London and Monaco are Europe’s most expensive cities for residential property buyers. Prices in the Baltics have risen to the same level as capitals such as Copenhagen, Berlin, Munich, Stockholm, Vienna, and Frankfurt.
High rewards await property investors in some parts of Europe, according to the Global Property Guide, a residential real estate research organization (www.globalpropertyguide.com). Rental yields for apartments in several Eastern European capitals are above 10%.
Rental apartments in Moldova’s capital city Chisinau can be expected to yield annual rental returns of around 14.13%; in Poland’s capital Warsaw, 13.28%; in Bulgaria’s capital Sofia, 10.56%; and in Slovakia’s capital Bratislava, 10.06%. The higher risks of Eastern Europe may be a factor in these returns (corruption, political instability, etc).
But risks are not the only factor. The Global Property Guide believes that the relatively recent arrival of the market economy, high interest rates, and relatively undeveloped mortgage markets, largely explain the low prices in the east. To illustrate, it would surely be hard to label the historic city of Bratislava, Slovakia, as a high-risk location, yet the rental income returns are excellent.
Western Europe generally suffers from another, different disadvantage: High taxation. There are high rental income returns to be earned in Amsterdam and Paris (8.25% in both), in Munich (7.80%) and Brussels (7.53%). But all four cities are high tax environments (but so too is Poland).
Property in Prime Central London returns surprisingly high rental yields, at 7.13%. Note that this “Prime” category encompasses relatively a narrow group of super-luxury apartments in absolutely prime areas (Belgravia, Chelsea, and Knightsbridge). The high returns in these select super-central locations contrast with the significantly lower rental yields (5.79%) available in Central London’s other luxury areas (Kensington, Bayswater, Notting Hill Gate, St Johns Wood, Highgate, Islington, Highbury, and Primrose Hill).
Europe’s most expensive cities
The tiny principality of Monaco is the most expensive location to buy an apartment in Europe at around €24,900 per square metre (sq. m.).
Closely on its tail is Prime Central London, where 120 sq. m. super-luxury apartments can cost £1,170,000 (€1,742,656) or £9,750 (€14,522) per sq. m. Apartments of 120 sq. m. in other luxury areas of Central London are likely to cost £580,000 or £4,833 per sq. m. (€863,880 or €7,199). The large difference is explained by London’s highly segmented top-end market, with super-luxury apartments in absolutely prime areas commanding considerable premiums.
Paris and Amsterdam follow London. A 120 sq. m. apartment in either of these cities has an average purchase price of €800,000 (€6,667 per sq. m.).
Moscow is Europe’s sixth most expensive capital for buyers of residential property. And though apartments in Moscow can be rather rewarding for buyers in terms of rental income returns, investors should be aware of the high risks (purchases are cash-based, and the authorities can suddenly turn hostile).
Dublin makes an appearance among Europe’s most expensive cities in 10th place, with a high end 120 sq. m. apartment on average costing around €600,000.
The Baltics, till recently Europe’s hottest residential investment destination, are now expensive. A high-end apartment in Central Vilnius, Lithuania will cost on average around €3,792 per sq. m (€455,000 for 120 sq. m.).
Latvia follows closely with high-end apartments in Central Riga costing an average of €3,020 pr sq. m. Rental yields in the Baltics have also dropped to very low levels.
There are still some very inexpensive capitals in Europe. Berlin, in particular (€3,167 per sq. m.), is now experiencing inflows of foreign money in response to its relatively low prices.
Even less expensive are:
Slovakia’s Bratislava (€1,292 per sq. m.)
Poland’s Warsaw (€1,175 per sq. m.)
Macedonia’s Skopje (€1,125 per sq. m.)
Moldova’s Chisinau (€917 per sq. m.)
Rental returns cannot fall forever
As 2007 dawns, rental returns are lower in most locations than they have been for 20 or more years.
Nowhere in Europe are rents keeping pace with the continued strong rise in property prices. Residential real estate prices are at historical peaks in almost all countries in Europe, except Germany and Switzerland.
This is cause for concern. At the Global Property Guide, we informally consider a danger signal to be rental returns of around 4% or below.
Several European capitals offer rental income yields around or below this 4% level. In example is Madrid, where rental returns are now at only 3.15%. Rental yields in Monaco are the lowest in Europe at around 2.43%.
