It has to be said that Google’s Street View service has been somewhat of a success since its inception around a year ago – 1 in 5 people use is to find their next home! 3 in 5 people use it to find their way and others use it to check out prospective holiday destinations. Google Maps (Street View’s parent service), has seen a 30% increase in usage since the Street View service was introduced.

Google Street View Car

Photo credits: Daniel Bowen via Flickr

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Google Street View Now Has Full UK Coverage

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

International Property News Beat – Emaar in Turkey, China Property Surge & Real Estate Lies

Under the agreement, Countrywide has the exclusive license to the Sotheby’s International Realty^® brand across the United Kingdom and Channel Islands. Countrywide will create a new subsidiary called United Kingdom Sotheby’s International Realty to operate its new luxury brokerage business in those regions. As part of the transaction, Countrywide acquired the Sotheby’s International Realty – London office in Mayfair, previously owned and managed by NRT LLC, the largest owner and operator of real estate brokerages in the United States. The office will be renamed London Sotheby’s International Realty.

“This is a major step forward in our worldwide growth plan,” said Michael R. Good, president and chief executive officer, Sotheby’s International Realty Affiliates LLC. “This agreement will enable the Sotheby’s International Realty brand to expand significantly in London and throughout the United Kingdom. The leadership of Countrywide is very talented and committed to growing our presence steadily over the next several years.”

The Sotheby’s International Realty network has approximately 500 offices in 38 countries and territories worldwide. Franchise affiliates benefit from an association with the world-renowned Sotheby’s Auction House, established in 1744.

“Countrywide moves more people than any other agent in the United Kingdom through a network of 1,200 offices with 41 leading estate agency brands,” said Grenville Turner, Countrywide Group Chief Executive. “We plan to expand the presence of the Sotheby’s International Realty brand in central London and across the United Kingdom and to capitalize on the renewed sense of confidence we see in the property market. While this new business will be run separately from our other brands, we intend to leverage the support of our existing business structure. We also look forward to collaborating closely with the Sotheby’s Auction House in London as we develop our strategies.”

Countrywide has seen growth in its U.K. market share over the last year, and believes this agreement provides the platform for additional expansion. “The Sotheby’s International Realtybrand is iconic and offers a huge potential for quality growth,” said Robert Scarff, managing director, Countrywide Estate Agents. “The strength of the U.K. property market for foreign investors makes this an ideal situation for us.”

According to Charlie Smith, managing director, United Kingdom Sotheby’s International Realty, the agreement offers the opportunity to be part of a larger network of offices across the United Kingdom. “I’m thrilled with this news as Countrywide is the biggest player in the market with the energy and power to help us grow a U.K.-wide network,” said Smith, whose tenure with theSotheby’s International Realty brand surpasses 10 years. “This offers potential to grow across prime locations and signals a new and exciting chapter in our history.”

About Sotheby’s International Realty Affiliates LLC

Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Affiliations in the system are granted only to brokerages and individuals meeting strict qualifications. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

About Countrywide

Countrywide is the U.K.’s largest and most successful estate agency and property services Group, operating more than 1,200 associated branches across England, Scotland and Wales.

Countrywide’s network of expertise helps more people move than any other business in the U.K. and is a leading provider of estate agency, lettings, mortgage services, land and new homes, franchising, auctions, surveying, conveyancing and corporate property management services.

Countrywide’s award-winning service has earned the business 29 high-profile industry awards in the last two years, which include Best Estate Agency, Best Letting Agency and Best Land & New Homes Agent of the Year at the 2009 Negotiator Awards, and Best Surveyor & Valuer at the 2009 Mortgage Strategy Awards. Customers also voted Countrywide Best Estate Agent at the 2009 Estate Agent & Letting Agent of the Year Awards. For more information, visit: www.countrywide.co.uk

Contacts

Jennifer Zimmerman
Director, Public Relations and Communications
Sotheby’s International Realty Affiliates LLC
1 Campus Drive
Parsippany, NJ 07054
(973) 407-6375
Email Contact
Gemma Stacey
Group PR Manager
Countrywide
Tel: + 44 (0)7515753344
Email Contact

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Press Release: Countrywide Acquires U.K. Franchise for Sotheby’s International Realty Brand

Vietnam’s luxury property sector has been surprised by a rise in local Vietnamese buyers, filling the void left by the exodus of foreigners at the tail end of 2008.

