Turkish Property Secretsbuyingin.co.uk,

by Charlotte Ashton Turkey

 

Despite the economic gloom back home, 2008 looks like being a bumper year for the Turkish tourist industry with early arrivals up 18% and experts predicting over 27 million visitors by the end of the year. Record numbers of British property buyers are also being attracted by the country’s spectacular scenery, sandy beaches and excellent value for money. Official figures show over 20,000 British-owned properties concentrated largely in the established coastal resorts of Kusadasi, Altinkum, Bodrum and Fethiye. But it is also possible to find some great property in quieter areas, away from the package tourist crowds.
 
Hidden away in the unspoilt coastal mountains near Dalaman, Akkaya is a stunningly beautiful valley of olive groves and pine forests overlooking an emerald green lake. Despite the tranquility of the surroundings, Dalaman’s international airport, which is served by Easyjet and package flights from the UK, is only 15 minutes drive.
 
“Over 750,000 British tourists passed through the airport last year on their way to the main resorts but very few stayed in the area and even fewer know about Akkaya,” says Dominic Whiting, editor of the Buying in Turkey guide.  “Although Dalaman town itself isn’t particularly picturesque, it offers a slice of authentic Turkish life and the surrounding countryside is extremely beautiful and there is a lot to do.”
 
The long sandy beach at Sarigerme is a nesting site for sea turtles and a centre for water sports. There is also an 18-hole golf course due for completion in 2009/10. Nearby Dalyan has ancient ruins and boats run up and down the river to a beach, mud-baths and hot-springs. In Akkaya there is fishing on the lake and the area’s paths are ideal for walking and mountain biking. For adrenalin-junkies there is white water rafting on the Dalaman River.
 
There are a selection of freehold villas and apartments available in Akkaya and a rustic restaurant beside a rushing mountain stream caters for residents. There is a complex of two bedroom apartments with a large communal swimming pool and fitness centre due for completion next summer. Prices start from £46,200- £64,050. For those wanting a villa there is a choice of three and four bedroom houses and a luxury bungalow, all with large gardens and a private, or the use of a large communal, swimming pool. Villa and bungalow prices range from £129,000-£157,000.
 
Sitting on an unspoilt stretch of coast between the better-known resorts of Cesme and Kusadasi, Ozdere is virtually undiscovered by foreign tourists and property buyers. A popular holiday destination for middle-class Turkish families, it is a small and friendly place with a permanent population of just 13,500. The area has over 24 miles of excellent sandy beaches backed by pine-forested mountains and citrus orchards.
 
“Ozdere is a secret the Turks have been keeping to themselves. The resort has fantastic beaches but is very laid-back and the people are incredibly friendly,” says Dominic Whiting. “Without the attention of foreign buyers prices in Ozdere are lower than nearby resorts like Altinkum and Kusadasi. It is possible to buy a really well-built apartment within 5 minutes walk of the beach for £36,500.”
 
The Gokdare Apartments have a communal swimming pool and an on-site caretaker and are under 5 minutes walk from the beach. Two bedroom apartments cost Euro 46,000-75,000 (£36,500-£59,000). Alternatively, the Mirande Apartments are in a quiet neighbourhood just minutes walk from the beach, shops and restaurants. They enjoy sweeping views of the sea and the Greek island of Samos from the first floor upwards. They have a large communal swimming pool and an on-site caretaker. Prices range from £47,000-£91,000 for the two-bedroom and £95,000-£111,000 for the three bedroom apartments, which includes a fully equipped kitchen and white goods.
 
There is strong and growing domestic demand for property in the area, which is popular with families from Izmir, a city of over 4 million people that is only 37 miles (60 km) away.
 
“Ozdere is an excellent investment opportunity with good potential for capital growth. The local rental market is buoyant with good quality apartments in demand for long lets by Turkish families during the summer,” says Dominic Whiting.
 
Izmir international airport, which is served by year-round British Airways flights from the UK, is only 30 miles (50 km) or 35 minutes drive. If you want to do the tourist thing, the ancient site of Efesus, one of the country’s most popular attractions, and the House of the Virgin Mary, held to be the resting place of Christ’s mother, are 15 miles (25 km) from the town. There are many other smaller, rarely visited ancient sites dotting the countryside.
 
Ozdere itself has plenty of shops on its bustling main street and three supermarkets. There is a good choice of convivial restaurants and tavernas serving excellent value seafood and mouth-watering Turkish dishes washed down with the local aniseed spirit, Raki, locally produced wine or lager. A dinner for two with drinks costs less than £20. For those in search of nocturnal fun there are bars and a few discos open in the summer, but the local nightlife is low-key and aimed at locals rather than tourists. The town has a public hospital and several private clinics catering for permanent residents and visitors.
 
For more information about buying property in Akkaya, Ozdere or elsewhere in Turkey contact Buying in Turkey, Tel 0845 351 3551, www.buyingin.co.uk.
 

