France – a safe option for property buyers today

by Charlotte Ashton France

There were few markets spared in the economic downturn, France included, however, focus has now switched to the property markets which are recovering the quickest, and which markets offer a safe investment option. With news of France officially lifted from the recession, property agency, Agence 107 Promenade based in the ever popular Nice, in the south of France, talks about the recession and what there is to come for this region.

Kirkor Ajderhanyan, MD and owner of Agence 107 Promenade:
During the beginning of the economic recession, towards the end of 2008, when we started to notice the effects, we saw the real estate market stall, in every sector. The largest effect of this was the lack of confidence in the property market and the uncertainty of what the future holds for property in France and in most cases, people were concerned about the recession in their home countries, coupled with fluctuating currencies, which of course has a huge knock on effect in the purchase of second homes overseas.
It was not until January or February of this year that wealthy buyers started to re-enter the property market, seeking out and buying apartments of which the owners were pressured to sell. This trend has continued into summer and the number of buyers in the market has increased significantly which has been shown in the growing number of property sales.
Inevitably, six months after the start of such a severe financial crisis actual selling prices did reduce, although comparatively moderately in Nice. This has lead to one of the hardest problems we face today, the gap between what sellers are prepared to sell their properties for and the perceived worth by the buyers, bridging this gap and easing sellers into the new market conditions can be very difficult. Everything is, however, relative and those selling at slightly lower prices than in 2007 are also able to purchase at the proportionate lower value, it is only those dropping out of the market altogether, people relocating back to their home countries or those retiring that it becomes more of an issue.
The situation in Nice for current property owners has been that offers are flooding in on properties but not necessarily at the price they were expecting. For the buyer, the market has opened up with people able to afford more than they would have done 1 or 2 years ago and so it is also an exciting time. The saying ‘location, location, location’ still rings true, properties in sought after locations such as the Promenade des Anglais, the seafront in Nice, are still in demand and even less effected by the downturn so the very micro or localized markets are behaving quite differently from even the French Riviera as a whole.
Property prices on the Promenade des Anglais in particular have remained stable, over all we expect to see an increase in property prices in Nice within the next 6 months. After all, France is a ‘safe’ choice for buyers today. It has one of the best consumer protection laws in place for any other European country; the French banks do not have as much toxic debt as other banks around the world thanks to stringent mortgage criteria. Plus for the UK especially, France has always been a popular destination for holidays and property buyers alike, with visitors flocking over the Channel for the beautiful landscapes, culture and appealing warm climate, well in the south of France anyhow!
Nice and the seafront in particular, offers a good investment for a range of budgets. It’s location on the 7km stretch of coast is quite exceptional and it has a large variety of properties and prices with opportunities for resale profits in the medium-term. The City of Nice and the Urban Community are also implementing a range of urban improvement policies including the second tramway line, stretching from the East to West of the coastline taking in the administrative business centre of Nice as well as the International Airport. This will ease traffic and any associated pollution along the Promenade enhancing the atmosphere and experience further for visitors.
In the forthcoming months we expect that our local market, the French Riviera, will initially show price increases and more property movement in the higher segments of the market. Wealthy people are looking to invest in properties offering them security and stable growth. And with the constant threat of bankruptcy and negligible bank interest rates, real estate offers a tangible alternative.
For the lower and middle segments of the market, we do not feel that prices will fall any further than the 10% or so already experienced and so stability and increases are set to happen. As always the well presented properties in good locations attract more interest with buyers.
For more information on the French Riviera or to enquire about your French property requirements contact Agence 107 Promenade on 00 33 4 93 44 83 83 or visit www.107promende.com.
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Kirkor Ajderhanyan:
Kirkor is President of the International Relations Committee FNAIM, French Real Estate Federation French Riviera.  He’s a member of NAR National Association of Realtors, a member of the Board for the French Chapter of FIABCI France Vice-President Exchange Committee FIABCI International. Regional Representative FIABCI France French Riviera. Member of the Board of French Riviera & Regional Committee FNAIM. CIPS/TRC.
On the market:
Ref. 867 Promenade des Anglais:
An incredibly spacious 1 bedroom apartment in a Bourgeoisie style building on the prestigious Promenade des Anglais, Nice. The property has a large terrace, kitchen, dining room, living room, bathroom and WC.
The asking price is €594,000. For more information please contact Agence 107 Promenade on 00 33 4 93 44 83 83, email contact@107promenade.com or visit www.107promenade.com.

