interest rates in the overall price of the property, or they apply high installment rates to the lowered prices.
“The construction sector has entered a revival period since 2003, which is a good opportunity for the companies that produce construction materials. They attempted to increase prices by two or even three times the inflation rate. Material prices increased by 50 to 60 percent while inflation was 9 to 20 percent. Low and middle-income groups had difficulties in buying homes, while the high-income groups preferred to wait. Moreover, the housing loan interest rates, which had dropped to 0.95 percent, have now increased to 1.5 percent again,” said Erdoğan Bayraktar, chairman of the Mass Housing Administration(TOKİ), who also noted that there was an excess of housing as a result of the fact that those who had no experience in the construction sector entered this business, giving rise to a period of stagnation.
“We all expect that there will be an increase in house prices as a result of the rising costs. Now is a good time to buy a house. However, people should be selective in their purchases instead of making quick decisions. The mortgage crisis originating in the United States has also affected Turkey to some extent. However, there is still a rising supply and demand for houses in Turkey. People are waiting for prices to go down. This, however, does not seem to be possible while the demand is this high,” said Feyzullah Yetgin, CEO of the Real Estate Investment Partnership (GYO).
Saturday, April 26, 2008
Buy to let in the UK
Credit crunched, mortgages squeezed, investments wobbling... there's no shortage of reasons to feel nervous about the property market. But two professional property investors are feeling good about the future.
"The market is the best it's been for four years," says Rob Moore who, with his business partner Mark Homer, runs a property investment service, www. progressiveproperty.co.uk and is co-author of The 44 Most Closely Guarded Property Secrets, which aims to demystify property investment.
You may think Moore and Homer's upbeat stance is propaganda. But Moore tells me that in the 11 days leading up to our interview the pair have agreed sales on 10 properties. He is confident that they can still profit in hard times.
For a property investment service to be sending out such positive signals now is rare. Even Inside Track, which grew to be one of the biggest and persuasive of all the property clubs that sprung from the bull market, has called a halt to its hype-fuelled seminars.
"I'm not wholly surprised that Inside Track has stopped its seminars. Their investment model was built around buying off-plan, buying new-builds and buying overseas. Yields for those kinds of properties are down. With newer properties, the rent vs value ratio is lower," says Moore. "Mark and I jointly own 35 properties, 90 per cent of which are in Peterborough. Our rents were up between 18 and 20 per cent between October 2007 and March 2008."
Moore concedes that he benefited from a restructuring of the way in which public housing tenants' rent was paid – a one-off boost. But he says there are areas across Britain that are performing well. Moore quotes a paragraph in Mortgage Express's Buy to Let magazine, in which a spokesperson for the London-based Winkworth estate agency states that tenants renewing their agreements face increases of 5 to 10 per cent on a year ago, and that new occupants face rises as high as 20 per cent.
"It's logical," Moore adds. "When prices are coming down, there are fewer buyers but more people starting to rent. Therefore rental demand goes up, leading to a forced rental growth. It gives you the ability to charge higher rents.
So what makes his book different from the others out there? "Ours is the only property book that sets out a system showing you how to make money from property investment." But why would they divulge these potentially lucrative secrets? "Most other books are conceptual," he continues, "but we wrote ours to show readers that we are the experts and this is how you do it. If you don't make these mistakes and follow these rules, you will make money."
Sounds like there's got to be a catch, but Homer and Moore have written about their own experience of investing that's yielded a very successful business. And it's not all founded on grand, expensive gestures.
"The long and short of it," reveals Moore, "is buy small places under the stamp-duty threshold where the rental market is strong or growing. There's homework to be done, but if you trust us and stick to the rules, you'll be making £10k to 15k per property per year. When we started," he says, "we tried everything to see what worked. New-build, off-plan, overseas, but they were all a struggle. We also quickly realised that instead of having 50 properties scattered around, it was better to have 50 within one mile. It became much more manageable and contained."
"We operate in Peterborough," adds Homer, "but our model can be and has been applied anywhere in the country. We've built up relationships with all the local agents and we make 40 to 50 offers a week on properties. They know we will never pull out once we've made an offer and that the purchase will be quick. We've built up a high level of trust."
Estate agents' trust is one thing, but how do 50 cheeky offers a week translate into a growing property business? "Most offers are turned down, but one in 10 sellers doesn't have price at the top of their priorities list, because of their circumstances. That's where we make a potential 10 to 15 per cent saving. We'll then refurbish the property, taking care that every £1 we spend will add at least £3 of value.
"We'll then have the property revalued and refinanced," continues Homer, "allowing us to get our outlay back and benefit from 8 to 10 per cent gross yield in rent. It's far better now than it's ever been. Yields are working, rents have soared... it's the best it's been for four years." Ah, there's that statement again.
How do they pinpoint an area and type of property to buy? "We look for a town on the up but target low- to medium-income areas, as these will have more of a rental culture," says Homer. "Look for regeneration and investment. This could be expanding stations, a new hospital or jobs being created."
"New-builds and off-plan homes carry a built-in premium and are more difficult to cover with rental income. Stick to one- or two-bed properties in period conversions or ex-local authority. We've found these typically have voids of less than a week per year, and tenants tend to stay put rather than see the property as a stepping-stone."
Profiting from property is never a no-effort game, but Moore and Homer's book stops it seeming an unapproachable venture.
Trade secrets: how to make money in a falling market
1. Become an expert in your area
Once you've chosen an area, get to know it thoroughly. Use websites such as www.rightmove.co.uk to gather information, sticking to one- and two-bedroom properties at the lower end of the market. Get to know all the roads, streets and properties. Allow it to become your obsession.
2. Offer, offer and offer again
Put in offers on 90 per cent of what you view, and offer at least 10 per cent below the asking price. Expect that 95 per cent of the offers you make will be unsuccessful, but move quickly once an offer is accepted.
3. Make friends and influence people
Make the local estate agents your best friends. Buy them a drink, send them a bottle of champagne when you complete on a property they introduced you to, and make sure they ring you first about anything new that they are instructed to sell.
4. Know your enemy
Get to know the local lettings market inside out. Speak to the agents, find out about the areas with high demand for rented accommodation, and how much these rentals fetch. Find out how many properties the agents manage. Discover if the owner of the lettings agent also invests, and if the answer is yes, find out where those properties are located.
