Overseas - Friday, June 02, 2006

If you ever need proof of how quickly the world is changing, look at China. Once fiercely anti-market, this mega-economy is now a huge creditor nation and the subject of massive investment. And within this fascinating country, Shanghai is growing exponentially, with a building programme of a scale that defies belief. Little wonder, then, that the property market in Shanghai is booming.

Investors who want to see the next big thing should look east, say property experts. With growth in UK property prices slowing after a prolonged boom, serious investors have looked overseas for new buy-to-let markets. Many have identified Shanghai as offering excellent long-term prospects and have invested there with great success.
According to Dominic Keogh, managing director of Shanghai Vision, the leading Shanghai-based specialist in the market, the city is still booming in 2006.

‘Demand is certainly strong. Apartment sales doubled in March compared with February. Enormous, growing foreign investment is bringing a massive influx of Chinese and overseas workers into the city, creating a thriving property rental market. Value growth of the property is strong at between ten and 15 per cent.

‘In addition, many City of London investors have bought for the opportunity to invest in the Chinese currency, which is seriously undervalued and providing exciting returns. The opening of Shanghai’s World Financial Centre this year - twice the size of Canary Wharf - is generating massive interest in apartments in the Pudong area.’ City of London investors see what’s happening in Shanghai as similar to the rapid growth in Wapping and Docklands properties, says Keogh.

It is not just a handful of adventurous investors. Shanghai Vision has helped 350 UK- and Ireland-based private investors buy over $100 million worth of properties in this city in the last four years. It is a growing trend. Shanghai Vision (London) property sales in Shanghai tripled in 2005, more than half of these being bought by investors who already own property there.

Why Shanghai?

So what’s the attraction? Property value growth rates have been between 15 and 25 per cent, another ten per cent plus through the improving value of the Chinese currency, buoyant rental markets and guaranteed yields of up to eight per cent for five years.
This has been spurred by the Chinese economy, with a GDP that has averaged 9.5 per cent for over a quarter of a century. China has the world’s fastest growing economy and Shanghai is its fastest growing city. The AT Kearney Foreign Direct Investment (FDI) Confidence Index says that China is the number one most attractive FDI destination in the world.

International corporations such as CitiBank, General Motors and Philips are relocating their Asia-Pacific headquarters from Hong Kong to Shanghai. According to Jones Lang LaSalle, investment by overseas institutions in Chinese real estate will triple in 2006 alone, with the Duke of Westminster rumoured to be investing millions of pounds there.

All this investment creates demand for more labour in cities such as Shanghai. US giant GE Real Estate, which is expected to invest up to $500 million in China in the next three to five years, has forecast that in China 400 million people will move from the countryside into the cities in the next ten years. The population of Shanghai alone increased by 500,000 in 2005.
With expansion comes the need for homes. Yet, with an average two-bed apartment starting at £80,000, property prices are still a fraction of other world financial cities such as Tokyo, New York and Hong Kong so large capital growth can be achieved.

All this has generated massive interest and investment in the residential market in recent years from all over the world. In fact, the growth was so rampant that the Chinese government, fearing that it would accelerate out of control and crash, introduced ‘cooling measures’ last year to slow it slightly and deter short-term profiteering. They reduced the loan-to-value of mortgages from 70 to 60 per cent and interest up from 5.5 to 6.12 per cent. They doubled the deed tax from 1.5 to three per cent and introduced a new tax of five per cent on properties sold within two years of purchase.

Despite this, investors gained a good return from their property, generally between ten and 15 per cent. In addition, following the revaluation of the currency last summer, their property increased in value by ten per cent purely from the currency appreciation.

Promising prospects

Prospects for 2006 are promising. Dominic Keogh says, ‘Investors are showing keen interest in long-term opportunities. New foreign investment continues and, in particular, the new World Financial Centre bringing in bankers is creating strong interests in properties such as Times Square in the neighbouring Pudong area – Shanghai’s ‘City’ where its stock exchange and banks are already based. Overseas rental clients are very keen as they move their Asian offices to Shanghai
‘There is also strong interest in the market from those with an eye for currency opportunities. According to Citigroup forecasts, the currency is still undervalued by around 25 per cent – buying property is the best way to capitalise upon this.’

For a free copy of A Buyer’s Guide to Shanghai Residential Property call Dominic Keogh on 020 7038 1265 or e-mail dominickeogh@shanghaivision.com or visit shanghaiinvestment.co.uk.

This soon-to-be EU country has everything buyers need.

The natural beauty of Bulgaria is obvious and well documented, there are many ancient historical towns, spas, mountains and beautiful beaches along the stunning Black Sea coast. The whole package for sun, ski, culture and nature holidays make Bulgaria interesting as an all year round tourist destination. However, if you look beneath the obvious advantages of Bulgaria as a holiday or investment location and look at the underlying economics a much more appealing picture develops.

Gareth Clarke, Development Director for KHG Development points out some compelling facts regarding the current state of Bulgaria and the potential for this young property hotspot. Mr. Clarke says, ‘this is a young, democratic economy, growth is flourishing as tourists realise the huge advantages. Tax is low and annual capital growth is at 25 per cent and even up to 50 per cent in desirable areas. Tourist numbers were up hugely in 2004 and 2005 with British tourists increasing by over 40 per cent - and they will continue to return year after year. The EU accession treaty has been signed, Bulgaria will join the EU’.
It is well documented that the property markets exploded in Spain, Portugal and Ireland after they joined the EU, this is excellent news for Bulgaria. Bulgaria is taking a careful path toward integration, there is an ever-improving business environment, the lowest operational costs and tax rates in a European market economy.