Happy 10th Anniversary for Agence 107 Promenade

by Charlotte Ashton France

 

The leading player in the sea-front property market in Nice, 107 Promenade Real Estate Agency is celebrating its 10th anniversary this year. Agence 107 opened its offices to the property hungry public ten years ago in 1999 and they remain at the same address on the Promenade des Anglais today.
A decade ago a studio apartment was worth just €60,000 to €80,000, today that same studio apartment would cost between €175,000 and €235,000 on average. Since then Agence 107 Promenade has grown, they now have 16 staff representatives, 9 locally in Nice among whom 5 are from the founder’s family and 8 representatives spread all over the world in Moscow and Saint Petersburg (Russia), Miami and New York (USA), Almaty (Kazakhstan) and Kiev (Ukraine) and also as far as New Delhi (India), Beijing (PRC), Taiwan and Manila (Philippines).
As Kirkor Ajderhanyan, founder and owner of the agency comments, “Following the massive arrival of customers from Russia and the former Soviet republics, we now forecast a significant increase in our customer base from Central Asia and South East Asia. Of course the international financial crisis did not spare the property market of the Promenade, but it brought down the prices requested by the sellers to more realistic levels, at a time when large increases were not justified. In 2009, The Promenade remains a very attractive and accessible property market with a wide range of price levels and real opportunities for capital growth. This is also due to the numerous efforts the City Hall and the Urban Community are making to re model Nice as a ‘green city’ by diverting and reducing vehicle traffic. The quality of living on the Promenade will be the first to benefit from this policy and so will the value of the properties on one of the most iconic stretches of real estate in the world. With such assets, the Promenade des Anglais, more than ever, becomes the leading property spot of the French Riviera.”

International buyers opt for the ‘Nice’ life

by Charlotte Ashton France

 

The Cote d’Azur has always been synonymous with international chic and glamour; today in Nice, not only can you find international icons, such as the likes of Jack Nicholson who is holidaying in Nice presently, but also a wave of hungry real estate buyers from all over the world looking for their own slice of the Riviera action.
For property agency Agence 107 Promenade situated in the heart of Nice city on the Promenade des Anglais, foreign visitors and property buyers are part of the rich and intricate tapestry that makes Nice the diverse and popular city that it is today.
The main attraction for buyers is the seafront coupled with the relaxed French lifestyle and climate, and owning an uninterrupted view of the Baie des Anges is an opportunity not to be missed, some buyers have called it “priceless”. Christensen, a former Director of Unicef, recently retired to Nice from Denmark. From his apartment he soaks up the French sunshine and the far stretching coastal views. “It’s quite reasonable to pay a high price to enjoy such an amazing view, I feel this is a real privilege and there is a certain freedom of not having buildings in front of your apartment.”
Christensen’s sentiments are shared by the Italians, English, Irish, Russians, Dutch, Swedish, Norwegian, American and Turkish buyers that all hope for this ‘privilege’. Kirkor Ajderhanyan, Founder and Owner of Agence 107 Promenade says, “approximately 75% of the purchasers here especially on the Prom are foreign buyers, out of these 8-10% are from the UK. This hasn’t even varied a great deal over the last 5 years or so, the seafront properties in particular have always been popular from both an investment and lifestyle point of view.”
Agence 107 Promenade has found that there is some variation on where different nationalities choose to buy however. Typically the west side of the Promenade from Magnan to Carras is the hunting ground for Italians and North Europeans all with varying budgets. It is also a favourite for Parisians and the French from the colder northern climes that seek the sunny weather and panoramic views of the French Riviera from the Cap d’Antibes to Cap Ferrat. There is a significant demand from all buyers on the east side of the Promenade from Old Nice to Magnan, however supply of properties is limited and prices here remain very high, a 1 bedroom apartment sold in this strip recently for just short of €700,000 compared to a similar sized property on the west side which sold for roughly a third of that price.
Of course, those with large budgets tend to buy villas to enjoy greater privacy and space, wherever the villas may lie along the coastline. Undoubtedly these buyers tend to be Russians with far reaching budgets of up to €30,000,000. It is those typically with budgets of between €400,000 and €1,500,000 that opt for the Prom apartments and penthouses giving them easy access to the city centre without the need for cars.
Despite the ongoing international financial crisis they are facing, as well as local real estate crisis, the USA remains a major source of tourists for the French Riviera and well-off Americans are still looking for a secure investment haven. After vacationing in Nice several times, Doc and Marion from the US, sold up and flew to Nice in search of their retirement home, Agence 107 Promenade were able to quickly find them exactly what they wanted. “In just a couple of days we found our dream home, we benefited from Agence’s experience and Kirkor was able to assist with the legal necessities, even offering ideas on renovation for the apartment.”
The value of real estate on the French Riviera is more stable than in many places, property prices have been affected but it has been seen as more of a shake up as opposed to a market crash. With the high demand in Nice from buyers all over the world, properties have maintained their values; the local Government continues to plough in money to infrastructural improvements including the new tramway from the city centre to the international airport, all of which keep the appeal and quality of living in Nice extremely high.
For more information on purchasing in Nice contact Agence 107 Promenade on 00 33 4 93 44 83 83 or visit www.107promenade.com to view a wide selection of properties today.

