Albania is a relatively young hopeful among Europe’s emerging property markets. The country, which only broke free from communist rule in 1992, has been working hard to make itself an attractive destination for overseas property investors. Infrastructure improvements, approval for membership of NATO and EU, no restrictions for foreign buyers and a flat tax rate of 10% are all adding up to a prospective investment location that is worth monitoring over the next few years.

Philip Bay, Regional Director of Colliers International Southeast Europe, said, “We have actually been operating here for many years. We are very confident that Albania has a bright future and can look forward to sustainable growth. The country is at an early state of real estate development and will become an attractive market in three to five years.”

Albania’s economic growth during 2007 was around 6% and in the same year, the government approved a fiscal package which ticks all the right boxes for investors. It included a flat rate of 10% on personal income tax, corporate tax and capital gains tax, no VAT on property purchases with foreigners allowed to own 100% of Albanian companies. In addition, the country has some of the cheapest property prices in Europe, with annual price growth of around 30% year-on-year in the capital,Tirana and coastal regions, indicating all the right ingredients of a newly emerging property market on the cusp of a boom.

As any seasoned investor knows, access is vital and Albania is currently making major infrastructure improvements with the help of loans totalling more than €90 million from the Japanese and Austrian governments. The money is being used to make a broad sweep of improvements which will include upgrading the main Albanian port of Durres which is 35km from Tirana and an important link to the country’s Balkan, Black Sea and EU neighbours. Tirana International Airport was upgraded in 2007 when improvements included a new terminal building and airport access roads. The airport now has a capacity of around 1.5 million passengers and offers direct flights to and from London, New York and a range of European cities, attracting tourist and foreign investors from around the world.

James, Gonzalez, Market Analyst at Obelisk, highlights the increasing amount of foreign investment in Albania as a major indicator for the growth of its property market. “Within the last 5 years the number of commercial buildings springing up on the main road which runs between the airport and the city of Tirana has grown considerably and companies such as Hewlett-Packard, Peugeot, Citroen have moved in. Vodafone have been in Albania since 2001 and earlier this year announced that it was expanding operations there. I think this is definitely one to watch.”

News submitted by Alison Kane, Obelisk

Post from: Overseas Property Blog

Albania Poised for Property Boom

Small (about the size of Scotland) but perfectly formed, Panama is continually ranked amongst the top five places in the world to retire to, largely thanks to its warm climate, postcard-worthy beaches and pensionado (retiree) program which is beyond generous. And, with the US dollar as legal tender, Panama got even more appealing for Brits, canoe enthusiasts or otherwise, whose pennies now stretch a whole lot further.

This narrow corridor of land linking Central and South America, dividing the Caribbean and the North Pacific, is one of the safest and most stable destinations in Latin America. The capital, Panama City, plants a historical heart alongside Miami-style skyscraper living, whilst tropical rainforests, rugged mountains and some 1,000 castaway islands prove that nature has truly blessed this nation. It’s little surprise that Europeans and North Americans alike are looking to put down roots here.

The Panamanian Government has certainly done everything to entice a mature clientele. Anyone buying property may apply for permanent residence one year after having applied for a residence visa and once in possession the pensionado program is yours for the taking. Acknowledged as being the best in the world, eligible parties can enjoy 50% off entertainment (movies, theatres, concerts), 30% off bus boat and train fares, 25% off air fares, 25% off utility bills, 20% off doctor’s charges, 15% off dental and eye examinations, 15% off hospital bills, and the list continues. What’s more, Panama is one of the best offshore havens in the world.

Deane Roe, Account Manager for foreign exchange specialist Moneycorp, would advise that buyers of dollar property act quite swiftly in order to make the best of the current dollar sterling exchange rate situation. Deane comments, “Whilst there is no clear outlook on the way that the dollar is going, or sterling for that matter, what we can observe is that each time sterling approaches the two dollar mark it gets knocked back so it seems unlikely that it will climb any further. It would be sensible for buyers of the dollar to act now, and those sending regular remittances from the UK to US dollar regions should consider arranging a series of forward purchases to maximise the current favourable rate.”

