Cypriot properties with 40 per cent discount off list price

Assetz International has negotiated major discounts on a selection of holiday apartments in Cyprus that have already been built. One example is the 38 per cent discount for 2-bedroom apartments at the Peyia Village development in Coral Bay, near Paphos for just £80,000.

According to Assetz International, the development offers a great financial investment in the long term either as a permanent residence or as a holiday home. The location also makes the development an attractive investment as the town of Peyia offers something for everyone.

Coral Bay

Cyprus boasts 300 days of sunshine a year and offers a mix of history, food and beautiful sandy beaches. With budget airlines now flying to the island, Cyprus is becoming a sought-after holiday destination.

Stuart Law, Chief Executive of Assetz, comments: “The economic recession of 2008 and the weakening of the British pound against the euro resulted in a dramatic fall in overseas demand for property in Cyprus and as a result developers may consider large discounts on properties.

“Now is the time for investors to pick up a property bargain before the tide turns and prices start to rise rapidly again. Cyprus is a popular destination among holiday-makers and property investors alike, and is set to experience significant property rental and capital growth over the next few years.”

Peyia Village

Peyia Village, on the south west Coast of Cyprus is just five kilometers from Coral Bay. The development boasts a communal swimming pool and offers excellent mountain and sea views. The apartments are spacious with open plan kitchens.

In addition to the superb beaches close to the development, the town has a number of restaurants and tavernas which are ideal for relaxing and enjoying some of the great Cypriot food. For those who are more active it is close to the internationally known golf courses, Tsada and Secret Valley. Alternatively, in the town of Peyia there are numerous activities available such as go-karting, paragliding or one of the many watersports the beaches have to offer. There’s really something for all members of the family.

Peyia Cottages

Assetz can supply 2-bed apartments from €90,334, reduced from a list price of €145,700.

Mortgages are available from 70 per cent LTV with rates as low as 3.5 per cent fixed for two years.

About Assetz plc (www.assetz.co.uk)

Assetz plc heads a group of well-known property investment companies offering carefully selected UK and overseas property and property funds as well as education, buying assistance, finance and after-sales service. Assetz offers expertise whether a client is seeking an investment, holiday home or both, and specialises in the UK, France, Portugal, Spain, Cyprus, Cape Verde, and Germany.

About Assetz International

Assetz International offers overseas property in selected countries including France, Portugal, Spain, Cyprus, Cape Verde,  and Germany, as well as having a dedicated Assetz Ski division. Properties range from small investment apartments in the Alps to luxury villas on the Algarve and the Cote D’Azur.

Assetz International: 0845 400 6000 or visit www.assetz.co.uk/international

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Buying Spanish property safely

“After seeing many TV programmes in the UK showing the horror stories some unfortunate buyers have gone through while purchasing, I was surprised but pleased to learn there are steps people can take to safeguard their investment” says Roger Cox from Aldridge near Walsall, who recently completed the purchase of his new villa in Moraira on the Costa Blanca.

The new guarantee for buyers of Spanish homes seems the perfect solution to protect against any problems in the future. After all the Americans have used this system for years.

Roger (aged 43), lives in the UK with his family and has bought the two bedroom property as a holiday home. Continued Roger, “We were introduced to this part of Spain by friends who took us to the Costa Blanca about four years ago and we immediately fell in love with the area.

Relax and enjoy our home

“We were aware of the difficulties some buyers have faced when purchasing in Spain but at the time there seemed to be no way around the problem. However, we continued to love of Spain and finally found the perfect villa, negotiated the sale with the owner and by then Safe Purchase Spain had been launched. We completed the purchase of our property with a 20 year Safe Purchase Guarantee in place and can now relax and enjoy our home in the sun, knowing we have the rights as owners fully-protected.”

Safe Purchase Spain was devised and launched by Ian Hawkins at the end of 2009 and has already received a great deal of support from estate agents, solicitors and private vendors keen to provide financial protection against difficulties in home ownership in Spain.

“Spain is still the number one destination for Britons looking to buy abroad,” says Ian, “but continuing negative press coverage surrounding revoked building licences and demolition orders served on innocent owners has struck a dreadful blow to the Spanish marketplace. Now for the first time, the Safe Purchase Guarantee provides insurance protection against a wide range of problems that can occur after a buyer has completed his sale.

“These include such things as title defects, illegal building licences, access problems, border disputes, community problems, hidden lease agreements, fraud, identity theft, vendors’ debts amongst others. As far as I am aware, this is the first time buyers of Spanish property have had any measure of protection after they’ve purchased.”

Roger Cox (right) from Walsall, seen here with the founder of Safe Purchase Spain, Ian Hawkins

Safe Purchase Spain was recently launched on the Costa Blanca. In an effort to increase confidence, trust and visibility in a largely unregulated property market, all Safe Purchase Certified Partners sign the Safe Purchase Code of Ethics as well as statements confirming their professional experience and the fact they’ve never been convicted of fraud or financial irregularities.

Each agent includes the 20 year guarantee with every purchase and it is this approach that is set to revolutionise the way properties are bought and sold in Spain. This guarantee is underwritten by one of Spain’s largest insurance companies.

Continues Ian, “What many may not realise is that in the United States, title insurance is mandatory. Put simply, you cannot raise finance against a property without it. As such the title insurance industry is worth billions of dollars and is a way of life for most Americans.”

Concluded Roger, “To be able to own a property, with this type of peace of mind, has made our dream home, perfect. Life in Spain is relaxed, the weather is good, the infrastructure excellent and of course we are only two hours flight time from the UK making it ideal for friends and family to fly out. I genuinely feel that Safe Purchase Spain is the way forward for buyers in the future.”

For more information, go to Safe Purchase Spain at: www.safepurchasespain.com or call on: 00 34 96 647 32

Safe Purchase

Exclusively available through the network of Safe Purchase Certified Partners, the Safe Purchase Guarantee is available to buyers and existing owners of property in Spain, the Balearic and Canary Islands and provides insurance cover against fraud, identity theft, illegal building licenses, demolition orders, community disputes, unfair quotas, hidden defects, vendors and builders debts, administrative procedures, access problems, hidden leases, defective property sizes, border disputes, land registry inscription problems, illegal vendors and much more.

The Safe Purchase Guarantee includes a title insurance policy underwritten by Caser Seguros, one of Spain’s largest and most well-known residential insurance companies, established since 1942. It provides cover for 20 years from the first day of ownership and up to 360,000 Euros in compensation for monetary losses.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Value of overseas property owned by Brits increases by over £2.6 billion in a year

Close Treasury estimates that the value of property in France, Spain, Italy, Portugal and America is £42 billion. Analysis¹ from the FX team at Close Brothers Limited Close Treasury (‘Close Treasury’) reveals that despite property prices falling in France, Spain, Portugal and the USA, and only a small rise in Italy, the collective Sterling value of property there owned by British citizens increased by over £2.6 billion between July 2008 and December 2009.  This is because the value of the Euro and the US Dollar against Sterling increased by 13.22% and 16% respectively.

Between 2008 and 2009, property prices in France declined by around 6.63%, but because of the rise in the value of the

The flower market at Revel in south-west France always attracts foreign residents

Euro, if those Brits owning property there had sold-up and converted the money back into Sterling, they would have actually made money.  Close Treasury estimates that there are around 98,000 properties in France owned by British citizens, and between 2008 and 2009, the combined Sterling value of these would have increased by just over £1 billion, or £10,373 per property.

In Spain, where Close Treasury estimates 144,500 properties are owned by British citizens, property prices fell by around 8.35% between 2008 and 2009, but again because of the rise in value of the Euro against Sterling, they would have made a collective gain of £1.1 billion, or £7,668 per property.

Even in America where property prices fell by 14.95% between 2008 and 2009, the rise in the value of the Dollar against Sterling meant that a British Citizen who owns a property there saw its Sterling value increase on average by £1,752.

The biggest winners were British citizens who own property in Italy, where a combination of rising property prices and a strong Euro meant that on average they saw the value of their properties there increase by £25,597 each.

Country	Estimated number of properties owned by British citizens	Percentage change in property prices between 2008 and 2009	Percentage change in local currency compared to Sterling between 2008 and 2009	Change in Sterling value of property	Change in Sterling value per property
France	97,750	-6.63%	13.22%	£1.01bn	£10,373.20
Spain	144,500	-8.35%	13.22%	£1.11bn	£7,668.14
Italy	8,500	3.05%	13.22%	£217.57m	£25,597.02
Portugal	12,750	-1.52%	13.22%	£234.72m	£18,409.70
USA	25,500	-14.95%	16.02%	£44.68m	£1,752.13

Close Treasury estimates that the value of overseas property in these five countries belonging to British citizens is £42 billion. Mark Taylor, Head of Foreign Exchange, Close Treasury said: “There has been a lot of volatility in the currency markets recently and many expect this to continue.  This is having a huge impact on the value of property owned by British people abroad and in many cases it is more influential than price changes in the local property markets.

“With the currency markets being so volatile, around 40% of our FX clients are taking out forward contracts as opposed to paying spot prices.”

For further information on Close Treasury’s FX business, call 020 7655 3449 or visit www.closetreasury.co.uk.

Analysis(1) of Close Treasury data.

Based on analysis of:

• Residential square metre prices published by the Global Property Guide as of Q2 2008 and Q2 2009. The Global Property Guide figures are calculated on a price per square metre for premier city centres and are based on web advertisements, looking at offers for sale, and offers for rent of resale apartments and houses.  Properties are in excellent condition, with good facilities, and have been refurbished or redecorated within the last five years. Changes are not adjusted for inflation.

• USD and EUR fluctuation in relation to GBP taken from FXHistory (www.oanda.com) as of 31 July 2008 and 3 December 2009

• Savills Second Homes Abroad, 2008

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

France and UK New Double Tax Treaty Comes Into Force

We are delighted to publish the first in a series of authoritative articles from international experts in expatriate tax planning, wealth management and pension planning, Blevins Franks

The Double Tax Treaty between France and the UK has entered into force for French residents. It became effective on 18 December 2009 and contains some significant tax changes, including an exchange of information article, which will affect British expatriates living in France.

The treaty was signed on 19 June 2008 by UK Chancellor of the Exchequer Alistair Darling and French Finance Minister Christine Lagarde and then had to be approved by each parliament. The signing followed more than four years of debate after the publication of an earlier draft in January 2004. The new treaty replaces the original one signed in 1968.

The key points affecting expatriates are covered below.

Capital gains tax on UK real estate

In the right circumstances, if a non-UK resident sells a UK property usually no UK capital gains tax is due. This is provided that the property is not used in a UK trade and, in the case of property owned at departure, that the sale is made during a period when the individual is ultimately non-UK resident for a total of at least five complete and consecutive UK tax years.

The lovely town of L'Isle-Sur-La-Sorgue

A loophole in the previous treaty meant that such gains made by residents of France were not taxed in France either (and since capital gains are taxed at a fixed rate they were not even taken into account in France to calculate the effective tax rate on other income). As exempted ‘income’, most French practitioners treated the gains as exempt from French social fund charges too, so they could be wholly tax-free.

Under the new treaty, the UK position is unchanged, but the gain will be taxed in France – at a fixed rate currently of 27.1% (16% tax + 12.1% social charges). A ‘taper relief’ reduces the gain, though, by 10% for every complete year of ownership in excess of five years – down to nil after 15 years.

France will deduct the UK tax paid (if any) from the French tax, but no refund will be available if the UK tax liability is higher than the French one.

As the French exemption on the main home only applies if the property is your actual and habitual main residence on the day of sale, or when put on the market and sale occurs within 12 months, it is possible that the gain on a former UK home will now be taxable in France. There is no ‘time-apportionment’ for periods of occupation as there is in the UK.

Wealth tax five year holiday for UK nationals

The 2008 version of the treaty retains the wealth tax ‘holiday’ for UK nationals moving to France. For the first five full French tax years after becoming a resident of France, a British national’s wealth tax liability will only be based on French assets, all other assets being ignored. From the sixth year of residence onwards, wealth tax will then be payable on worldwide assets as normal.

If, having been French resident, an individual becomes non-resident for a period of at least three years, and then becomes a resident of France again, the five year exemption period will start again.

This new rule provides significant relief against French wealth tax for at least five years for those newly arrived in France. As the taxable date is 1 January each year, the year of arrival is nearly always on a non-resident basis anyway. So, if you are still planning on moving to France you could try to arrive near the beginning of a tax year to stretch out the exemption time period even further.

Although not yet confirmed, it is expected that anyone who arrived in France before the treaty came into effect should still qualify for any balance of the first five years of residence.

Airline Pilots

Under a loophole in the former treaty, pilots who worked for a UK airline but lived in France could largely escape tax on their earnings in both the UK and France. This is because the treaty gave primary taxing rights to the UK – with the income only taken into account in France to calculate the effective rate of tax payable in France on other income, but the UK only taxed the income for the days when flights started and ended in the UK.  Under the new treaty the loophole has been closed. French tax will be payable on the entire earnings, with a credit for any taxes paid in the UK.

UK Companies with French Property Gains

In the right circumstances a company that had no business premises in France could have possibly escaped French tax on gains as exempt business profits. However, this loophole is closed by the new treaty which treats all such profits as taxable whether they are seen as business profits or not.

Social charges

Market day in Pezenas

A significant change in general is that the new treaty now lists the social fund charges as ‘French tax’. They did not exist when the 1968 treaty was drawn up and their nature as a “substantially similar” income tax under the terms of the treaty has never been clear. Although the mechanism has yet to be confirmed, it is expected that straightforward credit can be given in the same way as with the other taxes, and so, for example, the social charges of 12.1% due on UK rental income should in future be able to be covered by UK income tax paid, whereas before the UK tax could have become stranded because of the way in which the income was taxed in France under the previous treaty.

Otherwise many things remain unchanged from the original treaty including the France-UK residency ‘tie breaker’ rules and the taxation of government pensions in the country of origin only.

There are tax-planning opportunities available which can reduce your tax liabilities. Seek advice on your specific circumstances from a professional adviser who specialises in the tax rules in both the UK and France who can suggest appropriate methods which can also mitigate tax for your heirs on your death.