Winter Caribbean Access

by Charlotte Ashton Dominican Republic

The Caribbean is to become even more accessible for ‘fun in the sun’ as of 25th October this year when British Airways (BA) begin their new twice-weekly service from London Gatwick to Punta Cana in the Dominican Republic; they are increasing the number of flights to St. Lucia to 5 per week, up from 3, and Barbados will reach double figures for weekly flights.

This is positive news for Caribbean property markets with more flights meaning increased access for holiday renters over the winter getaway period. This was reiterated by Paolo De Reniz, Area Commercial Manager Middle East: “The Caribbean tends to be a popular destination with our leisure customers seeking a relaxing winter break… From October, we will fly 45 times a week to the Caribbean and be servicing 13 destinations in the region – more than any other UK airline.”
For global real estate agency Experience International, who sells property in the Dominican Republic as well as other Caribbean destinations, the news from BA comes as a breath of fresh air amidst the more gloomy property news frequenting our headlines. Steve Worboys, MD of Experience International comments, “The Caribbean has always been a desirable location for property hunters seeking their investment in the sun, over the last few years interest has spread from the likes of the Bahamas to other islands which are more affordable for buyers, without compromising on the quality of property available and the relaxed lifestyle. Two bedroom apartments with sea views can be purchased from £70,000 with the added appeal of golf and exceptional resort facilities.”
For more information on flights visit ba.com or contact Experience International for further property information on 020 7321 5858 / www.experience-international.com.
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Swaying Palms, Punta Cana, Domincan Republic
·         2 and 3 bedroom apartments and 2 bedroom penthouses available from £70,000
·         Build to European standard with imported Italian kitchens and German bathrooms
·         Punta Cana has attracted large scale investors from the likes of Brad Pitt and Donald Trump
·         17km of white sandy beaches
·         Free membership to the onsite Punta Cana Tennis Club, Jellyfish restaurant and access to a private beach club are available as well as 2 supervised children’s areas.
·         Membership facilities to 5 of the areas top golf courses including the new Jack Nicklaus course at Cap Cana. (Green fee applicable).

Tourists hitting a hole in one in the Philippines

by Charlotte Ashton The Philippines

 

After a record year in 2008 for the Philippines, reaching 3.14 million tourists, you wouldn’t be on your own in thinking that this must be a pre-economic-crisis trend like so many other nations in and beyond south-east Asia. However, according to the Philippines Department of Tourism, this 7,107 island strong archipelago has bucked the trend and has announced a 51% increase in tourist arrivals for the first quarter of 2009 compared with the same period the year before. The Philippines has also gained the accolade of ‘Most Popular Destination in Asia’ at the recent World Travel Fair (WTF) after the island of Borocay snatched Best Leisure Destination at last year’s event.
Borocay is one of the most frequently visited destinations with 383,813 visitors, it makes up one of the key destinations to have increased tourism by 6 percent in the first half of the year despite a decrease of 6 percent in inbound visitors into East Asia and the Pacific.
“The Tourism department foresees that increased investments in accommodation and transportation as well as development of new facilities and destinations will sustain the growth of the sector and position Philippine tourism for the next level of growth spurts as international markets recover from the global economic downturn”, according to the Manila Times. Developments such as Continent Fairways on Borocay, will enhance the offering of the Fairways & Bluewater Resort Golf & Country Club through 56 luxuriously finished and fully furnished hotel suites providing greater accommodation options as well as encouraging foreign investment into the country.
Aparthotels are becoming increasingly popular with visitors seeking the comforts and amenities of established resorts, without making sacrifices for spacious accommodation and the freedom of private cooking facilities. Oriental Spirit Travel & Tours is expecting an 80% occupancy rate for Continent Fairways reflecting the increase in visitor numbers and demand for tourist accommodation in idyllic locations such as Borocay. Not only does this island boast power white beaches and azure blue warm waters, but Continent Fairways will have access to the 18 hole par 72 championship golf course designed by Australian master golfer Graham Marsh which stretches the breadth of the island.
Golf in the Philippines is taken very seriously and attracts players from all over the world. According to the Guinness World Book of Records, the Philippines hosts the ‘World’s biggest amateur golf tournament’, known as the Fil-Am Golf Championship since 1949. The country boasts courses from prestigious international and local tournaments such as the Johnnie Walker Classic, the World Cup, The Asian PGA, and the Philippine Open. The excellent climate and diverse topography allows the golfer year round and varied play.
It is thought that golf was originally introduced to the Philippines by the Irish; engineers working on the Panay railroad played the sport in a bid to bring a piece of home to their tropical workplace. Today though it is not the Irish who are visiting in growing numbers but tourists from new markets such as Russia, China, India and the Middle East. This has been helped by improved air links between the countries. China Eastern Air now flies directly between Shanghai and Cebu twice weekly plus more chartered air services have been laid on from China and Russia to Borocay. The Philippine Department of Tourism reported that tourist arrivals from Russia grew by 36.70 percent, India by 15.36 percent, and China by 9.95 percent.