Last year saw locals buy into the Hyatt Regency Residence and Ocean Villas in Danang or Sanctuary Ho Tram Resort in Ba Ria Vung Tau province where an apartment is priced at at least $180,000 and a villa up to $1.7 million.

Even more surprisingly is the fact that some analysts have linked this to the fact that Vietnamese citizens are hiding stacks of wealth in other investment vehicles including gold and securities, because the official average salary in Vietnam is just $1,100.

It is far more likely to be explained by the massive gap between rich and poor in Vietnam, the large proportion of society living in poverty, and the section of society that is becoming increasingly wealthy as leaders of industries like manufacturing, tourism, and banking.

1, 2, 3 or even 10 luxury developments seeing sales to a majority of local citizens is not enough to become a representation on the pictures the world has of a Vietnamese nation which is still a poor country by international standards.

That aside, of course the increasing number of sales to locals in the luxury sector can only be a good thing for the economy and the real estate sector. The reliance on foreigners will hopefully be a mistake never again made by developers, so an increase in sales to locals may mean that a luxury sector can still exist in Vietnam. It is also an indication that affluence is rising in the country, which contrary to the belief of some is still a good thing for a beleaguered nation such as Vietnam.

On the downside, Vietnam property became grossly overvalued, as it did in many other countries in Asia and around the world as foreign speculators drove markets crazy. In most places the exodus of foreign buyers has been a sobering experience for the market, especially the luxury sectors therein, such an increase in local demand in Vietnam’s local sector may prevent the market from being sufficiently corrected.

That being said, if there is such levels of foreign demand, maybe the market has already corrected far enough.

Photo credits: Vietnam Real Estate Blog

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Luxury Property in Vietnam Bought by Locals Causes a Stir

Mortgage backed securities sold by US (lenders) mortgage originators were at the heart of the financial meltdown that we have all just fallen victim to. Any drop in their sale now would damage its fragile recovery, not only by causing a rate-hike, but also by causing liquidity for new mortgages to fall backwards.

For those that do not know, mortgage backed securities are a form of investment. Basically it is where mortgage originators bundle up multiple mortgage deals that they have in place with debtors into pools (also known as being “packaged up”) and sell them to investment funds. The investment model was originally started by the US Federal Reserve, which began buying mortgage bundles from lenders, in order to free up their capital to make more mortgage loans available.

The primary sellers of US mortgage securities on the international market are Fannie Mae and Freddie Mac and the less heard of Ginnie Mae, AKA the Federal National Mortgage Association (FNMA), the Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, all of which act as guarantors on the payments of the mortgages they sell. Ginnie Mae further guarantees the timely payment of its mortgages. Fannie and Freddie were privatised, but are now once again state-owned.

The primary investors in mortgage backed securities are government-owned funds, AKA Sovereign Wealth Funds. During the last US housing boom, foreign governments invested billions of dollars in mortgage backed securities. The mortgage-holders bundled up in those packages defaulting en-masse, is thought to have been one of the main contributory factors in the collapse of the US banking system, which of course led to the global financial crisis.

So, will foreigner sovereign wealth funds be so quick to jump back onto the MBS wheel? The Fed is obviously banking (pardon the pun) on the answer being yes, but according to experts their desire to buy MBS will not be anywhere near enough to stop interest rates from spiking.

“I don’t think it will be enough to fill the hole,” said Ajay Rajadhyaksha, head of fixed-income strategy for the United States at Barclays Capital.

However, it is also worth bearing in mind that increasing interest rates will increase the yields from mortgage backed securities, which collect the returns from mortgage payments. Therefore an initial drop in securities sales may bring increasing sales as interest rates are pushed up.

Of course any jump in interest rates would hurt the US housing market as it struggles on a rocky path to recovery. But the other effect of a drop in the sale of securities would be just as devastating: that is the very reason why the first sale of mortgage backed securities was made; to generate liquidity for new mortgages within the banking system.