Contact details: For additional information from Blevins Franks, go to http://www.blevinsfranks.com or call them on: 0044 (0)20 7336 1116 or email taxadvisoryservices@blevinsfranks.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Morocco Bound

In the same time zone as the UK, Morocco is an easy three and a quarter hours flying time from Gatwick. On the other hand, it’s considerably warmer and has a kindly population who, if they have a particular fault, it is to drive whatever vehicle, either two or four wheeled, as fast as possible and with as little regard as possible for their own safety.

A corner of the central well of Les Trois Mages riad

On a recent trip with my wife, our son and his American wife, we took off from Gatwick on a cold and frosty day and emerged from the modern airport building into a balmy evening in Marrakech. Never having been to Morocco before, I had no idea what to expect (I’d seen the outline of the Atlas Mountains on an incredibly clear day from a high point in Spain) but I had no pre-conceived ideas.

Very old, very beautiful, very comfortable

We would be staying for five days and a taxi had been organised to pick us up. Our driver, Hussein, was waiting for us as we emerged from the airport’s Arrivals and escorted us to possibly the oldest Mercedes still on the roads in Morocco. Driving us to the riad, Les Trois Mages, Hussein started our education about exactly what a riad is.

A lamp shop in the Medina

“Very old, very beautiful, very comfortable,” he exclaimed gesturing to me with his right hand. At this point his English skidded to a halt and to continue with the conversation, it fell to me to give my limited French an airing (had this been in Spain, it wouldn’t have been a problem but French, and Moroccan French was about to prove interesting). I also noticed a certain silence coming from the back seat as my family waited with baited breathe to see how I coped with the subject of riads.

During the course of the next 10 minutes I learned very little about these wonderful buildings but a fair amount about Hussein’s family, including the fact that his father had reached the venerable age of 109 and that the old gentleman had led a quiet life in the country.

Hussein thought this was a pretty good recipe for a sensible way of life and we continued talking about Morocco (he, along with every other resident we talked to thought the current monarch, King Mohammed VI is amazingly good for the country), that change is coming to the country at high speed, the health system is improving and the increasing use of technology is going to make everybody’s lives infinitely better.

Having discovered that nearly every house has a great big satellite antenna perched on the roof and that most people use a mobile phone rather than a landline, it seemed that Morocco had leapt straight into the 21^st century.

The Medina

By now we had arrived at an archway through the ancient walls that surround the old part of the city, the Medina (there’s a newer area outside the walls and vast building projects, including a golf course, are underway as you drive in the direction of the Atlas Mountains).

Hussein drove us expertly through narrow streets and suddenly drew up at the top end of a narrow street. “We are arriving,” he announced proudly as he marched us down the lane. He point at an anonymous door, knocked firmly and we were welcomed inside by Aidan Webster, the manager of the Riad Les Trois Mages.

Aidan Webster, manager of the Les Trois Mages riad in Marrakech

The basis of the architecture of the riad came from the Romans and from the Moorish occupation of Spain. Built round a central courtyard that is open to the sky, there are no windows to the exterior and this provides exceptional security for the family.

The living rooms are located on the ground floor, bedrooms on upper floors and generally there’s a terrace at the top.

According to Aidan, “The inward focus allows for family privacy (the central courtyard should not be able to be seen from the derb (street), to avoid any prying eyes), weather protection (hot summers, cool winters) and noise reduction (metre thick adobe/pise walls – mud with chopped straw and lime). More recently and with the influx of foreigners buying them up, the definition has become slightly more generalised.

He continued, “Depending how traditional you go, the description in the Koran states ‘two aisles intersecting and at an angle (usually 90 degrees) cutting the garden into four parterres, a garden of four rivers – water, milk, honey and (usually) wine’. Sometimes a riad includes a douiria (little house/apartment) for staff and usually a central fountain and decorated to the degree of wealth of the owner.” It’s still possible to buy a riad (which will probably need restoration) for around £250,000.

A typical shop in the heart of the Souk

Les Trois Mages is lucky to have Saida as the resident chef. She cooked us a wonderful dinner for our first evening and then as we, with all the other guests in the riad decided we’d like to stay in for New Year’s Eve, she prepared, as the main course, wonderful seafood pastilles.

Apart from enjoying our first two days wandering around the souk (the covered market), our son had decided we should all take part in a morning’s cookery course run through the Maison Arabe. (This shouldn’t be confused with the restaurant called the Café Arabe where we had simply awful food – I didn’t know it was possible to turn meat into something grey and completely unidentifiable).

Mohammed Nahir (background) and his assistant Aziza

We were driven to a glorious building on the outskirts of the city. There we were greeted by Mohammed Nahir and his assistant Aziza who spent the morning overseeing our primitive attempts to cook a chicken tagine. The tagine pot is a large clay dish with a strange conical-shaped lid and if the food is to be cooked properly, it takes time and considerable knowledge of the use of herbs and spices.

By midday, our class of nine people sat down to enjoy our efforts that were, I have to say, quite simply delicious. Could we repeat it without a recipe? No, it is too complex and needs, I suspect years of practice, but under Mohammed’s eagle eye, we coped to the point where even the near vegetarians in our class ate their lunch at high speed and we left clutching Mohammed’s recipe.

Back to Britain

A busy day in the Medina

The problem with trips of this sort is that they end all too soon. Our son and his wife had a glorious carpet to take back to the US (it started out at around £600 and they finally settled on £180 with the shopkeeper), we had several hundred pictures of the city and a whole host of wonderful memories and it was with some reluctance that we climbed on the plane to return to the UK.

We caught the bus to the car park at Gatwick to find the car doors frozen shut, ice on the inside of the windscreen and a temperature of 23 Fahrenheit. As we crept out of the car park, our conversation quickly reverted to the warmth and pleasures of Marrakech.

For information on La Maison Arabe go on-lin at www.lamaisonarabe.com and you can contact Aidan Webster at the Riad Les Trois Mages at http://www.lestroismages.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Ski and sea homes in Italy

It’s perfectly possible to have a holiday home in Southern Europe in order to enjoy quality skiing, especially if we’re talking about Italy. The reality is that if you are in the north of Italy, including northern Tuscany (near Pistoia you can ski in Abetone), you are likely to be only a short drive from some excellent and enjoyable pistes that will provide great skiing.

If you have your home in Liguria at, for example, the Dominio San Sebastiano Resort in Bergeggi, you could be in the ski area around Cuneo (to mention just one destination in Prato Nevoso) in little more than one hour by car.

Luca Catalano of Realitalia says: “In reality you could enjoy a weekend at your sea view Spa at Dominio San Sebastiano Resort in Bergeggi, swimming in the heated open air seafront swimming pool on the Friday, followed by Saturday spent skiing on the slopes and you could still be back in the evening for a relaxing sauna.”

One of the largest ski areas in Italy, Via Lattea, which hosted the 2006 Winter Olympic, is home to around 400 kilometres of pistes. This is a really grown-up ski resort if you consider that, for example, Val d'Isere in France, accounts for some 300 kilometres of pistes

Dominio San Sebastiano is a holiday home resort promoted by Realitalia, a company specialising in high quality new builds and renovations throughout Italy, all backed up by an exemplary concierge service and professional letting management.

Since Dominio San Sebastiano is a holiday home resort, it offers the opportunity to get rental guarantee arrangements for those who are after an income from their overseas home and are looking to purchase with a mortgage, since rates are very low and the euro is strong against the pound sterling.

The resort is perched on the Bergeggi Hills overlooking the clear blue Mediterranean and sits within a lush four hectare Mediterranean park. It is just 40 minutes from Genoa airport and just under two hours by car from Nice and Milan.

This brand new, eco resort comprises one and two bedroom apartments and villas. All have views of the peaceful bay and have easy access to the private beach which can be reached on foot. Local shops and cafés in the town that are close by make this an ideal holiday destination.

There are a number of attractions nearby including archaeological sites, golf courses and with an attractive drive, you can be in the south of France in a relatively short time. There are also opportunities for trekking, cycling and bird watching.

Don’t forget that this is a year-round destination with skiing at Limone Piemonte and Prato Nevoso around one to one and a half hours away.

Concluded Luca: “This is a destination for all seasons. Dominio San Sebastiano makes an excellent holiday home both for personal use and letting, and enables owners to maximise on their property investment by reducing periods throughout the year when their property is empty.”

Currently, prices at Dominio San Sebastiano, Liguria, Northern Italy are:

• one bedroom flats (gardens and terraces) from £ 300,000
• two bedroom flats (garden and terraces) from £ 500,000
• villas (gardens) from £ 600,000

Contact Realitalia at www.realitalia.co.uk or call them on 0870 8909936 for more information

Realitalia are members of the UK Green Building Council and the company signed the 2016 Commitment to build zero carbon emission homes by 2016.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Living in Spain? Olives are a real Christmas cracker

For many people who buy a property around the Mediterranean, it often means a change in diet. One of the best things that many people include are olives and some of the best come from Spain. Why not start the New Year as you mean to go on with the healthy snack, olives?

Since ancient times, sun-ripened Spanish olives and their oil have been highly valued for their medicinal benefits. Traditionally cured Spanish olives are low in calories, high in antioxidants, minerals and healthy fat and are a great source of fibre, so whether you eat them straight from the bowl or combine them with your evening meal for a deliciously subtle Mediterranean flavour, you can be assured that they are doing you good.

Spanish olive dips

Low in calories

Twenty five grammes of olives contain just 37 kcal, almost four times as little as the 140 kcal contained in 25g of crisps. Olives promote good health because they contain a high amount of antioxidants and minerals such as polyphenols, calcium and magnesium.

Different Spanish olives contain different nutritional qualities. For example, black olives contain less salt and more iron, yet fewer calories than green olives; Manzanilla olives contain more salt and vitamin E; and Hojiblanca olives boast more fibre. All them offer the following:

•         Monounsaturated fats – Spanish olives are fruits of the tree known as Olea europaea. Olea is the Latin word for oil, reflecting the olives very high fat content. However, 75% of this is oleic acid, a healthy omega-9 monounsaturated fatty acid that has been shown to lower blood cholesterol levels and increase HDL (good) cholesterol.

Research has also shown that it is the type of fat consumed that determines the risk of developing conditions such as atherosclerosis (a condition where which an artery wall thickens as the result of a build-up of fatty materials such as cholesterol), colon cancer, arthritis and asthma.

Residents in regions around the Mediterranean consume large amounts of olives and olive oil and have a lower risk of developing those conditions.

Health benefits

•         Fibre – with 100 grams containing 2.6 grams of fibre, Spanish olives are high in fibre and so are easily digested. Spanish olives are also a good source of calcium, iron, magnesium, phosphorus and iodine.

•         Anti-inflammatory properties – Spanish olives contain a variety of beneficial active phytonutrient compounds (plant compounds which are thought to have health-protecting qualities) including polyphenols and flavonoids, known for their anti-inflammatory properties. Polyphenols also give the olive its taste and aroma.

•        Protection against cell damage – it is the combination of a number of nutrients in Spanish olives that work in synergy to provide great health benefits. Olives are a good source of monounsaturated fats, rich in vitamin E – a fat-soluble antioxidant that neutralizes damaging free radicals, and also contain polyphenols and flavonoids, which have anti-inflammatory properties.

These health-boosting compounds that work hand-in-hand to provide a protective an anti-inflammatory effect on cells that can lower the risk of cell damage and inflammation which in turn helps to:

1. Reduce the severity of asthma, osteoarthritis, and rheumatoid

arthritis – three conditions where most of the damage is caused by high

levels of free radicals

2. Prevent heart disease

3. Prevent colon cancer – by neutralizing free radicals, the nutrients in olives help prevent colon cancer. A higher intake of both vitamin E and the monounsaturated fats in olives is also associated with lower rates of colon cancer.

•         Menopause – clinical studies have shown the effect Vitamin E has on reducing hot flushes.

•         Alzheimer’s Disease – a recent study showed people with low level of HDL (high density lipids) or bad cholesterol were 53% more likely to have memory loss as compared to those with high level of HDL (high density lipids) or good cholesterol. As olives have high levels of oleic acid which helps increase good cholesterol, an olive rich diet may also help prevent Dementia and Alzheimer’s Disease.

Grape news

Las Uvas (the 12 grapes of luck) is a Spanish tradition that started, according to legend, in the early years of the 20^th century. It takes place in the last 12 seconds of the old year and although the tradition has spread to some Latin American countries, it’s most popular in Spain and is certainly something that very few Spaniards would miss.

As the clock starts to strike midnight, you should eat one grape per second. This is harder than it sounds but according to tradition, if you succeed, this guarantees good luck in the coming year. Don’t be taken in by earlier chimes – wait for the full 12 to start

If you are living in Spain, the striking of the clock on the tower in the Puerta del Sol in Madrid are broadcast nationwide on radio and television. Whether you’ll actually have great good luck in the coming year is hard to say, but whole families join in the fun and it’s certainly worth trying whether you live in Spain or not.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

The latest Chesterton Humberts CEBR Poll of Polls of UK house prices

November marked the sixth month of consecutive house price growth, with the average property price increasing by 0.5% from October 2009, according to the latest Poll of Polls, down slightly from the 0.7% rise of last month.

Six of the eight major house price indices showed monthly increases for the most recent month of data. The other two indices measure asking prices, suggesting falling prices earlier in the sales process, with agents becoming more realistic with valuations.

House prices in London also rose by 0.5% over the month to November, however the annual change in house prices turned positive, increasing to 1.8%. The average property price in the capital is now £5,513 higher than in November 2008, the largest increase in value over the year of any country or region in the UK.

Property prices

The trend of top value properties rising more rapidly in value than low value properties continues, with the price of the top 20% of properties by value increasing by 1.3% between October and November. Property prices of the bottom fifth rose by only 0.2% over the same period.

Property prices increased in the five most expensive local authorities, all in London, while prices decreased in the five least expensive local authorities. Camden, due to high value but low transaction numbers, has posted a 22.3% gain which should be smoothed over coming months.

Robert Bartlett, Chesterton Humberts CEO, comments: “It remains to be seen whether the house price increase momentum in London will continue following the announcement of the bank payroll tax in the Pre-Budget report. Lower bonuses could dampen demand for top-end housing in the capital.

Robert Bartlett, CEO, Chesterton Humberts. "The average house price in England and Wales is now £172,639, bringing the annual decline to just -0.4%. It now seems certain that the year-on-year change in house prices across England and Wales will turn positive next month."