Cape Verde’s Paradise Properties

by Charlotte Ashton Cape Verde

 

Cape Verde has become synonymous with the word ‘affordable’, because in terms of its property prices, its holiday resort costs and also the cost of living on the islands that make up the archipelago, it is certainly far from an expensive destination.  However, the word affordable has ‘cheap’ connotations and the use of the word has undertones of low quality and intimations of lesser value – yet to suggest that there is anything cheap about the development and controlled and intelligent emergence of this incredible destination is wholly inaccurate and totally inappropriate. 
 
Whilst Cape Verde is certainly affordable in relative terms when you hold it up for comparison alongside those which are destined to become its equal rivals such as the Caribbean island of Barbados perhaps, it is certainly not a low quality, lesser value destination.  As the development of the islands, their infrastructure and the tourism and mixed use residential and commercial property developments progresses and the master plan for the nation becomes closer to complete realisation, so real estate values are beginning to reflect the fact that given time, the government as well as private investors with million dollar stakes in Cape Verde foresee the likes of Sal, Boa Vista, Santiago and Sao Vicente becoming direct rivals to Caribbean islands for tourism and luxury real estate demand.
 
The emergence of Cape Verde as a high-end tourism and property destination is no accident.  Private investors are working with the government to channel over £1.5 billion worth of investment into the islands over the next five years; within ten years the landscape of the likes of Sal will be transformed from untouched and pristine blank canvas to include stunningly landscaped golf courses, marinas, five star hotel resorts and low rise, low density, high-grade property developments, and according to leading international real estate experts such as Savills, the best developments represent at least a ten year window of potential capital appreciation opportunity for investors.
 
Adrian Lillywhite, Managing Director of Cape Verde Property Ltd and an expert commentator on the progress of development in Cape Verde concurs: “people assume that Cape Verde’s ‘discovery’ and development has been an accident – this is far from the truth.  There is a blueprint for the development of the islands to become direct rivals to the Caribbean.  Everything is being done to ensure that this year round, sun kissed archipelago – which is home to the closest tropical islands to the UK and Europe, which are warmer and certainly more remarkable than the Canary Islands and a good deal nearer and attractively priced than the Caribbean – becomes a high end, long-term, sustainable destination for tourism and luxury grade property.”
 
“You only have to look so far as the Hilton Group which is developing a sybaritic resort on Sal – they are marketing it as pure five star opulence and they are following hot on the heels of the American luxury hotel and leisure brand Nikki Beach which has already committed to projects on Sal.  The group is developing a resort and it is also involved with one of the most exclusive developments to get underway on the island already, namely Paradise Beach.”
 
Because Cape Verde is being developed from the ground up, right now investors have the opportunity to be cutting edge and enter the market at the point from which the longest period of positive price appreciation potential is predicted.  Additionally, those who want an opportunity to acquire stunning, high-grade homes at possibly the last point before which they lose their ‘affordable’ label should look at the opportunities available in Cape Verde today.  For example, within the aforementioned, sold out Paradise Beach resort, a stunning five bedroom, frontline villa has come back to the market due to unforeseen and forced owner circumstances, and an investor or high grade home seeker in search of a fabulous real estate deal within the ultimate emerging market of potential that is Cape Verde has the chance to secure this truly inimitable property for the ‘bargain’ price of just €700,000.  The large and impressive villa property with private pool includes a separate nanny flat, double garage and boasts breathtaking sea views.  For more information please contact Cape Verde Property Ltd on 01753 859233 or visit www.capeverdeproperty.co.uk.

From Concrete Jungle to the Good Life

by Charlotte Ashton Spain

The maturing of the Spanish real estate market and movements made away from mass urbanisation and high-rise property development may well be impacting negatively on the rate at which such formerly constructed accommodation is being sold, but in direct parallel it is having a positive effect on the quality of homes being constructed for the lifestyle market.

 
The Spanish property development frenzy of the last decade that resulted in massive resort style developments being constructed for sale to those in search of an accessible holiday apartment in the sun, or an affordable fly-to-let investment purchase, are proving less popular these days as other property markets open up and offer more affordable choice to such buyers.  Meanwhile, the evergreen and enduring appeal of Spain as a stunning, tried and tested lifestyle destination for retirees, relocating expatriates and those in search of the good life means that demand for quality property stock is driving the best constructors in the market and supporting an emerging trend in those wanting to buy quality Spanish property.
 
There has been a sharp and direct increase in consumer demand for homes in Spain constructed in an environmentally conscious way, for property for sale away from resort and estate style developments and for properties that allow buyers to truly realise their dream of living an idyllic lifestyle in a fantastic overseas destination where the natural landscape, fabulous climate and excellent quality of life that they are buying into are enhanced by a spacious, well constructed, beautiful home, located in an appealing destination.
 