Buying, selling or owning luxury property in your own country is something that is not done lightly. Such a significant financial investment requires planning and research if the final purchase is to meet your needs and to be acquired with the minimum number of problems. Familiarity with the buying and selling process in your own country automatically helps to eliminate some problems, particularly if you are used to this kind of investment.
However, buying property in another country where you are not familiar with the laws, customs and culture requires more background research whether this purchase is your first large investment in Europe and particularly if this is your first large investment, period. Whether you choose to buy your property through your company, or money manager or as an individual it is useful to be aware of what the process involves. Knowing where and how your money will be invested, the legal and practical issues involved, understanding the small print and the details are obviously part of sound financial planning and execution even if you involve other professionals in the process. However, cultural differences are potentially overlooked as you get caught up in the excitement of purchasing your dream chateau or your conference centre on a sprawling estate.
In the initial stages you will have addressed questions around whether the luxury property or real estate suits your needs .For example
the purpose of the property, a primary residence, business, second home.
the type of luxury property, a villa, country house, a castle, a chateau.
is it within my budget?
physical location, urban or rural area? Sea view or in land.
will I be staying there all year round or just part of the year?
will I need to employ staff from the locale to maintain my home/ property?
will I need local staff to run my business?
does the climate suit me?
what is available for me to build my social life?
And the list goes on…..But how can you really know the impact of local culture and custom on your new life or business in an unfamiliar country? You can read books, get information by exploring the internet, take a few holidays. A great insight can be gained by reading about others who have pursued the same dream or investment project as yourself. Articles and books highlight the joys and pitfalls of moving abroad whether the projects involve small or large financial investments. A lot can be gained by learning from those who have already trodden the path. Taking a few holidays in a particular place may have whetted your appetite and fired your enthusiasm to make a move to a new country. Whether you were led to invest abroad to live there or to diversify your portfolio, the bottom line is you will invariably meet and possibly work with people who experience the world in a different way. On a positive note, the food maybe different, the sights maybe different, the local customs and practices may intrigue and fascinate you if you are merely observers or enjoying the activities and services offered. But can you always assume that people from other cultures work in the same way that you do, share the same values and morals as you, even have the same concept of time as you? Not everyone adheres to the time is money rule.
Differences occur in how people communicate particularly problems, even every day problems and how solutions are sought. Social habits will direct how much information you receive from people you deal with and how far they will go to co-operate with you to achieve things you need to achieve whether living or working with locals. Different cultures do business in different ways and may have varying ideas about the value of truth and integrity in the way they go about their lives. People in rural areas may not even share the same view of the world as their own country folk working in big metropolitan cities. The most obvious difference is language and it is at the heart of understanding all that has been mentioned previously.
Many people who have relocated abroad with small or large investment ventures often recommend that those planning to make a similar move should actually go and live in your chosen place first. A lot can be gained and the process of adjustment made smoother by seeing life as a resident rather than a tourist before you invest. It is sound wisdom. However, you may feel that as you had what it takes to make a significant investment abroad, you have what it takes to face the challenge of whatever is given to you either in your business or personal life in another country. Either way, there is enough information around that suggests that you cannot underestimate the impact of cultural differences on how you experience life in your luxury property in another country. As people say ‘there’s now’t as queer as folk!’
Craig McLaughlan is a highly reputable real estate specialist. He specializes in buying, selling and owning luxury properties in Europe with a pan-European network of specialist boutique brokerage companies.
This islands nation has been the toast of the British investor for decades. Cyprus is, indeed, an attractive country as well as a popular real estate investment destination. With all year round sunshine, Cyprus rocks to the tunes of visitors from all over the world flocking in to this tiny Mediterranean island.
Moreover, there’s no such time as ‘lean period’ as regards to the influx of tourists in the country is concerned. Miles and miles of pristine beaches in the country ensure there is no shortage of activities to be indulged in by the visitors at any time of the year. Overall, Cyprus is like a pocket-sized dynamo for the real estate investors all across Europe.
Property Investment Opportunities in Cyprus
Since the country joined the European Union (EU) in 2004, the fortunes of Cyprus real estate are on an upswing. Not only with holiday-seekers, but second home buyers now are also flocking to the country mainly due to the excellent climate and large English-speaking population. Although Cypriot Greek is the preferred language here, the majority of people understand and speak English with considerable ease and as a bonus they also drive on the same side of the road as the UK.