Without doubt the cumulative effect of an interest rate rise, and the availability of credit falling backwards would definitely hurt the US housing market in the short-term. The FED is simply hoping that the increasing revenues from securities as interest rates rise, will combine with the increasing liquidity in the banking system to intensify the recovery in the medium term.

Photo credits: Woodley Wonder Works (via Flickr)

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

US Housing Market Could Once Again be Rocked by Securities

The aigroup has nearly 20 years of experience in Russia and 10 years in the luxury property business and organizing successful overseas property shows in Russia, including the Moscow International Property Shows, Moscow International Investment Shows, the St. Petersburg International Property Shows and the Bulgarian Salons and Exhibitions.

“In the last years there has been a tremendous increase in the number of Russians buying overseas property, � said aigroup CEO Kim Waddoup, Russia’s internationally recognized authority on overseas property. �The largest increase has been in the first time buyer sector as the emerging Russian middle class buys. This market trend has been noticed by our participants who are catering to this market. However there has been a lack of an event catering solely to the wealthier sector and to satisfy this demand the Moscow Golf & Luxury Property Show has been created.”

The Moscow Golf & Luxury Property Show is sponsored by property luxury market leaders International Residence Magazine and 1-property.ru property portal, as well as Golf Digest Russia. The event will take place on April 23-24, 2010 from 12pm & 7pm, in the “T-Modul” exhibition hall in the centre of Moscow: location map. The Moscow Golf Show Party will be held Friday, April 23 at 7pm and will feature great food, exotic drinks and golf activities, which will give guests the opportunity to test the latest cutting-edge Russian golf equipment.

The remaining stands are selling fast and International Golf suppliers and developers of luxury property are recommended to contact the organisers to secure their space at this strategic event.

For further information visit www.aigroup.ru

Press Contact:

Kim Waddoup, CEO aigroup

Email: kim@aigroup.ru
About aigroup:
Russia’s aigroup offers full services for overseas property developers and agents to promote themselves directly to Russian buyers. With nearly 20 years of experience in the industry, aigroup is highly qualified to offer effective marketing solutions in order to penetrate the growing groups of Russian buyers. In 2003, aigroup launched the Moscow International Property Shows and in 2004 launched the magazine International Residence. The group now spearheads eight overseas property shows in Russia, and in addition, has also created Russia’s leading luxury real estate portal www.1-property.ru. Its shows include the Moscow International Property Shows, the Moscow International Investment Shows, the St. Petersburg International Property Shows and the Bulgarian
Home exhibition.

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Press Release: Aigroup to Host Russia’s Premier Golf and Luxury Property Show

However, it is unclear exactly how much Trump has to do with the 48-story condo tower, at 15th and West Peachtree Streets; Atlanta-based Wood Partners, LLC and New York-based Dezer Properties Inc are also named on the paperwork.

If the case in Florida — where residents attempted to sue Trump, only to find out he was not the main developer — is anything to go by then the answer is: not a whole lot. The fact that the loan is scheduled to be sold is another indication that perhaps the lenders know something we don’t with regards Trump’s involvement; we don’t know many lenders that would doubt Trump’s ability to pay such a profitable loan.

According to sources the development is still likely to go ahead, but not for the foreseeable future due to oversupply of condos on the market since the credit-crunch heralded a catastrophic drop in demand for such properties. To that end a plan has been drawn up that would see the tower become a hotel on-top, with the same high-end retail and commercial spaces in the lower levels.

The problems for the development arose from the moment the development was supposed to arise; the market was dying off when construction was scheduled to begin in 2007. The last news article on the website for the project is in mid-2008 and says only that 90 units were sold on the development before it broke ground, and that it was scheduled to be completed in early 2010.

Looking further back through the articles, the Piedmont Review covered the development in great detail at the beginning of 2008, when there was still plenty of buzz about how it was going to fill the niche in demand for mid-priced ($400k to $1m) condos in the mid-town areas. It seems that the problem only arose when sales dried up after 90.

