Overseas Property Focus
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| Added 24/12/08 | ||||
| Property investment for those with a good wine palette | ||||
Ready2invest has 48 one acre residential land plots within a planned 5-star resort in Mendoza, Argentina. The Castillo Country Estate & Spa is a 300-hectare development, 21,000ft below the Andes, with a luxury branded hotel and spa, 18-hole golf course, polo fields and private vineyard. Located in the Mendoza province, one of the ‘Great Wine Capitals of the World’, near neighbours in the Valle de Uco include some of the biggest names in wine such as the Rothschild family, Moet and Chandon and Michel Rolland’s Clos de los Siete. Alise Crossick, Director of Ready2invest said: “Mendoza is one of the World’s most respected wine regions and has recently been establishing itself as a major tourist destination. Visitors are flocking to the province to explore the wine trail with numbers up 70 percent on 2001. However, accommodation outside of Mendoza City is scarce. With demand so high and supply so limited, the Castillo Country Estate & Spa is a very exciting development opportunity especially as we have seen property prices increase by 10 – 20 percent per year since 2003.” Investors will be required to pay US$44,000 upfront. This represents a 50 percent holding deposit on each acre purchased. In early 2010 investors will need to inform the developer of their intention to either opt for the ‘developer buyout scheme’, which would see the developer buy each investor out of their holding contract for US$100,000 by the end of 2011, effectively earning them $56 a day for the 1,000 days of the contract term. Alternatively investors can choose to pay the remaining 50 percent of the deposit (US$44,000) and obtain legal title for the plot. At this point investors will be able to build a residence (within development architectural guidelines) of between 150-250m2. • Tennis legends David Lloyd and Greg Rusedski are moving into the Fly to Let market after teaming up to start an overseas property business, which will involve investing in a number of properties around the world, which will then be rented out. He will be investing more than £3 million in the project, which will be run in partnership with the recently retired British tennis ace Greg Rusedski, who has injected £300,000 of his own money. The two men plan to start their property empire in Dubai, where they will buy a number of properties in the emirate. The new project is aiming to take advantage of the current low property prices caused by the current uncertainty in global property and economic markets all over the world. A recent Reuters report suggested that Dubai property prices are falling as many owners look to sell in the economic downturn and Lloyd and Rusedski are looking to cash in on this and snap up a bargain before prices start to rise once more. Lloyd dismissed claims that the current economic downturn makes it a bad time to be launching a property investment business. He said: “The low entry cost will appeal to a much wider audience. “I learnt from the last recession that people don't sacrifice their holidays. It's lifestyle we're selling.” As well as Dubai, he is selling shares in five luxury complexes in places such as Phuket, Thailand, Morocco and Grenada for a minimum investment of £40,000. For that, people get a free holiday and a share of the increase in property values after 10 years. |
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