“In October we highlighted that the agency-induced asking price increase was not sustainable as it had been created by inexperienced agents desperate for instructions giving unrealistic quotes to prospective sellers. It now looks as though the frenzy is abating and more realism appearing in valuations which should lead to a more stable market.

“The forthcoming election is likely to slow the market as both buyers and sellers move to the sidelines to await developments but overall, the outlook is generally more positive. We expect an increase in stock which will give rise to a steadier rate of increase in house prices as the wider economy improves.”

Pace of growth slowing

Douglas McWilliams, Chief Executive of CEBR, comments:

“While the pace of the most recent monthly house price increases has fallen back of late, the rate of change in house prices was always expected to ease after the bounce experienced over the summer and autumn months. Even though the pace of growth is slowing, average house prices have still increased by an impressive five per cent since the bottom of the market in April, surpassing virtually everyone’s expectations at the start of 2009.

“We still expect house prices to continue to grow in the New Year – albeit at a slower rate – as lending conditions continue to ease, base rates remain at historic lows and growth in demand continues to outpace supply. These supply shortages will persist into the medium term due to the minimal level of new housebuilding seen over the past eighteen months.

For more information, go online at http://www.chestertonhumberts.com

The Chesterton Humberts’ Poll of Polls brings together the leading house price indices to capture a unique look at properties for sale and that have been sold, in effect creating a medium value for house price polls. This report has been produced by Chesterton Humberts and the centre for economics and business research (CEBR).

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Major boost for Irish investors as French leaseback property becomes pensionable for the first time

For the first time, Irish investors can place French leaseback properties into their pensions, whether small self-administered schemes, PRSAs (personal retirement savings accounts), Approved Retirement Funds, or company, executive and personal pension plans.

Pre-financed VAT

This significant new development brings considerable tax advantages to an already secure, long-term retirement planning product. For many Irish investors, it will be a welcome alternative to volatile stockmarket investments and increasingly expensive annuities.
Crucially, any income generated from French leaseback is tax-free while capital gains tax is not payable in Ireland (or France after 15 years). This is in addition to the already attractive tax benefits of French leaseback, such as a pre-financed VAT rebate of up to 19.6% and, in certain cases, French Government subsidies.
This ground-breaking investment opportunity for Irish investors has been jointly implemented by Dublin-based Pierre & Vacances Property Investments and the Independent Trustee Company one of Ireland’s largest pension trustee companies.

In France, leaseback properties have been open to pension investors since the 1960s but differences in the law made it difficult for Irish pensions to invest in them. However, ITC and Pierre & Vacances Property Investments have managed to overcome this issue and can now open this rapidly growing market to Irish pensions as well.
Stockmarket-listed Pierre & Vacances is France’s leading development and tourism company with over seven million clients and an annual turnover of €1.5bn. Its conservative business model, operating in the historically stable French property market, offers a safe source of long-term guaranteed rental income.

Investors may even choose to part-finance their leaseback property, which could be a cottage in the latest Center Parcs development, an apartment in Paris or a chalet in the Alpine ski resort of Avoriaz. Mortgage finance is available from a number of French banks. Where bank borrowing is provided, rent can be taken tax-free for the majority of the investment term.

Due to the stable cash flow of the model, the loan is paid back by Normal Retirement Age, at which point the rental income becomes the investor’s retirement income through the ARF regime. In effect, the rental income services the loan pre-retirement and the investor post-retirement.

Different options

Crucially, the price paid by the investor for this income is only a fraction of what a comparable annuity purchase would cost. Should the investor need a lump sum, the property may, of course, be sold. Pierre & Vacances Property Investments is currently offering leaseback properties across France for prices ranging from €100k to €1m and with guaranteed rental income up to 4.5% index-linked, net of all charges and running costs. There are different options to suit different budgets and investment needs:

• Purchase the entire property using pension funds
• Joint purchase, buying with another person’s pension fund
• Putting in the minimum amount from your pension fund and financing the rest with a French mortgage available comp rates

Clients need to have a financial adviser and to transfer their existing pension to ITC in order to take advantage of this opportunity.

Niamh Erbek, Business Manager (Ireland), P&V Property Investments, comments: “Interest in investing in French leaseback property to secure income for retirement has grown exponentially in the current risk-averse climate. Guaranteed rental income for the duration of the lease is very appealing at present, especially when it can be used to meet or offset any mortgage payments.

“The fact that there are no management or maintenance hassles and no running or insurance costs offers additional peace of mind. Many investors are between a rock and a hard place right now and have significant capital sums tied up in poorly performing pensions that default into expensive annuity products. They are desperate for secure investment products that generate solid income streams and P&V leaseback properties are exactly that.”

Tommy Nielsen, Director, Independent Trustee Company, adds: “P&V leaseback property becoming pensionable is a highly significant development for Irish investors. A secure, long-term investment vehicle that already has favourable tax incentives has now been bolstered by the tax-free structure of the pension.

“Low risk, highly tax-efficient investment products like this that come with the certainty of a long-term guaranteed rental income are proving very attractive to a growing number of investors, especially given the volatility of equity markets over the past two years and decreasing annuity rates. Leaseback experienced a setback a few years ago when unsustainably high rental returns brought a management company down. But to us P&V are the epitome of stability and offer absolute certainty of rental income.”
Robert Forman, founder and QFA, Dublin-based wealth adviser, Dominium Wealth Creation, concludes:
“Our clients are looking for security with a decent chance of capital gain. 27-year leases, the reassurance that you are dealing with a solid PLC and competitive guaranteed rents combine to make P&V leaseback properties very attractive at this time for retirement planning purposes. The response from clients has been phenomenal. It is the right product at the right time with the timeless qualities of security and value.”

• the advantages for Irish investors buying French sale and leaseback properties through Pierre & Vacances are:
• an immediate, pre-financed VAT rebate of up to 19.6%
• guaranteed, inflation-protected rental income up to 4.5% net of all charges and running costs
• free of French income tax
• free of French CGT after 15 years
• returns guaranteed by Pierre & Vacances, a French development and tourism company listed on the SBF 120 (French equivalent of the FTSE 100); P&V has annual turnover of 1.5 billion and accommodates 6.5 million customers per year through its network of 45,000 apartments and houses
• option for discounted holiday stays in approximately 200 resorts

For more information, go on-line at:

http://www.pierreetvacances-immobilier.com/btoc/home.php/lg/uk and http://www.independent-trustee.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Property and some UK Pre-Budget Report (PBR) highlights

These are a few highlights of today’s statement made by Chancellor Alistair Darling:

• Borrowing has been estimated to be £176 billion in 2010 and £140 billion in 2011
• A new ‘broadband tax’ of 50p per month is being introduced. Anyone owning a landline phone will be paying the new charge to help fund the nationwide installation of ‘superfast’ broadband to 70% of the population.
• While pensions will go up by 2.5% next April, the previous item (superfast broadband) will help to wipe out this benefit given that most people of pensionable age have a landline phone
• National insurance contributions are going up. From April 2011, all rates of NI (employee, employer and self-employed) will go up by an extra 0.5%. That’s on top of the 0.5% from the PBR of last year
• VAT will go back to 17.5% from January 2010
• 2012 will see the capping of contributions by the government to public service pensions for teachers, NHS, local government and civil service. According to the Chancellor, this will save around £1billion a year
• Banker’s bonuses: There will be temporary levy of 50 per cent on any individual discretionary bonus paid above £25,000. Alistair Darling said the banks, rather than the bankers, would pay the levy. This temporary measure comes into effect immediately and will cover bonuses paid between now and April 2010.
• The Stamp Duty holiday will end on 1 January 2010

Given that the property industry helps to drive the economy, this brief round-up of four property professionals’ comments on the Pre-Budget Report might help to clarify the effect of the end of the Stamp Duty holiday:

Charles McDowell

Charles McDowell, the prime London property consultant, buying and selling properties over £5mn in Kensington, Chelsea, Belgravia and Knightsbridge, said:

“This lame duck budget is basically political posturing prior to election.  The current Government’s war on the City does nothing but diminish tax revenues and highlights the continuing value of property as an important asset class, particularly if inflation begins to rise. The old adage ‘safe as houses’ will be more relevant than ever in 2010.”

Immediately following Alistair Darling’s pre-Budget Report, Peter Bolton King, chief executive of the National Association of Estate Agents, said:

Peter Bolton King

“The Chancellor missed an open goal with his statement. By ignoring the advice of much of the property industry there is a real danger that the property slump that has hit thousands of families hard over the past 12 months will hit thousands more, harder, in the year ahead.
“Stamp duty unfairly distorts the property market. It is prohibitive to people looking for a step up the housing market and unfairly penalises people investing in buy-to-let portfolios.

“As a first step the Chancellor should keep the stamp duty threshold as it is when the current holiday ends in December. More importantly, the Government should commit to a complete reform of the tax to produce something that is fairer for everyone.”

John Phillips, Financial Services Director of Kinleigh Folkard & Hayward, stated:

John Phillips

“Whilst the return to a 17.5% VAT level from January 1st will push more money into Government coffers, it is not likely to help house buyers looking to access a mortgage.  People will have less money free to put towards saving for a deposit, and combined with a continued difficulty in obtaining lending, will not really help those looking to purchase property in 2010.

“The extension of the Mortgage Interest Relief Scheme by six months will be of little benefit to the housing industry.  Whilst it will provide much-needed security for those who own homes and who may be struggling financially, it is less likely to give an incentive to people in such circumstances who may have been considering selling their property. This will add to an already existent shortage of stock on the sales market.”

David Adams, Chesterton Humberts’ head of residential comments:
“The Government has produced a ‘steady as she goes’ pre-Budget report with eyes firmly on the horizon. This completely belies the reality that we are dead in the water and listing badly.

The large number of bankers who’ve been considering abandoning ship may now be persuaded that it is time to move off-shore and we could see a large number of country houses come to market out of season.

“The continuing record level of taxation on property transactions will go on depressing sales across the country. The London market will increasingly diverge from the rest of the country as foreign buyers continue to take advantage of the low pound to buy into prime central London property.

“What is bemusing is that we are selling properties of high tax payers and replacing them with foreign owners who aren’t paying any tax. Who will pick up the tab?”

David can be found on Twitter

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Avoid travel nightmares this Christmas with advice from www.aph.com

Winter's arrived...

It doesn’t matter where you’re going, what the season is, whether there’ll be snow and skis or sand and sea, there are certain basic rules it’s worth heeding. Along with the early skiers, many sunshine-starved families who opted for a UK ‘raincation’ during the summer will be heading for more reliable climates this Christmas break.

As a result, UK airports promise to be busy despite the economic woes. Airport Parking and Hotels (APH), the long-stay airport parking expert is offering travellers a selection of top tips to make sure they have a fuss-free, festive break.

The family-friendly top tips include the following:

• Check that your passports are still valid – for some countries it must be valid for six months after the date of travel, and remember, children’s passports do not last 10 years like adults.

• Make sure you have travel insurance and if travelling in the EU then obtain and take your European Health Insurance Card (EHIC).

• Make copies of important documents and take one copy and leave one copy with a close friend or relative, or subscribe to and load them onto the ‘APH Online Safe’ in case bags get stolen or lost.

• Shop around for the best rates on foreign currency or purchase a pre-paid currency card – don’t wait until you get to the airport to buy your currency.

• Heading for the sun at this time of year means you may be travelling to more exotic destinations so check which inoculations are necessary for that country.

• Pack a foreign plug adapter.

• Charge iPod and camera batteries the night before departing

• Check that suitcase weight and dimensions conform to your airline’s rules.

• Check-in online, 24 hours before flying to avoid check-in fees at the airport.

• Print out flight e-tickets.

• Reserve seats on the plane.

• Cancel the milk and papers and make sure your central heating is on the ‘frost protection’ setting.

• If you have a very early start, consider an airport hotel the night before. This year Hotel and Parking packages are even better value and offer great peace of mind.

• If not, set a back up alarm clock to make sure you wake up for early departures.

• Make sure your car is prepared for the journey to the airport – for example, check tyres, battery and screen washer fluid.

• Double check the booking if you have arranged a taxi to take you to the airport and be sure you have a contact number if they fail to show up at the agreed time.
  

  The Mediterranean is beautiful at any time of year - but don't forget to copy your travel documents

APH offers parking at all major UK airports, ports and Eurotunnel terminals plus airport hotels packaged with parking, airport lounges, travel insurance, car hire and holiday taxis. APH is also a carbon-balanced company and has, through the World Land Trust, helped purchase more than 1,000 acres of Belize rainforest.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

French properties

A new résidence de tourisme at Val Cenis in the Haute-Maurienne

French ski property developer MGM plans to build a new résidence de tourisme at Val Cenis in the Haute-Maurienne, close to the Italian border, has named the scheme Le Chalet de Flambeau in memory of a legendary local canine postman.

The dog – a German Shepherd – ensured the arrival of the mail between the town of Lanslebourg (now part of Val Cenis) and Fort Sollières, perched high on Mont Froid, during the 1930s. Every day for ten years, summer and winter, at the same time of day, Flambeau – ‘The Torch’ – could be relied upon for the safe delivery of the military postbags.

MGM’s proposed new four-star residence will comprise 197 one-, two- and three-bedroom apartments with floor areas ranging from 35 sq m to 75 sq m. Those in the first phase will be ready for occupation before the end of 2011.

The new MGM ski résidence de tourisme, Val Cenis

Located close to the ski lift – giving access to around 125 km of pistes – Le Chalet de Flambeau’s position in the sunny valley of the River Arc is expected to make it a destination for year-round holidays. Hiking, horseriding, climbing, paragliding and fishing are among the numerous outdoor activities on offer locally.

As in most MGM residences, facilities will include an indoor pool with a glazed roof, fitness suite, gym, sauna, Jacuzzi and steam rooms, as well as a beauty centre with a variety of massages and treatments on offer.

Biggest ski resort

Richard Deans, sales consultant in the company’s London-based UK sales office, says that the site in Val Cenis provides MGM with the opportunity to offer a new generation of ‘affordable-range’ ski properties in the biggest ski resort in the Haute-Maurienne.

Located between two national parks – the Vanoise and Italy’s Gran Paradiso which together create Europe’s largest wilderness area of almost 500 square miles (1,250 square kilometres) – Val Cenis is described by Richard as: “charming, unspoilt and, in some ways, a bit of a time-warp.”