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Trump Towers Atlanta in Foreclosure Questions

According to new data from international estate agency Knight Frank, the number of Brits buying second homes rose by 2.6% last year, which not only reversed 2008’s fall, but also took the number of British second homeowners to the new high of 245,384.

Unfortunately, according to the research most of the second homes purchased by Brits in 2009 were purchased in the UK. This has been put down to a combination of the strong euro, the green initiative behind holidaying at home, and the trend of “staycationing”; exploring what our own landmass has to offer. A recent Telegraph article said that sales of overseas property dropped 80% last year.

The question the overseas property industry must ask of this data is: will the buyers come back in 2010, 2011, or will this have forever cancelled the British lust for holiday homes and investment properties abroad?

The short answer is: a bit of both; yes they will come back, and in fact there are clear signs that they already are; but yes the credit crunch has forever changed overseas property, or certainly made a lasting change, in that people will no longer fall over themselves to invest in emerging market buy to let’s simply because they are cheap; and not without looking into the supply/demand fundamentals in the locality.

In fact, in yet another irony to emerge from the currently bizzaro-world that is the international economic scene; the currency fluctuations and debt time-bombs are actually increasing sales of overseas property.

Never before (or certainly not in my lifetime) has there been so much fear over inflation and currency devaluation making our savings halve in value or worse. And so never before have so many people sought to put their cash savings into tangible assets. Many people are putting their money into gold bullion, but the effect of this since the start of the crisis has already sent the price of gold soaring.

The massive price of gold is making property the better option. But not property in the US, UK or Europe, where the debt balloons could yet cause further property deflation, but in markets that are considered to be insulated from the financial madness. This is leading to increasing sales of property in the Caribbean, where Cardea property consultants sold $7 million worth of prime St Lucia property in January (Overseas Property Professional – membership required).

Digression over; sales of property overseas have been increasing gradually since last April. Initially all buyers were paying cash, and it was predominantly lifestyle buyers favouring high-end property in established markets. This has slowly started to change, with clear signs that investors were returning appearing in things like Germany entering portal top 10s etc.

This was reinforced recently when major portal Primelocation reported a 55% increase in searches for property in Cyprus and Bulgaria, and a 60% increase in searches for Turkish property. The portal also reported a 25% increase in overseas property searches on the whole.

The increase in sales last year caused overseas realtors to breathe a sigh of relief, and the return of investors another. However, all agents reporting sales are also reporting that buyers are grilling them for more information on the properties and developers, and that most buyers buy only after visiting the development of choice. This means that agents have to step up their game, they have to make sure they know the properties they sell inside out, and that any investment potential is backed up by a lot of research on their part.

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Overseas Property Down, but, Not Out?

In what is one of the biggest ironies the world may have ever seen, because of stimulatory measures taken to stave off the effects of the financial crisis, several countries are now having to act quickly to avoid their housing markets overheating, and to curb the same irresponsible subprime lending practices that caused the crash in the first place.

The most notable of these is China. The government has recently enacted several policies aimed at cooling the housing market, which is rapidly inflating into a bubble, and the latest move is aimed directly at irresponsible and even fraudulent lending practices.

Directive 138 is specifically targeting the special relationship that is being forged between lenders and real estate agents.

This relationship has become particularly close lately as lenders recently started paying cash bonuses to realtors for bringing in business in the form of high value loans. This is because of the fierce competition for loans in the growing Chinese housing market. The authorities are keen to stamp out the practice because it leads to realtors not doing the proper checks on their potential clients, and even to the realtors providing false documents to the potential debtors.

This seems like an obvious consequence to those of us on the outside looking in; to the realtors it was a no-lose situation: it is in their best interest for their clients to get a mortgage, because that allows them to pay for the property, which gets them the commission there, so the banks adding a cash incentive only intensified their reasons to want the client to get a mortgage. Who knows why it wasn’t obvious to the lenders. It seems that greed is still blinding even though we now know what this greed can bring.

The signs that the overheating mortgage market is leading to a US style crash are already becoming apparent: According to China Net News, failure to meet mortgage repayments is an increasing phenomenon, resulting in rising instances of bank-initiated legal action, and nearly one million Yuan in economic losses.