Property demand is not restricted to wealthy Western Europeans - domestic demand is growing rapidly, less than 4 years ago there were no mortgages for the local population – compare that to the UK where the mortgage business is a mature industry, access to funds for investment has a massive impact on the economy – this will eventually happen in Bulgaria, and in turn drive up the cost of housing. Now that Bulgarians can borrow money - add to this the investments flowing into the economy from other sources – we will see prices rising from the domestic economy also. The number of mortgages being underwritten is increasing annually well in excess of 100 per cent. Bank credit will continue to grow and will significantly contribute to sustaining the property market growth till western levels are reached.

Ex-Pat Bulgarians are also fuelling the property boom, there are more than one million Ex-Pats working outside of Bulgaria. During the last 4 years property investment from Ex-Pats grew to approximately 10 per cent of the market. This is further increased by money ‘sent home’ from Bulgarians living abroad, sending money back to relatives whom are in turn investing into the growing property market.

The national currency – the Lev - has been pegged to the Euro. The recent governments have been progressive, making fast-moving political and economic reforms aimed at global integration. Bulgaria is a member of NATO and has a highly skilled, multi-lingual workforce working at Europe’s most competitive wage levels.
Having been widely acknowledged as a bona fide holiday hotspot, the latest statistics
show that tourists have definitely taken note of Bulgaria’s attractions. Visitor numbers have already increased by 12  per cent this year and the World Travel and Tourist Council (WTTC) forecast the demand for travel and tourism to Bulgaria will continue rising at 6-7 per cent over the next decade.

Bulgarians have shown themselves (as a people) to be disciplined which has positive and long-term implications. Investment is flowing in and with this comes jobs which will create long-term sustained growth. With the combination of local demand and foreign investment rising steadily we are confident that this is the right time to be buying and investing in Bulgaria.
When a country joins the EU it has to open its markets to foreign companies.
Joining the EU will bring a significant amount of public investment into Bulgaria
of course there is one effect that joining Europe has yet to bring. That is the public sense of confidence and well-being that actual membership will bring. This is the icing on an already ample cake. EU membership will bring many benefits to Bulgaria, most of then however, have already arrived.

Mr. Clarke of KGH Development says ‘this opportunity will not last forever, looking at Bulgaria’s natural attributes and the strong economic position make it a clear favourite for investment in 2006’.

KHG Development Ltd
020 7993 2743
BulgarianLiving.com

A unique, newly launched legal service brings peace of mind to those buying abroad
Traditionally, the process of investing in property abroad has at times been seen to require a certain, shall we say, leap of faith. Culture, language, legal systems – all can be dauntingly different when buying overseas. However, with a newly launched service that upholds the highest standards of professionalism accountability and transparency, there is no need to allow for the unknown.

The Property Lawyers Abroad Network (PLAN) is a unique community of highly experienced international property lawyers providing independent, unbiased and sound legal advice to UK residents buying property overseas. The aim of the organisation is to provide UK consumers with the same levels of professionalism and reliability when buying property abroad that they would expect when buying domestically.

PLAN acts primarily as a management company, sourcing new member lawyers and carrying out a rigorous and comprehensive vetting procedure to ensure that they satisfy a number of key criteria. Currently PLAN has member lawyers in 30 countries worldwide: Spain, Portugal, Morocco, Channel Islands, France, Cyprus, Turkey, Greece, Croatia, Bulgaria, Hungary, Latvia, Romania, Italy, Canada, USA, Caribbean, Brazil, Dubai, China, Thailand, Singapore, Hong Kong, India, South Africa, India, Poland, Slovenia, Czech Republic and Mexico.
Prospective PLAN lawyers are carefully vetted. They must be English-speaking and have knowledge of the local market, along with extensive conveyancing experience, excellent client references, competitive rates and a UK presence. Members also need to adhere to a strict code of practice and conduct.

PLAN, which is based in the UK, also provides an introductory facility to the consumer who is looking to find a lawyer in a particular country. PLAN initially offers face-to-face meetings with qualified lawyers in the UK who can run the consumer through the legal process before they commit to a property. The consumer will then be put in contact with a member lawyer in the country where they are purchasing a property, and the lawyer will work directly with them to ensure that the purchase process runs smoothly, also providing unbiased, sound legal advice.
Michael Masterson, managing director of PLAN, comments: ‘For many people, buying a property abroad is a dream that so often turns into a nightmare. As well as having to struggle with an unfamiliar language and culture, trying to find a competent lawyer that speaks English and has good local knowledge is often impossible.

‘We set up PLAN because we recognised that there was a real need for a service that took away the burden from the consumer of finding a lawyer that they could rely on and trust. We also appreciated that not only was it important they were English-speaking, but that they also knew the local area and were independent of the agents and developers.’
As well as meeting the stringent criteria set by PLAN, all member lawyers must also be linked up to PLAN Interactive (PLANi), an online transaction tracking service which ensures full transparency during the purchasing process. PLANi allows the purchaser, lawyer and agent to monitor the progress of a transaction anywhere in the world, at any time, via the PLAN website plani.net.

This innovative online case management system also allows the lawyer to send important documents that need to be signed, saving both time and money for the purchaser. It also eliminates one of the most infuriating aspects of purchasing property, whether in the UK or abroad: the feeling that communication has slowed to a trickle or is not taking place at all. An important aspect of PLAN’s case management system is the online message facility, which ensures that all parties involved in the purchase – lawyer, agent, developer and purchaser – are in the loop and responsive. In addition to the standard service, PLAN lawyers can also undertake due diligence on a property developer and provide valuable advice on key questions to ask during an initial visit to a prospective development.
The aspect of overseas property purchase that has the most potential for worry is how the money is handled, and in this area PLAN also comes up trumps. Clients of the PLAN service have the peace of mind of knowing that all money is secure, with escrow held in the UK; similarly, associated lawyers will also benefit from seeing that funds are available and the buyer is genuine. Doubt is removed, transparency rules and a transaction can proceed with minimal worry.