All of MGM’s new leaseback homes are fully furnished and decorated. They have pine internal finishes with tiled and parquet floors. In keeping with MGM’s policy of using local natural materials wherever possible, the buildings are clad externally in timber and stone. Each home comes with cellar storage, a ski locker and underground parking.

Although not yet announced, off-plan prices at Le Chalet de Flambeau are expected to start at around €150,000 for a one-bedroom apartment, excluding VAT at 19.6 per cent which is waived under the leaseback scheme.

For full details of the properties available from MGM call 020 7494 0706 or visit the website http://www.mgm-constructeur.com

A spacious, six-bedroom house with land and a pool near Gaillac (Tarn)

This large country house has been renovated with traditional materials. The property is surrounded by one hectare of land. With six bedrooms (three of them en suite) the house is large enough to house a big family and friends. All this is set in beautiful surroundings just a few kilometres outside Gaillac.

Situated just a few kilometres from Gaillac, surrounded by vines and fields, the property is typical of this lovely region. L-shaped at the rear to form of a courtyard, this gives access to various parts of the house. The careful use of stone, wood and terra cotta tiles makes the property worthy of being in a smart property magazine. There is an attractive exterior metal and wood staircase.

Major improvements that have transformed the property include two new septic tanks, rewiring of the electrics, double-glazing and renewal of most of the roof and an architect’s advice was sought throughout. There is a lounge on one side of the house with the kitchen, then another lounge or dining room, plus another large room measuring 27 m2, followed by a bedroom with its own washroom.

Surrounded by vines and fields, the property is typical of this lovely region

There is plenty of scope for the new owner’s creativity, for the interior staircase is only temporary, one of the lounges needs to be decorated, as do two children’s bedrooms. The house also comes with a cellar, laundry and covered car area.

Price: €660,000

For further information call 0845 123 5885 or go on-line at www.my-french-house.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Homes in Turkey

The property market along the Turkish coast has certainly cooled since the heady pre-credit crunch days when excitement about EU entry, rocketing property values and new Turkish mortgages fuelled an unprecedented rush of British buyers to take the plunge into what was enthusiastically promoted by overseas estate agents as the ‘next big thing’.

But crisis or no financial crisis, Turkey’s pleasant Mediterranean climate, unspoilt scenery and low cost of living – factors which have attracted over 74,000 foreign property buyers, including more than 22,000 Britons – look set to begin drawing British property buyers in ever increasing numbers again in 2010.

Turkey has managed to weather the global slow-down fairly well. Due to strict regulations, the country’s banking sector has been spared the direct effects of the credit crunch and despite a major slowdown, the Turkish economy looks set to move out of recession next year.

Being outside the Eurozone, Turkish property represents excellent value for money, particularly as prices in most of the large resorts have dropped significantly since their peak in 2007.

A villa at Akkaya Gardens

Increase in market activity

“In what is now a buyer’s market, there are certainly some bargains to be found, although purchasers should still be looking for high-quality property, which will offer the best investment long-term,” says Dominic Whiting, editor of the Buying in Turkey guide, http://www.buyingin.co.uk. “Looking forward, there is much to be optimistic about and I expect a steady increase in market activity from spring 2010 as the tourist season starts, and global economic conditions and consumer confidence in the UK improve.”

The Turkish tourist industry has experienced remarkable growth over the past few years, particularly when compared with other Mediterranean destinations such as Spain. The country received more than 24 million international tourists in 2009 with year-on-year figures up despite the economic gloom. A record 2.1 million British tourists visited in the first nine months of the year, making Turkey one of the top holiday destinations for Britons. Official forecasts are upbeat, with tourist arrivals expected to top 30 million in 2010 according to Ertugrul Gunay, the Turkish Culture and Tourism minister.

Investment is still being channelled into the development of the coastal areas, albeit at a slower pace, as part of government plans for Turkey to become one of the world’s top five tourist destinations by 2023. On the ground, this means new airports, roads, golf courses, marinas and hotels, which will widen the country’s appeal for property buyers, as well as tourists. The 600-berth Didim Marina, completed by Dogus Holdings in May 2009, is a good example, with new marinas opening in Cesme and Dalaman in the next few years.

Improving air access from the UK will be another important factor promoting the Turkish property market in 2010. Defying global economic turbulence, low-cost Turkish carrier Pegasus Airlines reported a doubling of passengers in 2009, with 17 flights from the UK to Turkey next year, including new direct services from London to Bodrum and Dalaman; Manchester to Antalya and Dalaman, and Birmingham to Antalya and Bodrum. Easyjet will be continuing its recently launched flights to Dalaman and Bodrum from London and Manchester next year. While Jet2.com has announced low cost seat-only flights to Dalaman from the airline’s new base at East Midlands Airport and Thomas Cook has added weekly flights from Exeter to Dalaman to its existing services.

Area focus

Dalaman

Dalaman is an area to watch in 2010 as it has avoided the over-development of the larger Turkish resorts. It has some wonderful scenery, great beaches and lots of activities, like white-water rafting, hot springs, yachting and walking, which give it a broad appeal. The Dalaman Hilton Golf & Spa Resort, with its 18-hole course, is opening in the summer.

Easyjet (www.easyjet.com) and Pegasus ( http://www.flypgs.com ) fly into Dalaman’s large international airport from Gatwick and Manchester; with Flyglobespan (www.flyglobespan.com) operating weekly flights from Aberdeen, Edinburgh and Glasgow.

Curbanoglu, (0845 355 5625, http://www.curbanoglu.co.uk) have apartments from £61,200 and villas and luxury bungalows with private pools from £136,000 in the beautiful rural area of Akkaya, which overlooks a lake and unspoilt mountains just 15 minutes from Dalaman town and the international airport. The unspoilt valley is being turned into an exclusive residential and holiday community with communal facilities including a stream-side restaurant and bar, indoor and outdoor pools, fitness centre, sauna, tennis courts – all spread over 100,000 acres of beautiful woodland and meadows.

Lakestone Villas

For more information about Turkish property or to view a selection of some of the best Turkish property contact Buying in Turkey, Tel: 0845 351 3551, http://www.buyingin.co.uk

Buying in Turkey

Buying in Turkey is the UK’s leading independent guide to buying and owning property in Turkey. First published in 2005, the 140-page guide has helped hundreds of people purchase villas, holiday apartments, investment properties and retirement homes in Turkey. Available for free download from www.buyingin.co.uk

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Spanish Property Market Remains ‘Ultra Price Sensitive’

The Spanish property market has started to whirr back into motion, but it remains highly price sensitive. Only if the price is right will the property sell.

Chris Mercer, director of the southern Spanish real estate company, Mercers, comments: “I can cite a recent example to emphasise the point.  We had a resale townhouse at La Noria, in the ancient Moorish town of Vejer de la Frontera, which was priced at €180,000 but after consulting with Mercers the vendor reduced the property to €150,000.  Mercers conducted an open day on an October Saturday and, of the five Spanish couples who attended, one put down €1,000 in cash and has since paid a full €3,000 deposit. We could have sold this three bedroom property to three of the potential buyers, without any doubt.”

Chris continues: “This scenario prompted us into having a conversation with La Noria’s developer to see if we could negotiate price discounts on the remaining units of the final phase as clearly, although there are buyers out there, they’re ultra price sensitive. Although he couldn’t quite match €150,000, mainly due to the fact that final phase homes are larger and have individual garaging, we’re now in a position to offer three bedroom townhouses with access to a communal swimming pool for €165,000.  This is incredible as their initial sales price in 2007 was €285,000 – a discount of 42 per cent. With an e-campaign to our database and another open day we are confident we can sell plenty more.”

Incredible vistas

Squeezed between the sierras and the sea on a hilltop some 200 metres above sea-level, Vejer de la Frontera mixes labyrinthine whitewashed streets with incredible vistas of the surrounding natural park and sweeping sandy coastline. Vejer is within easy access of Gibraltar (only 45 minutes), Europe’s oldest city Cádiz (20 minutes), Jerez International Airport (35 minutes) and within ten minutes of the famous, near-deserted beaches of the Costa de la Luz.

La Noria, Vejer de la Frontera, Spain

La Noria is situated on the Atlantic side of Vejer with many of the properties having distant views of the African continent. Very strict planning rules are enforced to ensure that all new properties blend seamlessly into the old town.

On the market in La Noria:

Three-bedroom townhouse (VEJ007)

Brand new Andalucian style mid-terrace townhouse extending over 105m² with security blinds and underground parking. The home has three bedrooms, the master with a Juliette balcony, two bathrooms and a fully equipped kitchen. Outdoor space includes both front and rear patios as well as a private rooftop solarium with far-reaching countryside views. The property accesses a communal swimming pool while Montenmedio Golf and Country Club with its excellent golfing and equestrian facilities is within a ten minute drive.

Price €155,000 discounted from €230,000 – a 33 per cent reduction.

Three-bedroom townhouse (VEJ012)

Remaining brand new units on the most recent phase of La Noria which is at the highest point of the development and offers the best views and orientation. Extending over 122m² these three-bedroom, two-bathroom homes benefit from private garaging as well as the typical La Noria distribution of front and rear patios and a private rooftop space ideal for soaking up the sun and the countryside views. The communal swimming pool is within a short walk as is the bustling town centre with its bars, restaurants and retail facilities.

Price €165,000 discounted from €285,000 in 2007 – a 42 per cent reduction.

Contact Mercers Costa de la Luz on 00 34 956 329 572, UK Local Rate 0845 017 7805 or visit www.spanishproperty.co.uk

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Helping to make Spanish property purchases safe

‘Safe Purchase Spain’ has launched in Spain as estate agents, the legal profession and private owners seek to ensure that their properties have the protection of a real insurance-backed guarantee that provides legal support and financial compensation for 20 years after buyers have purchased their new home.

Ian Hawkins firmly believes that house buyers want to protect their investment against unforeseen future difficulties and he came up with the concept after working for 10 years as an estate agent in Spain dealing with clients with very real concerns

“Home buyers can now confidently pick up the keys to their new Spanish property knowing they have 20 years protection by investing in a Safe Purchase Guarantee,” says Ian Hawkins, director at Safe Purchase Spain.

“Working within a largely unregulated industry I always acknowledged the excellent work of other property professional agents and lawyers committed to advising and helping their clients. This commitment is a vital ingredient in the Safe Purchase process.

“Spain has had a lot of bad press in recent years but the country still has a great deal of appeal to foreign buyers, not least the weather, friendly locals, infrastructure and easy and cheap accessibility from the UK and Northern Europe. I genuinely feel that people want to buy here but have held back for fear of losing a major investment. This way they can buy without worry.”

What exactly is Safe Purchase and what does it offer?

Exclusively through the network of Safe Purchase Certified Partners, the Safe Purchase Guarantee is available to buyers and existing owners of property in Spain, the Balearic and Canary Islands and provides insurance cover against fraud, identity theft, illegal building licenses, demolition orders, community disputes, unfair quotas, hidden defects, vendors and builders debts, administrative procedures, access problems, hidden leases, defective property sizes, border disputes, land registry inscription problems, illegal vendors and much more.

The Safe Purchase Guarantee includes a title insurance policy underwritten by Caser Seguros, one of Spain’s largest and best known residential insurance companies, established since 1942. It provides cover for 20 years from the first day of ownership and up to 360,000 Euros in compensation for monetary losses. Continued Ian, “Buyers can have a great deal of confidence by working with companies where they see the distinctive Safe Purchase logo.

Spain attracts homebuyers from all over Europe

“All our agents offer the Guarantee as an inclusive part of their services, so it’s essentially free to property buyers. Buyers will also be pleased to know that we visit every agent personally and collect relevant information about the company and its owners. We ask them to sign our Safe Purchase Code of Professional Practice and a statement to confirm that they have not been previously convicted of any type of fraud, money laundering or financial irregularities.

“This is a first for the industry. We have also worked closely with lawyers to create a unique ‘legal protocol’ for buyers which clearly shows what they can expect from a Spanish lawyer and gives them important reference points for discussion as they pertain to a given property.”

The Safe Purchase Guarantee provides:-

• 20 years protection based on the 130 year old US model of title insurance
• Free home contents insurance for 12 months
• Savings of at least 200 euros on legal fees
• Annual savings of up to 25% on home, health, life, car and funeral insurances
• Preferential advertising rates with www.holidaylettings.co.uk
• Guaranteed exchange rates and savings on bank charges with Moneycorp

Concluded Ian, “Safe Purchase is a process that conveys confidence, trust and provides real guarantees to buyers for the first time. Spain badly needs a credibility boost, particularly when so many agents are finding it hard to sell in the current market place, and we are confident that this is the way to do it.

“Our objective is to work with those estate agents committed to industry ‘best practice’ who understand the very real concerns of property buyers after years of negative publicity for the industry as a whole. Recognising that prevention is better than cure, our Certified Agents have now added a whole new dimension to the words ‘after-sales service’.

“The Safe Purchase initiative, therefore, represents a major leap forward for property professionals and those that really matter, their clients! At last there is a way to buy property in Spain with real guarantees.”

For more information on Safe Purchase Spain, go on-line at www.safepurchasespain.com or call: 00 34 96 647 3215

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Homes in Malta

Malta has gone through something of a metamorphosis in recent years. This beautiful Mediterranean island, midway between Sicily and the North African coast, has much to offer investors and is being discovered as a destination of choice for businesses, particularly those in IT services, financial and insurance sectors.

“Malta is no longer a location that is out of sight of investors, especially those who operate back office operations, e-gaming, financial services and others”, says Benjamin Muscat, CEO at Midi plc in Malta. “There’s a growing interest from these kinds of businesses. People come because they are attracted by a well-educated, predominantly English-speaking population, and also by the easy, safe and warm environment that Malta provides to a potential investor establishing a base here.

“The pharmaceutical sector, for example, is still doing very well on the island. We have created a particular niche with complementary manufacturing investments that are undertaken to support even larger investments. This is another important sector that is doing well.

The superb penthouse pool

“Malta’s economy has suffered like others as a result of the global recession. Nevertheless, in many ways, we’ve not been hit as hard as many other countries and the negligible increase in the unemployed is a clear testimony in this respect. Malta has been sheltered to a degree from the collapse of the financial services and banking sector and therefore escaped the worst.”

Concluded Muscat, “While we have not been spared the doom and gloom and the downturn in terms of real economy, at least we were not hit too hard, no doubt because of the very rigorous regulatory regimes that we have in Malta and the prudent approach taken by local financial institutions over the years.”