5. Stick to the rules
Look for smaller, cheaper properties under the stamp duty threshold, in areas where rental demand is high (so the property will hopefully be left empty for shorter periods between tenants) and yields are high, too – period conversions or ex-local authority flats are often best for this.
http://www.independent.co.uk/life-style/house-and-home/property/is-buytolet-really-dead-817825.html
"The market is the best it's been for four years," says Rob Moore who, with his business partner Mark Homer, runs a property investment service, www. progressiveproperty.co.uk and is co-author of The 44 Most Closely Guarded Property Secrets, which aims to demystify property investment.
You may think Moore and Homer's upbeat stance is propaganda. But Moore tells me that in the 11 days leading up to our interview the pair have agreed sales on 10 properties. He is confident that they can still profit in hard times.
For a property investment service to be sending out such positive signals now is rare. Even Inside Track, which grew to be one of the biggest and persuasive of all the property clubs that sprung from the bull market, has called a halt to its hype-fuelled seminars.
"I'm not wholly surprised that Inside Track has stopped its seminars. Their investment model was built around buying off-plan, buying new-builds and buying overseas. Yields for those kinds of properties are down. With newer properties, the rent vs value ratio is lower," says Moore. "Mark and I jointly own 35 properties, 90 per cent of which are in Peterborough. Our rents were up between 18 and 20 per cent between October 2007 and March 2008."
Moore concedes that he benefited from a restructuring of the way in which public housing tenants' rent was paid – a one-off boost. But he says there are areas across Britain that are performing well. Moore quotes a paragraph in Mortgage Express's Buy to Let magazine, in which a spokesperson for the London-based Winkworth estate agency states that tenants renewing their agreements face increases of 5 to 10 per cent on a year ago, and that new occupants face rises as high as 20 per cent.
"It's logical," Moore adds. "When prices are coming down, there are fewer buyers but more people starting to rent. Therefore rental demand goes up, leading to a forced rental growth. It gives you the ability to charge higher rents.
So what makes his book different from the others out there? "Ours is the only property book that sets out a system showing you how to make money from property investment." But why would they divulge these potentially lucrative secrets? "Most other books are conceptual," he continues, "but we wrote ours to show readers that we are the experts and this is how you do it. If you don't make these mistakes and follow these rules, you will make money."
Sounds like there's got to be a catch, but Homer and Moore have written about their own experience of investing that's yielded a very successful business. And it's not all founded on grand, expensive gestures.
"The long and short of it," reveals Moore, "is buy small places under the stamp-duty threshold where the rental market is strong or growing. There's homework to be done, but if you trust us and stick to the rules, you'll be making £10k to 15k per property per year. When we started," he says, "we tried everything to see what worked. New-build, off-plan, overseas, but they were all a struggle. We also quickly realised that instead of having 50 properties scattered around, it was better to have 50 within one mile. It became much more manageable and contained."
"We operate in Peterborough," adds Homer, "but our model can be and has been applied anywhere in the country. We've built up relationships with all the local agents and we make 40 to 50 offers a week on properties. They know we will never pull out once we've made an offer and that the purchase will be quick. We've built up a high level of trust."
Estate agents' trust is one thing, but how do 50 cheeky offers a week translate into a growing property business? "Most offers are turned down, but one in 10 sellers doesn't have price at the top of their priorities list, because of their circumstances. That's where we make a potential 10 to 15 per cent saving. We'll then refurbish the property, taking care that every £1 we spend will add at least £3 of value.
"We'll then have the property revalued and refinanced," continues Homer, "allowing us to get our outlay back and benefit from 8 to 10 per cent gross yield in rent. It's far better now than it's ever been. Yields are working, rents have soared... it's the best it's been for four years." Ah, there's that statement again.
How do they pinpoint an area and type of property to buy? "We look for a town on the up but target low- to medium-income areas, as these will have more of a rental culture," says Homer. "Look for regeneration and investment. This could be expanding stations, a new hospital or jobs being created."
"New-builds and off-plan homes carry a built-in premium and are more difficult to cover with rental income. Stick to one- or two-bed properties in period conversions or ex-local authority. We've found these typically have voids of less than a week per year, and tenants tend to stay put rather than see the property as a stepping-stone."
Profiting from property is never a no-effort game, but Moore and Homer's book stops it seeming an unapproachable venture.
Trade secrets: how to make money in a falling market
1. Become an expert in your area
Once you've chosen an area, get to know it thoroughly. Use websites such as www.rightmove.co.uk to gather information, sticking to one- and two-bedroom properties at the lower end of the market. Get to know all the roads, streets and properties. Allow it to become your obsession.
2. Offer, offer and offer again
Put in offers on 90 per cent of what you view, and offer at least 10 per cent below the asking price. Expect that 95 per cent of the offers you make will be unsuccessful, but move quickly once an offer is accepted.
3. Make friends and influence people
Make the local estate agents your best friends. Buy them a drink, send them a bottle of champagne when you complete on a property they introduced you to, and make sure they ring you first about anything new that they are instructed to sell.
4. Know your enemy
Get to know the local lettings market inside out. Speak to the agents, find out about the areas with high demand for rented accommodation, and how much these rentals fetch. Find out how many properties the agents manage. Discover if the owner of the lettings agent also invests, and if the answer is yes, find out where those properties are located.
5. Stick to the rules
Look for smaller, cheaper properties under the stamp duty threshold, in areas where rental demand is high (so the property will hopefully be left empty for shorter periods between tenants) and yields are high, too – period conversions or ex-local authority flats are often best for this.
http://www.independent.co.uk/life-style/house-and-home/property/is-buytolet-really-dead-817825.html
Turkey stable
Turkey is a key factor for stability and peace in the Balkans, participants of International Balkans Congress agreed.
The International Balkans Congress, started Thursday at Tekirdağ's Namık Kemal University. Nearly 50 academics from 14 nations, as well as Turkey's State Minister Mustafa Said Yazıcıoğlu and Mahir Yağcılar, the environment minister of newly independent Kosovo, gathered in Tekirdağ to talk about current problems in the region.
Süleyman Şensoy from the Turkish Asian Center for Strategic Studies, one of the organizers of the congress, noted that the Balkans with its complex ethnic and religious structure is of crucial importance to the world.
"But this ethnic and religious structure sometimes turns into an advantage, and sometimes into a disadvantage," he said. "When one nation tries to rule another nation or nations, disaster happens. And we have witnessed such events in the region."
"For Turkey, the Balkans is of military, economic and social security importance," he told the TDN. "It is a region of many alternatives, but there are also threats emanating from this quality. It is a conflict arena for major powers. Thus, it is vulnerable to chaos and manipulations."
With the meeting, Turkey delivered three messages to the region, he said: "Turkey wants to be close to the entire Balkans, not just its neighbors. Turkey wants to handle the problems in the region with a ‘realpolitik' approach, not an ethnic or religious one. Also, Turkey seeks strong alliances of cooperation and dialogue with the Balkan states. Similar to its role in the Middle East, Turkey wants to get involved in solving the region's problems."