For investors it isn’t just the prospect of increasing and new tourist markets for the Philippines that is enticing them to invest in the property market but the relative stability of the economy. According to the New York Times, the Philippines expects GDP to grow by 2 to 3 percent this year, a rate superior to anything in East Asia other than China and Vietnam, followed by a 4.5 growth for several years the most sustained improvement since the 1970’s. Much of this comes from foreign earnings from workers overseas plus the outsourcing of business services such as call centres from more developed western countries. Over recent years interest rates have reduced decreasing the countries debt servicing and making room for money to be spent on crucial infrastructure, health and education improvements.
 
Properties on the Continent Fairways Resort are available to property investors from as little as £26,000, the deposit required for a studio suite on the resort and the resort is offering guaranteed rentals to buyers of 14% net yield per annum. Alongside the golf course a fully equipped fitness centre, swimming pool, Jacuzzi and spa, clubhouse with bar and cocktail lounge, and restaurant are available to owners and holiday makers on site plus it wouldn’t be the award winning Philippines without the pristine white beaches and crystal clear waters in view from the apartments.
 
For more information contact Experience International on 0207 321 5858 or visit www.experience-international.com.
 
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Low risk, hassle free investment:
–          Stunning tropical location
–          Low entry level – investment from US$42,900/ £26,000
–          14 two bed suites – up to 114.25sqm from US$254,314
–          42 studio apartments – up to 53.5sqm from US$110,000
–          60% non-status finance available
–          Guaranteed 14% minimum net yield per annum
–          Generous personal usage
–          Renowned high quality resort operator
–          Fully furnished to 5 star standard
–          Front line golf development
–          Complimentary corporate membership to the Fairways & Bluewater Golf & Country Club
 
Please do get in contact for information on how rental yields have been calculated – we’ll be happy to send you the investment scenarios and rental guarantee details.

More than ‘Nice’ – the promise of the Promenade…

by Charlotte Ashton France

 

Since the nobility of Europe first visited to experience its winter sun and to take pleasure in its natural charms, Nice has established its position as the destination of choice for the privileged and wealthy. Situated on the south-eastern coast of France and forming part of the Côte d’Azur or the French Riviera, Nice is fortunate to boast long beaches bordering clear blue waters and breathtaking woodland-topped hills as well as the exclusive neighbours of Cannes and Monaco on its palatial doorstep.    
 
Today, just 1 hour 30 minutes from the UK by air and accessible from 12 airports across the UK, Nice’s excellent location is just one of the reasons for its ongoing popularity with around 4 million tourists a year (according to the CRT Riviera Côte d´Azur – Observatoire du Tourisme). The world renowned Promenade des Anglais, or simply ‘Promenade’ as it is popularly known, is the premier attraction for this luxury location; boasting around 6km of beautiful sandy beaches, it is the place to see and be seen. And with many enthralling historic and cultural sights within a stone’s throw of the Promenade, including the Cathédrale de Sainte Réparate, Palais Lascaris and countless art galleries and museums, along with 300 days of sunshine a year, it is clear to see why Nice – the fifth largest city in France – is one of the world’s top tourist destinations.
 
The tourist industry of Nice is a thriving one, with those visiting the Côte d’Azur by air spending on average €111 per day (Data Sirius 2007), and the French Riviera Database noting that tourism forms 41% of the total employment for the region, some 66,000 jobs. It is not just those looking for an exclusive break that visit Nice, however, ample business tourists also form a large proportion of the region’s visitors, with 1,500 companies said to be financed by foreign capital and half of all stays in the region for business purposes, according to French Riviera Database figures.
 
Latest research by Lloyds TSB International could show that this trend is set to continue into the future. 1,500 employed British people were surveyed by the bank to find out about their working habits and the likelihood of their working outside of the UK. It was found that 32% of those asked had worked outside of the UK during their working life, with Europe the most likely destination for 56% of those employees working overseas. Stephanie Cousin, Head of Operations for Lloyds TSB International highlights the idea that this is a growing phenomenon,
 
“We’re certainly a nation of intrepid travellers and whether it’s to gain international work experience or simply escape the weather, it’s clear that many of us may be working overseas for part of our career.”
 
France, and Nice in particular, may well be one of the destinations that benefits from this trend due to its short distance from the UK, ease of access via a wide range of carriers, excellent climate and fantastic all-round reputation.
 
It is due to this sustained and increasing future popularity with both business and pleasure visitors that the property market of Nice is stable even within these difficult times. Well-located property in the city has always been, and remains, in high demand and those that are situated on the seafront or Promenade can command very healthy prices. It is for this reason that growing numbers of buyers from outside of France are investing in the city, with British and Americans as well as Asian buyers showing increasing interest in the property market. These buyers are not only purchasing property as a medium-term buy-to-let income stream, to cash in on the outstanding popularity of the place, but also moreover as a location to set up home and take advantage of the year-round benefits of life on the French Riviera.
 