A hospitable population

Malta has much to offer businesses looking to relocate. The island’s international airport enjoys excellent connections with all major European capitals and many large cities making it easily accessible. Due to the size of the island, most places can be reached by road from the airport within an hour at most.

For those choosing to own a home or set up business in Malta there are many advantages; superb weather, fascinating history and culture, beautiful clean sea and beaches, a hospitable population and a very favourable tax regime.

The view from the Clubhouse

Malta also benefits from a very stable and secure real estate market that is in some ways protected by the limits imposed by its actual size as the smallest EU state. Foremost among the new real estate projects on the island is the €450 million Midi Project which includes the new mixed use development at Tigne Point situated on the north-east coast of the island.

Many amenities

These stylish waterfront homes are beautifully appointed, offering owners extensive views of Malta’s capital Valletta, a landscaped, car-free central Piazza or the sparkling Mediterranean. Almost totally ‘pedestrianised’, with all roads and car parking spaces situated underground, Tigne Point’s many amenities include a residents’ clubhouse and fitness centre, a shoreline pool and the island’s latest retail centre, The Point, a shopping destination anchored by UK retail giants Debenhams. This is a secure and gated exclusive environment set in landscaped gardens surrounded on three sides by the sea.

Tigne Point is only 20 minutes from the airport or a short boat ride from the capital. The whole project comprises luxury apartments and penthouses, state-of-the art-offices, retail, sports and leisure facilities all within a 30-acre car free environment.

T10 is the latest release with prices for two bedroom apartments starting from £360,000 and stunning, open plan penthouses, each with a private infinity swimming pool, from £1,333,000

Information on Tigne Point is available at http://www.tignepoint.com or by calling: +356 2065 5510

Midi PLC: €450 million, 44-hectare development is Malta’s most ambitious property regeneration project. More information can be found at http://www.midimalta.com

Malta
www.travelsupermarket provides readers with the best ways to get to the island:
There is one airport in Malta (Malta International Airport) served by a variety of carriers from the UK on non-stop flights.  These operate year round and are up to daily depending on airline and time of the year.  Frequencies are greater during the summer period:
Easyjet from Gatwick, Newcastle and Manchester

• Ryanair from Luton, Bristol, Leeds/Bradford and Edinburgh
• Air Malta from Heathrow, Gatwick, Stansted, Birmingham, Manchester and Glasgow
• Bmibaby.co.uk from East Midlands
• Charters also operate from many UK airports with tour operators such as Thomson.co.uk and flythomascook.com, mainly in the summer months of May to October.

Flight times to these airports are just over three hours.
Prices are from as little as £35 return when sales on are with carriers such as Ryanair.  Average fares are around £80-£150.

See http://www.travelsupermarket.com

All services are economy only except for Air Malta, which also offers a business product called Club Class.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Fifth month of house price growth fuels recovery, says Poll of Polls

October was the fifth month of consecutive house price growth, with the average property price increasing by 0.7% from September 2009, according to the latest Chesterton Humberts CEBR Poll of Polls.The average house price in England and Wales is now £171,218, a rise of £1,262 during September. The average house price is now £26,152 lower than its peak at the start of 2008.

House prices rose across all countries and regions of the United Kingdom. Prices in Scotland are now higher than they were a year ago. The annual decline in house prices continues to ease, with prices now -3.2% lower than a year ago compared to a revised contraction of 5.4% over the year to September.

All of the four main property types experienced similar increases in prices over the month. The prices of detached housing and flats bother rose by 0.7% in October, in line with the national average. The price of the top 20% of properties by value increased by 1.7% over the month, whereas, prices of the bottom fifth rose by only 0.5%, continuing the trend of faster growth in more expensive areas.

Robert Bartlett, Chesterton Humberts’ CEO, comments: “This month’s house price Poll of Polls supports our belief that the property market will experience a fractured recovery, with the London market and the top 20% of properties by value continuing to increase more rapidly than other areas and lower value properties.

Commented Robert Bartlett, CEO of Chesterton Humberts: "The outlook is generally more positive. We expect an increase in stock which will give rise to a steadier rate of increase in house prices as the wider economy improves.”

“In London, where the market dropped by between 30% and 50% if currency fluctuations are taken into account, recovery has already begun, with some areas already achieving peak 2007 prices in certain prime streets. This growth has been driven by the significant numbers of foreign purchasers who continue to benefit from the weak pound sterling and are keen to invest into what is traditionally seen as a safe haven for foreign money. The ongoing shortage of stock has also meant that the strong demand has assisted in the price recovery as competitive buyers bid up prices.

“In other parts of the country, recovery may take longer to accomplish although the continuing stock shortage is supporting prices in many regional markets. The risk of further declines outside of London is exacerbated by asking price inflation, caused by inexperienced agents desperate for instructions giving unrealistic quotes to prospective sellers.  Buyers will not pay over the odds for properties coming to market overpriced.

“The outlook is generally more positive.  We expect an increase in stock which will give rise to a steadier rate of increase in house prices as the wider economy improves.”

Douglas McWilliams, Chief Executive of CEBR, comments:

“Some commentators believe that house prices will dip again in 2010 and 2011 on the back of rising unemployment and weak economic growth. We believe that this view ignores other factors that are pushing prices in the opposite direction. Mortgage conditions have improved substantially since the worst of the crisis and lending continues to edge up.

“With base rates on hold, mortgages will remain relatively cheap albeit with post-credit crunch loan-to-value rates and higher risk premia. Furthermore, the supply side of the market will remain tight into the medium term – the current shortage of property on the market may be causing short term supply issues, but in the medium term the current shortage of new house building will also come into play.”

 

Visit http://www.chestertonhumberts.com for more information.

The Chesterton Humberts’ Poll of Polls brings together the leading house price indices to capture a unique look at properties for sale and that have been sold, in effect creating a medium value for house price polls. This report has been produced by Chesterton Humberts and the centre for economics and business research (CEBR).

With a network of 60 offices across the UK, including 27 in London, Chesterton Humberts is one of the UK’s leading property consultancies. The company also has a significant international presence with eight offices around the world, including St Tropez, Gibraltar, Mallorca, Lake Como, Singapore, Abu Dhabi, Sydney and Brisbane.
CEBR is an independent economics and business research consultancy established in 1993 providing forecasts and advice to City institutions, government departments, local authorities and numerous blue chip companies throughout Europe. The contributor to this report is economist Benjamin Williamson.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Overseas Round-Up

FRANCE

New ski apartments for sale in a residence de tourisme described by developer MGM as ‘state-of-the-art in terms of sustainability and fuel economy’ are to be built at Flaine in Haute-Savoie region of the French Alps.

MGM, which has signed-up to the principles of HQE (Haute Qualité Environmental) – the international construction industry’s high environmental quality standard which aims to integrate the principles of sustainable development defined at the 1992 Earth Summit – sees its latest new development at Flaine as the next significant step in its commitment to reduce energy consumption.

“This development is tipped to become a showcase of eco-friendly development and it will set the pace for future new developments by MGM,” says the company’s London-based sales consultant Richard Deans.

Le Centaure was designed by one of France’s leading architects, Christian Hauvette of Paris

Le Centaure will comprise 66 apartments ranging in size from 27 square metre studios to 75 square metre three-bedroom duplexes. They include apartments specially adapted for use by disabled occupiers. Features of these apartments include larger floor areas in all rooms, especially the bathrooms and toilets which will have hand rails to assist.

The Residence will incorporate an indoor swimming pool with floor-to-ceiling glazing to give dramatic views of a nearby mountain waterfall, as well as a sauna, Jacuzzi, steam and fitness rooms. A spa and beauty centre will have a variety of massages and body treatments on offer.

When it opens for business at the end of 2011, Le Centaure will be just 50 metres from the cable car lift to Les Grandes-Platières which boasts panoramic views of Mont Blanc at the start of the Cascades blue run down to Sixt-Fer à Cheval. At 14 km, this is one of the longest ski runs in the world, forming part of the 265 km network of pistes within the Grand Massif ski area.

Flaine, a 75-minute drive from Geneva Airport, is popular both for the ski season – with additional activities like ice driving on offer – and the summer where mountain bike rides and walks start on the doorstep.

Off-plan prices of the properties at Le Centaure start at €159,000 for a studio, rising to €426,000 for a three-bedroom duplex apartment.  The prices, which include parking, cellar storage and a ski locker, exclude VAT waived under the leaseback scheme.

Eco details of the Le Centaure development

For 20 years the firm has insulated the external walls of the homes it builds – despite the fact that, in France, this was not a legal requirement until 2007. The levels of both thermal and acoustic insulation installed by MGM exceed the standards demanded by French building standards.

Le Centaure has been planned so that the majority of the apartments are south-facing to maximise the use of natural light through glass-fronted balconies and big double-glazed windows.

Among other energy saving features are:

• lighting activated by movement detectors, switching off automatically when no-one is around
• low-energy light bulbs in communal areas
• geothermal heat pumps to extract and use energy which occurs naturally underground
• low-cost under-floor heating
• flow regulators on all taps.

During construction of Le Centaure, MGM will reduce the carbon emissions caused by transporting workers and materials to the site by engaging local contractors and sourcing local building materials like stone and timber from nearby quarries and sustainable forests.

All the building materials to be used have been closely scrutinised by energy-saving experts at MGM. Eco-friendly paint will be used on the external walls and the company has opted for timber window frames. This is because, while recognising that aluminium ones can be recycled in the longer term, the manufacturing process uses up to 1,000 times more energy than that for timber frames. During the construction process all waste materials will be carefully sorted on site and sent for recycling.

For more information about the properties available, call MGM’s UK office on 0207 4940706 or visit the website www.mgm-constructeur.com

CARIBBEAN

Old Bahama Bay

Barefoot elegance is to be found at Old Bahama Bay on Grand Bahama Island, in the heart of a thriving waterfront resort community. Extraordinary beaches, beautiful water and excellent fishing abound and Old Bahama Bay is a great getaway for tranquillity, relaxation and pampering. The resort also offers a full-service and official port-of-entry marina to Grand Bahama as well as a helipad with charter service available from Florida and state-of-the-art facilities.

Stunning oceanfront home-sites and beachfront condominiums are available from £300,000. For more information contact Barton Wyatt on 01344 843 000 or visit http://www.bw-international.com.

Bacolet Bay Resort & Spa, Grenada, Caribbean Bacolet Bay is a low density resort comprising villas and hotel cottages spread across 41 acres of tropical gardens on one of the less developed islands of the Caribbean, Grenada. Experience International offer one bedroom, separate dressing room, bathroom, plunge pool with waterfall feature and shaded terrace priced from £321,724. For more information on the four units remaining contact Experience International on 0207 321 5858 or visit http://www.experience-international.com.

PORTUGAL

Monte Rei

Monte Rei Golf and Country Club, Eastern Algarve is a range of luxury apartments, large villas and plots of land available for development within this luxury development based around two 18-hole Jack Nicklaus Signature golf courses.

Prices start at €995,000/ £894,300 to €1,830,000/ £1,644,564 and for more information, please contact Barton Wyatt on 01344 843 000 or visit http://www.bw-international.com

 

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Snow Homes

Unique Living, one of London’s leading boutique property agencies providing a selection of properties and a personal search service, has announced the launch of a new portfolio of luxury re-sale ski chalets and apartments. This is a selection of over 100 properties offering the high standards of luxury in the locations of Courchevel, Megève, Mèribel and Val d’Isère.

“As a company we provide a one-to-one service with our clients,” says Serge Cowan, managing director of Unique Living. “We specialise in re-sale homes that are established, beautifully presented and in first-class locations away from new-build developments. We focus on beautiful locations with the excellent facilities.

“We are pleased with the wide selection of homes currently being offered in the French Alps. By specialising in quality areas and homes, we are able to offer our clients only the best that the area has to offer. Prices range from £500,000 to £12,000,000 plus.”

Chalets that are the last word in comfort

Courchevel 1850: This resort is renowned for its designer shops and 5-star hotels, and some leading restaurants, including Bergerie and Cap Horn. The resort attracts some of the names from the world of business, as well as international A-list celebrities,.

Mèribel: A luxury chalet ski resort with homes that are mainly built in a traditional style and all under strict building regulations so there is always a shortage of homes and competition to purchase a property here can be fierce.

Megève: A cosmopolitan ski resort with a 17th century church and a centre which is closed to traffic for several hours a day. Après ski entertainment includes casino, clubs and live shows.

Val d’Isère: One of the most popular French ski resorts, here there is an eclectic mix of original stone homes and newer wooden residences. There is fantastic skiing including the Olympic downhill course and glacier skiing. Val d’Isère is renowned for its après-ski with a range of exclusive restaurants and for partygoers, plus nightclubs and bars.

Currently available through Unique Living:

Courchevel (1850), French Alps, France. A five-bedroom chalet with 350 square metres of living space which includes spacious living and dining room with a welcoming fireplace and professional, fully-equipped kitchen. Each of the five bedrooms boasts its own private bathroom. Traditional style interior with heavy beams and wood panelling. Features include: private lift, garage and relaxation space with TV area, Jacuzzi and sauna. Ref.A019794

Price 3 million euros.

Megève, French Alps A six-bedroom, brand new, individual chalet affording 300 square metres on three floors. There are six en-suite bathrooms. There is a contemporary interior design with Alpine architecture. Wide living space on one level makes it ideal for entertaining on a grand scale. Open fireplace. Features include: cinema room and wellness area. South orientated terraces. Elegant design and décor. Ref AO20107

Price 3 million euros.

Val d’Isère, French Alps A new architectural project of two chalets.

Both properties are to be built to the highest specifications with a range of facilities that encompass both comfort and wellbeing. This is a rare opportunity to own a luxury chalet in the centre of Val d’Isere. RefA020242

Price 4,900,000 euros for 300 square metres chalet

9,800,000 euros for 500 square metres chalet.

For those just looking for a pied-à-terre, then a one-bedroom apartment with balcony, fully refurbished, in Courchevel is available for 330,000 euros.

Unique Living can be contacted on: 020 8416 0230 or at http://www.uniqueliving.com

How to get there provided by http://www.travelsupermarket.com

Val d’Isère, Courchevel, Mèribel and Megève are all accessible from four airports in France and Switzerland as follows. They are in order of distance – nearest first.
(Note that for Megeve the distance order is Geneva, then Chambery, Grenoble and Lyon in that order)

Chambery – Flights operate with Snowjet from Stansted, Gatwick, Birmingham, Manchester and Bristol, Jet2.com from Manchester, Belfast, Edinburgh, Newcastle and Leeds/Bradford and flybe from Exeter, Southampton and Birmingham.