This in turn has led to new areas of Spain becoming popular with those who want to buy into unspoiled regions where local government laws and policies have protected the natural landscape.  One such area of Spain especially popular with buyers seeking the good life is Murcia. Planning laws define different zones ranging from national park to urbanizeable zones in order to protect the pine forested mountain ranges and the vast majority of areas around them. If developers are looking to build urbanisations there is an abundance of land which is designated for this purpose. This land is typically near to towns, cities and motorways. As you head towards the stunning national parks the zoning changes to extremely low density so you can only build one property per 5 acres of land. The idea behind this intelligent approach to planning is to avoid the mistakes made in other parts of Spain, maintain the natural appeal of the region and preserve the beauty and attraction of Murcia for generations to come.
 
Mike Hamilton, MD of Casas de Lorca comments:  Many developers are missing the very real point that increasingly consumers require environmentally conscious homes with such things as solar power, eco friendly water conservation methods and where the environment into which they are moving will remain unchanged and unspoiled.  They want spacious properties with large gardens, they want these properties to be built in areas of outstanding natural beauty and they are not willing to compromise.  For the developer astute enough to recognise this demand and sympathetic and intelligent enough to embrace government policies rather than try to avoid them, there is great opportunity to be had in terms of constructing fabulous real estate in an ethical manner that is hugely sought after.”
 
Casas de Lorca have chosen Murcia for the construction of their lifestyle homes because of the blend of natural appeal that the region offers the would-be purchaser with its national parks, pristine coastline, rolling agricultural landscape and world heritage sites and historic cities.  They have also chosen Murcia because the regional government shares the same environmental preservation ethics as the company and their customers.  Those who choose a Casas de Lorca property benefit from acquiring a bespoke home set within its own five-acre plot of land, allowing purchasers to become virtually self-sufficient if they want to.  Additionally the properties come with almond trees or vineyards which reduce CO2 and also enhance the natural habitat for flora and fauna; it is even common to see eagles soaring above the land.   Solar energy hot water is standard and many clients are also opting for solar pool heating. We also employ the very latest environmentally conscious energy saving building methods throughout the construction of these hugely popular homes.  For more information about these properties and environmentally conscious property development in Spain please contact Casas de Lorca on 0844 734 8057 or visit www.casasdelorca.net.

Rental Demand in America Reaches Record Intensity

by Charlotte Ashton United States

 

The health of the property market in America is worsening on a month-by-month basis for homeowners and rental tenants; yet for pure property investment, today is possibly the best time to buy in to the US housing crisis and profit from soaring rental demand and rapidly advancing rental yields.  In the first quarter of 2008 US citizens’ overall net worth fell by 1.7 trillion dollars because house and stock values again fell sharply.  Now 1.1 million homes in America are in foreclosure and the number of homes in foreclosure in February 2008 was up a staggering 60% on the previous February’s numbers.  US real estate analyst Michael Larson from Weiss Research has been quoted as saying that there will be little change in this “toxic” situation for the coming few years, and his sentiments are supported by Jay Brinkman, MBA´s vice president for research and economics who advises that America is now entering the sixth straight quarter in which a record percentage of mortgages have entered foreclosure.
 go zone,
This dire situation, described as a “toxic stew” by Larson from Weiss Research, is having a directly converse impact on the rental market in America.  Never before in America’s history has the real estate rental market appeared so strong.  Vacancy levels are falling across the whole of America at record rates, and in parallel to this massive upside pressure that is being exerted on supply, the rate at which rental rates are rising is dramatic with some states and some cities in America recording double-digit median rental rate increases on a quarterly basis.  The average predicted increase in rental rates for 2008 across the whole market according to the National Association of Realtors is at least 5.3%.
 
Three specific factors are causing record rental demand increases across the whole of America – the rate at which homes are being foreclosed upon is forcing increasing numbers of former homeowners into rental accommodation as they can no longer keep up with their mortgage costs.  First time buyers or current rental tenants wishing to purchase are finding it dramatically and significantly harder to gain access to mortgages, and there are those who are biding their time before they buy in who are demanding rental accommodation in the meantime.
 
In certain parts of the country there are additional factors creating a situation where demand for rental accommodation is increasing unabated and where rental rates are rising dramatically.  In the Gulf Opportunity Zone for example, (the area of southern America impacted by Hurricane’s Katrina and Rita back in 2005), so much effort, outlay and pure investment has gone into rebuilding towns and regenerating communities that not only are former citizens returning home and requiring rental accommodation, but so much new employment exists that cities such as Biloxi and Gulf Port are witnessing strong levels of inward professional migration which also exerts pressure on the supply of rental accommodation. 
 
