 Berlin is being tipped as a long term investment prospect by property
investment specialist Assetz.
The city has seen huge investments in property from UK and European
investment banks such as Terra Firma, which are buying up vast
blocks of apartments, said the firm. In addition, leading multinationals
such as Sony and DaimlerChrysler have set up headquarters in the
city.
While
the property market saw ‘tentative’ growth
of 0.2 per cent last year (following losses in 2005) the market
could
be about to take off.
‘Germany is a new market for most overseas investors and
it will take time to develop, so I would advise taking a 10 year
view rather than expecting instant returns. However, the growth
triggers that investors have been waiting for are starting to occur,
with prices in some residential areas such as Charlottenburg, Wilmersdorf
and Shoneberg seeing small rises after years of declining or static
prices’, said Assetz chief executive Stuart Law.
'It is a unique situation to have property prices in a capital,
as they are in Berlin, which are half those of the surrounding
cities of Munich and Frankfurt. With economic conditions remaining
favourable, it is inevitable that the Berlin market will catch
up, as the UK-led phenomenon of buying your own home continues
to spread rapidly across Europe’.
Turkey’s
parliament has approved a change in the law that
is expected to have a major impact on the country’s
property market. Although anticipated for some time, the
change allowing mortgages on properties for the first time
will not finally come into effect until 1 January 2008.
Although Turkey has one of the highest home ownership percentages
in Europe, purchases have had to be financed via short
term loans or private arrangements, a constraint that has
held back prices.
Restrictions are to eased for foreign investors from
within the EU who want to buy agricultural land in Czech Republic. The Government
is reported to have agreed on the change because the current
three year residency, language and farming knowledge requirements
imposed on buyers are open to challenge under EU law. Both foreign
exchange and land transfer laws are to be amended to fall in
line with EU laws.
Land grab of a different kind is set to affect hundreds of properties
in the Costa del Sol. The Government has announced plans for
compulsory purchase of land properties in Álora, Almogía,
Cártama and Málaga in connection with railway improvements
including the construction of service roads and power lines.
With list of those properties affected appearing in Spanish newspapers,
the plans are currently the subject of public consultation.
More than £2.8bn billion worth of residential developments will be constructed in the Dubai Investments Park this year, the
Dubai Investments subsidiary responsible for the development has
disclosed. Seven major developments are due to commence, eventually
adding over 19,000 residential units.
'This
phenomenal amount of investment underscores the property developers’ confidence in Dubai Investments Park as one of
the region’s premier residential communities. DIP has carved
a niche in the real estate market as a high-profile, environmentally
friendly and cleverly planned development and we have received
a surge of investors wishing to capitalise on this opportunity’,
said DIP general manager Omar Al Mesmar.
Dubai
Investments Park’s largest new
development is the Palisades project, being developed by Pearl
Properties. The Green
Community West project is another major DIP development, constructed
by Property Investments, to include 580 villas, 256 apartments
and six recreation areas.
Two residential DIP developments have already been completed,
housing more than 30,000 residents in Ewan Residence constructed
by Lootah Real Estate Development and Green Community.
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