Grenoble – Easyjet from Bristol, Gatwick, Luton and Birmingham, Ryanair from Birmingham, Edinburgh, Liverpool and Stansted, Air Southwest from Plymouth and Newquay, and charters and from various UK airports with flythomascook.com

Geneva – Easyjet from 13 UK airports, bmibaby from Birmingham, Cardiff, East Midlands and Manchester, British Airways from Gatwick, Air France from London City, Baboo from London City, Swiss from London City and Manchester and flybe from 9 UK airports as well as charters from various UK airports with flythomascook.com

Lyon – Easyjet from Edinburgh, Gatwick and Stansted, British Airways from Heathrow, Air France from Birmingham and flybmi from Manchester along with charters from various UK airports with flythomascook.com

Flights take between 1hr45 and 2 hours

Prices start from as little as £19.99 one way when sales are in force, however average fares will be around £60 to £150 for Geneva and slightly higher for the other airports.

Transfers to the resorts are available by car, train and bus from all airports.

For more information, go to: http://www.travelsupermarket.com

© Stewart Andersen and Property & Travel with Stewart Andersen, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Property & Travel with Stewart Andersen with appropriate and specific direction to the original content.

COUNTRY GUIDE: SPAIN

A stall at Barcelona fruit market

Of all the countries that are favourites with Britons seeking a home abroad, Spain regularly features at, or near the top of the list. Year in, year out, since the early 1970s, millions of people have flocked to Spain on holiday to enjoy one of the most enviable lifestyles. And of those millions, hundred of thousands have chosen to buy homes on the Iberian Peninsula.

The reasons? Spain is a modern democracy with a fabulous climate; a transport system that is second to none; great cuisine and wine; wonderful golf developments that feature beautifully designed apartments and houses and above all, some of the kindest people in Europe.

Fact File:

Currency: Euro

Time: GMT +1

note: Spain is divided into two time zones because of the location of the Canary Islands

Population: 42 million Business hours:

Shops: Mon-Fri  09:00 – 20:00

Offices: Mon-Fri  09:00 – 17:00

Banks: Mon-Fri   08:30 – 15:00

Internet country code: .es

Languages: Castilian Spanish (official language): 74%, Catalan: 17%, Galician: 7%, Basque: 2%

Coastline: 4,900 km

Climate: Temperate; clear, hot summers in interior, more moderate and cloudy along the coast; cloudy, cold winters in interior, partly cloudy and cool along coast

Featured region – Costa del Sol:

This area occupies about 161 kilometres of the Mediterranean coastline that corresponds to the province of Malaga.

Sheltered from the north winds by a mountain range that in some parts comes down to meet the sea, the coast is a succession of extensive beaches, coves almost hidden between cliffs and marinas. Towns like Malaga, Torremolinos, Benalmádena, Marbella, Mijas and Estepona are important centres for tourism, shopping, culture and business. Casinos, concerts, museums, fiestas, theatres, water parks and theme parks are just some of the leisure activities on offer. At night the coast comes alive with restaurants, bars, discos and nightclubs.

The Costa del Sol’s setting is ideal for sports lovers and especially golfers. This is the predominant sport and the Costa del Sol is a Mecca for thousands of enthusiasts. There are wall to wall courses to be found over a relatively small area – in places like Marbella, Malaga, Estepona, Guadiaro, San Pedro de Alcántara, Alhaurín de la Torre, Artola, Mijas and Puerto Banús.

Getting to Spain

According to www.travelsupermarket.com there many non-stop flights into Southern Spain as follows:
· Malaga – the major gateway with multiple daily non-stop flights year round from up to 20 UK airports with Easyjet, Ryanair, Monarch, British Airways, Aer Lingus, bmibaby, jet2, Flyglobespan and flybe

· Granada – non-stop flights with Ryanair from Stansted, Liverpool and East Midlands – frequencies vary but operate year round

· Almeria – non-stop flights with Monarch from Birmingham and Manchester with Monarch, Easyjet from Gatwick, Ryanair from Stansted, bmibaby from East Midlands and jet2 from Leeds. Most services on this route are summer only

· PLUS Gibraltar – non-stop daily flights with Easyjet from Gatwick, British Airways from Heathrow and Monarch from Luton and Manchester

Flight times to Southern Spain are two and a half to three hours

Prices are from as little as £5 one ways when seat sales are on with carriers such as Ryanair. Average prices are around £80 to £150 return.  See http://www.travelsupermarket.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Spanish property news

Spain’s Costa Cálida – price properties well and they will sell

The property buying public are after bargains and that’s exactly what they’re getting on the Costa Cálida. Price two bedroom terraced villas on an established golf community from as little as 50,000 euros (approximately £46,000) and they will sell.

Director of Mercers’ Mazarron office, Gerard Rees, explains, “The bottom line is that price drives sales and our discounted properties offset any exchange rate concerns. In euro terms, prices at our most popular resort, Camposol Golf, have fallen by about 30 per cent.  Meanwhile the vendor is content with repatriating increased funds back to the UK. While buyers may have dried up on other Costas, here on the Costa Cálida we have no shortage of lifestyle buyers who are unaffected by the recession and looking to take advantage of bargains.”

Gerard continues, “On Camposol Golf in particular we have resale properties priced about the same as new in 2002. Loan-to-value rates currently being offered by Spanish banks are also back to their old levels.  For UK buyers this means now around 50 per cent – 65 per cent and for Spanish nationals 65 per cent plus. Although not good, this is exactly how it was for us in the 1990’s right up until the early 2000’s with most of our buyers borrowing in the UK, having the cash or a combination of the two.  So really we are going back seven or eight years in terms of pricing and bank lending.

Once lending increases then house prices will return to where they were 18 months ago within a fairly quick time frame. In the meantime prices have certainly bottomed out.”

 

Rosa Villa is a real bargain on the Costa Calida

Rosa Villa, Camposol, Mazarron, Costa Cálida

 

With Camposol Golf’s average Rosa style villa selling for 155,000 euros, this 95,000 euro example is Mercers’ best bargain. Comprising two bedrooms and two bathrooms, the detached home is on a 400m² corner plot providing plenty of scope for a swimming pool.  The property is delivered fully furnished, is fitted with air-conditioning and has a spectacular rooftop solarium with views across the countryside and surrounding mountains.

Price just 95,000 euros (approx. 86,000 pounds)

Neptuno Villa, Camposol, Mazarron, Costa Cálida

Neptuno Villa is on the market for €160,000

Exceptional three bedroom three bathroom Neptuno style villa set on a 285m² plot within the popular Camposol Golf resort.  The detached home has all extras from hot and cold air-conditioning to a solar panel for hot water and satellite television.  The rooftop solarium has wide countryside views and furniture including white goods and a luxurious outdoor Jacuzzi is included in the asking price.

Price 160,000 euros (approximately £146,000) and open to offers

Contact Mercers on 00 34 968 199 188, UK Local Rate 0845 017 7805, email ccsales@spanishproperty.co.uk or visit www.spanishproperty.co.uk

Spanish property buyers could save thousands of pounds following UK agent’s link with leading foreign currency specialist

News of a link forged between the Cheltenham-based Spanish property firm The Almanzora Group and leading foreign currency and international payment specialist Axia FX of London means that the buyers of new properties in resort, village and beach locations in south-east Spain could save thousands of pounds.

The Almanzora Group – which acts exclusively as the principal agent in northern Europe for the for the development companies comprising the Almanzora Bay Group which is building in the Almeria region of Spain – says that its new partnership with Axia FX will give potential buyers a fast-track link to currency exchange rates which could save them significant sums on the cost of buying their properties.

They are at Desert Springs, Europe’s only international award-winning luxury family resort and championship desert golf course, the traditional fishing village Villaricos and nearby Playa Marques, known for its seven kilometre long Great Sandy Beach, El Playazo.

Simon Coaker, The Almanzora Group’s sales and marketing manager, says: “We are selling properties ranging from apartments, townhouses and cottages to villas, beach houses and country houses at prices from €178,000 to more than €1 million, but with the Euro and Pound Sterling virtually at parity, favourable exchange rates are essential when calculating the total purchase cost.

News of a link forged between The Almanzora Group and Axia FX means that the buyers of new properties like these in south-east Spain could save thousands of pounds.

“With Axia FX having access to Interbank rates, they can ensure the prices the client receives are much better than they would have received from their bank, providing him or her with considerable savings. In fact, for Almanzora’s clients, Axia FX will guarantee an improved rate compared with that received from any high street bank.

David White, managing director of Axia FX, said: “We will ensure that clients of The Almanzora Group always receive excellent service and we are able to fix quoted rates for up to one year in advance.”

For more information about the properties available, call The Almanzora Group on 01242 680299 or visit http://www.almanzora.com

For full details of the services offered by Axia FX, call Tim Sullivan, head of private clients: on 0207 093 7852 or visit http://www.axiafx.com

Axia Fx

Axia Fx was formed in April 2006 and commenced trading in June 2006 with the sole aim of making Foreign Exchange as simple and cost effective as possible. Having started life alongside a parent company, it has recently become a privately-owned company under the stewardship of David White.

The company’s head office is in the Canary Wharf area of London ensuring the company has first hand access to all market information gleaned through its global network of traders, economists, officials and market participants.

The Almanzora Group

The Almanzora Group, a subsidiary of the Robert Hitchins Group, acts exclusively for the development companies which comprise the Almanzora Bay Group. The Almanzora Group Ltd is the principal agent in northern Europe, including the UK and Ireland, marketing new properties developed by The Almanzora Bay Group in resort, village and beach locations.

http://www.travelsupermarket says the best ways to get to Spain are:

There are many non-stop flights into Southern Spain as follows:

• Malaga – the major gateway with multiple daily non-stop flights year round from up to 20 UK airports with Easyjet, Ryanair, Monarch, British Airways, Aer Lingus, bmibaby, jet2, Flyglobespan and flybe
• Granada – non-stop flights with Ryanair from Stansted, Liverpool and East Midlands – frequencies vary but operate year round
• Almeria – non-stop flights with Monarch from Birmingham and Manchester with Monarch, Easyjet from Gatwick, Ryanair from Stansted, bmibaby from East Midlands and jet2 from Leeds. Most services on this route are summer only
• PLUS Gibraltar – non-stop daily flights with Easyjet from Gatwick, British Airways from Heathrow and Monarch from Luton and Manchester

Flight times to Southern Spain are two and a half to three hours
Prices are from as little as £5 one ways when seat sales are on with carriers such as Ryanair. Average prices are around £80 to £150 return.

For more information, go to: http://www.travelsupermarket.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

The beautifully crafted restoration of a villa in Tuscany

Eight, 1-, 2- and 3-bedroom apartments with a solarium and heated swimming pool are being created in the meticulous renovation of a historical villa in Tuscany. Ville Degli Olivi, in Lajatico, Tuscany, Italy is a rustic 18th century stone house which overlooks the surrounding, stunning, countryside. It is located in the heart of the village, perched on a cliff, with a large olive tree garden.

Realitalia's Ville Degli Olivi in Lajatico

The common staircase boasts an original vaulted ceiling and the apartment itself has handsome solid wood doors with 18th century style iron hinges produced by local artisans. The windows are of solid wood in an antique style but double glazed for high energy efficiency and come with the proper certifications.

Hidden technology

There are handmade, traditionally produced terracotta floors with an antique appearance created by the use of reclaimed tiles and a special mixture of raw materials as well as a particular treatment process similar to the original ancient way of working.

There are also exposed stone walls and a spectacular vaulted ceiling which has been meticulously refurbished. Reclaimed wood that has been waxed has been used as flooring in the bedrooms and close attention has been given to the terracotta window shelves, arched niches and wooden beams.

The bathroom boasts a handsome stone washbasin on a solid wooden shelf and tiles are of antique travertine. In addition to the aesthetic perspective, the hidden technology includes underfloor heating and cooling system, amplified by dehumidifiers for your comfort.

Utilities are remotely controlled, allowing you to switch on the heating the day before you arrive for efficient home management. This is also useful if you intend to rent the property. Also the added facility of the entrance door opening with keys or a code means people can easily check in at midnight. The management company looks after the properties.

Eco perspective

An example of the sympathetic restoration being undertaken by Realitalia

The furniture in the apartment combines old with traditional shabby chic style. If you decide to use Realitalia Furniture Package you can have an unlimited choice of colors, materials and designs for your kitchen which is a mix of industrial/artisan production. This leaves you room to customize the interior.

From an eco perspective, all materials are sourced locally where possible. Explains Luca Catalano of Realitalia, “As Italians we care deeply about our buildings and it is very important to us that older style homes are enhanced with love and devotion as we renovate. This extends from the building itself to the furnishings”.

Luca continues “Sustainability is also high on our list of priorities and these homes have been designed to save energy with high levels of insulation, quality wiring and plumbing and hidden solar panelling. Local materials have been used where possible or produced locally, such as the cotto tiles for the floor.”

The one bedroom apartments are priced from circa £200,000, two bedroom from approximately £250,000 and three bedroom from around £420,000.

The one bedroom apartments are priced from circa £200,000. Two bedroom from circa £250,000 and three bedroom from circa £420,000.

Realitalia’s ideas blend tradition with technology, respect for local society with respect for the environment and on-site service with low maintenance costs.

Realitalia is a member of the UK Green Building Council (www.ukgbc.org) and signed the 2016 Commitment to build zero carbon emission homes by 2016. The company says it creates the home people have always dreamed of, shaped around their own individual needs and tastes.

Details of Ville degli Olivi in Lajatico:

At Ville Degli Olivi, Realitalia has converted the main house into five apartments each with a panoramic view. The finished project will also have three additional brand new homes integrated into the landscape. The scheme will, as a result, create a small boutique-style living environment – fully managed – located inside the village of Lajatico.

At Villa Degli Olivi, Realitalia has worked in collaboration with Lajatico-born architect, Alberto Bocelli (brother of the classical singer, Andrea Bocelli who appears annually at the famous Teatro del Silenzio in the heart of the Lajatico countryside).