Masterson adds: ‘We are committed to establishing a comprehensive PLAN network of lawyers throughout the world to ensure the legal problems buyers have historically encountered when purchasing property abroad will become a thing of the past.’
To find out more about PLAN call 020 8862 8947 or visit plani.net

Looking to buy in France? First pick an agent. In an excerpt from her latest book, expert Penny Zoldan explains the French estate agency system
Those who are looking to purchase property in France should contact agents for property information and listings. You will soon discover that estate agencies dealing with France work in a very different way to a local UK agency.

Which agency?

First, you have the choice of dealing with either an agency that is based in France or one based in the UK which deals with French property, albeit normally in association with a French agent (agent immobilier).

French-based French agencies

To own an estate agency in France, you must have a carte professionnelle; to obtain this you must have either ten years’ experience of working in an agency or a law degree. Each agency must be registered with the local town hall, hold a carte professionnelle and have a bank guarantee. You will often see a certificate hanging on an agency’s walls confirming this, and you are at liberty at any time to ask to see their carte professionnelle number – don’t be afraid to ask if they have one, or to see details of their charges.
Without a carte professionnelle an estate agent does not have the right to hold a ‘mandate’ to sell a property or to take clients to view properties. It is a necessity, and should there be any questions you need answered or problems with your purchase, only a registered agent will be in a position to sort these things out for you. Do not be tempted by someone offering to show you a few properties that ‘friends’ have for sale – if they are acting as an agent and do not hold a carte professionnelle, they are acting illegally.
Bear in mind that French estate agents are not used to sending out property descriptions by post as we have come to expect in the UK, so do not hold your breath if you have phoned or emailed to ask for details – they might never arrive. Also, French agencies have to accompany their clients to view properties; they can’t just send them along or give them a set of keys.
The FNAIM is a regulatory organization in France similar to the NAEA (National Association of Estate Agents) in the UK. Although it is not essential that an estate agent is a member, knowing that your agent is a member of a regulatory body is an additional comfort for a buyer.

Agency fees

A fixed list (barème) of an agency’s commission is often displayed on the wall of their office. Agency fees in France are higher than those in the UK as their role differs greatly (more on this below). You can expect the agency fees to amount to between five and ten per cent of the purchase price of a property; normally, the higher the property price the lower the percentage charged. This percentage includes TVA (VAT) at 19.6 per cent which the agent has to pay to the authorities. The total amount is normally included in the quoted price, but do check!

Sole, multiple and shared agencies

French agencies have to have a signed mandate to sell each property they carry on their books. Each vendor giving an agency a property to sell will be asked to sign a document confirming their instructions to sell, the price and the commission, etc. In some cases the agents may have a sole agency, i.e. no other agent is instructed – it is a good idea to ask about this if you see a property you like and need some time to think it over. If other estate agencies have been instructed they could be showing their clients the property and your agent will have no idea that they are proceeding until informed that it has been sold. It is quite usual for French agencies to share their properties with other local agencies to give you a wider choice. They will then share the commission and it will not cost you any more.

Purchasing procedure

French agents are permitted to draw up the first contract (compromis) and hold deposits in their client’s account. If you require further information on a specific property that you are prepared to purchase with regard to extending or changing it in any way, the agent will go to the mairie (town hall) for you or with you to find out the possibilities.
During the purchase procedure, the agent will liaise between you and the notaire if you wish and is always in attendance at the notaire’s office for the final signing and transfer of the property – sometimes even acting in the capacity of translator. Bear in mind that the agent is based close to your property and they have probably lived nearby all their life; they have a reputation to uphold and can fill you in on all the information you need on the area.
They will want to make sure that you are pleased with their service as there is every likelihood that they will be bumping into you in the future at the local shops and restaurants – estate agents are respected members of society in France. Some French agents employ British staff, which can be very useful as they can give you information regarding making the move and buying as a foreigner, etc. However, do check that they are working legally for the agency.

UK-based French agents

The role of an agent based in the UK and dealing solely with French property is to smooth the way for prospective purchasers. These agents will normally work in partnership with French-based agencies, and whereas some will specialize in a certain area of France, while others will cover most of the areas.
They may be members of regulatory bodies such as FOPDAC and NAEA and will have to have proved themselves to be members of these associations. The advantage of dealing with an agent who is based in the UK and covers most of France is that they can give you a good overview of the differences between areas, i.e. house prices, types of property, weather and accessibility. When you are trying to decide between different areas, this information
can be extremely helpful. There is also the fact that they can send you details of comparably priced properties in the areas you are considering. They will also be able to advise you on journey times from one area to another as they will be accustomed to travelling in France on a regular basis.

As well as having valuable local knowledge about a range of areas, they will be in a position to make appointments for you with long-established and very knowledgeable French agencies which have been vetted by the UK company. These will be agents who have elected to work with the UK market, who enjoy doing so and are prepared for the extra workload that is usually entailed in dealing with ‘foreigners’ who are buying properties in France.
Excerpted from Buying Property in France by Penny Zoldan, published by Collins, priced at £8.99

France is understandably popular with investment buyers. However, says Jeremy Licence of Furley Page Solicitors, it pays to do your homework before even considering a purchase

Spring is a popular time for people to decide to purchase property in France. Some are just back from the ski slopes, having enjoyed a relaxing break are thinking how nice it would be to own a property close to the slopes; others are planning their summer holiday and are unpleasantly surprised by the high rental rates for holiday gites in popular areas. So it is natural to start thinking about owning their own cottage instead.
More British people are buying off-plan than ever before – that is, purchasing apartments and houses which have not yet been built. In France, as opposed to Spain for example, the majority of these are in the mountains close to resorts which have year-round appeal.
An off-plan purchase – or en l’etat future achèvement – are an almost entirely different from purchases of rural or existing properties. One characteristic of such purchases is that in most cases people only seek independent advice once a reservation contract has already been signed and the deposit handed over.
The legal impact of reservation contracts should not be underestimated: the English translation is somewhat of a misnomer since it can give the impression that a reservation does not give rise to a legally binding contract and that the purchaser can walk away without penalty.
Much of the law surrounding off-plan purchases is contained in the French building code and such transactions should therefore follow a defined process. There are variations but generally speaking the process is as follows:

1. Once the purchaser has seen a property specification he likes, he may sign a reservation contract and pay a deposit to the developer, typically five per cent. In fact, the law prescribes that this initial deposit cannot exceed five per cent.
 