In Biloxi for example, Danny Silver, principal of Property Direct America comments: “you have an unprecedented situation.  The government of the United States has allowed developers to purchase prime land for housing development at well below market rates to encourage them to pass on these substantial savings to purchasers.  You then have purchasers being encouraged to buy in and invest and house displaced citizens with government backed taxation and financial benefits which are available to all those who invest in property.  Investors then benefit from returning rental demand, and because there are 22 casinos opening in the area and providing employment opportunities alongside the likes of Chevron, NASA, The University of Southern Mississippi and Naval Construction Battalion which are all substantial employment centres, investors also have large numbers of professionals relocating to the region to take up prime employment contracts who are also seeking rental accommodation – making it possibly the best time to invest in real estate in this part of America ever!” 
 
One development that ticks all the boxes with buyers and investors in Biloxi is Bayside Park – it qualifies for all the government financial incentives, the below market value properties are for sale from $159,900 with mortgages available, and the attractive development is located in close proximity to great employment opportunities so rental incomes are estimated from $1300 per month for a 3 bedroom property.  To learn more about these opportunities in the GO ZONE contact Property Direct America on 0207 043 0792 or visit www.propertydirectamerica.com.

Dominican Republic records 8% increase in visitor arrivals in 2008 and aims to reach 5 million by 2012

by Charlotte Ashton Dominican Republic

 

The Dominican Republic is quite possibly the perfect embodiment of a Caribbean paradise nation – with its palm-fringed, white sandy beaches which are lapped by warm azure seas and caressed by almost endless summer days, this holiday hotspot is booming on the back of intelligent government policy designed to maintain macroeconomic balance and enable and encourage investment.
 
The government and private sector are united in nurturing the tourism and real estate industries in the Dominican Republic as these are fundamental drivers of the overall economy, which is why the destination is becoming a more and more enticing place for a holiday or even a holiday home investment.  With consistent effort and policy planning in place to promote the delights and undeniable appeal of the nation, combined with significant investment into everything from road infrastructure to the enhancement of amenities and facilities for lifestyle tourism, the overall attraction of the Dominican Republic is improving annually.
 
This level of sustained and focused investment has already led to a significant rise in tourism numbers and it is also supporting far greater investment interest in the Dominican Republic’s affordable yet high-end property market.  According to the nation’s Tourism Minister there has been an 8% increase in tourism arrivals in 2008 already, this is backed up by statistics from the Central Bank released earlier this year suggesting that in the first four months of 2008 alone, 1.6 million visitors arrived to soak up the Dom Rep’s stunning sunshine, an increase of almost 6% year on year from 2007.
 
To further enhance the appeal of the nation, its accessibility and economic success, Tourism Minister Felix Jimenez has just announced the details of the Dominican Republic’s 2008 – 2012 Tourism Plan.  The plan is an outline for investment and it is designed to enable an increase in international arrivals of around 170,000 visitors per year, generating 200 million dollars in annual revenue and reaching 5 million annual arrivals by 2012.  Supporting this plan is significant dual investment into increasing hotel bed capacity and also increasing the amount of residential resort style real estate in the Dominican Republic.  The World Travel and Tourism Council predicts that this period of intensive advancement in tourism will result in at least a 3.7% annual increase in real GDP growth for the nation’s travel and tourism economy over the next decade.
 
According to Steve Worboys, MD of Experience International, the overseas property investment experts: “for those seeking the ultimate property investment opportunity now could be the perfect time to invest into the undeniable potential that the Dominican Republic represents.  Not only is the nation affordable and committed to maintaining its accessible status as one of the most reasonably priced Caribbean destinations, but millions of dollars of investment are going into everything from golf courses to marinas, from boutique style shopping malls to spas and sports facilities.  Already ‘the Caribbean’s Number One Destination’ according to the World Tourism Organization, the Dominican Republic could soon be the number one destination for luxurious yet affordable resort style real estate offering exceptional rental yields in the region too.”
 
The increase in demand for properties for rent from the growing tourism base is allowing developers of the best resorts in the nation to offer fantastic rental guarantees to would-be purchasers, and to even offer these rental guarantees on top of allowing owners access to their properties for their own Caribbean paradise vacation.  One such development, Swaying Palms, offers investors 7% annual rental guarantees, and currently the gated and private luxurious community of apartments and penthouses is for sale at 30% below market value with 20% capital growth per annum predicted and overall the ‘Projected Capital Growth’ for the next 5 years is 220%.  The properties are within a resort offering the best range of high-grade amenity – from tennis clubs to beach clubs and with owners benefitting from membership facilities to 5 of the areas top golf courses including the new Jack Nicklaus course at Cap Cana for example.  Properties are available for sale with 50% mortgages from just $140,000, and for more information please contact Experience International on 0207 321 5858 or visit www.experience-international.com.

Foreign Property Owners’ and Investors’ Rights Protected in Venezuela

by Charlotte Ashton Venezuela

 

Much has been written in the media about the undeniable investment attraction of Venezuela, and in particular Isla Margarita.  After all, Isla Margarita is a stunning and accessible Caribbean island with rapidly expanding tourism and real estate sectors where annual investment returns from property are currently reaching double digits.  However, failing to accompany this positive promotion of Venezuela is sufficient and accurate information about why an investment made is secure and safe against a backdrop of what many incorrectly assume is a less than stable political leadership.
 
