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Spanish Property
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From typicallyspanish.com
Costa del Sol
New Territorial Plan for the Western Costa del Sol presented in Marbella
Fri, 03 Feb 2006, 16:50
The President of the Junta de Andalucia, Manuel Chaves, has today announced in Marbella the new Territorial Plan for the Western Costa del Sol. The plan envisages an investment of 4.3 billion € on the coast over the next 15 years. The main project will be the new coastal railway line.
Chaves presented the plan this morning to local businessmen, mayors and others and said it represented the search for sustainable development for the western Costa del Sol.
A total of nine municipalities, with a census population of 320,000, and a floating population of about 1 million, will be affected by the plan which sees improvements in infrastructures and protection of the environment.
Of the total cost of 4.3 billion €, the regional government will put up 30%, central government 25%, local councils 15% and private initiative 30%.
New infrastructure will take up half of the total investment, and the future provision of water supplies will take an additional 20% of the total with the construction of six new desalination plants. |
Buying property abroad: Hotspots |
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| 04 July 2005 |
Mike Hayes, Homes Overseas Magazine
Florida, South Africa, Australia and Spain continue to be hot favourites among Brits buying property abroad.
Mike Hayes, editor of Homes Overseas Magazine, examines the reasons why:
Florida
With the dollar still languishing at around 1.8 to the pound, property in the United States has never been more attractive to British buyers, and with some 90 per cent of all British tourists making a beeline for Florida, property there has potential, both for investors and for holiday-home buyers. Orlando's rental zone is the centre of attention for Brits, with Disney World, Universal Studios and Discovery Bay for the kids, and tons of eateries, shops, bars and golf courses for the bigger kids.
The process of property rental is a well-oiled machine in Orlando, with everything taken care of, from pool cleaning and lawn mowing, to the replacement of cutlery and linen. Of course, it all costs, and you should not expect to clear a large profit from renting there. A combination of a small amount of rental return and a potential for good capital growth, though - plus a strengthening dollar over the next few years, should make for a sound investment.
South Africa
New developments in Cape Town and along the Garden Route in the south-east, are continuing to attract large numbers of British buyers to South Africa. House prices rose by more than 30 per cent in real terms last year, and look set to continue with strong growth over the next few years, due to low property prices, relative to the rest of the world, an excellent standard and low cost of living, fabulous weather and a wonderful natural environment.
Luxury developments - especially luxury golf and marina resorts - are at the forefront of this booming market, with the likes of Fancourt in George and Pezula in Knysna current favourites with both the investor and holiday-home buyer markets. Average house prices in Cape Town, one of the country's most popular and expensive destinations, currently stand at around £65,000, which compares very favourably with most countries in the Western world.
Australia
The days of the ten pound Poms may be long gone, but some 10,000 Brits still leave our shores each year to live in Australia. Destinations such as Sydney, Melbourne, Perth, Brisbane and Adelaide are all on the hit list, and the weak Australian dollar - along with fantastic weather, great beaches, a low cost of living and the locals' 'no worries' attitude - is tempting Brits to take the plunge.
Sydney is the most popular and expensive place to buy property, with its period terraced homes, modern and Art Deco apartments, and grand mansions, yet prices here average only around £150,000 - and cheaper properties are easy to find away from the Central Business District.
Of course, Australia is no weekend getaway destination - buyers will either need the time to visit for lengthy periods or make an investment based on capital gains and rental returns.
Spain
What can you say about Spain: excellent year-round weather, a superb infrastructure, plenty of sport and leisure activities (including some of Europe's finest golf courses), great food and even better drink. No wonder this is the number one destination for both holidaymakers and holiday homers - and looks set to remain that way.
Having said that, southern Spain - and the Costa del Sol in particular - are having something of a tough time at the moment; property prices are high, the papers are full of reports of agents overcharging on commission, money laundering scams and 'land grab' horror stories. Yet, the famous costas march on, because, the truth is, nowhere else in Europe can match the year-round sun and fun of Spain, or the range of holiday property available - and all just a two-and-a-half-hour budget flight from the UK.