Cyprus has no shortage of property investment opportunities all across the country. However, the hottest regions from the property investment point of view include property and areas like:
Apartments in Paphos,
Larnaca property
Limassol apartments
North Cyprus Property
and many more regions including Protaras, Kyrenia, and Famagusta. These places have witnessed maximum activity in terms of real estate transactions over the past few years. Investors have shown tremendous faith in these areas due to their potential to offer high returns. Moreover, these are either tourist spots or in proximity to the hotspots of the country. Therefore, you can easily expect a consistent rental income from vacation properties in these towns.
The prices of real estate in Cyprus are on a lower pedestal compared to the UK real estate prices. Apartments in Larnaca are available from £100K, and a separate dwelling (residential home) can be yours for £250K. The Paphos region is comparatively cheaper than Larnaca and Northern Cyprus has properties well below £50K.
The range of properties available for investment purposes in Cyprus include villas, mansions, residential homes, and holiday property. All of these properties are in great demand from the domestic as well as international investors. However, the membership of the EU brings in a large number of European investors into the countries real estate portfolio. Therefore, there’s an added incentive for British investors, having an opportunity to share the neighbourhood with fellow countrymen and other Europeans!
The rollicking property scenario in Cyprus is as much attributable to the long coastline as it is to the vine-blessed mountainous region, which is famous for its Cypriot wine. The country has a certain degree of historical significance also and you can visit the remnants of Roman and Greek civilization spread all across the country. The capital city of Nicosia is particularly popular among the real estate investors in Cyprus due to its ultra modern lifestyle and easy accessibility to the leading business and commercial centres in the country.
Cyprus is also a strategic base for several nations. This is the reason that Turkey is a part of the North Coast of the country. Though the area is disputed and awaiting settlement, it doesn’t flare up into any kind of violent turmoil. Peace despite serious situation here is also a contributing factor for the investors interest in the area.
Administrative Convenience in investing in Cyprus
The government of Cyprus is in an overdrive in order to promote property investment climate in the country. The laws, bylaws, rules and regulations concerning real estate in the country are already on an easing road. While investing in Cyprus, make sure you are always on the lookout for VAT-exempt properties and strike really outrageous bargains on some of the prime properties in the country. Banks and financial institutions are also trying their best to make loans more lucrative and accessible for small investors.
Cyprus follows common rules and principles for real estate investment that are adding to the English legal system. The understanding of the UK property laws come in handy if you are planning to invest in Cyprus.
Cyprus is in a developmental mode, and this gives rise to certain economic disparities in the country. Additionally, Cyprus has one of the lowest average salaries in Europe, which acts as a double-edged sword. On the one-hand, it brings lots of employment opportunities in the country, also, there is an ever-growing gulf between the rich and poor. Though poverty is not a very big issue at present, the government hopes to address it before it escalates out of hand.
Cyprus is considered to be one of the easiest countries to invest with not many hurdles for foreign investors. However, it will still be advisable if you hire a local attorney to handle all the legal and administrative paperwork in order to peacefully own and enjoy a Cypriot property.
Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas property and buying property abroad. Checkout our property for sale in Cyprus as well as our Cyprus Mortgages and News Articles on Cyprus.
High mountains, deep inland lakes and a spectacular southern coastline of bays and beaches, plus sunny summers and mild winters, are just some of the reasons why Montenegro has become a holiday hotspot. Combine this with the fact that it occupies a key location for business, is attracting foreign investment, has a rapidly growing infrastructure and has been a sovereign state since 2006 upon its independence from Serbia and you have one of the world’s most intriguing emerging property markets.
Montenegro is aiming for EU membership in 2014, which will add to its attractiveness for buyers looking for investment properties or holiday-home ownership. There are no restrictions for foreigners wishing to buy property in Montenegro, other than land for development, and the buying process is relatively straightforward. Montenegro property prices and lawyers’ fees are low and there is no capital gains tax liability in Montenegro, all of which is helping to fuel the sector.