"We have found a chance to discuss and specify the Balkan identity," Dr. Nikolay Vukov from the Bulgarian Academy of Sciences told the Turkish Daily News. "Here, participants can discuss problems with the Balkan identity. It is an opportunity for us to meet academics who are working on these ideas."
"Turkey, as a Balkan nation, is a key factor for stability and peace in the region. It has diverse historical and cultural heritage and traditions" he said.
Change in balances:
Borka Tomic, project manager of the Serbian Institute for Public Diplomacy, meanwhile, highlighted the significance of the congress in terms of the "European vision" for the Balkans. "Nowadays, the Balkans is witnessing a change in balances," she told the TDN. "For example, Kosovo became an independent state, and this goes against international law and also the resolutions of the United Nations and decisions of the European Union."
Kosovo's independence shows the region "faces short- and long-term problems," she said.
Tomic summarized the short-term challenges in the Balkans as: Economic growth, social construction and respect for international law.
"I believe in the importance of regional cooperation. Because we have common historical, cultural and social backgrounds," she said. "This congress, hosted by Turkey, raises our awareness of the country. Also for Turkey it is a good chance to create an EU perspective."
The International Balkans Congress, started Thursday at Tekirdağ's Namık Kemal University. Nearly 50 academics from 14 nations, as well as Turkey's State Minister Mustafa Said Yazıcıoğlu and Mahir Yağcılar, the environment minister of newly independent Kosovo, gathered in Tekirdağ to talk about current problems in the region.
Süleyman Şensoy from the Turkish Asian Center for Strategic Studies, one of the organizers of the congress, noted that the Balkans with its complex ethnic and religious structure is of crucial importance to the world.
"But this ethnic and religious structure sometimes turns into an advantage, and sometimes into a disadvantage," he said. "When one nation tries to rule another nation or nations, disaster happens. And we have witnessed such events in the region."
"For Turkey, the Balkans is of military, economic and social security importance," he told the TDN. "It is a region of many alternatives, but there are also threats emanating from this quality. It is a conflict arena for major powers. Thus, it is vulnerable to chaos and manipulations."
With the meeting, Turkey delivered three messages to the region, he said: "Turkey wants to be close to the entire Balkans, not just its neighbors. Turkey wants to handle the problems in the region with a ‘realpolitik' approach, not an ethnic or religious one. Also, Turkey seeks strong alliances of cooperation and dialogue with the Balkan states. Similar to its role in the Middle East, Turkey wants to get involved in solving the region's problems."
"We have found a chance to discuss and specify the Balkan identity," Dr. Nikolay Vukov from the Bulgarian Academy of Sciences told the Turkish Daily News. "Here, participants can discuss problems with the Balkan identity. It is an opportunity for us to meet academics who are working on these ideas."
"Turkey, as a Balkan nation, is a key factor for stability and peace in the region. It has diverse historical and cultural heritage and traditions" he said.
Change in balances:
Borka Tomic, project manager of the Serbian Institute for Public Diplomacy, meanwhile, highlighted the significance of the congress in terms of the "European vision" for the Balkans. "Nowadays, the Balkans is witnessing a change in balances," she told the TDN. "For example, Kosovo became an independent state, and this goes against international law and also the resolutions of the United Nations and decisions of the European Union."
Kosovo's independence shows the region "faces short- and long-term problems," she said.
Tomic summarized the short-term challenges in the Balkans as: Economic growth, social construction and respect for international law.
"I believe in the importance of regional cooperation. Because we have common historical, cultural and social backgrounds," she said. "This congress, hosted by Turkey, raises our awareness of the country. Also for Turkey it is a good chance to create an EU perspective."
Friday, April 25, 2008
European Property Woes
Investment returns from European non-listed real estate funds fell sharply in 2007 as the credit crunch began to bite into fund performance, Institutional Vehicles Index of European Association for Investors in Non-Listed Real Estate Vehicles (INREV) has found.
INREV, which is celebrating its fifth year of operations this year, opened its annual conference in Istanbul Wednesday. The conference, which consists of networking sessions of almost 400 investment professionals and panel discussions on, among other topics, indirect property investments in emerging markets, risk management and the current challenging financial landscape, ends today.
UK worst hit
Measured in euros, the INREV Institutional index yielded a -3.9 percent total return in 2007, compared with 21 percent in 2006.
“The fall can be explained by the euro increasing against the dollar and sterling as well as a poor performance from the United Kingdom market for non-listed real estate funds,” said INREV Research Director Andrea Carpenter.
INREV Chief Executive Lisette van Doorn added the results mask the fact that continental Europe still turned in a strong performance at 12.5 percent in 2007, as is shown in INREV's new Europe Ex-UK sub-index. “This is still down on the 16.1 percent from 2006 but demonstrates that the impact of the credit crunch is varying greatly across the European markets with the U.K. taking the greatest hit so far,” she said.
“The majority of continental European funds have performed far better than vehicles in the U.K., as shown by the overall 2007 index figures. There was, nevertheless, an increase in yields, but the underlying market was not affected by the credit crunch as the U.K.,” said Michael Morgenroth, member of the board of Germany's Gothaer Asset Management. “With the return of risk considerations into pricing, there could be further rises in yields to come on the continent this year,” he added.
Currency effect
The strong influence of currency factors in the performance of the INREV Index in 2007 can be seen when the results were expressed in sterling producing a return of 4.8 percent, or in dollars at 6.6 percent, but the heavy weighting of the U.K. market in the overall index was also a major contributory factor in the low European total return. In sterling the U.K. market returned -5.9 percent compared with -13.8 percent in euros.
The INREV Index measures annual net asset value-based performance for non-listed real estate fund investing more than 90 percent of their portfolios in Europe. The 2007 release of the index covers 257 funds – including retail funds – with a total net asset value of 162.3 billion euros.
INREV, which is celebrating its fifth year of operations this year, opened its annual conference in Istanbul Wednesday. The conference, which consists of networking sessions of almost 400 investment professionals and panel discussions on, among other topics, indirect property investments in emerging markets, risk management and the current challenging financial landscape, ends today.
UK worst hit
Measured in euros, the INREV Institutional index yielded a -3.9 percent total return in 2007, compared with 21 percent in 2006.
“The fall can be explained by the euro increasing against the dollar and sterling as well as a poor performance from the United Kingdom market for non-listed real estate funds,” said INREV Research Director Andrea Carpenter.