2.Signing the reservation contract may take place at any stage in the build – it could even be before the developer owns the land or has put a spade in the ground. At some stage after paying a deposit, however, the developer’s notaire will send a draft transfer deed to the purchaser, who then has only 30 days in which to decide whether or not to proceed with a purchase. The transfer deed must be signed within 40 days. Failing this, in most cases, the seller is entitled to resell the property.
 
3. One aspect frequently misunderstood is that the price for the property stated in the initial reservation contract is subject to variation (which almost exclusively means increase) in line with increases in the National Cost of Building Index. This means that if significant time elapses between signing the reservation contract and completing the purchase, the price can increase materially.
 
4. Thereafter, the remainder of the purchase price is paid as each stage of the build is completed and the developer will send payment demands to the purchaser supported by architect certificates.
 
5. It is important to remember that the purchaser will be the owner of the land and the works as they are completed, from the date of the legal transfer – even though at the point of legal completion there may only be a hole in the ground.
 
6. The final stage is the remise des clefs (release of keys). This is the point at which the building is signed off as being completed and the purchaser takes possession on payment of the balance of five per cent of the price.

Probably the most important document in the whole process is the original building contract or building specification. Unless this has been clearly agreed in the first place, the question of whether or not a property has been completed is open to debate. The consequence of this is that if the property has been completed and the purchaser fails to pay over the final payment, then the seller can refuse to hand over the keys.
Having the building contract translated into English is highly recommended for obvious reasons, but some people do not even bother. Such is the desire to own a home in the first place that many buyers sign the reservation contract without much regard for the legality of the arrangement or the prospect of future disagreements about aspects of construction.
A purchaser who pays the final balance before having the property looked over by his own surveyor does so at his peril, since the scope for bringing any claims for defective works after the handover is very limited.

It is not all bad news, however. Unlike in England, French law imposes certain guarantees for the benefit of the buyer of any newly developed property; these are automatic in every case.
It should just be mentioned that slightly different rules and processes apply if plans for the building are supplied by the purchaser.

The importance of obtaining reliable legal advice from an English solicitor or at least an independent English-speaking notaire cannot be overstated. Even when these transactions are at the lower end of the price range (for example, for studios or small apartments) the process described above is a minefield for the uninitiated and can lead to misunderstandings and unnecessary disputes.

If you are planning a purchase off-plan this summer, remember that there are reputable firms of English lawyers who can provide assistance and that, if at all possible, their advice should be sought before the reservation contract is signed.
Visit furleypage.co.uk

We look at a choice of properties in this island paradise.

Building work is progressing to such an extent at The Landings on Rodney Bay, St Lucia, that key construction milestones are expected to be ahead of schedule. The foundations for the 66 residences in phase one of the development, using some 2,000 cubic yards of concrete, have been completed on time, with the buildings in this first phase predicted to be one month ahead.
The winning combination of sound project management, an experienced and able on-site team and excellent design planning have been contributing factors in the successful development of The Landings. With its private harbour and west facing beach, it will become a tranquil place of paradise on one of the world’s most beautiful islands.
Frank Heaps, CEO of The Landings, says, ‘We are extremely pleased to see how well this development is going and to see the structure coming together. We are well on course for the second stage to begin in November, with the full project complete by the summer of 2010. The first phase apartments will be ready for occupation early next year, in time for the opening matches of the 2007 Cricket World Cup at the nearby Beausejour Stadium.’
The five-star homes at The Landings are selling fast. Just two of the 24 residences in the first two Beach Blocks remain unsold, while 21 of the 42 apartments in the first Harbour Blocks have already been sold.
Visit thelandingsstlucia.com for more information.

Meanwhile, at Marigot Bay, the US$45 million marina resort and luxury apartment hotel currently under construction on the West Coast of St Lucia, developer Doubloon International Ltd has signed a ten-year contract to manage and operate the property.
GLA Hotels specialises in luxury independent hotels worldwide, including the Cotton House in Mustique, the Bairro Alto in Lisbon, the Royal Riviera in St Jean Cap Ferrat and the Lancaster and Bel-Ami in Paris.

‘Today’s news will be welcomed by investors - most of them British - who have bought 47 of the 57 apartments at Discovery,’ says Mike Coyle of UK-based Premier Resorts Ltd, who are marketing the properties in the UK.
The one-, two- and three-bedroom apartments together will convert into 124 hotel rooms and suites, providing owners with a 50 per cent share of the net profit from room lettings achieved by GLA Hotels.

Set in lush tropical gardens, each apartment overlooks Marigot Bay. Features include air-conditioned bedrooms, ceiling fans, tropical hardwood floors, natural tiles and state-of-the-art designer appliances. WiFi Internet access, flat screen televisions and a Bose music system are included.

As construction of the apartments proceeds on schedule for completion this summer, work is also continuing on the adjacent Marina Village which will serve Discovery hotel guests as well as the crews of yachts visiting the harbour, extended by Doubloon with new berthing and servicing facilities for up to 60 yachts.
The Marina Village, a focal point of the Marigot Bay project, will contain a supermarket, bank & cash machine, car hire facility and a French bakery. Boutiques and gift shops will include a jeweller and an art gallery as well as shops selling beachwear and casual wear, sunglasses and books.