Occupying one of the most coveted addresses in Panama City, Balboa Avenue, is Destiny Panama Bay. This bayfront thoroughfare looking out across the Pacific Ocean connects Panama City’s old ‘Casco Viejo’ to the rest of the city and is home to the area’s main banking and business district as well as its most elite residential projects. With all the trappings of a modern city on the doorstep, Destiny Panama Bay is ideally located just minutes from the renowned Canal, clean sandy beaches, golf courses, undiscovered islands, lush mountainscapes and historical sites.

The work of award-winning architect Isaac D Mizrachi, Destiny Panama Bay offers a choice of one and two bedroom apartments each with unobstructed city and bay views, best seen through the full-height glazing and from the ample private terraces encased in glass balustrades so as not to compromise the vistas. The properties are equipped with every modern trimming from premium Italian-designed kitchen cabinetry with imported granite worktops and stainless steel appliances to include self-cleaning ovens and American-style fridges with ice maker through to glass enclosed bathtubs in the master bathrooms, walk-in dressing rooms and pre-wiring for high speed internet throughout.

Accessed via an imposing portico entrance, with valet parking and 24-hour bellboy assistance on hand, Destiny Panama Bay has a stunning two storey atrium lobby leading to four high speed lifts reaching the apartments and amenities. A large heated infinity-edge swimming pool flanked by day-beds, cabanas and chaise longues is just one facet of a mammoth sport and leisure offering. The 5th floor is given over to racquet sports with squash and racquet ball courts as well as half basketball courts whilst the 27th floor is devoted to a state-of-the-art fitness centre and Spa with commanding views across the Pacific Ocean. The 28th floor has a room for parties and banquets with a chic contemporary design and the uppermost 51st floor is home to a sky entertainment deck with a bar, barbecue area and sunlounging terraces. A business centre together with conference facilities, concierge, covered parking and 24-hour CCTV security complete the picture.

Local experts have commented that any property due for imminent completion is sure to attract high rental yields due to a marked undersupply of suitable accommodation. According to Global Property Guide, apartments in Panama City are currently attracting Gross average rental yields of 10.88%. Destiny Panama Bay has a property management facility available at owners’ disposal.

Prices start from 3,960 USD for a one bedroom apartment and from 6,500 USD for two bedrooms with completion anticipated for the end of 2008. Finance of up to 80% is available through household name banks.

News submitted by Sarah Drane, GEM Estates

Post from: Overseas Property Blog

Panama – A Naturally Gifted Retirement Haven

UK property developer Select Property has sealed an impressive deal, purchasing two of the most prestigious islands on Dubai’s coveted “The World’ archipelago. The two islands (France and Spain) will combine to deliver ‘Aquitainia’, a stunning £750million private island paradise. The company has partnered with one of Dubai’s leading private developers on the project, Select Group. The two companies have worked together since 2004.

Aquitainia will be the height of expressive and contemporary design. More Miami Beach than Indian Ocean, open plan living is complemented with rooftop plunge pools and private berths. While Aquitainia’s design undoubtedly distinguishes it from other developments, its central location is equally appealing to residents as it is one of only a few islands ideally located near all four transportation and commercial hubs, giving easy access to the idyllic island shores.

Due for completion in 2012, Aquitainia is a collection of 816 units spread over almost 1million square foot. Comprising of a range of one and two bedroom suites, three bedroom penthouses, land and water villas, all properties offer spacious living accommodation and spectacular views. Aquitainia will also have numerous marinas with berths for hundreds of boats: the ultimate in exquisite living.

Starting prices for one-bedroom suites are from around £498,000 – available with a guaranteed 15 year payment plan, all with funds secure in Escrow.