INREV Chief Executive Lisette van Doorn added the results mask the fact that continental Europe still turned in a strong performance at 12.5 percent in 2007, as is shown in INREV's new Europe Ex-UK sub-index. “This is still down on the 16.1 percent from 2006 but demonstrates that the impact of the credit crunch is varying greatly across the European markets with the U.K. taking the greatest hit so far,” she said.
“The majority of continental European funds have performed far better than vehicles in the U.K., as shown by the overall 2007 index figures. There was, nevertheless, an increase in yields, but the underlying market was not affected by the credit crunch as the U.K.,” said Michael Morgenroth, member of the board of Germany's Gothaer Asset Management. “With the return of risk considerations into pricing, there could be further rises in yields to come on the continent this year,” he added.
Currency effect
The strong influence of currency factors in the performance of the INREV Index in 2007 can be seen when the results were expressed in sterling producing a return of 4.8 percent, or in dollars at 6.6 percent, but the heavy weighting of the U.K. market in the overall index was also a major contributory factor in the low European total return. In sterling the U.K. market returned -5.9 percent compared with -13.8 percent in euros.
The INREV Index measures annual net asset value-based performance for non-listed real estate fund investing more than 90 percent of their portfolios in Europe. The 2007 release of the index covers 257 funds – including retail funds – with a total net asset value of 162.3 billion euros.
Thursday, April 17, 2008
Property in Brazil
International real estate investors I would advise you to take a good long look at Brazil for investment. Having returned from North East Brazil and seen for myself the sheer potential in this part of the region it certainly looks ripe for investment.
Setting the scene
Blue skies, great food, low price food and drink, stunning women, friendly atmosphere, and that feeling that you are truly away from home . I would want to buy a place in Brazil.
Natal Tipped for the Top
The property market in Natal is in its early stages and investors who get in early may benefit the long term. The coastline around Natal is development free and within the last few years land has been sold to property developers and is ready for construction. Buying a beach front plot of land in Natal could serve as a great investment. The area will have a new airport and will be the place for Brazilian s and international tourists to visit.
Fortaleza Ceara Brazil.
Fortaleza the capital of Brazil’s North eastern state of Ceara is stunning with miles of beaches and un spoilt landscape. Popular with Brazilian and South American holiday tourists it is now being recognised by foreign property investors as an area that is taking the overseas property market by storm
Fortaleza
Beaches, beaches, beaches, Hundreds of miles of untouched pristine beaches. Ocean surface temperatures are 82 F all year round with 65 feet of visibility underwater.
Tourism: a 270% increase in tourism over the last eight years this is expected to increase to nearly double the current number of foreign visitors to the area by 2008
Climate: Guaranteed good weather at least 90 percent of the time with more than 335 days per year of glorious sunshine. An endless summer
Low Crime: Fortaleza, Brazil’s fifth largest city, ranks 23rd in crime. Brazil is considered low risk in respect of war, terrorism SARs. You are probably more at risk where you are right now.
Setting the scene
Blue skies, great food, low price food and drink, stunning women, friendly atmosphere, and that feeling that you are truly away from home . I would want to buy a place in Brazil.
Natal Tipped for the Top
The property market in Natal is in its early stages and investors who get in early may benefit the long term. The coastline around Natal is development free and within the last few years land has been sold to property developers and is ready for construction. Buying a beach front plot of land in Natal could serve as a great investment. The area will have a new airport and will be the place for Brazilian s and international tourists to visit.
Fortaleza Ceara Brazil.
Fortaleza the capital of Brazil’s North eastern state of Ceara is stunning with miles of beaches and un spoilt landscape. Popular with Brazilian and South American holiday tourists it is now being recognised by foreign property investors as an area that is taking the overseas property market by storm
Fortaleza
Beaches, beaches, beaches, Hundreds of miles of untouched pristine beaches. Ocean surface temperatures are 82 F all year round with 65 feet of visibility underwater.
Tourism: a 270% increase in tourism over the last eight years this is expected to increase to nearly double the current number of foreign visitors to the area by 2008
Climate: Guaranteed good weather at least 90 percent of the time with more than 335 days per year of glorious sunshine. An endless summer
Low Crime: Fortaleza, Brazil’s fifth largest city, ranks 23rd in crime. Brazil is considered low risk in respect of war, terrorism SARs. You are probably more at risk where you are right now.
Wednesday, April 16, 2008
tourism?
Turkey ranked 11th in terms of tourist arrivals and ninth in tourism revenues among the worlds' top 20 tourism destinations, the State Planning Organization (DPT) said.
The country, which hosted 722,000 tourists in January 2007, attracted 727,000 tourists in the same month this year, according to DPT data.
Despite the stagnation in tourism in the first four months of the year, Turkey, which hosted 18.48 million tourists last year, is expected to be visited by approximately 23.2 million tourists by the end of the year. Some experts predict that the number of tourists will rise to 1.5 million as of May and may reach 3-3.5 million during this summer.
The number of visiting tourists, which stood at 377,000 in January 2003, reached 602,000 and 690,000 in the corresponding periods of 2004 and 2005. The total number of tourists to enter Turkey was 13.2 million in 2003, and 15.89 million in 2004. Some 18.15 million tourists visited the country in 2005, but the figure declined by 7.2 percent to 16.85 million in 2006.
The number of tourists who visited France was 79.1 million, while Spain hosted 58.5 million tourists and Italy attracted 41.1 people in one year, said the DPT. The total number of tourists visiting France, Spain and Italy reached 178.7 million.
Turkey earned $18.6 billion from tourism last year, according to the World Tourism Organization (WTO). For this year, tourism revenues are expected to total $19.5 billion.
The country, which hosted 722,000 tourists in January 2007, attracted 727,000 tourists in the same month this year, according to DPT data.
Despite the stagnation in tourism in the first four months of the year, Turkey, which hosted 18.48 million tourists last year, is expected to be visited by approximately 23.2 million tourists by the end of the year. Some experts predict that the number of tourists will rise to 1.5 million as of May and may reach 3-3.5 million during this summer.
The number of visiting tourists, which stood at 377,000 in January 2003, reached 602,000 and 690,000 in the corresponding periods of 2004 and 2005. The total number of tourists to enter Turkey was 13.2 million in 2003, and 15.89 million in 2004. Some 18.15 million tourists visited the country in 2005, but the figure declined by 7.2 percent to 16.85 million in 2006.
The number of tourists who visited France was 79.1 million, while Spain hosted 58.5 million tourists and Italy attracted 41.1 people in one year, said the DPT. The total number of tourists visiting France, Spain and Italy reached 178.7 million.