Currently the prices of the buy-to-let apartments still available for sale at Discovery start at US$595,000 (£341,526) for a two bedroom, fully furnished luxury apartment. For details contact Premier Resorts on telephone 0800 0835561.

When Canada is mentioned, most Brits automatically think of going to Vancouver or Toronto. But have you ever considered that you’re flying over the best bit?
Canadian home designers and builders State Homes Ltd have just released details of their latest development of luxury homes at Maggie’s Landing on Nova Scotia’s spectacular Western Shore.
With only five individually designed homes on 11 acres of rocky maple and pine forest, Maggie’s Landing ensures the maximum of space and privacy. Each home features expansive windows and outdoor decks for far-reaching views of the forests, St Margaret’s Bay, its 11 islands and the Atlantic Ocean.

All homes are built to R-2000 specification, a high-tech Canadian building programme designed to create houses that are environmentally efficient, with superior air quality and insulation. State Homes Ltd is Nova Scotia’s award-winning accredited R-2000 builders.
The province of Nova Scotia is itself one of Canada’s best-kept secrets. On Canada’s east coast, it is now faster and less expensive to get to than many European destinations, thanks to Zoom Airways’ year-round budget flights from Gatwick and Manchester. Flights from Gatwick take only five hours.

Nova Scotia has endless miles of spectacular coastline with pristine beaches, glorious bays and safe harbours for sailing, kayaking or fishing, and limitless trails for hiking, cycling or camping. Less active types may prefer to watch the sea and land wildlife from the comfort of the glassed-in decks of their new home, or to visit the historic capital of Halifax, with its clubs, live music, restaurants, theatres and shops only 20 minutes away.
Getting around in Nova Scotia is easy. With fewer than one million inhabitants, it boasts virtually empty roads and lots of space. British citizens do not require visas to visit and are entitled to stay for six months (in contrast to the USA’s three months).
Homes at Maggie’s Landing are priced from $350,000 to $850,000 Canadian, with floor area sizes of 2,500 to an incredible 6,700 square feet.
Homes here are not the 'identikit' houses found in most vacation areas. For the same money you can get a well built luxury home here with unique styling, one-acre-plus plots and a view to die for.

There is now just one house and one vacant plot remaining. A house will be built on the vacant plot according to the buyer’s wishes; the design could be ultra-modern or classic Cape Cod-style, for example. The developer also owns various other lots around the bay in this beautiful area blessed with space and amazing scenery.
Further details and specifications are available at statehomesltd.ca or homesnovascotia.co.uk; the latter website offers links to useful websites providing information on such topics as Nova Scotia tourism, R-2000 technology, Zoom Airways, Canadian Embassy (for immigration matters), theatre, music and attractions.

Irish Investors will be pleased to hear that the Dubai Government yesterday issued the long awaited property law that allows foreigners freehold ownership of properties in designated areas.  The Dubai Property Show which is being held next weekend (24-26 March) at the RDS in Dublin is the first property exhibition in the world to benefit from this new law.
 
Mike Bridge, organiser of the Dubai Property Show comments, “This is great news for Irish investors who visit the show next weekend.  We will be holding the first show in the world that will be benefiting from this new law, with exhibitors promoting an array of projects being built which are without a doubt, the best in the world.  Prior to the law the only guarantee foreigners had of ownership was a contract with the developers. This new law is definitely welcomed by all of us within the industry and it now gives investors reinforced confidence with the property market seeing a further boost.”
 
The law dictates that the Dubai Land and Properties Department will set up a real estate registrar to register properties under the names of the owners.  Expatriates will be given the right to acquire long term leases of up to 99 years in certain areas.  The law will be followed by a number of bylaws which will identify the freehold areas in Dubai as well as determine registration fees and so on.  The Gulf News reports that more than 13,000 expatriate families have already moved to their homes without securing title deeds in their names, while another 7,000 are expected to move in by the end of the year.
 
Dubai has become the fastest growing city in the world and a world class destination for business and tourism.  Aer Lingus has recently announced that it will begin direct flights from Dublin to Dubai from March 28th.  This is likely to spark a further influx of Irish investors to the Emirate, which has already proved a very popular destination since the market opened up three years ago.  Huge investment has been ploughed into Dubai and it is constantly introducing world class projects in a city that offers unlimited opportunities, strong population growth, high rental returns.

This haven of natural beauty welcomes buyers.

Cape Verde, a collection of islands off the coast of West Africa, is increasingly recognised as the next tourism and property hotspot and is attracting huge amounts of foreign investment. It has recently been announced that a major new tourist project worth over $100 million is set to take place in the capital city of Praia, located on the largest of the 10 Islands, Santiago. This, along with the opening of the new international airport in Praia, is likely to lead to an increase in tourism, adding to Cape Verde’s property investment appeal.

Leading overseas agent, Avatar International, is currently representing two new apartment developments in Praia: Aguia and Santa Maria. Managing director, Amar Sodhi comments: “Santiago already has so much to offer, with lush forests, beautiful beaches and numerous sporting activities. The new Praia tourist project includes improvement of the harbour and beaches, as well as a luxury hotel and casino which will enhance the area. Aguia and Santa Maria are in close proximity to the new Praia tourist project, as well as the major banks, government departments and embassies. This means that both developments will be ideal for corporate as well as holiday lets, adding to their capital growth and rental yield potential.”

The Aguia and Santa Maria apartments are situated next to each other in the heart of Praia, the financial district of Cape Verde, overlooking Gamboa beach, which will be transformed with imported white sand from the coast of Africa as part of the investment programme. Gamboa beach is the largest on Santiago Island and is just 200 metres from the apartments. Numerous cafes, restaurants and bars are also nearby. Several golf courses are currently under construction in the local area and the new international airport is just 5km away.