Says Mark Stott, Managing Director of Select Property: “Dubai is already known for luxury but Aquitainia will go further still to offer the most unique property purchase with unrivalled quality and relaxation in a stunning Gulf setting. We’re not planning ‘huts on stilts’ – this is Dubai’s luxury, contemporary lifestyle at its best.”

Not only does this £750 million development offer a lifestyle that is absolutely unattainable anywhere else, it offers the buyer a once in a lifetime opportunity to obtain a sure capital investment in a growing market that continues to go from strength to strength, defying the widespread credit crunch.

Stott continues: “As one of the only areas in the world not to be affected by the current economic situation, Dubai continues to attract an increasing number of markets to its sun kissed shores, not least property investment. In an economy that is showing no signs of slowing, this Emirate is still hugely popular with both the holidaymaker and those looking for a more permanent luxury.”

The properties on Aquitainia all take their names from popular, cosmopolitan areas within France and Spain. Monaco, Cannes and St Tropez represent France, while the areas within ‘Spain’ include Marbella, Barcelona and Madrid.

The World is an archipelago of 300 islands located just four kilometres off the Dubai coastline, amidst the crystal blue waters of the Gulf. Master developer Nakheel constructed The World from 300 land masses, using terraforming to recreate the shape of a world map.

Dubai is also a city built for tourism, the most recent statistics revealed by The Dubai Department of Tourism and Commerce Marketing were very impressive – in September 2007 5.1 million holidaymakers were staying in hotels across Dubai, a number which is continually growing.

Dubai too, has a thriving population who make the most of the tax free lifestyle in this city of opportunity. The nightlife is excellent, with cocktail bars, wine bars and themed bars. Other man-made landmarks such as Palm Jumeirah, Dubai Marina and Palm Jebel Ali have caused such a stir with their 5-star hotels, retail areas, and world-class marinas that from fishing to yachting to fine dining and shopping, Dubai equals a very unique way of life.

And with said high profile neighbours such as Brad Pitt, Angelina Jolie, Rod Stuart and the Beckhams, property on Aquitainia is born for the limelight!

News submitted by Helen Cotton, Select Property

Post from: Overseas Property Blog

Select Property Unveils the Most Exclusive Address in the World

A profitable land and property investment opportunity!

If the idea of purchasing your own plot of land and then building your own personal villa on it sounds appealing, then Turtle Bay Beach & Golf Resort in Porto Seguro, Bahia in Brazil is a fantastic investment to make.

With 735 freehold land plots and property for sale over an area of 70 hectares in one of Brazil’s most popular tourist destinations, Porto Seguro, the Turtle Bay Beach & Golf Resort is part of a five-star residential development set in a stunning natural landscaped environment featuring coconut groves, mangrove and lagoons where investors can purchase an area of land for a low initial outlay of only £20,700 and benefit from strong capital appreciation by either selling the land or having a luxury, fully-furnished villa built for you.

• Five-star eco-development situated on a 300km stretch of coastline
• Neighbouring developments in area have already witnessed returns as high as 200% since 2006
• Famous home-owners & visitors include Bill Gates, the Prince of Norway, Leonardo Di Caprio and Sting
• 5-star boutique hotel
• Thalassotherapy Spa, Beach club & Gym
• 9-hole par 3 golf course
• Seawater swimming pools
• Equestrian centre
• Clubhouse with lounge, bar & restaurant

Call Dream Homes Worldwide on +34 952908803 to speak to
an investment consultant about Turtle Bay Beach & Golf Resort

Post from: Overseas Property Blog

Turtle Bay, Bahia, Brazil: Launch

The Spanish property sector has recently come under increasing pressure to make its real estate sector more transparent, and according to international property consultants, Jones Lang LaSalle, that is exactly what it has done. Their 2008 Global Real Estate Transparency Index showed that Spain is making real progress and is now rated 10th in Europe and 16th in a world ranking of 82 property markets.