Venezuela is a politically secure country; it is also a nation with a $182 billion economy* that has expanded at an average rate of over 12% in recent years, a growth rate that is the highest amongst the biggest economies in Latin America.  To secure this rate of growth the nation’s president Hugo Chávez has committed to creating a transparent environment where domestic and overseas investors can benefit from the growing strength, attraction and appeal of the nation and where their investments are protected.
 
President Chavez has stated: “you want to invest in Venezuela?  Here we are…this government isn´t an enemy of the business person, and we want to let them participate…” A recent article in the International Herald Tribune proved the sincerity of this sentiment and made it clear why international investment is welcome and secure.  According to the report it is thanks to foreign investment and a resultant strengthening of the economy that President Chávez has achieved many of his domestic goals for healthcare, employment and education – for example and he has taken the minimum wage in Venezuela to the highest level in Latin America.
 
Venezuela welcomes investors and investment – and Decree Number356 passed back in 1999 should make it clear to would-be investors that not only is their financial commitment welcome, but their rights are protected and their investments are safe. 
 
According to Mark Andrew, Director of Isla Margarita property specialists Emerging Earth: “Decree Number 356 is the legislation passed by the government to ensure that foreign investors are treated fairly and in the same way as domestic investors in Venezuela, and the most pertinent and significant Article of the Decree is Number 6 which states that: ‘international investments will have the rights to an equal and just treatment conforming to the norms and criteria of international laws and will not be subject to arbitrary measures or discrimination that could impede maintenance, management, usage, enjoyment extensions, sales or liquidation.’  Would-be investors can take great confidence from the existence of this Decree which basically makes property investment in Isla Margarita even safer than real estate investment in Dubai for example, because whatever you buy in Isla Margarita is secured freehold real estate – unlike in the popular Arab Emirate.”
 
Currently available for sale to overseas investors on Isla Margarita and proving significantly popular and successful is the Caracola Beach & Spa Resort.  It comprises of luxury properties with Caribbean Ocean and beach views which are situated in a resort style development with world class amenities and facilities such as restaurants, bars, swimming pools, chill-out areas, a spa, gymnasium, beauty salon, high end retail outlets and beautifully landscaped gardens.  The fully furnished properties come with a guaranteed rental return of 7% pa net for 10 years, and this investment purchase is SIPP qualifying and offers tax efficient freehold ownership.  Prices start from €79,000/ £63,000 for a one-bedroom apartment.
 
For more information, please contact Emerging Earth on 0845 604 1208, email team@EmergingEarth.com or visit www.EmergingEarth.com.
 
*(GNP according to Bloomberg)

Turkey’s Undiscovered Mediterranean Jewel

by Charlotte Ashton Turkey

 

Looking for a sunny place to escape the unreliable British summer? A friendly Mediterranean resort with sandy beaches that hasn’t been swamped by mass tourism? A place where you can buy a brand new seaside apartment for a recession beating £36,500? Well, the Turkish seaside town of Ozdere may be just what you are looking for.
 
Located on a beautiful, unspoilt stretch of coast between the better-known Turkish resorts of Cesme and Kusadasi. Ozdere is virtually undiscovered by foreign tourists and property buyers. A popular holiday destination for middle-class Turkish families, it is a small and friendly place with a permanent population of just 13,500. The town is backed by rugged pine-forested mountains and fringed by citrus orchards, but it is the excellent local beaches and hidden coves – there are over 24 miles (40 km) of sand to choose from in the area and several beaches have won the coveted Blue Flag award – that attract domestic holidaymakers in summer.
 
“Only a few foreign buyers have discovered the area, which is one of the hidden jewels of the Turkish coast. The resort has fantastic beaches but is very laid-back even in the height of summer and never gets too busy,” says Dominic Whiting, editor of the Buying in Turkey guide. “Property prices are some of the lowest on the entire Turkish coast. It is still possible to buy a well built new apartment with good facilities within 5 minutes walk of the beach for as little as £36,500.”
 
Without the attention of foreign buyers property prices have risen more slowly, and are currently 15-20% lower, than nearby resorts like Altinkum and Kusadasi. However, there is strong and growing domestic demand for property in the area, which is popular with families from Izmir, a city of over 4 million people which is Turkey’s third largest, located only 37 miles (60 km) away.
 
“Ozdere is an excellent investment opportunity with good potential for capital growth. The local rental market is buoyant with good quality apartments in demand for long lets by Turkish families during the summer,” says Dominic Whiting, editor of the Buying in Turkey guide.
 
Ozdere has plenty of shops on its bustling main street and three supermarkets. There is a good choice of convivial restaurants and tavernas serving excellent value seafood and mouth-watering Turkish dishes washed down with the local aniseed spirit, Raki, locally produced wine or lager. A dinner for two with drinks costs less than £15. For those in search of nocturnal fun there are bars and a few discos open in the summer, but the local nightlife is low-key compared to larger Turkish resorts. The town has a public hospital and several private clinics catering for permanent residents and visitors.
 