Court sources show that in Haidian district last year, late mortgage repayments took 400 people to court, while Changping and Shijingshan saw a fourfold increase in similar cases compared to the year before.

To be frank, the world cannot afford a crash in China like the one that happened in the US, so let us all hope that the measures being taken are enough.

Photo credits: NigeJones via Flickr

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Chinese Authorities Fight Irresponsible Mortgage Lending – Sound Familiar?

By now anyone who hasn’t been living under a stone for the last month has heard of the Greek financial crisis. Basically, Greek has a massive budget deficit and investors have grown concerned about the government’s ability to bring it back under control, which has subsequently weakened the EU and the euro — not least because it highlights similarly huge deficits in Spain, Portugal, Italy, Ireland and the UK.

This is all a huge worry for the Greek economy, meanwhile Greek property prices have only fallen 5%, and according to agents foreigners are still looking for property in the country. The question is: how will the recent debt explosion affect the property market, will foreigners still buy property in Greece?

The in-a-word answer to that question is NO! To elaborate, the drop in foreign demand for Greek property likely to come from the current bad publicity could lead to the crash in the Greek property market starting now, which would be a catastrophe for the market.

Most of us know that Greece is not the only country in the EU that has a massive budget deficit because of spending to stave off the financial crisis.

Greece is unique though, because Greece has been trying to get to grips with a massive deficit since long before the recession struck. Subsequently, government spending to stave off the recession — as it did in all the countries named above — pushed the Greek deficit even higher. So, investors now ask, if they couldn’t bring the deficit down from 9% of GDP, how are they going to bring it down from 12.7%? There is even talk of this crisis bringing the complete collapse of the entire Greek economy.

The latest news is that Germany is considering a “bail-out” of Greece if it makes takes what EU Monetary Affairs Commissioner Olli Rehn called “determined action” to reduce its budget deficit.

Greece wants the EU to be much more implicit in its statements that Greece will be bailed out if necessary, and to state how this would happen, which would increase investor confidence that Greece would not default on its debts, and make raising financing easier and cheaper for Greece.

At the same time there is considerable pressure on the German government to avoid such a move, and yet more uncertainty in the future of Greece. In fact the only thing that is certain, is the fact that Greece will be forced to make spectacular spending cuts in the coming months and years.

Had we been in 2007 and in the clutches of a buy-on-sight property boom, as in sight over an internet connection, then Greece would likely have been okay. But because we saw property values around the world shed millions, today’s buyer is going to great length in researching any potential purchase. One of the main things buyers are researching is the underlying stability of the economy in the country of choice.

Maybe the government will make cutbacks in the public sector only. But this would cause unemployment and ultimately stunt economic growth, which makes it unlikely. So, maybe spending on tourism advertising and infrastructure development will drop, causing a resulting drop in tourism. This would push prices downward in tourism driven areas, which tend to be the areas foreigners buy in.

In truth: no one knows what the cutbacks will be, or the effect they will have on property prices, and it is that uncertainty that will also stop foreigners from buying property in Greece.

So far, Greek property prices have only fallen 5% according to internationally respected indices. With the current situation, this could now become a negative, because Greece will also lose out on the bargain hunters that are currently brining hope to markets like Spain and Florida. If foreign demand drops off, then prices could start their crash now, which would be a complete catastrophe, not to mention public sector cuts bringing prices down in the residential markets inland. All in all there is just too much uncertainty for the current risk-averse buyer to swallow.

Photo credits: Mick via Flickr

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Will Foreigners Buy Greek Property Despite the Financial Crisis?

Canadian house prices have risen so rapidly, because the Canadian government acted as quickly and as fervently with its stimulatory measures to stave off the financial crisis as the US, but the Canadian banking system and economy were in nowhere near as bad a shape as their US counterparts. This created the kind of liquidity surge seen in all those other places named above.

The Canadian authorities are now worried that people are borrowing more than they will be able to afford when eventually interest rates are increased from their still-record lows. It would certainly be ironic if Canada caused a crisis in trying to fight one that never really hit it.