The Index measures legal frameworks, levels of professionalism, availability of reliable market statistics and corruption levels in real estate sectors worldwide. The 2008 Index showed that Spain had risen two places since 2006, from 18th to 16th. It is thought that the improved availability of information and greater professionalism in the Spanish property sector are the main reasons for Spain’s rise in the rankings.

James Gonzalez, Market Analyst at Obelisk, believes that tighter regulation is key to Spain’s improved rankings. “The Spanish government has got really tough and officials have been conducting snap inspections to ensure that agents are adhering to regulations. A good example is Decree 218, which requires agents to provide buyers with information similar to that available in the UK’s Home Information Packs (HIPs). Agents who do not comply are being prosecuted and obviously the tighter controls are helping in terms of transparency. This we can see from Spain’s new position in the Jones Lang LaSalle Index.”

Jones Lang LaSalle says that the Index provides a rigorous framework for comparing the levels of transparency across world property markets. The latest Index shows that almost half of the countries surveyed in 2006 demonstrated a significant improvement in their transparency levels in the 2008 Index. They added that levels are improving across the world as governments work to streamline regulations and laws to improve cross-border movement of capital.

The increased transparency in the Spanish property market is a sign that the authorities understand its importance within the country’s economy. The market is starting to re-invent itself and according to the Spanish property portal, Kyero.com, buyers are using the current market condition to their advantage. Mark Stucklin of Spanish Property Insight agreed, suggesting that the downturn in the market had put an end to “speculative herd buying”, but was not deterring those buyers who had done their research and were using the market to get better quality at a lower price.

News submitted by Alison Kane, Obelisk International

Post from: Overseas Property Blog

Spanish Property Cleans Up Its Act

With price rises of between 15% and 25% expected in 2008 and impressive economic growth, Romania is powering ahead of other European markets. Its success is set to continue as Forbes magazine reports that the Romanian business environment is considered more attractive than that of Turkey and Croatia. Investors have begun to take notice of Romania and Obelisk’s regular client survey showed that the country is one of the top 2 favourite investment locations.

As mortgages are such an important factor in successful overseas property investment, Obelisk Private Finance has negotiated with the major lenders in Romania to allow both resident and non-resident investor clients to take advantage of mortgage facilities in order to finance their property investment in Romania.

Obelisk Private Finance is able to offer investors flexible financial solutions for a range of investment choices. Clients who wish to buy property or land, build their own property, remortgage a current property or take advantage of an equity release scheme will find that there is a mortgage product to suit their needs. Investors with proof of income can obtain mortgage funding of between 70% and 100% of the appraisal value of the property, subject to the bank’s lending criteria. The mortgage process usually takes around 6 weeks from start to finish and a mortgage offer - subject to valuation - will hold good for a period of 3 months.

In Romania, mortgage terms are usually up to 35 years or the maximum age of 70 and interest rates are impressively low. They are around 4% fixed and the variable rate is around 6.5%. Some lenders also offer investors the added bonus of a limited period of interest only payments. Around 70% of your income will be taken into account when calculating affordability and this compares favourably with many other European countries.

Obelisk’s Fontana Residence development, situated in the thriving city of Cluj-Napoca in north west Romania, is one of the first modern developments in an area which is benefiting from extensive foreign investment and where the population is set to double over the next 10 years. Investors in this development can take advantage of Obelisk’s mortgage products to allow them to leverage their property investment and maximise their capital gain while minimising their costs. Ken Thorkildsen, Director of Obelisk Private Finance is pleased to be able to offer such flexible financial solutions for clients’ investments in Romania.

Ken recommends leveraging to finance your investment. “Using a mortgage product means that your initial outlay costs stay low while the potential for capital gain is high.” With house prices predicted to rise by between 15% and 25% in 2008 alone, using a mortgage to leverage your purchase means that investment potential in Romania is very promising indeed.