It is not simply the popularity of Nice that has resulted in the city faring well during the credit crisis – with only a moderate reduction in actual selling prices – the City Hall and the Urban Community’s planning for the future is also one key reason for the relatively healthy property market even during these difficult times. These governing bodies have put urban improvement plans in place to reduce traffic in the centre of Nice and especially along the Promenade, plans starting in 2013 and being achieved by the improvement of the city’s tram lines. A second line is being built to run from the eastern side of the city to the west which will take in terminals 1 and 2 of the city’s airport as well as the administrative district and the beachfront. This project is set to benefit not only visitors to the city but also those buying property in Nice, as Kirkor Ajderhanyan, Director and Owner of Agence 107 Promenade who market a range of property on the Promenade explains,
 
“In 2009, the Promenade remains a very attractive and accessible property market with a wide range of price levels and real opportunities for capital growth. This is also due to the numerous efforts the City Hall and the Urban Community are making to re-model Nice as a ‘green city’ by diverting and reducing vehicle traffic.
 
The quality of living on the Promenade will be the first to benefit from this policy and so will the value of the properties on one of the most iconic stretches of real estate in the world. With such assets, the Promenade des Anglais, more than ever, becomes the leading property spot of the French Riviera.”
 
To take advantage of the promise of the Promenade, Agence 107 Promenade are currently marketing a spacious 3 bedroom apartment situated on the sought after Promenade des Anglais, set within a spectacular "Bourgeois" building on the seafront. The 120m² apartment has a large living room, kitchen, 3 bedrooms, 2 bathrooms and shower room and is well presented throughout.
 
On the market for €583,000, to find out more about this highly desirable property or other investment opportunities in Nice contact Agence 107 Promenade on 00 33 4 93 44 83 83, email contact@107promenade.com or visit www.107promenade.com.

Detroit turns to motoring its property market

by Charlotte Ashton United States

 

Detroit, once the centre of America’s automobile industry, is now probably better known by investors as the ‘property investors dream’. Hit heavily by the US economic downturn and property foreclosures, Detroit has a large supply of under market value property. The city is said to have coined the $1 home phenomenon, and despite $1 being an extreme case, it can certainly be said that you can buy a home for less than the cost of one of Detroit’s newly manufactured cars.
 
Detroit is the largest city in the State of Michigan and one of the most important cities for research and development in manufacture in the US, attracting over half a million high tech workers (the fourth highest figure in the US) including the 70,000 in the automobile industry. However, despite the continued government investment in the city’s economy and infrastructure, a shift in urban sprawl to the suburbs and the subsequent housing crash has left the metro Detroit area seriously lacking in affordable housing.
 
Detroit’s real estate market is now fighting back with the help of the Department of Housing and Urban Development scheme (HUD), plus a collaboration of city officials, business people, politicians and property investors. President Barack Obama has himself pledged to support the regeneration of Detroit in the American Recovery and Reinvestment Act 2009. Property investors can benefit from an ethical investment that recycles houses, turning foreclosed and uninhabitable properties back into homes for the employed, low-income sector. And with a waiting list of over 9,000 people hoping to be one of the lucky ones to live in one of the newly desirable homes, there certainly is the demand.
 
But how does the HUD programme work? Well crucially the HUD and HCV programme has a ‘one strike policy’, unlike the UK and other parts of Europe where unruly tenants get re-housed, this does not happen under this scheme, which is a huge attraction for investors. Tenants that are evicted from the HUD scheme lose any future right to a HUD scheme home anywhere in the USA thereby securing the investment homes. Through HUD the government pays the tenant’s percentage of the rent, normally 80-100%, directly to the owner’s management company so investors are not reliant on collecting rents from the tenants personally.
 
Currently the City of Detroit has a waiting list of more than 9,200 pre-approved families with Housing Choice Vouchers (HCV) who are currently in unsuitable, emergency or temporary accommodation, some simply cannot find a suitable home. Understanding the HUD scheme leaves three more crucial elements to the investor puzzle, purchasing the houses, refurbishing the houses to government standards and managing the properties and tenants. Experience International, has enveloped this up for investors into an easy hands-free package, their ‘high yield, high quality, Detroit property investment’.
 
For the investment to work for both the investors and the re-housed tenants, only certified, quality companies are involved. The Home Depot Inc, a Fortune 500 US company, takes care of the property refitting plus provides a 24 month guarantee on all fixtures and fittings; Management Systems Inc, providing property management in Detroit since 1973, handles all the property and tenant management for the investor. It is Experience International that selects the properties through their local business partnerships, and yes, although properties for as little as $1 dollar are available they are in undesirable areas or even ‘no-go’ communities, hence better quality units being selected from £27,575 / US$45,500.
 