Both developments are of modern design, finished in crisp white rendering with plenty of glazing to create a clean, contemporary look. Both developments incorporate CCTV cameras for security.
Aguia incorporates 13 four bedroom duplex apartments, all of which are designed and finished to a high standard. Each apartment has ceramic mosaic floor tiling throughout and includes a kitchen/dining area with fitted cupboards, worktops, cooker and extractor fan as well as a washing machine. There is also a large open plan living and dining area. Bedrooms are of a generous size and there are two fully fitted bathrooms, some with Jacuzzi’s. Each apartment has a balcony with fabulous views of Gamboa bay. The development also benefits from a private swimming pool.

Santa Maria incorporates a collection of 36 three bedroom apartments. Each apartment has ceramic mosaic floor tiling throughout and includes kitchens with fitted cupboards, worktops, cooker and extractor fan as well as a washing machine.  There is also a large open plan living and dining area. Bedrooms are generously proportioned and each apartment has two fully fitted bathrooms with spa baths. Apartments also benefit from a balcony, some with fantastic views of Gamboa bay.
At present, the quickest route to Cape Verde is via Lisbon from Heathrow or Gatwick, with a flight time of approximately seven hours. It is anticipated that Cape Verde Airlines will be launching direct flights from the UK to Santiago’s new international airport starting in November, which will shave two hours off the journey.

Completion of both Aguia and Santa Maria is planned for August 2007. Prices at Aguia are from €224,999 for a four bedroom duplex apartment. Prices at Santa Maria are from €104,000 for a three bedroom apartment. For further information, contact Avatar International on telephone: 08707 282 827 or visit: avatar-international.com

For those wondering where the best place to invest in property, investment specialist Assetz has brought together key investment criteria for overseas property hotspots to form a comprehensive investment tracker.

The tracker reveals that in the first quarter of 2006 Bulgaria has stormed past Cyprus to the top of the table, offering a staggering 116 per cent return on cash invested. Deposit levels of 30 per cent are easily accessible to most investors due to the relatively cheap property, with a typical two-bedroom apartment costing in the region of £80,000. Bulgaria is now establishing a stable resale market and proving it has staying power as an investment destination, says Assetz.
Although the level of house price growth is expected to tail off slightly during the remainder of 2006, overall market growth will remain high, alongside excellent yields of 12 per cent in quality areas such as the ski resorts of Bansko and Bovorets.
 
Cyprus is not far behind and offers a lower-risk opportunity for investors. Low deposit levels of just 15 per cent are possible now and Swiss Franc mortgages are available with rates of just 3.25 per cent, making borrowing more affordable. Capital growth is likely to remain stable at around 15 per cent which, combined with rental yields of eight per cent, results in a total of 84 per cent return on cash invested.
Turkey, a new addition to the tracker, is a special case as it currently does not allow mortgages for foreign investors; however, a change in legislation is expected later this year. Although gains are still strong, with 27 per cent capital growth and eight per cent yield, the change of rules concerning borrowing will have a dramatic effect on the housing market, potentially pushing up prices in key areas as much as 50 per cent in one year.

Growth in South Africa has slowed from 24.6 per cent to 15.8 per cent and is likely to continue falling. Mortgage rates, already 8.5 per cent are rising, prompting serious concern over the stability of the market. Yields fell from ten per cent to as low as five per cent in 2005, so rental income will fail to make a profit for many investors.

Stuart Law, managing director of Assetz, says, ‘Overseas markets are still offering excellent opportunities for investors, with Bulgaria and Cyprus now overtaking some of the more established destinations in terms of total return on cash invested.
‘However, investors should remember that high return is often associated with higher risk. Established locations such as France are still holding up extremely well against the competition, offering a total 68 per cent return on cash invested with an excellent holiday rentals market. With the low deposits requirement of just 15 per cent in France, the total return on cash is still exceptional at 68 per cent.
‘Cheap Bulgarian ski destinations are certainly in as much demand as quality resorts in the French Alps. However, for sunny destinations combined with quality investment returns I prefer the South of France and Southern Cyprus to the coastal resorts in Bulgaria.

‘Property in America is in a very tense state at present with conflicting statistics showing resilient existing home sales but collapsing new build sales volumes. The jury is still out on how safe it is to be investing in the States right now.’

The Black Sea coast of Byala is a lovely up-and-coming hotspot.

There are many well documented reasons to take the plunge into an investment on Bulgaria’s beautiful Black Sea coast. Mr Clarke, project director of KHG Development Ltd, says, ‘Over the years we have got to know the area very well and there are now more options than ever, for both holidays and investment. What’s right for you as an individual buyer depends on your view of what the ideal holiday investment should be - and of course your budget.’

Among the currently popular destinations are two well established tourist hot spots on the coast, known as Sunny Beach and Golden Sands. These areas offer resort facilities in abundance and given the long hot summers and the great prices, you will find everything you need here for a great family holiday. If, however, you are looking for a more low-key and naturally picturesque location, then we may just have the place in the sun tailored to suit you – Byala.

The town of Byala is situated on a picturesque coastal peninsula between the two international airports of Varna (50km north) and Bourgas (80km south). Both tourists and artists have compared the region to the South of France due to the natural beauty and effervescent light. Byala is located within an area of green rolling hills opening out to wonderful views to the blue sea with spectacular, colourful sunrises and sunsets.

The last hills of the Balkan Mountains rise only 6km south of Byala, which gives the combination of mountain and sea views and makes this town unique. Byala has some fine vineyards and the traditions and associations with the local wine industry date back to ancient times. The local white wine will ideally complement the catch of the day - local fishermen sell their catch directly from the waterfront. The town of Byala is still developing and only low-rise development is permitted, protecting the landscape from unsympathetic construction. There are many new hotels, restaurants, small resorts and other attractions at this little sea paradise, offering a lot of things to see and do. The small port and marina are nestled at the southern end of the town and look directly south to the historic larger town of Obzor.