Turkey earned $18.6 billion from tourism last year, according to the World Tourism Organization (WTO). For this year, tourism revenues are expected to total $19.5 billion.
Monday, April 14, 2008
Cruises to Altinkum
A TWICE-A-WEEK ferry service from Altınkum to Kos will be launched sometime during the summer, Voices can reveal.
News of the much-delayed service was unveiled this week as it was announced that Didim International Port, the newest on the Aegean and Mediterranean Seas, will open officially on May 1.
Fatih Dağıstanoglu, deputy chief executive officer, of Yeşil Marmaris Lines, who will operate the service, said an announcement would be made within weeks confirming the days the twice-weekly service will run and when from.
However, the company confidently expects some result as it has begun to publicise two schedules for tourists coming on the Kos-Altinkum service on its website
It states the service will leave at 8.30am from Kos and return from Didim at 5.20pm, on the Swedish-built 220-capacity catamaran Aegean Jet.
The port will be operated initially by customs staff from Kuşadası Port.
Mr Dağıstanoglu said the port would also host at least four cruise ships, operated by the Seattle-based Windstar Cruises, with the first on Wednesday May 21.
Two more cruise ships will visit on Wednesday May 28 and one on June 4 – with passengers being given the option of taking pre-planned excursions to Ephesus, or to enjoy the delights of Altınkum.
The cruise liners, Wind Star and Wind Spirit, which each have a capacity of 148 passengers, will dock in Altınkum Bay, with passengers being taken on board smaller ships into the port.
Windstar Cruises has opted to call in at Altınkum as the time from Patmos to Altınkum is only one-and-a-half hours, as against four hours to Kuşadasi, and enable travelers to get to the likes of Ephesus quicker.
The announcements were made at the port on Thursday (Apr 10), with many officials in attendance, including Didim governor Mustafa Malay. A cocktail party for the official opening will be held, with many dignitaries present, on May 1.
Travellers on the Windstar Cruises can choose from 46 7-day sailings during May through October to visit beautiful locations, such as Altınkum, and the Greek Isles.
Windstar is the only cruise line that offers such an extensive season of itineraries and traditionally sell out very fast.
Itineraries start or end in Venice, Italy; Rome, Italy; Athens, Greece; or Istanbul, with one itinerary featuring Sarandë, Albania and two itineraries featuring Dubrovnik, Croatia.
A variety of Greek ports are offered including Capri, Messina, Gythion, Návplion, Ermoúpolis, Katákolon, Gythion, Mykonos, Santoríni, Rhodes, Monemvasia, Corfu, Cephaloniá and Kathira.
On Wind Star and Wind Spirit, the Lounge, Veranda and Pool Bar have been renovated. In order to take each ship’s comfort level to a new degree of luxury, Apple iPod Nanos and Bose SoundDock speakers, flat screen televisions, luxury linens and mattresses as well as L’Occitane bathroom amenities have been added in each stateroom across the fleet.
Cruise rates begin at $2,599 per person, based on double occupancy.
Wednesday, April 9, 2008
Properties in spain
Half of Spain's estate agencies closed their doors last year amid a sharp downturn in the sector, according to figures from the nation's main estate agents' association API.
Of the roughly 80,000 estate agencies that existed at the beginning of 2007, only 40,000 have survived the slump in sales, the figures show.
'The majority of the agencies that disappeared were businesses that many times operated with nothing more than a mobile telephone,' API head Santiago Baena said. 'It was the social climbers that closed, those who entered the sector because they sought easy money,' he added.
AdvertisementThe closure of the agencies led to the loss of some 100,000 jobs, an estimate that does not take into account the reduction in staff levels at the large real estate agencies that are still open.
During Spain's decade-long building boom property prices soared but they stagnated last year due to rising interest rates and the international lending crunch that has hurt its credit-fuelled expansion.
Many Spanish families have fallen into negative equity and estate agents report that the average time that it takes to sell a property has increased.
Of the roughly 80,000 estate agencies that existed at the beginning of 2007, only 40,000 have survived the slump in sales, the figures show.
'The majority of the agencies that disappeared were businesses that many times operated with nothing more than a mobile telephone,' API head Santiago Baena said. 'It was the social climbers that closed, those who entered the sector because they sought easy money,' he added.
AdvertisementThe closure of the agencies led to the loss of some 100,000 jobs, an estimate that does not take into account the reduction in staff levels at the large real estate agencies that are still open.
During Spain's decade-long building boom property prices soared but they stagnated last year due to rising interest rates and the international lending crunch that has hurt its credit-fuelled expansion.
Many Spanish families have fallen into negative equity and estate agents report that the average time that it takes to sell a property has increased.
Eco project in Turkey
Lebanese real estate developer Solidere is studying new projects in Turkey, Oman, Egypt and North Africa, a senior official at the company’s international arm said yesterday.
“We are looking into an ecological tourism development project with the Turkish Government,” Mounib Hammoud, executive director of Dubai-based Solidere International, said.
Hammoud said his company, which was established in July 2007 with the aim to make Solidere a regional real estate developer on both sides of the Mediterranean, plans to expand from Oman to North Africa.
Hammoud did not provide any information on the expected capital expenditure to finance these projects.
Solidere was founded in 1994 by then-prime minister Rafik Al Hariri and is seen as the most important force behind Beirut’s re-emergence after the 1975-1990 civil war. It is listed on Beirut and Kuwait stock exchanges.
The firm, which has a market capitalisation of $3.53 billion (Dh12.9bn), has a partnership with the Government of Ajman and has a strong presence in Saudi Arabia, where it is also expanding its projects.
“We are currently working on a large project in the main spine of the Saudi capital, which we did not announce before,” Hammoud said.
He added that a number of other projects are under consideration in Egypt, where Solidere has a strategic partnership with the Egyptian property developer Sixth of October Investment and Development (Sodic).
Solidere International and Sodic are developing two mixed-use city centres in the suburbs of Cairo, WesTown, on the highway between Cairo and Alexandria and EasTown in Kattameya, an eastern Cairo suburb.
“We are currently working on the master plan and are awaiting government authorisation,” Hammoud said.
“We expect to build the infrastructure of the two projects during this year and hopefully buyers will start to move in within three years’ time,” he added.
Hammoud estimated the cost of investment in the two projects at 26 billion Egyptian pounds (Dh17.3bn) and the expected sales value at 35bn Egyptian pounds.
“Although these are conservative estimations,” he said. (Reuters)
“We are looking into an ecological tourism development project with the Turkish Government,” Mounib Hammoud, executive director of Dubai-based Solidere International, said.