‘Regenerating’ the Detroit real estate has a massive impact on the community as a whole. If houses are left empty, they attract vandalism and have a huge negative impact on their surroundings, further driving out residents from the area, creating a spiral of decline. When properties are maintained they appeal to employed and more desirable tenants, who will in turn continue up the economic ladder, eventually creating housing and community stability. The fact that Experience International recommends the ‘Lease to Own’ scheme to investors further reinforces the positive effects of maintained housing in the community. 5 years after purchasing your 40% under market value home, you can sell the property to your tenants for a pre-agreed price, normally higher than the current appraisal or market value. Your tenant will of course want to look after their property within that 5 years with the knowledge that they will be owning it in the mid-term.
 
Exit strategies are the key to any sound investment and the ‘Lease to Own’ scheme is a valuable and ethical strategy. Other options include long term hold allowing investors to gain further yields from capital appreciation.
 
For further information on investing in the City of Detroit contact Experience International on 0207 321 5858 or visit their website on www.experience-international.com.
 
 
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High yield, high quality properties, Detroit, State of Michigan USA:
 
·         3 bed houses £27,576, 4 bed houses £28,484 – 40% below market value (plus approx £3,500 buying costs)
·         Freehold – clean, clear and debt free
·         21% yields, Government backed (HUD – US Department of Housing and Urban Development) scheme. Secured rental paid back by the US government to you the owner (not tenant)
·         All initial refurbishment costs and work covered by Home Depot Inc. A Fortune 500 company
·         Fully managed and regularly inspected by Management Systems Inc. Management services in Detroit since 1973
·         Large waiting list for qualified tenants (over 9,000),
·         Choice of 3 exit strategies. Tenants ‘lease to own’ scheme, long term hold, short term refinance – long term hold.

Fall in love with La Dolce Vita…

by Charlotte Ashton Italy

 

With the cost of a UK wedding spiralling to an average of £20,000 and with increasing numbers tightening their belts at this difficult time, it is not surprising that growing numbers are looking towards foreign shores when planning their nuptials. Recently released figures by consumer, media and market research company Mintel have shown that 1 in 6 British couples (16%) are now getting married outside of the UK, an increase of 43% since 2003. The comparatively low cost of the average overseas wedding – £6,000 – is just one draw: with more reliable weather, beautiful scenery and the potential to combine the wedding with a honeymoon some of the reasons why more and more couples are now getting hitched abroad. A spokeswoman for British luxury travel agent Kuoni, who have reported an increase in the numbers of enquiries about overseas weddings, agrees,
 
“Weddings in the UK are considered expensive but weddings abroad are great value, especially when you want to combine your honeymoon as well."
 
In terms of offering good value for money, shorter-haul destinations are proving increasingly popular with those looking to book their wedding overseas, as not only does a shorter journey keep the cost of the wedding down for the bride and groom themselves, but it also makes the experience for any guests as cheap as possible, allowing more people to attend. Shona Swain, acting general manager of long-haul and weddings for First Choice, admits that certain destinations are proving more popular than others,
 
“Greece and Italy [are] becoming more popular over the Caribbean and Indian Ocean destinations.”
 
Italy, especially, has long been a destination synonymous with romance, from Verona’s association with star-crossed lovers Romeo and Juliet to whose balcony romantic pilgrimages have commonly taken place and where couples can now marry as part of the city’s ‘Wed Me In Verona´ scheme, to the breathtaking Tuscan hills and the Trevi Fountain of Rome, where the throwing of three coins into the water is said to ensure a marriage. It is not surprising, therefore, that this attractive country is highly regarded for hosting overseas wedings and increasingly so, with overseas wedding company Marry Abroad’s Director Charlotte Hand revealing that,
 
"Italy is one of the most visited countries in terms of hits on our site – it is a fantastically romantic country and real backdrop to any wedding."
 
And with a growing number of celebrity weddings taking place on Italian soil in recent years, including A-listers Tom Cruise and Katie Holmes and footballer Wayne Rooney and his bride Coleen McLoughlin, this trend seems set to continue for many years to come.
 
Attracted by the romantic history of Italy, as well as the increasing numbers of Blue Flag beaches – an increase of 12 in the last year bringing the total to 227, according to the Foundation for Environmental Education who rate beaches in terms of their cleanliness and water quality amongst other criteria – the stunning scenery that Italy is famous for and that attracts lovers to marry on its shores, is also attracting those looking to buy a home overseas. Steve Worboys, Director of Experience International explains,
 
“Italy has a great deal to offer those looking to buy a property overseas: a warm climate, enviable lifestyle, breathtaking scenery and affordable prices amongst a wealth of attributes that destine many to fall in love with Italy, choosing to make it either their permanent home or the place they buy a holiday property. Either way, those buying homes in Italy are sure to experience La Dolce Vita and hold a lifelong passion for the country.”
 