“The town has a secluded feel, “says Luca Catalano, “yet it is only 30 minutes from the Tuscan Riviera with its choice of spectacular beaches. The location is also close to the historic villages of Volterra, Siena and the cities of Florence and Pisa.”

For more information, telephone 0870 8909936 or 0044 870 890 9936 or go on-line at www.realitalia.co.uk

http://www.travelsupermarket.com says that these are the best ways to get to Lajatico from the UK:

Lajatico, Tuscany lies a few miles south east of Pisa airport. Pisa is served by non-stop flights from the UK with four airlines:

• Easyjet from Bristol, Luton and Gatwick
• Ryanair from Leeds Bradford, Stansted, Prestwick, Bournemouth, Birmingham, East Midlands, Edinburgh, Liverpool
• British Airways from Gatwick and/or Heathrow – varies by season and date
• Jet2 from Newcastle, Leeds Bradford and Manchester

Many of these routes are daily and year round, however some only operate two or three times of the week – see websites for details

Flight times to Pisa are around two hours

Prices are from as little as £5 one way when seat sales are on with carriers such as Ryanair. Average prices are around £80 to £150 return.

See http://www.travelsupermarket.com for more information

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Philippines apart-hotel success

Investors have flocked to Continent Fairways, an apart-hotel luxury golf resort on Boracay, with only half the units remaining since its launch in the summer, according to the agent, Asset Property Brokers. Attracting them is a combination of a buoyant tourism, despite the downturn, relatively low starting prices, a beautiful setting and high yields.

Boracay beach

This has led to major investment in tourism in the Philippines. For example, a new airport is planned for Boracay, and new air routes have opened or are about to start operating. Boracay is a beautiful tropical island offering world-renowned beaches and reef diving.

Championship golf course

Being built by Filipino developer, Paradisya Land, Continent Fairways comprises 50 studios and two-bedroom apartments, of which 24 have been sold. The development is located in the established and popular Fairways & Bluewaters Golf and Beach resort, which boasts a par-72 championship golf course that draws a global guest list.

Guaranteed net yields are up to 14.2 per cent with apartment prices starting at US$110,035 while long-term bookings from major travel companies have been secured by the management company, Continent Group, which enable it to offer occupancy rates of 80 per cent, underpinning yields for investors.

Each apartment will have high-quality luxury fittings with guests having access to many luxury facilities, including a fully equipped fitness centre along with spa. In addition to this, the resort boasts a clubhouse with bar and cocktail lounge and restaurant for lunches and evening meals.

Over the first quarter of 2009 tourist arrivals in the Philippines rose by a staggering 51 percent to 1.3 million people compared to 858,244 during the same period last year, according to the Philippines Department of Tourism (PDoT).

Direct international flights

The new airport will be built on nearby Caraboa Island and is expected to be opened in 2012. It will be able to accommodate short haul and medium range Airbuses and similar aircraft, allowing direct international flights from new destinations such as Seoul, Shanghai, Guangzhou and Kuala Lumpur.

Continent Fairways

New charter services from Taiwan to Kalibo, the island’s current international gateway, were launched earlier this year while Mandarin Airlines will start flights in October.

China’s growth rose from six per cent for Q1 to eight per cent for the Q2 of this year. South Korea and Singapore have also increased output. India’s industrial output rose by eight per cent compared to last year.

For the first quarter of this year tourist arrivals from China rose by 10 per cent compared to the previous year, according to the Philippines Department of Tourism.

For further information about Continent Fairways, contact Asset Property Brokers at http://www.assetpropertybrokers.com or email: sales@assetpropertybrokers.com or Tel: +44 (0)1373 888112.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Overseas Property Round-Up

Hamptons International Hosts Exclusive India Property Show

This is a unique chance to be the first to view leading Indian developments

Hamptons International, one of the UK’s premier international residential agents, will be hosting an exclusive property event: ‘The India Property Show’ from 31st October – 1st November (10am-6pm) at its head office – 32 Grosvenor Square, London W1.

The property event will uncover some of the fantastic developments currently available for sale in India

Commonwealth Village

and will provide customers with the very latest information on India as well as the chance to discuss investment opportunities first hand with Hamptons International’s leading property experts.

Working in partnership with market-leading developers across India including – Emaar MGF, Spire Edge, AIPL, ANR Infrastructure, Santa Fe Realty, Ace Projects, Godrej and Wadhawa – the Hamptons International ‘India Property Show’ will showcase the very best and latest property available.

Many of the properties have not yet been released to market – so the event will offer visitors the chance to be one of the first to preview them.

Rob Bruce, Research Manager – Hamptons International comments “India offers a very exciting opportunity to buy into the new economic powerhouse and the fourth largest economy in the world with GDP accelerating year on year. Forecast growth in the Indian economy and the recovery of Indian real estate are driving rental yields equal to those in London, with average yields as high as 4.7% for New Delhi and Mumbai apartments.”

Dean Foley, International Sales Manager – Hamptons International, comments, “India has always been a major market for Hamptons International, given the UK’s long and close ties with this incredible country. We have certainly seen, over the last few months, an up-turn in the amount of transactions completing by our UK NRI clients due in part to long-term growth plans and affordable real estate. We anticipate this interest to go from strength to strength over the coming months and years.”

To register your interest for this exclusive event please contact Hamptons International on +44 (0) 20 3179 9900

The Cotton Bay Marina & Golf Resort – Sal, Cape Verde

Cotton Bay pool and villa

Luxury beachfront 1, 2, and 3 bedroom apartments and duplexes and 2, 3, 4, and 5 bedroom villas in Sal, Cape Verde in a stunning eco-complex boasting swimming pools, a green park and sports complex.

Prices for apartments start at £93,658/ €99,843 and villas start at £447,060/€476,584. For more information contact Experience International free on +44 (0)207 321 5858 or visit http://www.experience-international.com.

Sierra Nabq, Sharm El Sheikh

Situated in an area of great historical interest and natural beauty this resort will attract buyers looking

Sierra Nabq

for sun or adventure. Sierra Nabq Resort is available as one, two and three bedroom apartments all overlooking pools and many offering a roof terrace or a private garden area. This complex benefits from ten swimming pools and is close to a hypermarket and shopping mall.

Property prices start from only 360,000 EGP (£40,380 Euro 44,050 approx.) to 800,000 EGP (£89,740 Euro 97,890 approx.) For more information on this first-class property contact Experience International free on +44 (0)207 321 5858 or visit http://www.experience-international.com

Fijnbosch Estate, St Francis, South Africa

Luxurious 2-bedroom and 4-bedroom properties situated on the Jack Nicklaus designed golf course in an exclusive gated community. Prices range from £142,680/€178,677 to £227,220/€284,500 and for more information please contact Barton Wyatt on 01344 843 000 or visit http://www.bw-international.com.

Samanah Country Club, Marrakech

Samanah Country Club 2

Just 8km from Marrakech International Airport, Samanah Country Club includes a Jack Nicklaus-designed private 18-hole golf course and a range of 3- to 6-bedroom villas and riads, traditionally designed. Prices start from £284,554/ €357,000 to £1,723,674/ €2,162,000 and for more information contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Azulara, Funchal, Madeira

Azulara Resort comprises of 112 imaginatively designed apartments finished to the highest standards with enviable panoramic sea views. The 5-star resort affords all the luxury amenities Experience International clients would expect including a spa, gymnasium, swimming pools and exclusive Members Club.

This is a fresh opportunity to invest in the up-and-coming European market of Madeira. The 1, 2 and 3 bedroom apartments range in price from €251,530 – €429,038.

For more information contact Experience International on 020 7321 5858 or visit http://www.experience-international.com

Amendoeira Golf Resort, Alcantarilha, Algarve

Amendoeira Golf Resort

Two and three bed apartments and three, four or five bed villas set on the Amendoeira Golf Resort in Silves, against the magnificent Monchique Mountains. The resort boasts two golf courses, one of Nick Faldo design, and excellent facilities. Prices from €450,000/£426,294 to €1,800,000/£1,705,178. For more information, please contact Barton Wyatt on 01344 843000 or visit http://www.bw-international.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

French property and mortgage watch — October 2009

French property prices rise by 0.1% during September

Prices now 2.8% higher than six months ago

Number of French mortgage enquiries through Athena Mortgages up 21% Q3 on Q2

French mortgage completions at Athena Mortgages up 14% Q3 on Q2

The French residential property market is continuing to show signs of stabilisation. While prices* fell by 1% during Q3 as a whole, they rose by 0.1% during September, resulting in a total positive return for the period April to September 2009 of 2.8%. Returns for the 12 months to September 2009 have now pulled back to a respectable -7.8%.

Unlike the UK, however, a history of prudent lending in France (lenders do not allow borrowers’ total outgoings on finance payments to exceed one third of their total gross monthly income) has meant

St Cezaire

mortgage finance is still readily available.

While mortgage finance in the UK remains extremely difficult to secure, especially at higher LTVs, the French banks continue to lend to borrowers with smaller deposits, even up to 100% LTV. This level of LTV is also available to non-resident borrowers, both for second homes and investment properties and is proving highly attractive given the ongoing weakness of sterling.

Mortgage completions

Interest in the French property market among UK-based investors is soaring as a result. In Q3 2009, Athena Mortgages saw a 21% rise in mortgage enquiries on Q2, which in turn was up 42% on Q1. Mortgage completions in the third quarter were also up 14% on Q2. Many British property investors are now looking across the Channel to add to their portfolios given the difficulty securing (competitive) finance at home.

The buy-to-let sector in France is attracting particular interest from investors at present, as depressed prices are boosting yields significantly in many areas. In the Normandy town of Alençon, for example, gross yields are 7.5%, while in the medieval town of Poitiers, western France, they are currently 7%. Nevers in central France boasts the highest gross yields, currently, of 7.6%. Other towns of note include Clermont Ferrand (6.8%) and Tours (6.4%).

For second home buyers, now is an ideal time to buy into some of the most desirable towns and cities of France at significantly discounted prices. For example, prices in the highly sought-after destinations of Biarritz, Cannes, Perpignan and Nice are all approximately 10% lower than a year ago.

Lending constraints

A growing number of UK investors are also placing French leaseback properties into SIPPs, something that can be arranged through several French lenders. To this end, Athena Mortgages is currently working closely with French tax specialists, Sykes Anderson, and Liberty SIPP.

John Luke Busby, director, Athena Mortgages (http://www.athenamortgages.com) comments: “There is a degree of correlation between the UK and France, at present, in the sense that both property markets are clearly stabilising. However, while the UK property market remains very difficult for investors to access given ongoing lending constraints, there is now a real appetite to lend among the French lenders, who have suffered much less than their British counterparts.

St Maximin Market

For a growing number of British property investors, France is fast proving the place to be, particularly given the availability of 100% mortgages, which circumvents the punitive exchange rate.

“Crucially, there is also significant innovation at the product level. For example, we have recently launched a ‘next generation’ hybrid mortgage product in conjunction with a major French bank. With a typical rate of 3%, the new product enables borrowers to split their mortgage amount into an interest-only portion and a repayment portion, which represents a perfect balance between the potential shortfall of a capital repayment loan and the speculation of the interest-only route.

“With extremely competitive borrowing rates, attractive prices and genuine product innovation, there’s a real buzz to the French property market at present.”
Source: *FNAIM

For second-home, leaseback, buy-to-let and equity release mortgage products, visit the Best Mortgages section http://www.athenamortgages.com/French_Mortgage/Best_French_Mortgages.php of the Athena Mortgages website.

About Athena Mortgages

Athena Mortgages is a specialist French mortgage broker offering French mortgages from a large panel of French lenders for non-French residents. An integrated team of multilingual professionals, with twenty years’ plus experience, helps non-residents and ex-pats find the right mortgage for properties in France. Athena Mortgages can source 100% finance for leasebacks, buy-to-lets and second homes, and also offers equity release and re-mortgaging options.
Working closely with many French property developers and agents who choose Athena Mortgages for the clarity and simplicity of presentation and service provided to their clients, Athena Mortgages takes pride in finding the best offer for clients until the date of signature for the property.

To speak to Athenba Mortgages, call + 44 207 474515

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Property News

FANCY CHRISTMAS IN LONDON? FAMILY HOME TO LET

If you’re thinking of spending Christmas in London why not think of a comfortable family home rather than staying in a hotel.

There’s a spacious family home in tranquil, residential Wandsworth available.

Consisting of three bedrooms (two double, one twin), three bathrooms (including one sumptuous en-suite), the property has a very comfortable ground floor reception/sitting room and large, eat-in kitchen. There’s also a well kept private garden.

Wandsworth is well situated for access to Chelsea, and via the overland train to Victoria in 20 minutes and from there to the West End and Knightsbridge in no time at all

There are plenty of local amenities and Wandsworth Common nearby.

* Sleeps: 6

* From £1,200 per wk

* Ref: G61

* Contact: Ivy Lettings on +44 (0)20 7603 4417 or go on-line at: http://www.ivylettings.com

Research pays off for UK firm’s villa development in Crete

The decision to undertake detailed market research to establish the nature and needs of the prime target market for property in Crete has paid off for a UK developer which reports that a third of the villas it has built on a rural site in western Crete have been sold or reserved.

“Each of the purchasers matches the profile of the buyers for whom the properties were designed and built,” reports Said Marie, principal of Berkshire-based Caversham-Barnes which has developed the Litsarda Villas scheme in western Crete.

Comfortable lifestyles

“Research showed that a significant part of the target market for property in Crete comprises discerning British people approaching retirement who require a holiday home in the sun which, in due course, will become their permanent home,” says Said.

Villa Galini

“We then researched the facilities expected by Britons seeking comfortable lifestyles in Crete. They told us they wanted a private heated pool with a huge sun terrace, air-conditioning – but also central heating for use during Crete’s brief winter period – gardens and a garage.

“Those were our design criteria and, because potential buyers can see that we have taken the trouble to build what they actually want, we are selling the properties despite the recession.”

The Litsarda Villas development comprises nine individually designed homes in an elevated location enjoying panoramic views of Crete’s White Mountains and Souda Bay in the Mediterranean.

Hot summer months

Located 40 minutes by road from Chania International Airport (75 minutes from Heraklion Airport), the development is close to the heart of the village of Litsarda and two kilometres from the shops, bank, post office and healthcare facilities in the small town of Vamos.

