 Dubai
delights: Purchasing a unit in one of the luxury new residences
such as Lago Vista or Ocean Heights in Dubai can net you up to
18% rental
yields
per year, claims Giulio Giancovich, a senior Dubai consultant at
The Best In Dubai. He said: “With up to 51% tax free growth
and an expected 15 million tourists by 2010, the buy to let market
is a very attractive prospect for property owners.”
Properties in desirable locations command high rental yields, making
studios and apartments in popular complexes a solid investment
opportunity.
Turkey
tourism boost: A 22 per cent rise in tourism in Turkey
has helped fuel the interest by foreign investors in Buy to
Let properties in the country.
Nicholas Marr, CEO of Homesgofast, said: The hot areas for
Turkish property appear to be Altinkum, Bodrum, Fethiye and
Dalaman.”
Apogee Publishing, has produced a Buying in Turkey guide which
is available to purchase at all good bookshops.
Restoration
project in French Alps: Investors can buy in to a
piece of French history following an announcement by UK developer ‘Space
France’ that
it is renovating an historic disused Silk Mill called La Schappe,
which dates back to the 1840’s.
Erna Low Property is acting as the sole UK sales agent for the
development in the UNESCO candidate town of Briancon in the French
Alps. La Schappe is situated just below the old medieval walled
city and backs onto the beautiful Parc de la Schappe.
It is close to the centre of town with its classic French shops,
bars and restaurants and just a short walk from the gondola which
gives access to the skiing and the mountains.
The apartments will range in size from 32 m2 for a mezzanine apartment
to 146m2 for a 5 bedroom loft. Apartments are available through
leaseback and classical freehold purchase.
For the leaseback apartments, notary fees, mortgage fees and the
mortgage interest during construction will be paid for by the developer.
There is also likely to be a rental guarantee on offer – details
yet to be released. Prices will range from €150,350 to €705,000.
On
the dock of the Bay: Cotton Bay is a new 5 star golf
and marina property development on the island of Sal in the
Cape Verde islands which claims to
be one of the first developments to combine second and investment
home opportunities with outstanding amenities and environmental
and eco building solutions.
The climate on the Cape Verde archipelago, situated to the West
of Africa, gives the destination all-year-round holiday appeal,
and there has been a health increase in tourism in recent years.
Cotton Bay apartments start at £84,242 / €124,000. Those
looking for that extra-special property, there are large marina
and beach view villas available for up to £1.12 million / €1.65
million.
Russian
property boom: New-build homes in Moscow rose by 92 per cent last year
and rents are rising at 30 per cent a year. The Russian city
now
has more
billionaires than New York and the general growth in the economy
has seen a massive boost in the residential sector.
The rise in the price of new build residential property has also
led to a 69 per cent rise in the re-sale market.
Moroccan
property prices double in a year: Property investors looking
for growth in an emerging market have seen their investments more
than double in Morocco in under a year.
According to experts at the forthcoming Property Investor Show
(21-23 September, ExCel Centre), the soaring growth is set to continue
as Morocco is predicted to present the biggest property prices
rise worldwide over the next year.
Some are even predicting property prices will increase by as much
as 40% in the next three years, with rental yields as high as 10%
being achieved in prime investment spots, as investors take advantage
of tax benefits and the Government’s commitment to boost
tourism.
Alise Crossick, co-director of Ready2invest, said: “We launched
in Marrakech in September 2006, selling properties for €850
per m² - now these properties are selling for over €2,000
per m², a 135% increase.
“ There is no tax on rental income for the first five years, after
which Capital Gains Tax also halves to 10% from 20% for the next
five years. After 10 years, properties are then exempt from Capital
Gains Tax altogether thereafter.”
Although the established property markets, such as Marrakech and
Casablanca, are amongst the country’s strongest investment
areas, developers are now looking across the country to emerging
hotspots.
Property Investor Show exhibitor, City Life Morocco,
has turned its attention to the fast growing property market in
Tangier, in northern Morocco. Investors can purchase apartments
from £74,000 at La Baie Panoramique, a development of 350
two and three bedroom apartments.
NAEA And FOPDAC
announce merger: The National Association of Estate Agents (NAEA)
and the Federation of Overseas Property Developers, Agents and
Consultants (FOPDAC)
have signed a formal agreement this week to merge FOPDAC with the
international section of the NAEA.
The new name is to be ‘NAEA International incorporating FOPDAC’.
Both the NAEA and FOPDAC are long established in the field of international
estate agency, and are dedicated to improving the standards of
those working in this specialised field.
The two organisations are both members of the European Confederation
of Estate Agents (CEI) and worked together in 2005 to bring about
the introduction of a new International Code of Practice, which
has since been accepted by the 40,000 estate agent members of the
CEI.
Ian Tonge, chairman of the NAEA International working group, said: “This
is a significant step for both organisations and I am delighted
that we are now joining forces in this way. Members and consumers
will be able to benefit from the combined knowledge and experience
of both the NAEA and FOPDAC. Through this partnership we hope to
make a further, positive difference in the international property
arena.”
Keith Baker, legal advisor for FOPDAC, said: “I have worked
with FOPDAC for 30 years but I am keenly looking forward to implementing
the ambitious goals being set by the new combined team. This has
been a very easy merger to negotiate as it rapidly became apparent
how close our philosophies were.”
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