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.
Thursday, May 22, 2008
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).
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