This is not, however, the only reason that Italy attracts those buying property overseas, the country also has excellent investment potential for those wishing to benefit from the estimated £333 million annual Italian wedding market (according to Mintel). The potential revenue from rental would come from people celebrating their honeymoon or nuptials overseas as well as guests that are travelling abroad to attend the wedding and who look to rent local property during their stay.
 
For those looking to take full advantage of Italy’s rental potential, or else simply for their own pleasure, the popular southern region of Calabria is a firm choice, offering pristine coastline and a warm climate. Here, elegant 3 bedroom 2 bathroom villas with private gardens are available in the Paradise View resort, situated in an elevated position, just 5 minutes from the beach and the town of Soverato. With breathtaking views and just 40 minutes from Lamezia Airport, the resort also offers fantastic facilities that include tennis courts, a gym, spa, and onsite bars and restaurants. Property prices start from €123,200/ £156,000.
 
For more information on Paradise View or to find out more about buying property in Calabria, contact Experience International on +44 (0)207 321 5858or visit www.experience-international.com.
 
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Editor’s Notes
 
Porto Novo, San Sostene
2 bedroom ground floor apartments with private gardens from £78,661/ €99,592 and 2 bedroom penthouses with private solariums from £98,425/ €124,615 in this gated boutique development close to San Sostene in Calabria. For more information please contact Experience International free on +44 (0)207 321 5858or visit www.experience-international.com
 
 
Eden Villas and Apartments, Zambrone, Calabria, Italy
This private gated community is located on the hill top overlooking Zambrone in one of the most breathtaking stretches of coastline on the "Coast of the Gods" and the dramatic scenery of the Aeolian island. 1 bedroom apartments start from £99,417 / €109,635 and two bedroom detached villas from £168,369 / €185,674. For more information please contact Experience International on 0207 321 5858 or visit www.experience-international.com.
 
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Welcome to Devon, holiday home heaven

by Charlotte Ashton United Kingdom

 

Holidaying within the UK, will be the answer for 25% of adults in Britain this year (according to travel insurer LV) who are feeling the pinch from the recession yet reluctant to forgo their summer vacations to which they have become accustomed.
 
The overseas holiday industry has been hit hard this year with the financial costs of a trip abroad and often unfavourable exchange rates being a concern for many would-be travellers. Over the recent Easter period, usually a popular time for short breaks abroad, UK holiday destinations such as Devon and Cornwall welcomed a bumper 300,000 visitors who in turn generated some £125 million in tourism revenue according to South West Tourism.
 
Confidence in the domestic holiday market is high with the chief executive of the British Hospitality Association, Mr Cotton, urging businesses to invest now in additional staff, services and amenities in order to meet the anticipated tourist demand over the coming summer months. Bob Cotton recently commented,
 
"I have never seen business change so dramatically in the 40 years I’ve been in the industry which is why it is so important to respond to it. The only way you’ll benefit from those changes is by continuing to invest in your people and continue to invest in your product."
 
This opinion is echoed by the British Holiday & Home Parks Association who suggest that holiday park accommodation (which includes caravan holiday homes, tents, touring caravans, motorhomes, chalets and timber lodges and accounts for some 20.5 million trips every year) could comprise a higher proportion of holiday bed-nights spent in the UK if demand was able to be fulfilled at all times.
 
Holiday parks have developed considerably since their creation in the 1950´s; no longer ´Hi-Di-Hi´ in style, today´s 4000 holiday parks offer a variety of high quality accommodation in sought after locations with on site amenities and a host of activities for all the family to enjoy. Devon is a hotspot for holiday parks with around 190 generating an annual tourism spend of about £255 million. Mullacott Park is an example of a log cabin 4* holiday park located in North Devon, between the coastal villages of Ilfracombe & Woolacombe. Woolacombe village boasts an award winning beach ideal for sunbathers and surfers whilst Ilfracombe embraces the traditional charm of a working harbour with a variety of restaurants on offer. There is an abundance of activities in close proximity of Mullacott Park from walking to riding, shooting, fishing, golf, cycling as well as the famous Tarka Trail within easy access.
 
Log cabins at Mullacott Park are available to hire but also to own or invest in, an option which is seeing increased interest especially from middle England. Lodges at the Park can be purchased from just £104,950, with 75% loan to value mortgages available and 6 weeks personal usage. The guaranteed rental income of up to 8% is proving attractive too, especially when compared to the average rental yield of a buy to let property in the UK being just over 6% (Paragon Mortgages March 2009). Steve Worboys, MD of second home specialists, Experience International, comments,
 
"Over the past few decades we have seen the demand for the ownership of second holiday homes increase dramatically with overseas locations such as Spain and France attracting buyers due to affordability. Today however it is now possible to purchase a cost effective second property here in the UK in beautiful locations such as North Devon. Buyers can take advantage of the familiar buying process, finance being available, guaranteed rental returns and ease of accessibility. Lodge style homes really are ideal for couples or families, short breaks or long term holidays."
 