Montenegro is well served by airlines. Flights arrive at Podgorica and Tivat airports regularly from Europe and further afield, plus into Dubrovnik in Croatia, which is a drive of around 50 minutes across the border to Montenegro’s Bay of Kotor. Kotor, a fabulous old city that has been recognised as a UNESCO heritage site, and is one of the country’s most popular holiday hotspots, lies on the banks of the bay.
Much of the new development is taking place around Kotor and already there are reports of property increasing by as much as 100% over the past year or so, with the potential for further capital growth being maintained, plus excellent rental returns being achieved through holiday home rentals.
“Montenegro property offers an excellent investment opportunity,” says Glenda Lazare, managing director of Key Universal, an overseas investment specialist company. “The country has a burgeoning tourist industry, bolstered by the government’s Tourism Masterplan 2007-2020, which aims to develop high-end hotels, golf courses and other luxury facilities in order to attract affluent tourists.”
Key Universal is currently marketing Kotor Apartments in Dobrota on the fringes of Kotor. A boutique residence of just ten two and three bedroom contemporary apartments offering stunning sea and mountain views, and a specification that includes parquet flooring, granite staircases and fitted kitchens and bathrooms, the development is ideal for investors looking for exclusive holiday-home rental opportunities, says Lazare.
The complex will have landscaped gardens, a pool and parking spaces. Key Universal has negotiated a special deal direct with the developers and prices for the upmarket apartments will start at €154,880 (£124,000), with a 30 per cent deposit and 70 per cent payable on completion. “The rugged beauty of Montenegro continues to attract high-profile visitors, including Michael Douglas, Catherine Zeta Jones, Madonna and The Rolling Stones,” adds Lazare. “It is being tipped as the next Monte Carlo.”
Other companies marketing in the Kotor area include Europe Property Plus, which is offering Dobrota Heights, a brand-new luxury collection of apartments from around €225,000 (£180,000), and Rosco Properties that has off-plan apartments at Herceg Novi-Igalo from €142,00 (£114,000) and homes with sea views at Baosici from €144,000 (£115,500), plus small resale houses in need of modernisation from around €50,000 (£40,000).
David Stanley Redfern is offering Acacia Hills Apartments, a collection of one-, two- and three- bedroom homes at Herceg Novi, near Djenovici, overlooking the bay. The use of natural materials has been a key feature of the design. Prices are from €103,000 (£82,600). “Acacia Hills offers an excellent investment opportunity in an area that is seeing one of the fastest growing tourism markets in the world,” says David Redfern, managing director of David Stanley Redfern. “Prices for these off-plan apartments are extremely competitive and we expect to see buyers realising capital increases of at least double in the next three or so years, combined with achievable rentals of around eight per cent.”
Other popular holiday hotspots in Montenegro include Sveti Stefan and Bar, which are further south along the coast, plus the historic stronghold town of Budva, where life revolves around its elegant marina and harbour. “Budva real estate and the property market in this area have become very active recently, especially with Russian investors who know the area from holidays and need no visa to visit,” says Alex Mark Moller, who is marketing the Budva Hill Resort in Budva.
“Foreign investors are interested in Budva properties because of the capital growth potential and the return of investment. We have already sold around half off-plan and are confident we will have sold all apartments when the development is complete in 2010.” The Budva Hill Resort, says Moller, will be a landmark development of one- and two-bedroom apartments in the area, offering top notch features and luxurious living. “There is a shortage of luxury resorts in the area,” he adds. “The apartments will lie on a slope offering fantastic views of the Adriatic Sea.”
Buying Montenegro property is straightforward. If buying a resale Montenegro property then a deposit of ten per cent will be required to secure the property, but if buying off-plan Montenegro property then an initial deposit followed by stage payments will be required. Montenegro property buyers are advised to appoint a local solicitor and get all documents officially translated and stamped in court. Also, ensure you check the person you’re buying from has the correct title deed ownership. After that, Montenegro property ownership should be plain sailing and lots of fun.
With its GDP growth currently standing at around 8-10 per cent per annum representing outstanding economic progress over the last few years, combined with the strength of its domestic property market that offers investors good potential for capital appreciation, Slovakia currently has some of the best prospects for property investment in Europe. It has one of the largest car production levels per capita in the world and, because it is outperforming many of its neighbours economically, is attracting foreign investment from individuals and companies with a keen eye on the Central European market too.