Izmir international airport, which is served by year-round British Airways flights from the UK, is only 30 miles (50 km) or 35 minutes drive from the town. The tourist attractions of Efesus, an ancient city and Turkey’s most extensive archaeological site, and the House of the Virgin Mary are 15 miles (25 km) from the town. There are many other fascinating ancient sites dotting the countryside around Ozdere.
 
 
Why Ozdere?
 
·         Great beaches & unspoilt scenery
·         Friendly, laid back atmosphere
·         Authentic Turkish seaside town
·         Excellent value property, apartments from £36,500
·         Good prospects for capital growth
·         Easily accessible from the UK
 
 
Ozdere Property Highlights
 
Gokdere Apartments
 
The Gokdere Apartments are located in the friendly seaside town of Ozdere, just 5 minutes walk from the beach. The two bedroom apartments enjoy sweeping views of the sea and the Greek island of Samos or the unspoilt mountains behind the resort. The complex is built to a very high standard using top quality materials and has a communal swimming pool and an on-site caretaker.
 
Price: Euro 46,000-75,000 (£36,500-£59,000)
 
Contact Buying in Turkey for more details:
Tel 0845 3513551
 
 
Miranda Apartments
 
The Miranda Apartments are located near the centre of the seaside resort of Ozdere, just minutes walk from the beach, shops and restaurants. The apartments enjoy unobstructed views of the sea and the Greek island of Samos from the first floor upwards. They are excellent value for money and represent a fantastic investment opportunity in a central location with good potential for lettings.  The complex of 2 bedroom apartments and 3 bedroom penthouses has a large communal swimming pool and an on-site caretaker.
 
The two bedroom apartments cost Euro 60,000-115,000 (£47,000-£91,000). The 3 bedroom apartments and penthouses cost Euro 120,000-140,000 (£95,000-£111,000). Apartments come with a fully equipped kitchen with a hob, oven & extractor fan, fridge-freezer, dish washer & washing machine included in the price. Bathrooms have a shower and Jacuzzi bath.
 
Contact Buying in Turkey for more details:
Tel 0845 3513551
 
 
For advice on property in Turkey contact Buying in Turkey, Tel 0845 351 3551, www.buyingin.co.uk
 
A free copy of the best-selling Buying in Turkey guide, first published in 2005, can be downloaded at www.buyingin.co.uk

Canadian homes with a certain je ne sais quoi!

by Charlotte Ashton Canada

 

July marks the 400th anniversary of the establishment of Quebec City
 
Canada is an evergreen and ever-popular nation with would-be British expatriates and it is becoming an increasingly popular choice with those in search of the ultimate lifestyle property too.  Because of the vast size of the nation, Canada generally offers a buyer far more real estate for their property pound or dollar, and because the country is a first world, leading tourism centre offering world-class amenities and facilities as well as being home to some of the world’s most striking natural scenery, Canada really can be said to have it all.
 
The only problem with such a popular and vast nation for those seeking a lifestyle second home or a property investment of maximum interest to potential tourism tenant demand is that it can be hard to know where to start looking if you want to find a Canadian home with a certain ‘je ne sais quoi!’  However, those who know the nation such as John Prior, Principal of Undiscovered Properties, know full well that: “Quebec province is rapidly becoming the lifestyle home seekers’ choice because of its inimitable blend of history, heritage, tourism appeal and unique mix of Canadian and French culture and style.”
 
According to Prior: “2008 is a very significant year for Quebec too, it is the 400th anniversary of the establishment of Quebec City, and all year many major events and celebrations have been organised throughout the province to mark this historic milestone.  These events have been used by the province as a way of further marketing the appeal of Quebec to the wider world, and on the 3rd of July, which is the anniversary date of the establishment of Quebec City, the ‘Happy Birthday Quebec’ festival will begin.
 
This major event is expected to draw record numbers of international visitors to the city, and it will be a great time for celebrating and also showcasing the wider province.  Quebec is described as ‘a four season outdoor playground’ because of its mountains and lakes, its ski runs and protected wilderness areas, and as a result it is already hugely popular with North American visitors who love the great outdoors and who embrace the unique cultural flavour of this fabulous province.”
 
Many of those who have visited the province have also realised that it is one of the most affordable in Canada for real estate, and this has led to Quebec becoming home to a certain number of high-end, exclusive communities where real estate is prized.  It is in these communities where there has been an intensification of international property interest as well; locations such as Mont Tremblant – North America’s number one ski resort – have become particularly desirable as they offer the ultimate blend of high-end real estate with luxury lifestyle.
 