Explained Said Marie, “Detailed market research formed the basis of our design criteria and, because we took the trouble to build what potential buyers actually want, we are selling our properties despite the recession,” says Said Marie (pictured), principal of Berkshire-based Caversham-Barnes which has developed the Litsarda Villas scheme in western Crete.

The villas have floor areas ranging from 127 square metres to 170 square metres, including a self-contained lower ground floor in each property.

Use of the lower ground floor as a living area has been legalised which means that purchasers can opt to use the space for up to three extra bedrooms with a second bathroom, in addition to the two or three bedrooms on which the design of the villa is based.

“It makes a lot of sense to locate bedrooms on the lower ground floor because that is the coolest part of the villa during Crete’s hot summer months,” says Said.

Each villa occupies an individual plot of up to half an acre planted with 30 olive and fruit trees. Owners who harvest the olives on their plots can produce their own olive oil by having them pressed and bottled by the local co-operative in Vamos.

Prices of the properties still available at Litsarda Villas start at €269,900 for a two-bedroom villa with a floor area of 127 square metres, including a self-contained lower ground floor with the potential to create three additional bedrooms. The properties are supplied fully furnished and equipped, so prices include everything from beds to bottle-openers.

For more details call Caversham-Barnes on 0118 9483202 or visit the company’s new-look website launched this month at www.caversham-barnes.com. It incorporates an electronic version of a new 16-page brochure which can be viewed at http://caversham-barnes.com/pdf/Caversham-Barnes-Brochure.pdf

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Fractional Ownership: A Beginner’s Guide

Stewart Andersen’s Property and Travel Blog is delighted to welcome Solicitor Stefano Lucatello as a regular contributor. He will be providing readers with expert information on matters relating to the purchase of overseas properties.

‘Fractional Ownership’ describes shared ownership, which allocates usage rights based on time. Only one owner will be allowed to use the unit at a time. Co-owners may have ownership rights to all, some, or only one unit. Usage rights and cost obligations may or may not correspond to ownership rights.

Most definitions of the term ‘timeshare’ include arrangements by which people share use of a property, based on time, regardless of whether they own the property or whether a management company/ developer manages the property.

“Timeshare’ and “Fractional Ownership” differ greatly. It is not a question of devolving title. Many ‘timeshare’ properties involve direct, titled ownership and many ‘Fractionals’ don’t.

The main differences are:

• The extent to which participants’ rights and responsibilities are limited to a particular unit or units.
• Each owner’s degree of ownership/control. (Ownership evidenced by deed, doesn’t give a person any particular level of control over how the unit will be managed).
• The document governing the shared unit, not the name of the ‘arrangement’ is decisive.

Ask yourself:

• Is the agreement flexible?
• Can it be changed and is each person protected from changes that will reduce the usefulness of the property?
• Is the usage system fair and can someone ‘manipulate’ it?
• Can each owner control which unit they will use on a particular visit?
• Can they always return to the same unit? If not, what changes will there be in size and amenities?
• Are costs and responsibilities limited to the unit(s) they will use, or do they extend to other units that others will use?
• Will each person’s costs/responsibilities be proportional to usage rights?
• Can they control management fees and management/maintenance?
• Can owners rent out the property and control the rent?
• Can an owner holiday elsewhere, and can they get the desired location and dates?
• Do restrictions apply on disposal?
• Is finance available?

Free up capital

Many people dream of owning a holiday home, but either can’t afford the type they want or couldn’t justify the small annual usage period. Fractional ownership provides a solution by reducing the costs/annual expenses, sharing maintenance problems and depreciation. By dividing costs/risks, owners surrender usage rights associated with full ownership; often an acceptable sacrifice and a huge cost saving.

‘Fractionals’ free up capital to invest elsewhere. They provide an alternative to a full sale in a depression. ‘Fractionals’ are cheaper on a new development, providing an extra choice and developers have an alternative in a recession. A cheaper option also increases the visibility of the site and sales of ‘whole ownership’.

Local legal restrictions may impact on fractional arrangements, even where friends purchase. National law determines the structure, how and where the interest will be marketed and who can buy. Regulatory approval means costs and delay and in some cases approval may be denied based on the location of the property.

Restrictions are imposed because, shares are sold as a promise that one owner can use the unit at a particular time. They may apply where rental income is pooled, management responsibilities are delegated or the purpose is primarily for investment.

Number of scheduled visits

The usage calendar depends on location, size, seasonality, number of scheduled visits and travel time. A complicated system will fail and increase costs. In most schemes, owners are assigned exclusive use for a specified period each year. The period can be fixed, variable or both.

Price depends on time bought, type of unit and use. Occupancy is calculated on a yearly calendar. Not all calendars work fairly!

The management tasks of fractional ownership properties are divided into time allocation, accounting, cleaning and repairs. Co owners or contractors can perform these. Operating expenses are usually divided in proportion to ownership. To avoid ‘financial’ disputes, collect contributions based on the future budgets, not ‘ad hoc’.

Solicitor Stefano Lucatello

Anticipated expenses should include fund reserves for long term recurring expenses. Use a payment schedule. This makes tracking payments easier. Cleanliness is paramount. Co-owners prefer clean units and cleanliness is essential for renting. Employ a cleaner!

Repairs are important as no one person is responsible for repairs and small problems can become large ones. The management must inspect regularly.

Eventual control

Developers determine owners’ powers, how decisions will be made and how to devolve eventual control. They establish certain mandatory duties, unless all owners otherwise agree, including paying the recurring expenses and maintenance. Decisions can be taken by board management or by majority vote.

Written fractional agreements are a MUST, detailing reciprocally binding rights, obligations and enforceability. The principal advantage of a written document is the reduced risk of disputes. The principal disadvantage of written documents is that they are more difficult to modify.

What happens if co-owners default? While a potential risk, it is important to keep the problem in perspective. Co-owners are most concerned about non payment, abuse of the shared property, failure to clean and unauthorised/improper usage. The agreement must allow the group the choice to deal with defaults quickly. Provide for the service of a notice on the defaulting party and the right to reply. Give time to remedy and then act if not remedied quickly. Use alternative dispute resolution.

The ultimate sanction is sale. Sale proceeds are applied to pay arrears, costs, legal fees and penalties. Any remainder goes to the defaulting owner.

Establish a ‘default reserve fund’ to pay overdue payments. This is not intended to be a pool from which a defaulting party can borrow. Upon default, the group uses the fund to make up the shortfall. It’s still a default and the group will take the same remedial action had the fund had not been used.

‘Fractionals’ sometimes involve a ‘vehicle’ holding the property, with the co-owners as shareholders. An LLP offers several advantages including:

• Protecting other assets from liabilities arising from fractional ownership
• Avoid seizure by creditors or co-owners
• Increased flexibility for ownership changes

Can owners dispose of their shares? Most owners are concerned that disposal causes incompatible or unqualified co-owners to enter the group. Prohibiting individual disposal requires unanimous consent. The problem is that no other owner may want to buy and there is little incentive for them to pay market price, as the seller must take what he is offered. Therefore, allow individuals to dispose subject to restrictions, such as a right of first refusal. Co-owners can only force the sale of the entire property if it is in the agreement. It may be the plan to sell the whole investment at a predetermined future date.

Carefully investigate

Fractional ownership involves the risks of sharing use and relying on others to fulfil certain obligations. You can’t do what you want when you want! Necessary maintenance might not happen, as a result of co owner default and the whole investment could be lost. There is no way to eliminate this, but there are ways to reduce it:

• Carefully investigate the potential co-owner’s background.
• Collect payments monthly and pay bills from a group account.
• Assign essential tasks to specific persons.
• Have each co-owner contribute to a default reserve fund.
• Allow the group to act quickly against a defaulter.

Finally, use a local lawyer from the UK, specialised in fractional ownership, who operates with a lawyer licensed in the country where the property is located to draft the agreement and structure.

Written by Stefano E M Lucatello,

Senior Partner

The International Property Law Centre LLP

TEL No; 02071736180

www.internationalpropertylaw.com

email stefanol@iplc.co.uk

© The International Property Law Centre LLP 2009

Revived interest from UK buyers in Cape Verde signals upturn is underway

The Cape Verde Islands, an archipelago of nine islands in the Atlantic Ocean, lying like a necklace 300 miles off the west coast of Africa, is one of the most talked about new property markets for many a long year.

Hailed as the new Caribbean – but considerably closer to the UK, being approximately six hours by plane rather than ten to the Caribbean – because of its white, palm-fringed sand beaches and tropical year-round 23C temperatures, new build developments are beginning to appear on its horizons.

The warm African waters are provide swimmers with miles of spectacular coral reefs and present fantastic opportunities for diving, swimming with dolphins and turtles and for whale watching as well as the more usual array of water sport activities. After dark is when the fun really starts on the islands, with a variety of great entertainment including good quality restaurants, bars, nightclubs, live musical events, festivals and carnivals.

A steady rise

Cape Verde has survived the property slump that has hurt so many overseas investment markets. Buyer confidence in the paradise archipelago is returning, according to estate agent Noscasa.

Santa Maria Beach, Sal Island

While smaller, less experienced agents on the islands failed to stay afloat during the choppy seas of the global financial crash, Noscasa has continued to do business as usual and is now seeing a steady rise in activity from UK buyers looking for an affordable property in Europe’s most easily accessible tropical destination.

“Following a period of intense activity in 2006/7, the booming property market of Cape Verde was unquestionably hit by the economic crisis in 2008, but the effects were not as severe as in other countries,” says Noscasa MD Paul Akwei.

“Because the market was not as over-inflated before the credit crunch it has not had so far to correct and values for both sellers and buyers are even more realistic.

“Prices are now settling at a level that is low enough to attract buyers but high enough to encourage sellers back into the market. We are very optimistic for the future and believe that Cape Verde is one overseas destination that will continue to develop without any lasting damage.”

Buyers keeping the market afloat during difficult times have been savvy investors looking for distressed sales, retirees who were not prepared to let the financial crisis deter them from finding an ideal retirement home, and wealthy individuals looking for the right property in the right location no matter what the price.

But as the economy slowly picks up it’s more of a general buyer’s market and cash purchases will obviously mean more bargaining power.

Holidaymakers and investors

Sal Island, with its endless pristine beaches and home to Cape Verde’s international airport, remains the main attraction for both tourists and property investors, with lush mountainous Sao Vicente and capital island Santiago also drawing both holidaymakers and investors to their shores.

An example of a highly affordable holiday home investment is a one-bed apartment at the Verde Cara development on Sao Vicente, selling for just €55,000, with fabulous views over the beautiful beach of Mindelo Bay.

Salinas Beach Resort, Maio

Just a few steps away from the beach of Sal’s small but buzzing town Santa Maria is the luxurious Porto Antigo development where brand new one bed apartments are selling for €99,000. Or for reduced price re-sales, the Djadsal Moradias development has two-bed furnished apartments from just €75,000.

At the high end, buyers need to look at the completed 5-star Bazamore Residence development where there are two available penthouses or the off-plan Cine Cize development. Managed by Noscasa, they promise unparalleled services to owners wanting a stress free holiday home.

“Before the financial crisis Cape Verde was Europe’s closest tropical destination with a constant climate, direct flights from the UK, a stable economy pegged to the euro, investor-friendly government policy and a vibrant culture – and nothing has changed,” says Akwei.

“Those are just some of the reasons why Cape Verde developed as a highly desirable overseas property investment market and that’s why it will recover and return to health so much quicker than many other destinations.”

Noscasa has offices on Sal, Sao Vicente and Santiago with another due to open soon on Boavista and offers the best selected range of properties across the whole collection of islands. Alongside property sales, Noscasa’s services include long and short term rentals, property management, land sales & consultancy and facilities management, a department which is set to expand greatly over the coming months.

General enquiries: capeverde@noscasacv.com or on-line at www.noscasacv.com. Alternatively, call: 02921 252629

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

Not retiring types!

It is said that personal recommendation is the most effective form of advertising. It has certainly proved to be the case for Bramshott Place Village in Liphook, Hampshire in recent months, so much so that developers, Helical Bar and Urban Renaissance Villages, have introduced a rewards scheme for those who recommend a friend who subsequently buys at the development.

One of the first to benefit from the scheme is Mrs Barbara Lawson-Mills, whose golfing friend Mrs Philippa Hollander has recently moved into Bramshott Place Village. As the village is designed for the active and independent over-55s, Mrs Lawson-Mills originally considered Bramshott for her parents, but then thought it would suit her friend equally well. She says: “I found the quality exceptionally good. The layout is terrific and the cottages are excellent. I thought Philippa would like it because if offers her ease of living and good access to the shops and facilities of Liphook, as well as Haslemere, Petersfield and Guildford.”

Mrs Hollander (standing) and Mrs Lawson-Mills at Bramshott Place Village

The result was that Mrs Hollander bought a two-bedroom apartment at Bramshott Place Village. She has boundless enthusiasm for Bramshott and says: “I just love it here. I am very happy and feel like I am always on holiday. I am recommending it to absolutely everyone I know!” After downsizing from a five bedroom house in Godalming, which held many happy memories of life with her son, daughter and late husband, her next home had to be something quite special, and Bramshott Place Village fits the bill. “I am smitten,” she continues. “It’s absolutely fantastic and the trees are out of this world. I think I have the best apartment in the block, with a view of the most fabulous tree.” She will no doubt make use of all the residents’ facilities between now and the Spring. “I had a look at the restaurant the other day,” she says. “It looks superb, very tastefully decorated with lovely wallpaper.”

Mrs Hollander has continued the recommendation process, and her friend Mr Hodkin, whom she has known for over 40 years, has also moved to Bramshott Place Village after selling his large house in Grayshott. “He was very impressed, and he moved in before I did,” says Mrs Hollander. “They will no doubt enjoy being neighbours and soon get to know other residents.”

Both ladies have chosen John Lewis vouchers worth £250 as their reward: other options are vouchers for wine or a donation to a chosen charity.

Phase 1 of Bramshott Place Village, consisting of luxury apartments and cottages, is now complete. The Country Club, although not fully operational until the Spring, offers social and fitness opportunities, and the village also has its own library, convenience store and regular GP clinic.

A limited number of properties are still available in Phase 1 with prices ranging from  £295,000 to £310,000 for apartments and from £440,000 to £490,000 for cottages.  Phase 2 cottages are now released for sale.

Further information is available on 01428 722800 or by visiting http://www.bramshottplace.co.uk.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.