Add to that the suggestion of higher increases in foreign trade as the country enters the euro monetary system in January, hence leading to a further boost of GDP growth and prosperity of the population, plus the fact that its tourism industry is gaining in momentum and with it the increased potential for rental opportunities, then Slovakia’s property market is looking healthier then ever. Property hotspots include the High Tatras and the Low Tatras, as well as cities such as Bratislava and Kosice, and towns like the historic Banska Stiavnica in central Slovakia.
Petra Gajdosikova, of Slovakia Investment Property, says, “Along with strong capital appreciation of around 15-20 per cent per annum in most areas, investors in Slovakia benefit from the ease of resale to the domestic home buyers who are the vast majority of buyers of Slovak property.” Slovakia has not suffered any consequences of the global credit crunch, says Petra. “In fact, Slovak banks have had their best year yet in 2007 due to the high growth in mortgage finance which is steadily increasing in popularity among local home buyers.”
Slovakia Investment Properties is currently marketing Velka Lomnica, a new holiday development in the High Tatras, a current property hotspot. Close to an 18-hole golf course and a planned aquapark, it offers two tennis courts, a restaurant, gym and relaxation centre. Prices start at around £78,000. “The properties are ideal as a holiday home or as a high growth investment suitable for lets,” adds Petra.
Finding property in Slovakia for under £80,000 is getting harder, however, especially if a new build is preferred or a property in one of the country’s city or holiday resort hotspots. Not only have prices been growing steadily on the back of the extremely high demand from local home buyers, but the Slovak koruna (SKK) has also appreciated by almost 50 per cent against the sterling pound over the last few years.
One area that is seeing property development at keen prices is in the Tetras Mountain range, a UNESCO world heritage site that forms a natural border between Slovakia and its neighbour Poland. A popular spot with holidaying visitors because of its beauty, its landscape ideal for hiking or skiing, and its amenities that include spas and golf courses, it is attracting Slovakian and foreign buyers keen to purchase holiday homes, investment property and, in some cases, villas or apartments for relocation.
The Tetras Mountain area retains an exclusive feel because of the limit on construction. The number of homes are closely monitored to avoid an over supply, which in turn makes property much sought-after. The area is popular with Slovak society, as well as tourists. Poprad airport is close by with regular flights from London and other cities around Europe.
Property Frontiers is currently marketing Silver Resort in the High Tetras, which is located right on the edge of the Tetra National Park and include studios from around €78,400 (approximately £63,000), one- to three-bedroom apartments from around €118,000 (£92,000) and four bedroom villas of 175 square metres in size with a price tag of close to €495,000 (£388,000). With guaranteed five to six per cent rental options available, the development is attracting investors as well as holiday home purchasers and even those looking for a very different way of life.
Caron Lockwood of Property Frontiers feels Slovakia is good for investment, and developments like Silver Resort are particularly appealing to investors. “We have an exclusive payment schedule of 10 per cent down and 90 per cent on completion for a small number of units at Silver Resort,” explains Caron. She says the scheme has worked well for investors. “Buyers can obtain 90 per cent LTV mortgages in Slovakia which means this requires a really low cash input.”
Slovakia’s cities are seeing buoyant market activity too. Prices remain highly competitive and, in turn, capital growth is expected to be impressive over the next year or so. Specialist company Property Secrets is currently marketing two select apartment developments, one in Bratislava and the other Kosice. Prices are to be announced shortly. Emma Bell of Property Secrets is delighted by the response to the two projects so far and expects interest to be high.
“The new landmark development in the emerging Mlynska Dolina district of Slovakia’s dynamic capital Bratislava,” says Emma, “is in a pivotal location less than a half kilometres from the new Vienna to Bratislava motorway.” Its apartments are being offered on 15/85 per cent payment terms. “One of the best available in Slovakia,” adds Emma.
The company’s luxury apartment and office development called Brewery Cassovar in the centre of Kosice has a high specification and is minutes walk from the Old Town part of the city. The airport is around 20 minutes drive. “We predict 48 per cent capital growth on these apartments before completion in 20 month’s time,” says Emma.
With the adoption of the euro now assured, a healthy economy and an increasingly buoyant tourism sector, Slovakia is emerging as one of the success stories of the recent Central European expansion.