Mont Tremblant lies north of Montreal, it is a stunning resort surrounded by acres of maple, cherry and pine forest, and the town has spectacular views of mountains, springs and streams.  The location offers a relaxed pace of life with fantastic shopping and fabulous restaurants, or for the more adventurous the area is famous for its skiing as well as its rock-climbing, water sports, hiking, horse riding and 7 championship golf courses.  
 
Five minutes from the resort and situated in the best elevated position in the entire community is the elite La Grande Forêt development of exclusive estate sized homes.  Featuring 72 homes on plots averaging 3 acres, La Grande Forêt is certainly a community of Canadian homes offering that certain ‘je ne sais qua!’  Each property features open fireplaces, two-storey Great Rooms, vaulted ceilings and state of the art, luxury fixtures, fittings and appliances.  What’s more, the resort style development includes a range of five star amenities such as the Grand Clubhouse and swimming pool.
 
These rustic log and custom timber homes which use expert Quebec craftsmanship and the finest natural materials of stone, wood and granite are remarkably affordable and make fantastic lifestyle or pure investment choices.  They start from £403,000/€527,000 for log homes and £442,000/€578,000 for timber properties, for more information contact Undiscovered Properties on 0870 7347968 or visit www.undiscoveredproperties.com.
 

Renting your Turkish property

by Charlotte Ashton Turkey

 

Many people buying in Turkey want to rent their property out for part of the year. The promise of rental returns on top of strong capital growth has attracted investors; while those buying primarily for their own use often decide that a few weeks rental can cover the cost of maintaining their property. The Turkish holiday rental market has huge potential with the country expecting 24 million foreign tourists – of whom well over 1 million will be British – this year.
 
“The start of low-cost flights into the Turkish resorts, with Easyjet now flying Gatwick-Dalaman four times a week, will be a huge boost to the fledgling holiday lettings market,” explains Dominic Whiting, editor of the Buying in Turkey guide. “However, at present, it is much less developed than in countries like France or Spain and property buyers should have lower expectations.”
 
Property buyers should also bear in mind that rapid development has created a large pool of rental accommodation, with an over-supply in some of the Turkish resorts.
 
“This doesn’t mean it isn’t possible to earn a good income from rental – easily enough to cover maintenance costs and bills. But it makes it very important to choose the right kind of property in a good location, if rental is a primary concern,” says Dominic Whiting, editor of the Buying in Turkey guide. “It is also unwise to rely on rental income to finance your purchase, no matter what the estate agent promises!”
 
The rental season in the coastal resorts is May-October, with July and August the busiest months. In resorts such as Alanya, Altinkum and Kusadasi, which are popular with families, apartments and small villas on complexes are the easiest type of property to rent. While in the more upmarket resorts, such as Kalkan and Kas, which are popular with independent travellers, large villas with pools offer the best rental returns. The Aegean resort of Cesme, which is very popular with Turkish holidaymakers from the major cities, has a buoyant rental market in summer with gross yields of 5-6% possible. However, serious buy-to-let investors should look to the main Turkish cities where the rental market is year-round and solid yields can be achieved.
 
Many Turkish developers provide management services, including cleaning, gardening, maintenance and welcome baskets, for a set annual fee or a commission of 15-20% of the rental income. Good management is essential, particularly if you are not around yourself. Marketing your property is also important. Some specialist travel companies offer contracts for suitable properties in areas like Kalkan and Bodrum. But most owners choose to advertise in the local press or on the internet, while others rely on friends and family to spread the word.
 
 
Guaranteed rental schemes
 
Rental guarantees are sometimes offered by estate agents or developers in Turkey. Simply put, these guarantees are a commitment to return a percentage of the purchase cost of a property to the buyer each year for a fixed term. Ostensibly, the developer recoups this money by renting out the property. This sounds an attractive proposition, but rental guarantees should be examined closely.
 
Firstly, unscrupulous companies may simply be inflating the sale price of the property in order to cover the rental. Buyers should shop around carefully to see the cost of comparable properties in the same area. Find out whether the developer has an agreement in place with a travel company or lettings agent. If not, then how do they plan to find tenants and ultimately pay the guarantee? Examine the fine print of your contract to see who is actually guaranteeing you the money.
 
´Rental guarantees are marketed with alarming regularity,” says Paul Owen, CEO of the Association of International Property Professionals. “The simple rule is: if it is not in the contract, it´s not guaranteed. Potential rental incomes are often re-classified by salesmen as ´guaranteed´, though this is never in writing. Check the contract and recognise that no mention means no guarantee. Even rental guarantees in the contract should be scrutinised by an expert. Make sure you hire a lawyer to check them before you sign anything.”
 
For more information about Turkish property download a free copy of the Buying in Turkey guide at www.buyingin.co.uk or call a property adviser on 0845 351 3551.
 