In Australia they have already started jacking up interest rates. Canada is in a difficult position in that respect, because they have promised not to raise interest rates until June — the promise itself caused a further transaction surge in the housing market.

So, a set of measures have been announced, which are targeted at reducing people’s access to easy credit. Despite the fact that he dismisses the bubble scenario, Jim Flaherty announced measures last week that make it more expensive to buy an investment property, harder to get a mortgage, and reduce the amount that existing homeowners can borrow against equity in their home.

Mr Flaherty said he wants “to discourage the tendency some people have to use a home as an ATM, or buy three or four condos on speculation.”

From April buyers of investment properties will be required to pay a 20% deposit, currently they must pay the same 5% paid by residential buyers. Homeowners will only be able to borrow 90% from the equity in their home, they can currently borrow 95% and anyone taking out a short-term mortgage will need to meet the stricter criteria set for a five-year fixed-term loan.

Photo credits: Ian Muttoo via Flickr

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

Letting Some Steam out of the Canadian Housing Market

Golf developments in sunny locations are a big-hit with the buyers, and have sold well even during the recent downturn. They generate millions in revenue for the locations in which they are built. Unfortunately developers are trying to capitalise on this fact to build golf courses on conservation areas and even on people’s homes. Obviously this is a cause of controversy. Between that and the development escapades of fallen star Tiger Woods, here are some interesting stories in the world of international golf resort development — here are just a few of them:

Trump Course on the Menie Links Aberdeenshire

First of all we have plans for the “world’s greatest golf course” on the Menie Links in Aberdeenshire from our friendly global entrepreneur come property developer Donald Trump. Controversy comes from the fact that homes currently exist on the site, or rather from the fact that Trump has based the plan on the fact that the local council will make compulsory purchases of the homes if the owners persist in refusing to sell.

According to the design of the development one of the four homes within the bounds of the design is wiped out by the golf course, and the other by a block of holiday apartments. The scary thing is that the revenue a resort of this magnitude can bring to the cash-strapped local authority will make Trump’s demand for compulsory purchases hard to refuse. Given the 241 comments in the Scotsman, mostly against the proposal… I predict a riot!

Tiger Woods Dubai Golf Course

This is a $5.1 billion golf course, designed by golfing giant Tiger Woods, arguably the best golfer who ever lived — he also owns a small stake in the project. Controversy here comes from two reasons; a: the course was designed by Woods long before it was revealed in a Hollywood style Expose the he had been sleeping with 11 women as well as his wife, and by the course was designed and started when Dubai villas were being sold for $11 – $23m, now you’re lucky to get $1m. None the less according to recent reports the project is proceeding now, after delays over the past few months.

Tiger Woods Albany Golf & Beach Club in Bahamas

To be honest this is a fantastic project. One that I would buy into myself had I the £3m price-tag for an apartment. Controversy here comes again from the Tiger Woods involvement; the star having since been disgraced by his adulterous affairs and had several major sponsorship and advertising deals revoked.

Harbor Shores – Lake Benton – Michigan

This is a golf-centred development of luxury condos on the shores of Lake Benton in Michigan, which has just received a further $12.6m in tax credits because it is recycling polluted industrial land. Controversy here comes because the grants come at a time when the developers are being taken to court, for failing to build new parks as a replacement for the conservation park-land it was granted a long-lease on, and because it is also being taken up on other suits because residents say that they are polluting the conservation land themselves.

Westhill Golf Resort Development – Aurora – Ontario

This is 75 condos built around an 18-hole golf course. The controversy here lies in the fact that the developer has applied for planning permission to build the resort in an area of strict conservation under The Oak Ridges Moraine Conservation Act (ORMCA) and the Greenbelt Act. Conservationists say that — on top of the conservation issue –, despite the developers’ proposals to collect and recycle water, the development would put the already over-stretched water-supplies in the region under further stress.

Photo credits: bradleypjohnson via Flickr

This Post is from: Overseas Property Mall, part of Fuzz One Media Group

5 of the Most Controversial Golf Resort Developments