Carole French for Homes Overseas ? Find that perfect Slovakia property with the Overseas property experts since 1965
The entire south coast of Spain is known as Andalucia, which is one of the largest regions of Spain. As Andalucia has the Mediterranean Sea to its south and the Atlantic Ocean to its west, it has great beaches, weather, and is a natural attraction for vacationers. The region (especially along the Mediterranean Sea) has been developed since the fifties as a tourist resort and Costa del Sol is the most famous and visited during the holiday season. There are castles, mansions, cave houses, villas and apartments that are up for sale in Andalucia. Some are new and some would require complete rebuilding. There is also a selection of open land on which one can undertake their own construction. Of course, purchasing property in Andalucia (or in fact anywhere) depends on two factors. What type of place is required, and the second is the amount that could be spent on purchasing the property. Properties that lie in the tourist spots in Andalucia are pricier than properties that are located further away from them, or on the other coasts.
The prized and hottest properties are the villas and apartments in Costa del Sol, and especially those that are a walking distance from the beach. Properties located near Torremolinos, Marbella, Malaga and Nerja, which are some of Europe’s top resorts, are pricier then those located further inland. The properties further inland in Andalucia are cheaper, but then the temperatures in summers stays above 400 Celsius during the summer. Seville, the capital of Andalucia, is one of the hottest cities in Europe.
Property in Andalucia ranges from 50000 euros to millions of euros, so it depends what is being looked for. A villa with a private swimming pool and all modern amenities would be quite expensive if it is located in the tourist resort belt. Similarly, an exclusive apartment (and there are quite a few high rises here) would also be quite expensive. There are hardly any open spaces left at the main tourist spots for sale, and most open spots that are for sale are located further inland. For avid golfers there are villas, town houses and apartments close to golf courses, which are also exclusive and pricy.
Malaga is the capital of Costa del Sol, and one of the liveliest towns with an airport where over 2 million visitors land annually. Property in Malaga is also expensive and exclusive.
There are a number of new areas that are being developed in Andalucia as tourist resorts, and developers are busy building these. These properties are also among the hottest properties in Andalucia right now.
Finding Andalucian property for sale is not an issue, as there are properties ranging from exclusive to moderate available over here. Right now, investing in Andalucia property is becoming very attractive as the world wide financial crunch has not affected property values here. Some people wishing to make money have put their investments in property here. If the property purchased is brand new, then above the charges for attorney, transfer of deed and so on, an additional 7% will have to be paid as VAT.
Andalucian Dream Homes offer exclusive deals to real estate investors looking to buy Andalucian property for sale. These are prime vacation properties situated on the Southern coast of Spain.
Morocco represents an anagram of different cultures/civilizations and boasts of being one of the most picturesque countries on the planet. Located in the Northern half of the African continent, this paradisiacal country is in close proximity to Europe and the Middle East, which enriches the Moroccan landscape with different traditions and cultural wealth from three different continents.
The coastal backdrop and miles of unspoilt sandy beaches add to the glory of this African Kingdom. Thanks to its natural riches, the country commands the place of pride among world’s who cut across different trades. No doubt, a nation with tonnes of natural beauty and a willing government is bound to be a global real estate powerhouse.
Tourism and Its Influence on Moroccan Property
One thing that stands out in favour of the Moroccan property sector is the demand created by country’s tourism potential. The picturesque locations of Morocco have left many popular figures speechless and some of them, including Sir Winston Churchill, have historically vouched for Morocco’s natural beauty.
With miles and miles of pristine beaches dotting the country’s landscape, Morocco has emerged as a dream destination for holiday visitors looking to just take a break from their routine lifestyle. This makes investment in holiday property, like holiday resorts and rental apartments, in the towns and villages along the coastline, a wise decision. The scope for regular rental income is extremely high in the Moroccan holiday property.
Many European tourists have also elicited considerable interest in making Morocco their second home due to the country’s proximity to the western part of the continent. The government has also supported moves for regular cheap flights to and from the country to the major European cities and other international destinations.
