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.

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.

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.