Hammoud said his company, which was established in July 2007 with the aim to make Solidere a regional real estate developer on both sides of the Mediterranean, plans to expand from Oman to North Africa.
Hammoud did not provide any information on the expected capital expenditure to finance these projects.
Solidere was founded in 1994 by then-prime minister Rafik Al Hariri and is seen as the most important force behind Beirut’s re-emergence after the 1975-1990 civil war. It is listed on Beirut and Kuwait stock exchanges.
The firm, which has a market capitalisation of $3.53 billion (Dh12.9bn), has a partnership with the Government of Ajman and has a strong presence in Saudi Arabia, where it is also expanding its projects.
“We are currently working on a large project in the main spine of the Saudi capital, which we did not announce before,” Hammoud said.
He added that a number of other projects are under consideration in Egypt, where Solidere has a strategic partnership with the Egyptian property developer Sixth of October Investment and Development (Sodic).
Solidere International and Sodic are developing two mixed-use city centres in the suburbs of Cairo, WesTown, on the highway between Cairo and Alexandria and EasTown in Kattameya, an eastern Cairo suburb.
“We are currently working on the master plan and are awaiting government authorisation,” Hammoud said.
“We expect to build the infrastructure of the two projects during this year and hopefully buyers will start to move in within three years’ time,” he added.
Hammoud estimated the cost of investment in the two projects at 26 billion Egyptian pounds (Dh17.3bn) and the expected sales value at 35bn Egyptian pounds.
“Although these are conservative estimations,” he said. (Reuters)
Easyjet in Turkey
The first flight from Easyjet landed in Dalaman, while Turkish Airlines (THY) became the 20th member of Star Alliance.
Budget no-frills, air carriers announced plans to fly into Dalaman Airport, a development considered to be an important tool in getting over the bottleneck in the northern Aegean Region, including Marmaris.
EasyJet planes, the first of which landed in Dalaman on March 31 flying from Gatwick Airport, will fly three days per week until May when the flights will increase to five flights per week.
Hamdi Guvenc, the General Director of ATM, stated that they aim to welcome three million tourists at Dalaman International Terminal, indicating that following the cooperation with a leading air carrier such as EasyJet, there will be a considerable increase in the number of tourists coming to the region.
Guvenc, emphasised that EasyJet, which for the fist time started flying to a holiday destination in Turkey, will make a significant contribution to the realisation of tourism targets, negotiations with other leading carriers are well underway.
The day after the news of the first flight of EasyJet, Turkish Airlines announced its full membership with Star Alliance, becoming its 20th member.
Following the full membership of with Star Alliance, Turkish Airlines passengers will have access to a network of air carriers with a total of 18.000 flights per day to 965 airports in 162 countries.
Jaan Albrecht, Star Alliance CEO, expressed: “We have a new member. With the addition of THY, our passengers can reach new destinations.”
Budget no-frills, air carriers announced plans to fly into Dalaman Airport, a development considered to be an important tool in getting over the bottleneck in the northern Aegean Region, including Marmaris.
EasyJet planes, the first of which landed in Dalaman on March 31 flying from Gatwick Airport, will fly three days per week until May when the flights will increase to five flights per week.
Hamdi Guvenc, the General Director of ATM, stated that they aim to welcome three million tourists at Dalaman International Terminal, indicating that following the cooperation with a leading air carrier such as EasyJet, there will be a considerable increase in the number of tourists coming to the region.
Guvenc, emphasised that EasyJet, which for the fist time started flying to a holiday destination in Turkey, will make a significant contribution to the realisation of tourism targets, negotiations with other leading carriers are well underway.
The day after the news of the first flight of EasyJet, Turkish Airlines announced its full membership with Star Alliance, becoming its 20th member.
Following the full membership of with Star Alliance, Turkish Airlines passengers will have access to a network of air carriers with a total of 18.000 flights per day to 965 airports in 162 countries.
Jaan Albrecht, Star Alliance CEO, expressed: “We have a new member. With the addition of THY, our passengers can reach new destinations.”
Thursday, March 27, 2008
French property
France is attracting increased levels of interest from UK-based property investors according to experts. The country's popularity is helped by no serious impact from the credit crunch currently beleaguering the US, faster Eurostar rail services from London and new low cost airline routes this summer.
Currency exchange firm HiFX said that last year France accounted for more than a quarter of all the enquiries it received from prospective buyers. Ski resorts such as Meribel and Courchevel were highlighted as especially popular locations, despite their relatively high property values.
Mark Bodega, director of HiFX, said: ‘Prices are higher in well-established resorts but the rental yields also remain consistently high.' He added that France's close proximity to the UK was one of the main reasons for its popularity among British buyers with the fact it is serviced by numerous low-cost airlines helping draw people to the country.
It is also one of the most popular places for those moving abroad. 'France is one of the most popular destinations for British expats. A growing number of people are setting up home in France every year,' said Marjorie Mansfield of financial advice group Siddalls.
Currency exchange firm HiFX said that last year France accounted for more than a quarter of all the enquiries it received from prospective buyers. Ski resorts such as Meribel and Courchevel were highlighted as especially popular locations, despite their relatively high property values.
Mark Bodega, director of HiFX, said: ‘Prices are higher in well-established resorts but the rental yields also remain consistently high.' He added that France's close proximity to the UK was one of the main reasons for its popularity among British buyers with the fact it is serviced by numerous low-cost airlines helping draw people to the country.
It is also one of the most popular places for those moving abroad. 'France is one of the most popular destinations for British expats. A growing number of people are setting up home in France every year,' said Marjorie Mansfield of financial advice group Siddalls.
Thursday, March 20, 2008
Property in Tuscany
Buyers of property in Tuscany are attracted by the climate, landscape and lifestyle. Hindsight is a wonderful thing, but foresight is even better - particularly when it comes to buying property in Tuscany. Adventurous British buyers who snapped up derelict villas for sale in Tuscany for a song back in the late 1960s were condemned by their peers as pazzi - crazy.
Ah, sweet lunacy - who knew?
"The feudal system was late to end in Italy," explains Rupert Fawcett, of estate agents Knight Frank. "Farm workers, who had been living in these farmhouses in return for providing produce to the landowners, found that the land they were given when the system collapsed wasn't enough on which to sustain themselves. Emigration to the city centres followed and the properties fell into ruin." Enter a small but now-to-be-envied group of foreign buyers and the rest, as they say, is history.