Morocco’s King Mohammed VI has expressed profound desire to optimally exploit the country’s tourism potential by roping in the government in the construction and promotion of ‘Plan Azur’, which is a combination of six mega coastal resorts. The facilities include championship golf courses, marinas, sports facilities, shops and restaurants. These will be located near the town of Oujda and alon the Atlantic coast at Port Lixus near Tangiers, Mogador near Essaouira, Taghazout near Agadir, Mazagan near Casablanca, and at Plage Blanche in Guelmin. The country aims to attract 10 million tourists annually by 2010 primarily through the successful completion and promotion of Plan Azur alone.
It goes without saying that property around any of these resorts are selling like very quickly. A wise investor will buy a property around these resorts before 2010 to reap maximum rental income from the unprecedented tourist influx expected from that year onwards. Moroccan holiday property is also highly traded among the property investors here, which means you get maximum value for your property within no time, as the property trends have really been positive over the last few years.
With prices starting from as little as £21K, you can land yourself luxurious apartments and townhouses in resort towns of Saida, Tetouan, and Asilah. Of course, the prices vary according to the dimensions of the property.
Besides the coastal townships, the mountainous ski resort of Oukaimeden is also attracting lots of property inquiries from the European property investor.
The Moroccan property market also gets a periodic boost from government initiatives, like a proposed Morocco Tunnel under the sea to connect the country with Gibraltar in Europe.
Property Scenario in Other Moroccan Locations
Tourist resorts are not the only investment hotspots in Morocco. Other Moroccan towns and cities enjoy a good amount of goodwill among European investors, especially the French property investors, due to past colonial ties with the country of France.
The portfolio of investors in Morocco is diverse, ranging from rental apartments to second home luxury villas and residential homes. And since the commercial activities in the country are on the upswing, investors have struck gold in commercial and industrial property too. In addition to the built-up property, cheap off-plan property is also in the peak among investors.
The major attraction as far as Moroccan property investors are concerned differs to the tax-free rental income for the first five years. And if you hold the property for ten years or more, no capital gain tax is deducted when you resell. Another attractive feature is the exclusion of local inheritance tax in Morocco.
The most popular cities in Morocco from the property viewpoint include the modern Marrakech, commercial centre of Casablanca, capital city Rabat, and ancient cities of Tangier and Fez.
Of course, as with almost every other country, Morocco also has its own laws, rules and regulations regarding the ownership of property by the foreigners. A wise investor will do well to verify from the authorities or some reliable real estate agent about his eligibility, and ways and means to acquire diverse properties in Morocco. However, the rules for the ownership of property are not as stringent in Morocco as in other European countries.
Property Abroad’s directory Les Calvert writes interesting and useful articles on all subjects dealing with overseas investment property and buying property in Morocco. Visit their website to view their property for sale in Morocco and other useful information on buying property abroad.
Around 400 miles from Africaâs west coast, Cape Verde is an area of 10 small islands in the North Atlantic Ocean. The islands already have tourism on the islands and due to plans to promote the area internationally as a tourist destination, tourism population are predicted to rise over the next few years. As the islands gain in popularity with tourists, they are increasingly seen as a promising property investment.
The summer months of July and October are an ideal visit the islands as the weather is warm and the winds are milder. The interesting mix of Portuguese traditions, African scenery and European architecture provide a uniqueness that will appeal to all types of travelers. The wonderful scenery is different on each island with some flat and desert-like while others are volcanic and mountainous; all of them offer magnificent coastlines.
The biggest and most popular island in Cape Verde is Santiago; it also has the main airport in the capital city of Praia. Nearly 50% of the areaâs populace inhabits this island and there is a vibrant atmosphere. Praia, being the capital city is located on the island and has scenery made up of mountains and deep valleys with a beautiful coastline of white sand beaches and black reefs.
Around the island are numerous diving opportunities including exploring shipwrecks on the ocean floor, and the winds are perfect for windsurfing activities. The local people love their music and the islands hold many carnivals, live music venues can easily be found and folk music is a proud tradition.
If you do visit the islands donât miss the salt mines in Sal, located inside a dormant volcano they are a must for every visitor. Fogo is a single volcanic peak whose slopes are marked with rivers of frozen lava and the beaches of Sal and Boa Vista are spectacular. There are plenty of water activities including surfing, water-skiing and scuba diving, these can easily be booked at your hotel and then relax on the beach with a bottle of the local rum.
Airlines have already established direct flights to Cape Verde from Europe, opening up the islands to international travelers which will assist its progression as a tourist destination and make the area an attractive choice for real estate investments.