For more information about purchasing a property in North Devon (just as Kirsty Allsopp has for her new Channel 4 series "Kirsty´s Homemade Home") or indeed Mullacott Park please contact Experience International on 0207 321 5858 or visit www.experience-international.com.

We´re all going on a Turkish summer holiday

by Charlotte Ashton Turkey

 

According to Europe´s second largest travel operator, Thomas Cook, the hottest ticket this summer is a holiday in Turkey and it´s no surprise why thousands of Britons (as well as US President Barack Obama) are expected to visit this non-euro destination in 2009. Turkey is the ideal family holiday location offering numerous beach resorts, good quality accommodation, water sports and land based activities and a lower cost of cost living compared to west European resorts not to mention the reliable climate.
 
Tourist arrivals to Turkey have risen steadily over the past few years as the country has opened up and accessibility has improved. Recent figures from the Ministry of Culture and Tourism reported a 12% rise in overseas visitors totalling 26.3 million (of which 2.17 million were from Britain and over 32% entering via the tourism capital of Turkey, Antalya) in 2008 compared to 2007 and a further 20% increase in the number of British tourists is anticipated in 2009 according to an undersecretary of the Tourism Ministry.
 
Recognising the importance of tourism to the burgeoning Turkish economy longer term strategies have also been announced including the ambitious aims for 2023 by the Culture and Tourism Ministry which include the creation of seven tourist development corridors and nine cultural and tourism zones in order to attract 40 million visitors in addition to an airport, eleven cruise ports, ten tourism cities and nine marinas to be completed by 2013.
 
One of the key appeals of a Turkish holiday this year is affordability. The country is not part of the euro zone and hence relatively unaffected by the pound´s poor performance against the euro; the lira has reportedly fallen one third against the dollar and one fifth against the pound. Known as a value for money destination, Turkish accommodation remains affordable and the cost of living low. There are numerous discounted package holidays now available especially for those willing to book at the last minute.
 
And access to tourism hot spots such as Antalya on the Mediterranean coast or the Bodrum Peninsula on the Aegean coast has never been easier with direct flights offered daily from the UK by both scheduled and charter services. Due to increased demand seat-only travel operator Avro will be offering additional charter flights to Antalya during the summer season starting at the end of May. Further a field agreement has been reached for direct flights to commence from Canada to Turkey and Turkish flag carrier, Turkish Airlines, will introduce new routes this season to New York, Singapore, Johannesburg and Seoul. This increased access to the US in particular is much welcomed in light of the recent "Unlimited Turkey" tourism campaign operating Stateside.
 
These positive tourism indicators for 2009 also spell good news for those with second properties in Turkey. Some 73,000 foreign nationals (mainly Britons, Germans and Greeks) own properties in the country predominantly along the Mediterranean and Aegean coastlines and interest in owning bricks and mortar be it for retirement, a holiday home or buy to let investment continues to be strong.
 
Joseph Upchurch, MD of real estate developer Aston Lloyd who has a number of projects in Turkey, comments,
 
“As a company, Aston Lloyd has a great deal of confidence in Turkey, and the returns we can offer our investors. Two Aston Lloyd developments are under construction with one nearing completion, which is a positive reflection on the strength of Turkey and the opportunities that exist for investors looking to make real returns in turbulent times. Turkey is one of the top places in the world to buy property right now. We are building off the back of in-depth analysis, not speculation, which is why developments in emerging markets, such as Turkey, are still able to continue building, unlike other parts of the world which has seen projects being put on hold or pulled altogether.”
Those with existing properties available to rent in key tourism locations such as Antalya are set to be benefit this year as holiday villa rentals become increasing popular. The mixture of quality accommodation in top locations as well as the flexibility of your own rented villa is of high appeal to families or those looking for a more bespoke vacation.
 
As the undefeated former world super middleweight champion boxer and Aston Lloyd investor, Joe Calzaghe CBE, comments,
 
“(When making a property investment) the main thing for me is location and value for money. I’ve chosen places that have a lot of tourism because you want to know you can rent it out. I’ve also chosen places I would want to go myself, including beautiful countries like Turkey.”
 
One such example of a high quality development in Turkey which is due for completion in July 2009 and available to purchase as a buy to let property for the peak summer season are the Caretta Villas in Belek from Aston Lloyd. Comprising 87 modern Mediterranean style 2 and 3 bedroom villas situated just 10 minutes from the nearest beach the detached villas will include terraces on all floors, fitted cupboards in all bedrooms, a private parking space and optional private swimming pool. The site itself enjoys complete privacy due to its restricted access, offers two communal swimming pools, two tennis courts and seated landscaped gardens. The new build villas will be available from €160,000 / £143,577 through Aston Lloyd.
 
For more information about buying in Turkey or Caretta Villas please call 0845 260 0646 or visit www.astonlloyd.co.uk.