The average summer temperature is about 26 degrees and the sea temperature is a warm 28 degrees in July and August. Swimming is enjoyable for seven months of the year.
Byala is an up-and-coming hotspot, due in part to the hospitality of the locals, the excellent access to many tourist activities and the attractiveness of Byala. From the many vantage points in the town you can see panoramic views of the sea to the east and south and west to the hinterland and mountains.
Bulgaria’s fast-approaching EU membership will inevitably make this area even more desirable, so don’t hold back and let this opportunity pass you by. Already there are many British nationals who have purchased their own piece of paradise in Byala. Local agents tell us that interest is also booming from Scandinavian, German and Russian buyers and holidaymakers. We think the timing is perfect for Byala.
There are some superb apartment complexes being built (starting at about £27,000 for a one-bedroom apartment) on the south- facing slopes of the town next to working vineyards and just a few minutes’ stroll down the hill to the beach. Further details on the luxury Sea Breeze Apartments can be obtained directly from the developer.

Call KHG Development Ltd on 020 7993 2743 or visit BulgarianLiving.com

If golf is your hobby, these fantastic Spanish properties are must-sees.

Golfers who have thought of buying abroad would certainly be interested in a home within ten minutes of a top-class golf resort. Whether buying for a weekend retreat, corporate visits, holiday home, investment or retirement abode, these new homes, at Lomas De Cuevas on the Costa Almeria, make perfect sense.

And the proximity to excellent golfing is not the only advantage to this development. Lomas De Cuevas is situated on the edge of the beautiful and historical Spanish town of Cuevas del Almanzora, which hosted the 2005 Mediterranean Games, and the infrastructure created for the Games continues to benefit the local and regional communities.

For the golfer this is a paradise. Just ten minutes from these new homes is Desert Springs Golf Resort, while Valle del Este Golf Club and Marina de la Torre Golf are15 to 20 minutes by car. These are already in situ and more are being planned.

Craig Stocks of selling agents Eden Villas says, ‘What is particularly appealing about these properties is that for those who do not play golf there are other activities readily available, not least the beautiful beaches of Vera, Palomares, Garrucha and San Juan de Los Terreros. A little further afield is the coastal resorts of Mojacar and Mojacar old town, set in the foothills of the Sierra Cabrera mountains.’
Getting to your holiday home at Lomas De Cuevas is simple. Almeria airport is only 30 minutes away, while Alicante airport is an hour and three-quarters.

The first phase of the complex comprises two-bedroom, two-bathroom apartments set in private grounds with landscaped garden areas and a communal outdoor swimming pool. The properties benefit from a fully fitted kitchen complete with white goods. The homes are also pre-installed for air conditioning and the price includes private underground parking.
Homes at this desirable development range from £75,000 to £82,000. To arrange an inspection visit or for further information contact Eden Villas on 01382 505101.

International Property Sales (IPS) Ltd offers homes in two luxury golf resorts. El Valle offers the utmost in luxury living, the crème de la crème of golf resorts. Situated in Murcia, El Valle consists of 688 luxury villas and apartments all set within 1.1million square metres of land surrounded by an 18-hole golf course designed by world-renowned Nicklaus Design. And as a special incentive, IPS Ltd is offering one of a range of luxury cars, including the latest Mercedes B Class, with every luxury villa that is purchased through them. Prices for the luxury villas at El Valle start from €500,000.

Jardines de Alhama is a carefully designed development of apartments, integrated within a luxurious garden amid various parkland and developed to maximise the enjoyment of the surrounding landscapes. This collection of apartments has been designed to traditional Mediterranean architecture with a whitewash style. The ground floor apartments feature terraces leading onto private gardens, while the upper floor apartments boast terraces and a spacious solarium. Every apartment  at Jardines de Alhama bought through IPS Ltd will come with a free state-of-the-art widescreen plasma TV worth £1,500. Prices for the two-bedroom apartments start at €119,500 and three-bedrooms are priced from €131,000.

Conditions apply to IPS’s incentive packages. For further information contact 0845 600 8866.

Alan Everitt of Online-Landlord looks at a Bogaz Hilltop Village, which offers great value for money in a historic setting.

Bogaz is a delightful fishing village offering charming fish restaurants and harbourside cafés. Farmagusta is only 20 minutes drive down the coast and Ercan airport is just 35 minutes away. In this wonderful location you’ll find a mixed development of affordable apartments, semi-detached and detached villas. The Bogaz Hilltop Village development is on the Eastern coast and set beside the longest stretch of natural sandy beaches on the island. The sandy beaches nearby and the communal swimming pools make this a real value for money destination for those with active children or grandchildren.
History is all around. Nearby is Kantara Castle. Kantara means ‘bridge’ or ‘arch’ in Arabic – probably so named by the Arab invaders in the past. In fact the whole setting of the terrain looks like an arch and commands excellent views of the seas on both sides and of long stretches of plain all around it. It was originally built by Byzantines against the invasions of the Saracens. Further up the coast, about 5km east, are the foundations of Strongylos Castle, a Byzantine watchtower enlarged by the Knights Templar in the 12th century.

The development is almost fully sold out, which is a testament to its popularity. It contains two types of apartments: the Simfoni Apartments, with a remaining choice of second-floor apartments of 102 sq m with balcony or a top-floor apartment measuring 168 sq m including fabulous Roof Terrace; and the Rhapsodi Apartments (only five left of these!) are ground- and first-floor maisonettes of 110 sqm with either terrace or balcony.