 
Buying in Turkey: A Complete Property Buyer’s Guide to Turkey
2007/8 edition
Edited by Dominic Whiting
Edition 3, 140 Pages, RRP £9.95
Published 15 July, 2007
ISBN: 978-0-9550890-5-3

Getting More for Your Money in Spain

by Charlotte Ashton Spain

There’s some good news for lovers of Spain from the Spanish property portal Kyero.com; the average price of a house in Spain this April is 3.6% lower than it was just a year ago – so you can get a bigger piece of Spanish real estate for your Euros in 2008!  But before you get too excited, the bad news is that your Euros may now cost you 16% more to buy than they would have if you’d bought them a year ago…

This is because the Pound is currently worth significantly less against the Euro than it did 12 months ago, so the house price depreciation benefit that Kyero.com has highlighted is eroded by the strong Euro/weak Pound situation.  This particular currency situation has arisen because global confidence in the Pound has been dented temporarily; this is thanks to worries about the knock-on effects in the UK of the sub-prime mortgage crisis in America and the near-collapse of Northern Rock last year.
 
Unfortunately, all of this currency negativity has been putting Brits off buying Spanish property when in actual fact, now is probably a perfect time to buy a home in Spain.  The IMF predicts that the British economy will grow more quickly than the Eurozone economy over the next two years; you can negotiate some spectacular deals with Spanish property developers; and you can certainly protect yourself from negative currency fluctuations if you know where to look for foreign currency exchange advice.
 
According to the foreign currency exchange specialists at Moneycorp, British buyers should not be put off looking for property to buy in Spain just because of the strong Euro/weak Pound situation. 
What’s more, Moneycorp don’t believe that buyers who have already bought a Spanish home should panic either.  Those who have bought a property under construction and who are making stage payments, for example, can still buy their Euros now, because it is possible for them to take a neutral stance on future exchange rate movements.  They can buy half of their required Euros today and half at a future date, when the outlook for the rate of exchange becomes clearer.  Those who have invested significant funds in a completed home in Spain  already can withdraw equity and benefit from cheaper Euro mortgage deals; they can also enjoy greater benefits from the Euros they release by converting them into Pounds!
 
Moneycorp can also offer more financial security to those who are interested in buying a property in Spain and who have yet to negotiate a deal.  They can actually pay a percentage deposit now while fixing an exchange rate for the balance of the funds required, for settlement at a later date.  No other money need be paid until that settlement date arrives; this approach to currency exchange is known as a “forward” transaction and it is exactly the strategy that larger investors are adopting right now as they seek to cash in on the weaker housing market in Spain while knowing exactly how much Sterling they will have to pay.
 
According to Mike Hamilton, Sales Director of Casas de Lorca: “seasoned investors are well aware that in a market environment where there are weakened sales projections, developers will ensure that those coming to the market are given the best deals possible. 
 
“For those with the money to buy in, a slowing property market such as the one in Spain right now represents the absolute best time to buy.  Not only are the smaller and the less scrupulous developers squeezed out of the market, but the larger developers who know what they have to do to generate sustained interest in their projects go all out to accommodate the buyer. 
 
“It’s a buyer’s market in Spain, and the buyers who negotiate the best property and currency deals will reap the strongest possible dividends in the future.”
 
So, you can get more for your money in Spain if you speak to a currency exchange specialist like Moneycorp, as they will show you how and when best to trade your Pounds for Euros. Then, because it’s a buyer’s market, you can get more for your money if you approach the larger, more robust and reputable developers. 
 
A highly detailed report in the Irish Independent recently backed up this theory, stating that in a weaker property market, every buyer heads for quality… This holds true just as much in Spain as it does in Ireland.
 
Let´s take a look at a developer, such as Casas de Lorca, as an example. This company is building some of the highest quality, most attractive properties in Spain’s Murcia region.  They give their buyers the best guarantees in the business, they offer homes on five acre plots of land and they build to five star standards, guaranteeing not just the title deeds and the build quality of their homes, but the fixtures and fittings as well!
 
If you buy through Casas de Lorca you are buying off-plan and you can make the most of their flexible payment plans and wait for the Pound to bounce back against the Euro.  You can also get real value in terms of what you purchase; for example, you get five acres of land with their luxurious five star villas. 
 
Casas de Lorca clients are also given the option of purchasing now but spreading their payments over a period of up to two years, giving them even more time to win the currency fluctuation game with expert help from someone like Moneycorp.  Or buyers can use a Euro mortgage to fund their build, so that they can benefit from future exchange rate movements in their favour.
 
The Casas de Lorca projects mentioned are near the town of Lorca in the Murcia province of Spain.  The company offers buyers the chance to own a stunning, custom-tailored villa with classic architectural features, such as rows of arches, courtyards, or walls of glass.  The villas are each located on five acres of land and these stunning properties are for sale from just GBP 196,900 / EUR 265,000, which buys you a four bedroom villa.  This offer really does give buyers the chance to own their very own home on a rolling five acre estate, rather than a generic apartment on a housing estate in an urbanised part of a popular Costa!
 
For more information please contact Casas de Lorca on 0844 734 8057 or visit www.casasdelorca.net.