And history is a big part of the area's appeal. What makes Tuscany so uniquely spectacular is its inimitable combination of the man-made - Renaissance and medieval art and architecture - with the naturally occurring splendour of the landscape. "With every corner you take as you drive the roads in Tuscany, there's another amazing view," says Lars Christiaanse of Chesterton International, "while the cities and villages are basically open-air museums." Add to this the climate, the lifestyle, the food and the wine, and the only wonder is the fact that more of us didn't make a grab for our slice of la dolce vita back when it was available for loose change.
Casa Caldiola is a 315-square-metre farmhouse dating back to the 11th century and, while we don't know how much it may have cost you back in the 1960s, what we do know is that, today, it will set you back around €3.75 million (£2.6 million) through Knight Frank. Far from being the ruin it may once have been, however, the villa was beautifully restored a mere ten years ago. It now boasts such modern comforts as underfloor heating and a solar-heated swimming pool with hydro-massage system, as well as more traditional features, including arched framed windows, antique stone fireplaces, handmade terracotta floors and a ninth-century stained-glass window.
The property also features a 55-square-metre guesthouse and is located in the hills with, as you'd expect, awe-inspiring views of the surrounding countryside. Cortona, made famous by Frances Mayes' Under the Tuscan Sun, is just 22 kilometres away but other options for amenities include Morra, three kilometres away, and Citta di Castello, with its fantastic farmers' market, within a 25-minute drive.
Cortona may have been put on the map by the writings of the American Mayes but, according to Fawcett, it's Chianti that represents Tuscany's 'core' area - the one that everyone gravitated towards when Tuscany first became an overseas buyer's destination. Today, it's still the best known and most sought after of the region's areas, stretching all the way from Florence to Siena and boasting glorious vineyards, hills and scenery. L'Uccellare, available through Knight Frank for €3.5 million (£2.4 milllion), is set in the Chianti hills and surrounded by three hectares of orchards, mature gardens and fields of wild flowers.
The property has a number of bedrooms, including a master suite with sitting room, as well as a split-level reception room and 80-square-metre music room. Features such as stone arches, wooden ceiling beams and exposed stone work have been retained throughout; there are also a number of outbuildings and storage areas that could be modified to provide further accommodation.
Since Tuscany is such a well-established market, it's now more difficult to find a ruined property on which to work your restoration magic than it was five or ten years ago. In any case, says Rupert Fawcett, the type of buyer that the area attracts these days tends to be cash rich and time poor, so is unwilling to take on the hassle of such a project.
To this end, there's been something of a move towards gated community developments in the region, which give owners the ability to come and go at ease with the peace of mind that comes with buying a managed, secure property. And, lest you get any horrific ideas about the glorious Tuscan countryside being scarred by the sorts of modern monstrosities that 'gated developments' so often entail, think again. Strict regulations are in place to preserve the beauty of the region and 'new' developments are typically only restorations, which preserve the external, historical facades of existing buildings but bring the interiors firmly into the 21st century. Examples include castles converted into apartments or groups of farmhouses forming a community development.
One such project is Borgo di Verardinga in Peccioli, a 19th-century farmhouse and cottage being converted into four two-bedroom luxury apartments and a three-bedroom villa. Surrounded by 100-year-old cypress trees, the complex will have a swimming pool and solarium, while nearby leisure facilities include an 18-hole golf course, fishing lake and hot thermal springs. On the market with Chesterton International, prices start at €550,000 (£375,000) for a unit of 132 square metres.
There are exceptions to the 'restoration' norm, of course. Corte d'Aquis is being marketed through Focus International Property Group as a luxury modern development set to reshape the ancient Tuscan landscape, representing an architectural rival to the traditional property ideal. Located in Casciana Terme, one of Italy's oldest spa towns, the 52-apartment complex is set in landscaped gardens around a communal swimming pool, with prices starting at less than €200,000 (£140,000) for a one-bedroom, one-bathroom property. Each apartment is being sold fully furnished and decorated, and comes complete with a luxury kitchen, private terrace and underground parking. Those craving low-maintenance living will also be drawn to the fact that the development offers on-site amenities, such as a restaurant, bar and spa & treatment centre, plus 24-hour security, a concierge service and management office to take care of rentals.
According to Christiaanse, rental possibilities are a factor for consideration for many buyers in Tuscany, who seek a second home as well as an investment opportunity. "There's a large number of buyers who want to rent their properties out for part of the year and this is definitely a lucrative option," he says. "Tuscany is a popular destination, not only with European holidaymakers but also with those from the US, and returns of five to seven per cent can be expected with very little effort, while more aggressive marketing will see even greater gains."
In terms of capital appreciation, he says, Tuscany can't fail to represent a wise investment - it will never collapse but nor is it a quick-gain option in the way that some of the emerging markets might be. Fawcett agrees: "Tuscan property, and Italian property in general, tends to be a safe purchase as there's not a big investment drive, which helps to keep the market stable." Added to this is the fact that, due to development restrictions, demand will always be greater than supply.
As it covers a relatively large area, one aspect of Tuscany's appeal for buyers is that they have the option of buying inland or in more coastal locations, with popular choices including San Gimignano, Grosseto and Volterra.
"Volterra is about 30 minutes from the sea and this area is what can be described as the traditional part of Tuscany, with the landscape to match," explains Linda Travella, of Casa Travella. "There are quite a few agriturismo, B&B-type properties for sale; you can also still find the 'rustico', which are a popular choice with retirement buyers but the prices are quite high, as are the rental returns. Another reason for the area's popularity is that it's an easy to drive from Pisa, which is serviced by budget airlines."
Casa Travella is marketing a property here, which forms part of a large farmhouse and comprises two apartments: one on the ground floor with an open-plan living area, bathroom and bedroom; and another on the first floor with three bedrooms, two bathrooms and, again, open-plan living. For €360,000 (£249,500), the sale also includes another two-storey stone building, albeit one that is in need of total restoration.
Aside from Pisa, Florence is the other popular point of arrival into Tuscany. This magical city is just 60-odd kilometres from Il Paladino, a 639-square-metre country house occupying seven hectares of land and on the market with Casaitalia International. For €2 million (£1.4 million), you can expect a total of 17 bedrooms and 16 bathrooms in the main house alone, while two separate guest apartments, one needing some work, offer a further four bedrooms. Refinished less than ten years ago, the property retains many of its original features such as sandstone window ledges, cotto floors and wooden beams, while outside, there's a large swimming pool and stunning views in every direction. Arezzo, which officially falls within Umbria, is just 30 minutes away.
With so many property prices in Tuscany being out of the average buyer's league, much has been made of nearby Umbria and its appeal as a 'poor man's Tuscany'. But Rupert Fawcett cautions against falling too hard for this notion, as you're likely to be disappointed. "Umbria is more rugged than but equally attractive to Tuscany," he says. "You will likely get a bit more for your money in this region but while it represents a viable alternative to Tuscany, it's not an especially cheap one."