Due to the islands natural beauty, friendly people and expected rising economy, the islands are attracting more and more interest from investors. Interest is being shown from all types of investors, including corporations looking for a new area to develop, business people in search of new opportunities and those wanting a holiday or second home. You will find inexpensive flights from Europe and once you are there, itâs hard not to fall in love with the islands.
Anyone looking to invest in a foreign country should really visit there themselves to experience it firsthand. Only you know what you require concerning climate, opportunities and people and taking the time to travel there will answer many of your questions. Once you have paid a visit and decide that it would be a good place to invest in then take a second trip and learn the business practices of the country, they will probably not be the same as in your home-country. If you are planning on running a business there be aware that business practices will be different than they are at home and learn their customs so as not to make mistakes.
If you compare Cape Verde to the rest of Europe properties are inexpensive, you can even find beach front properties still realistically priced. This gives investors the opportunity to establish a new business on the islands in expectation of the increase in tourism levels. Currently the islands are not set up for thousands of tourists and the opportunities are there for the picking. When you consider the low airfares, direct flights to the islands and the spectacular landscape on offer, it is obvious why Cape Verde Property Investments would be an excellent choice for individuals and corporations.
Michiel van Kets provides article services for Peter White who works for Aston Mortgage Services Limited, a company offering mortgage broker service set up on the basis of delivering competitive products for clients. The company is also specializing in Real Estate Investments in Cape Verde and Turkey. For info on Cape Verde Real Estate Investment or mortgage services visit the website.
Greece is situated in the South of Europe and is one of the most mountainous European countries, being surrounded on three sides by the Aegean Sea, Ionian Sea and the Mediterranean Sea. The length of the Greek coastline is 14000 km, and the beaches, according to the European Union, are cleaner than most other beaches of Europe. Greece has a population of approximately 11 million, and the cost of living is pretty high. Land-ownership in Greece follows a freehold policy, and is easily gained. Greek law allows citizens of all countries to buy and own property for sale in Greece, as long as they don’t fall in disturbed areas like eastern Aegean, Dodecanese islands, northern Greece, Crete, Rhodes, and Dorian’s home in Athens.
The overwhelming history and the hospitality of the native people have made Greece a popular tourist destination over the years. While the larger and more well-known islands like Corfu, Crete, Rhodes, Mykonos and Santorini have been popular tourist destinations for a long time, other smaller islands like Skopelos, Kefalonia or Zante are also slowly emerging as tourist hot-spots.
Before buying any property in Greece, it is important to determine how far that property matches your idea of a ‘home’. Once that perfect piece of property has been discovered, and the amount to be paid obtained, the purchase of property is not likely to take longer than a couple of months. Finding properties for sale in Greece is a very easy process. The State protects all property in Greece, and also gives equal rights to all property owners. A Land Registry program has been initiated by the Government, under which many islands have already obtained land registries.
There is a vast assortment of properties for sale to choose from, in Greece. These include high-quality, off-plan construction projects as well as the long-established, detached stone villas. In relation to Northern and Western Europe, properties in Greece are valued fittingly.
The purchase of properties for sale in Greece is fairly straightforward, and includes the following, simple steps: First and foremost, the property to be bought must be identified, and the required finances secured. A solicitor or accountant must be appointed. If any permit is to be obtained, then that must be applied for. A Greek bank account is required, and a Tax Registry Number must also be acquired by application. The pre-contract terms of sale and payment of property must be formulated and signed. Properties for sale in Greece must be secured after removal from the market by paying a 10% deposit fee. The ultimate step is to sign the final contract (the solicitor may sign on your behalf on being given the Power of Attorney) and make all necessary payments. As mentioned earlier, the entire procedure does not take longer than a couple of months.
While constructing buildings on properties in Greece, European Regulations and Standards of construction are rigidly adhered. Appropriate measures are also taken to protect the buildings from damage caused by earthquakes. In cities, the apartment buildings cannot be higher than 5 stories, while in suburban and rural parts of Greece, buildings and detached villas are one or two stories high. Such detached and semi-detached villas are extremely traditional, and commonly seen throughout Greece. The agreeable climate throughout the year and the geniality of the native people makes Greece a well-favored country, for potential property owners.
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