The apartments offer great value for money. Each has a master bedroom with en suite shower/WC and fitted wardrobes, as well as a second bedroom with fitted wardrobes, family bathroom, open-plan living/dining room, a fully fitted kitchen including oven, hob, washing machine, fridge/freezer, air Conditioning as standard, and a great balcony. The third-floor apartments include a large roof terrace. All property has a land guarantee from a major UK PLC.

The remaining units are ready to move into. The Bogaz Hilltop Apartments are ideal for any one who would like a quick purchase and a bargain, not to mention benefit of the anticipated property price rises.

The past month has seen the publication of two excellent books on buying abroad

Spain has undergone an amazing transformation during the 30 years since the end of Franco’s authoritarian regime. Tourists who visited the country before 1975 remember it as a stagnant society with high unemployment, lagging behind the rest of Western Europe. Since then the country has emerged as a prosperous and flourishing nation, on par with the rest of Europe; attracting thousands of retirees and younger people from Northern Europe, who have made a conscious decision to re-locate to Spain, not just for the climate but for a better lifestyle.

Spain: Your Guide to a New Life provides all the information necessary to make Spain your new home. Written by experienced author Harry King, this book provides unbiased advice on life in modern Spain, including; buying property, finding employment and the essentials of day-to-day living. The book also gives a valid insight into Spain’s history, culture and customs. It covers:

Pros and cons of life in Spain
Employment
Retiring to Spain
Buying a property
Food and drink
Arts, literature, music and architecture
Travel and communications

The book also includes a section entitled ‘What they don’t tell you in the guide books’ where Harry King applies a no-nonsense approach to subjects such as: climate, behaviour, integration and employment.

Spain: Your Guide to a New Life is the ideal book for anyone considering starting a new life in Spain. It will provide valuable information for foreigners at work, rest or play – enjoying retirement, taking a long term break or seeking employment.
Author Harry King is the author of several books on aspects of living and buying in Spain and currently lives in Alicante.
Spain: Your Guide to a New Life, published by How To Books Ltd, is available at £12.99 from major bookshops and online retailers across the country.
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For those whose eyes are turning to France, Need To Know? Buying Property in France is invaluable. Penny Zoldan’s book is a one-stop guide to all the knowhow and insider tips you need to choose and buy that perfect French property.

From where to look for your ideal property to sorting out your finances and navigating the complex French buying system, this is an excellent reference. You will get information on all stages of the process, starting with the preparation and search (the best ways to source your property, which types of home are available in the different regions, getting your finances together, what to ask your property agent, viewing etiquette etc) through to the process of making an offer, and finally giving tips on enjoying your new life in France (schools, renovating your property, even buying a business in France).
Need To Know? Buying Property in France is written by French property expert Penny Zoldan, who has seen many changes in the French property market during her 16 years in the business. This is an essential and up-to-date guide for anyone thinking of buying property in France.

Malta is a wonderful, sun-kissed Mediterranean destination – and those who are looking to buy there will find a wealth of high-quality property. Under the terms of Maltese law, non-EU citizens and EU Citizens who do not intend to be residents of Malta may only purchase apartments or maisonettes above 34,158 Maltese lira (MTL) in value and houses of any other kind above MTL56,930 in value (these convert to approximately £54,000 and £90,000 respectively).

One example of the high-quality property currently on the Maltese market is a beautifully converted house full of character in the Attard area, currently available through Buy Abroad.
This character property has come on to the market for the first time in many years, offering not only an abundance of space and a great location but also a great investment opportunity. The home, which is over 300 years old, is beautifully presented and boasts a wealth of features. Situated in one of the island’s most sought-after village locations, the home is not likely to remain on the market for long.
The home has a striking large front elevation – and thanks to its recent renovation it provides all the modern conveniences and luxuries a buyer wants, but with a traditional feel of a bygone age.
Accommodation is comprised of a large hall, followed by a separate living room over 20 feet in length. There is a dining room, kitchen, shower room and a study downstairs. The original stone stairs lead to three bedrooms, one being of a very good size along with a large sized new bathroom.

One particularly beautiful feature of this traditional house is the courtyard, with its original tiled floor and arched doorways. Here the present owners have planted an array of flowers, making this the focal point of the property and an ideal space in which to entertain or enjoy the warm evenings.
John Reilly UK sales manager of Buy Abroad, says, ‘This property is exceptional. It has oodles of charm yet benefits from all modern day luxuries. It is ideally located and would make a fine family home or would be ideal as an investment property for those looking to step on to the rental market. The space available and the location alone would mean that renting this property out would not be difficult.
This character residence, which was recently converted, is now on the market through Buy Abroad at just £206,453. For further details regarding any of these properties call 01234 401551 or visit buyabroad.com.

Buy Abroad has many newly built homes for sale in Attard as well. An elevated ground floor freehold maisonette, for instance, is on the market at 69,900 Maltese lira  (approximately £110,500). The property is extremely well finished, with scraped walls and unique architectural characteristics. Accommodation consists of an open-plan fully fitted kitchen/dining/sitting room with stone unit and functional gas fireplace. The main bedroom has an en suite shower; there are two further single spare bedrooms. A two-car garage is included in the price.

Meanwhile, in Birguma, a detached villa is new to the market. Set on approximately 1,500 square metres of very well-situated land, this delightful villa enjoys an unusually bright layout as all rooms are built surrounding the pool area. The unique accommodation comprises hall, sitting/dining room with fireplace, living room, study room, brand new fully fitted kitchen, three/four double bedrooms, bathroom, en suite shower room, guest WC, and a large street-level basement with possibility for conversion into a two-bedroom flatlet. There is also a mature garden with large pool and deck area, Jacuzzi, air conditioning throughout, two-car lockup garage and large carport. This property is on the market at MTL450,000 (approximately £711,000).
For further details regarding any of these properties call 01234 401551 or visit buyabroad.com.