Furthermore, Spain is a big country with many possibilities for investment; inland properties can represent excellent value, city apartments are easy to rent, and previously 'undiscovered' parts of the coast are now emerging for bargain hunters.
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Home Overseas Magazine is 40 years old this year, and to celebrate it is giving away 500 copies of its special anniversary issue. To receive your copy please email homeoverseas@blendoncom.com
The July edition of the magazine contains an A-Z of features on property abroad, along with articles on buy-to-let, off-plan purchases and historic renovations.
Copies are available on a first-come, first-serve basis, so email now to get your free copy.
For more information see www.homesoverseas.co.uk/magazine |
For more information: http://www.aboutproperty.co.uk/locations/abroad/buying-property-abroad-hotspots-$16066772.htm
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| Costa del Sol News - |
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Brits join foreign homes boom |
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| 20 June 2005 |
Sean Poulter, Daily Mail
SECOND homes abroad are helping record numbers of Britons to take a rest from the rat race. They are also turning out to be a smart investment, more than doubling in value from £11bn to £23bn during 2004.
Agents are crediting part of the price boom to DIY enthusiasts buying run-down properties and turning them around.
More than 256,600 Britons bought second homes abroad last year, up 46% on 2003 according to the Government's Office of National Statistics. There is also an exodus of families and individuals who are starting a whole new life.
More than 190,000 left the UK to live permanently abroad in 2003, while the figure is thought to have risen sharply last year. They have effectively exported the UK's property boom to Spain and parts of France.
Encouraged by TV programmes such as Channel 4's A Place in the Sun they have bought bargain properties and done them up. Often, these have been run-down farm buildings, which British DIY devotees transform into homes or holiday accommodation for visitors. Rental income from these properties totalled almost £190m last year.
Spain is top of the list for Britons buying a second home, with 69,284 properties, France is second with 51,322 properties, then Portugal with 5,132 and Italy at 2,566.
Almost two thirds of second homes abroad are in Europe, with six per cent in the US and the rest in Australia, New Zealand, Canada, India, Pakistan, South Africa, Sri Lanka and Caribbean islands.
The low cost of borrowing money on the Continent is also an incentive for the boom in Europe, with mortgage rates down around 3%. However, British buyers are vulnerable to currency shifts.
'More people are realising that a life in the sun is viable in terms of living costs, property prices and quality of life,' said Nick Clark, who staged Fresh Start, an exhibition in London offering advice on second homes.
'We have seen a significant increase in the number of people considering moving abroad. You get a lot more value for your money in property while the general cost of living is a lot cheaper.'
Properties needing refurbishment, but with a good amount of land, can be bought in Spain and France for as little as £50,000-£60,000. For £170,000, it is possible to get a luxury three-bed property with two bathrooms, roof terraces and sea views close to sandy beaches on Spain's Costa Blanca.
A similar budget would buy a home with four bedrooms, three bathrooms, a games room and a heated pool in Orlando, Florida. Many people are turning to second homes as an investment, as well as an opportunity for escape.
The shift has also seen some 300,000 Britons buy second homes in this country, many of them let to cover the mortgage repayments. But with the property price slowdown here, investors are looking abroad. The explosion in the number of low cost airlines, who are flying to more destinations at cheaper prices, is contributing to the foreign homes boom.
Property prices around the continental airports have outpaced the general market, specifically because of the arrival of Britons.
Case study
DAVID and Jean Webb joined the great escape last July and now divide their time between a bungalow near Bognor Regis and a two-bedroom apartment in Cyprus.
They spend six months of the year at home and six months in the apar tment which they bought through a foreign property specialist for £90,000.
Mr Webb, 70, who worked for the same accountancy firm for 35 years, said: ' I would wake up in the dark, spend the entire day working in the unnatural light of the office, go home in the dark and have just enough time to eat dinner before going to bed.