Even so, it's hard to imagine too many five-bedroom farmhouses available in Tuscany for €890,000 (£617,000), as is the case with one of the Umbrian properties that Knight Frank are marketing. Situated in Piegaro, about 20 kilometres from Perugia, the stone property comprises a two-bedroom property on the first and second floors, while another three bedrooms are housed in the ground floor apartment, which has its own garden and access to the swimming pool, making it an ideal purchase for someone seeking to maximise personal use as well as rental potential.
Tuesday, March 18, 2008
Bulgarian property
The main advantage of Bulgaria for the foreigners is the low cost of the properties. Here is more about property prices and the factors influencing the real estate market in Bulgaria.
Property in Bulgaria, by Western European standards is very inexpensive. Bulgaria has so much to offer it is not surprising it is quickly getting more popular as an alternative country for property investment from the traditional European destinations.
Some shrewd investors who bought in Bulgaria two years ago have seen the value of their property increase dramatically. But there is still much potential, peak real estate deals at the sea side are at 120 Euros per square meter but property experts expect this to rise to 400 Euros per square meter by 2007.
The average 2003 increase of Bulgarian real estate prices is between 24 % and 28 %. The expectations are slowing down the tendency and keeping a moderate, but systematic pace of increase until year 2007, the tentative year scheduled for Bulgaria to join the European Union.
Local property market is experiencing an impressive revival and there are several factors that contribute to this: Mortgage lending potential - currently, mortgage loans are 5% of the total credit supply within the local banking sector. In developed credit markets, this rate is usually in the range of 15 - 20%.
Increased foreign direct and indirect investment in Bulgarian real estate determined by:
Bulgaria's expected EU membership perspective;
Expanding tourist industry;
Stable macroeconomic indicators:
GDP annual growth of 4.5 % to 5%;
Dropping unemployment rate: from over 16 % to under 13 % for the last 15 months;
Improved credit rating;
Attractive Return on Investment rates in the real estate sector - on average 15 to 18 percent.
The market of Black Sea coastal real estate in Bulgaria has grown significantly since the beginning of year 2003. Sales prices of brand new income residential properties have increased almost twice in some areas compared to year 2002. Seafront real estate was on average 30% more expensive than water view locations. Bulgaria is still a popular holiday destination for lower income tourists, which is the main reason for higher demand for smaller and cheaper real estate.
Local market of residential properties in big cities along Black Sea coast has grown notably. During the last year demand was higher than supply, due on one hand to the increased supply of mortgage loans and on the other to consistent migration of workforce from inside the country to sea resorts and big coastal urban centers like Varna and Bourgas where more jobs are available. In 2003 the unemployment rate for the city of Varna was 5% in accordance with the NSI of Bulgaria. As a result, the price hike of residential property was almost 24% in Varna.
Plots of land were also attractive for investment purposes. In 2003 their prices had increased more than 30% on average compared to year 2002. Some beachfront parcels for development of leisure properties had reached EUR 35/sq.m. compared to similar properties sold at USD 15/sq.m. in 2002. In certain areas close to leading resorts like Albena, Golden Sands, Sunny Beach and others, prices had increased more than twice for the previous year and varied between EUR 35-55/sq.m.
During the first quarter of year 2004 the REMI index, reflecting real estate trends on the residential, business and land markets, has risen with 4.28 points, prodded by the rising prices at residential areas.
According to NSI of Bulgaria, the quarterly real estate prices growth rate is 12.5%. Yet, Sofia is the most expensive real estate market with 2.8% increase followed by the towns of Varna (23.7%), and Bourgas (16.8%).
Property in Bulgaria, by Western European standards is very inexpensive. Bulgaria has so much to offer it is not surprising it is quickly getting more popular as an alternative country for property investment from the traditional European destinations.
Some shrewd investors who bought in Bulgaria two years ago have seen the value of their property increase dramatically. But there is still much potential, peak real estate deals at the sea side are at 120 Euros per square meter but property experts expect this to rise to 400 Euros per square meter by 2007.
The average 2003 increase of Bulgarian real estate prices is between 24 % and 28 %. The expectations are slowing down the tendency and keeping a moderate, but systematic pace of increase until year 2007, the tentative year scheduled for Bulgaria to join the European Union.
Local property market is experiencing an impressive revival and there are several factors that contribute to this: Mortgage lending potential - currently, mortgage loans are 5% of the total credit supply within the local banking sector. In developed credit markets, this rate is usually in the range of 15 - 20%.
Increased foreign direct and indirect investment in Bulgarian real estate determined by:
Bulgaria's expected EU membership perspective;
Expanding tourist industry;
Stable macroeconomic indicators:
GDP annual growth of 4.5 % to 5%;
Dropping unemployment rate: from over 16 % to under 13 % for the last 15 months;
Improved credit rating;
Attractive Return on Investment rates in the real estate sector - on average 15 to 18 percent.
The market of Black Sea coastal real estate in Bulgaria has grown significantly since the beginning of year 2003. Sales prices of brand new income residential properties have increased almost twice in some areas compared to year 2002. Seafront real estate was on average 30% more expensive than water view locations. Bulgaria is still a popular holiday destination for lower income tourists, which is the main reason for higher demand for smaller and cheaper real estate.
Local market of residential properties in big cities along Black Sea coast has grown notably. During the last year demand was higher than supply, due on one hand to the increased supply of mortgage loans and on the other to consistent migration of workforce from inside the country to sea resorts and big coastal urban centers like Varna and Bourgas where more jobs are available. In 2003 the unemployment rate for the city of Varna was 5% in accordance with the NSI of Bulgaria. As a result, the price hike of residential property was almost 24% in Varna.
Plots of land were also attractive for investment purposes. In 2003 their prices had increased more than 30% on average compared to year 2002. Some beachfront parcels for development of leisure properties had reached EUR 35/sq.m. compared to similar properties sold at USD 15/sq.m. in 2002. In certain areas close to leading resorts like Albena, Golden Sands, Sunny Beach and others, prices had increased more than twice for the previous year and varied between EUR 35-55/sq.m.
During the first quarter of year 2004 the REMI index, reflecting real estate trends on the residential, business and land markets, has risen with 4.28 points, prodded by the rising prices at residential areas.
According to NSI of Bulgaria, the quarterly real estate prices growth rate is 12.5%. Yet, Sofia is the most expensive real estate market with 2.8% increase followed by the towns of Varna (23.7%), and Bourgas (16.8%).
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