News submitted by Alison Kane, Obelisk Private Finance

Post from: Overseas Property Blog

Investors Take Advantage of Romanian Mortgages

Adding to its ever-expanding list of property information guides, TheMoveChannel.com has gone one step further and by providing avid property readers with access to the webooks network, which allows users to read the full text of many different published books, without cost and with no need to register.

TheMoveChannel has created a catalogue of all webooks titles across the property investment, home and overseas property categories, as well as the travel and emigration titles. Readers can read books online online at no charge or quickly search thousands of topics at a stroke of a key and a click of a button.

Director of TheMoveChannel.com, Dan Johnson, had the following to say: “I’m delighted to add the property category of the webooks network to our growing library of guides, featured articles and books. webooks will provide our readers with in-depth, detailed information on buying and selling property, both domestically and internationally. Well-informed buyers are generally more active in the market, so this isn’t being done for entirely altruistic reasons, as we hope to help educate and inspire our visitors to make better property investment decisions.

Established in 1999, TheMoveChannel.com is a property portal that has been helping international estate agents, developers, investors and private owners to buy and sell homes, holiday villas, investment apartments, land, commercial property and other real estates. Packed with guides on finding, buying, selling and letting property, TheMoveChannel.com satisfies the needs of everyone from first time buyers, seasoned international investors, right through to corporate clients.

All webooks titles are published in print by How To Books, an Oxford-based non-fiction publisher. Each title is a self-help books and there’s one for most of life’s challenges and opportunities. Inspiring and practical, they support personal change and lifelong self-reliance.

News submitted by Jaimie Kanwar, The Move Channel

Post from: Overseas Property Blog

Free Online Property Library!

Walls and floors have a lot to do with adding or removing the feeling of space and colour-coordinated walls are one of the main ways of creating the sensation of spaciousness. “I would recommend sticking to a neutral or pale palette of colours,” says Lesley Watt, Design Director of Obelisk Interiors. “A selection of off-white and cream tones throughout the home gives a sense of continuity.” To differentiate rooms, you can add splashes of colour with accessories such as cushions, rugs or window fittings. “This helps break up the monotony and also individualises rooms,” comments Lesley.

Older properties with small rooms and a surfeit of dividing walls may benefit from the drastic solution of removing a wall altogether. However, this option requires professional advice to ensure no load-bearing walls or vital structural elements are removed.

A uniformed floor covering throughout the house help make the rooms flow into each other. If you decide on tiled floors – a popular option for Spanish homes – consider placing the tiles on the diagonal as this helps a room to appear larger.

If your property feels small because the ceilings are low you need to create a sensation of height. There are several ways of doing this, for instance, painting the ceiling a lighter shade than the walls makes the ceiling seem higher. Recessed lighting also gives the idea of height.

Furniture for a small home is a vital consideration and if you are downsizing you may have to rethink your furnishing needs and possibly buy completely new furniture. It is generally advisable to choose small furniture rather than large, although there is a danger it may be too small. “It’s best to consult an expert to help you choose the right size,” advises Lesley, “and a golden rule we apply at Obelisk Interiors is to measure the floor area before the client chooses or orders anything.”

In particularly small homes it is worth considering multi-function furniture such as a sofa bed or storage ottoman. Other space-saving options include using recessed areas such as alcoves or under-stair space for storage where you can fit customised shelving or bespoke cabinets. Carpenters at Obelisk Interiors can provide tailor-made storage solutions, for example, a bookcase or fitted cupboard.

The sensation of space can also be created by using strategically-placed mirrors. “Putting a mirror on a feature wall or at the end of a corridor gives the feeling of a wider area,” comments Lesley. “I would also recommend using transparent pieces of furniture, such as glass-topped tables or acrylic cabinets.”

With professional help and a little imagination, there are plenty of ways of making a smaller property appear more spacious and just because you are short of space, there is no reason to be short on style.

News submitted by Alison Kane,Obelisk Interiors

Post from: Overseas Property Blog

Short on Space But Not on Style