'Even when I retired in 1991, the long, dark English winters left me feeling exasperated and I knew I had to make major changes to enjoy my retirement to the full.'
His wife, who is 66, added: 'The difference is amazing. The food is fresher and cheaper, the climate is a major relief and our apartment offers every comfort we could wish for.
'We get up early and enjoy long leisurely days following the Mediterranean style of life and taking things easy in the afternoons. And as well as property being cheaper, all our bills are much lower than in the UK.'
The Webbs' is one of 12 flats in a modern block with swimming pool and sea views. It is close to the bustling resort of Paphos.
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For more information: http://www.thisislondon.co.uk/news/business/articles/timid401428?source=This%20is%20Money
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Britons racing to buy profitable second homes in the sun |
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| 20 June 2005 |
Sally Pook, The Telegraph
British appetite for a place in the sun grows ever more insatiable, according to statistics which reveal that more and more people are investing in property abroad, and making money from it.
Last year, the value of property owned by Britons in countries as diverse as Spain, India, New Zealand and South Africa was £23 billion. Four years ago, that figure was just £11.1 billion, according to an analysis carried out by the Office for National Statistics.
The figures reflect not only the growing number of Britons who are investing abroad, but also the growth in the value of properties.
"I have never really known property prices abroad go down," said Naomi Greatbanks, a specialist in foreign property investment for Savills. "I don't think I know of a single client who has lost money. In places such as France, Italy and Spain, property buying is tried and tested, flights are a maximum two and a half hours and the British feel comfortable living in these countries.
"The most ordinary person who years ago would think himself lucky to buy his own home here can now consider a second home abroad."
The boom in foreign property ownership has been fuelled by low interest rates and soaring house prices in this country. Cheap mortgages and the ability to unlock equity from the main home has made a place in the sun increasingly affordable.
Mark Wiggin, 41, an estate agent from Shewsbury, bought a three-bedroom apartment in Majorca with his brother in 1991 for about £180,000. It is now on the market for approximately £400,000.
"We certainly bought it as an investment," said Mr Wiggin. "If you buy at the right time you can get good capital growth. We were left some money and thought it would be a great place to go. Neither of us were married and it was wonderful to go for long weekends, to play some golf, just get away."
The statistics show that in the year 2003 to 2004, the British owned 256,609 properties abroad, collectively worth £23 billion. In the year 1999 to 2000, more than 176,000 people owned a property abroad, with second homes collectively worth £11.1 billion.
Spain, predictably, is the most popular place for the British to buy a second home. Nearly 70,000 homes here are owned by Britons, accounting for 27 per cent of the total in number and nearly a third in value. France is also popular, with 51,322 properties owned by people from the UK, collectively worth £5.6 billion, followed by Portugal and Italy where 5,132 and 2,566 homes are owned respectively.
Nearly two thirds of second homes abroad are in Europe, with six per cent in the United States and the rest in countries such as Australia, New Zealand, Canada, India, Pakistan, South Africa, Sri Lanka and Caribbean islands.
The ONS estimates that during the year 2003 to 2004, Britons received rental income totalling nearly £190 million from foreign property. |
For more information: http://www.telegraph.co.uk/news/main.jhtml?xml=/news/2005/06/16/nsun16.xml&sSheet=/news/2005/06/16/ixhome.html
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Passport to property |
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| 19 June 2005 |
Neil Simpson, Mail on Sunday
LURED by a calmer life in a kinder climate, Britons have been buying property in Spain for decades. France, too, is a favoured destination, and with house prices still high at home, thousands more will be looking to cash in and live the dream. But buying abroad is full of pitfalls, so this special report shows you how to get the best deals and make sure that your biggest problem is how many ice cubes to droop in that poolside drink.
LIFE can be so much better overseas. But unlike millions who dream about it, one woman has set up a business to put the theory to the test. Geraldine Thalmessinger is searching for a second property on the Spanish island of Mallorca from where she can oversee her company, which offers self-improvement holidays.
'There is something about being in the sunshine that makes you re-evaluate your life and want to change things,' says Geraldine, who works as a life coach - an adviser who helps clients fulfil their potential in their personal and work lives.
'Life coaches are successful in the UK, but I am certain we can do even more overseas, where everyone is more open to new suggestions.'
Her company, Bounce Back Europe, is offering yoga, pilates, meditation and a variety of workshops for people who are newly single, newly retired or just in need of more confidence.
Having bought a restored Moorish retreat on Mallorca to host the courses, Geraldine, 54, is now looking for a two- bedroom holiday home nearby which she can share with her children, Sara-Jane, 35, and Andrew, 34. It will not be her first overseas property venture - Geraldine bought a flat on the Costa del Sol three years ago and has seen it double in value.
'The first time you buy overseas it can seem like a step in the dark - you can't just assume that everything works the same as in Britain,' says Geraldine, who is currently living in Crowborough, East Sussex.
'Some countries have extra purchase taxes which you need to budget for, and you definitely need to employ the right people to ensure you end up as the full legal owner of your new home. There are plenty of horror stories about people who agree to buy homes without these details being checked and end up in trouble.'
Geraldine has also invested in buy-to-let property in Britain and took advice from London-based broker Chase de Vere Mortgage Management about her first Spanish property. She is planning to remortgage her UK home to raise the funds if she finds the right property in Mallorca. And she is unlikely to be the only Briton in her new village.
Researcher Datamonitor says that more than 500,000 Britons own property in Spain while High Street bank Abbey reckons that four in ten overseas buyers in France are from the UK. The British are also the key foreign buyers in Bulgaria and other Eastern European countries. And they account for a large proportion of overseas property investors in Cyprus, Dubai, Australia, America and South Africa.
While this makes them popular with estate agents abroad, there are fears that the boom could be storing up problems. France, in particular, has already voiced worries that Britain is effectively exporting house price inflation to some of its rural areas, pricing locals out of the market.
Even in countries where there is no talk of banning new foreign purchases, there are worries that if economic problems in the UK stem the tide of new buyers, prices will slump and properties might be impossible to re-sell.
So is 2005 a good time to buy a place in the sun? And if so, how can you do it as safely as possible?
Experts say the first challenge is to get as much independent professional help as possible. 'Too many people go it alone when they buy abroad,' says Simon Conn, founder of long-established overseas mortgage broker Conti Financial Services based in Hove, East Sussex.
'Rising house prices in Britain mean you can remortgage your home here, take the lump sum of money raised and make your overseas purchase as a cash buyer.
'That can seem quick and efficient, but it means you are solely responsible for doing all the checks on your new property and it is easy to cut corners. If you take out a mortgage specifically for your new purchase, then your lender will demand that proper legal checks and surveys are carried out. In the long term, it will always pay to have this done and to pull out and look for a different property if any potential problems arise.'
Fortunately, a growing number of UK lenders offer mortgages and advice on property abroad. Whether or not buying abroad is a worthwhile investment is a moot point. Figures for price growth in recent years are notoriously unreliable and should be treated cautiously. For example, if an agent says that values of apartments have risen 40% in three years, it might mean the advertised prices of new-build apartments.
In the re-sale market, those apartments bought three years ago might now struggle to sell at all, let alone for 40% more than the original price. Fortunately, though, many British purchasers are buying for the long term.
Norwich & Peterborough Building Society, a leading provider of Spanish mortgages, says 67% of buyers do not intend to sell homes abroad, hoping to pass on the properties to their children when they die.
'Buying abroad isn't something you should do to try to make some quick or easy money,' says Mike Sketch, the society's head of retail operations. Instead, you should do it to own a home in the sun that you love.' |
For more information: http://www.thisismoney.co.uk/news/special-report/article.html?in_article_id=401471&in_page_id=108&ct=5
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