Overseas - Friday, June 09, 2006

BUYING ABROAD IS EASY – BUT DON’T LEAVE YOUR INTEGRITY AT THE AIRPORT!

The overseas property market is burgeoning at an unprecedented rate and it seems to be that the world is your oyster when looking to purchase overseas.

What you must always remember of course is that it is a substantial investment, and that you must ensure that the companies you are dealing with, whether agents, consultants, or developers are looking after your interests as well as their own.

The Federation of Overseas Property Developers, Agents and Consultants (FOPDAC) is a body set up over 30 years ago, by professionals keen to work within a Code of Conduct which would seek to protect clients. This has never been as important as it is now.  When pensions failed, UK residents took it upon themselves to look after their own finances and bricks and mortar where the obvious choice. Whilst many bought in Spain as holiday homes and lets, in recent years buyers horizons have broadened immensely and people are buying anywhere from Panama to Peru, Thailand to Dubai and most places in between including traditional favourites such as Italy and Cyprus. The emerging countries such as Bulgaria, Croatia, Slovakia etc are also creating interest, the low prices of properties being a big incentive.

With traditional countries for purchase, such as Spain, one is aware broadly that the conveyancing system works, that most of the people involved speak English and that in general terms the process is tried and tested. With countries new to the market place, one must be aware that the systems are not quite as easy to understand which is why it is imperative to seek professional advice. The same applies to Northern Cyprus, where again, this market is offering what appear to be bargain homes, but one must act with caution allowing for the fact that some “owners” may not in fact own the land or the property which they are selling  to you, following the occupation there some years ago. Knowing the difference between Northern and Southern Cyprus is important.

This applies to other countries. Did you know that you can view a property in Italy but that the kitchen is not included in the price and will, unless otherwise agreed, be taken when the owner moves out ? Steve Emmett of Brian A French & Associates says, “ There are also new laws all the time, from knowing if you can have air conditioning units to changes in basic conveyancing rules. All of which will be easily dealt with by a company with the expertise and knowledge to assist”.

“There are still untouched areas of Spain, such as the Costa Tropical which offer tremendous investment opportunities”, says Craig Stocks of Eden Villas. “People think of Spain and think of Benidorm and the like. Having an agent who knows the country intimately and can advise on the right area for you is priceless.”

It is not just coastal and country homes which are appealing to UK investors, cities too have an appeal and Budapest in Hungary, which joined the EU in 2004 is fast becoming one of Europe’s most sought after and fashionable cities. “Since accession to Europe Hungarian property has gathered pace,” says Tony Sparkes of AGS Properties. Prices can start from around £67,000 with a revenue for a studio apartment being around £3,500 pa.”

The absence of regulation has meant a market ripe for exploitation, which is why FOPDAC was established to act as a self regulating body. Now more than 40,000 estate agents throughout Europe have chosen to conform to a code of practice originally developed by FOPDAC and the National Association of Estate Agents (NAEA).

Remember buying abroad can provide you with a new way of life, a pension or a rental return. The world has never been so small and it is exciting to be part of this amazing market place. Just remember to start off right. Check out the credentials of the companies you choose to work with and enjoy!

An Introduction to Ocean View Properties International Limited

The last five years has seen phenomenal growth of Ocean View Properties International building its own unique brand focused entirely on the overseas property buy to let model.

A distinctive blend of aggressive price discount acquisition on new build projects combined with its own ABTA bonded tour operator exclusive to Ocean View Properties investors has established a unique company profile achieving the two key objectives for property investment, excellent medium to long term capital growth and a robust rental yield.

We know of no other companies achieving this potent mix or coming anywhere near the comprehensive turn-key service which lies behind the Ocean View business model for investors. To have achieved this in the upmarket Southern region of the Costa del Sol is testament to the resilience and experience of the Ocean View Group, and there is every reason to believe that the model will go from strength to strength when you take into account the development plans and niche market opportunities we are creating for the next five years.

But it doesn’t stop there: the long term vision of the Group is to deliver a selection of worldwide initiatives, emulating the success of the Spanish model, and two additional destinations were launched at the beginning of 2006. One of these projects, the Caribbean Development of Punta Perla in the Dominican Republic is featured on our website at www.oceanviewyorks.com.

The Dominican Republic reported an 8.3% increase in foreign tourist arrivals during the first eight months of 2005. According to statistics from the Central Bank, 2,233,569 foreign vacationers visited the country from January to August, 144,184 tourists more than during the same period in 2004. The statistics show that 87% of travellers that visited the country during January-August arrived through the airports of Punta Cana, Las Américas and Puerto Plata. Moreover, 49% of passengers came from North America, 43.4% from Europe, 3.6% from South America and 3.7% from Central America, the Caribbean and the rest of the world. The Association of British Travel agents (ABTA) members have cited the Dominican Republic as being ‘Hot for 2006’ and reported a 9% growth in bookings for the island this year.

Introduction to Punta Perla

Punta Perla is a master planned resort situated on the Eastern tip of the Dominican Republic in the established area of Punta Cana. Set in approximately ten million square metres of natural, prime Caribbean real estate, Punta Perla offers the last beachfront development opportunity of this size in the popular Punta Cana region.

From its conception, Punta Perla has been carefully planned to become one of the premier resorts in the Caribbean and will evolve into a first class living and vacation experience. Low-density population of properties within the resort is key to the developer’s plans for Punta Perla with only 11 people per acre all set in over 2,500 acres.

Approximately 8,000 residential and commercial properties of varying size and type have been carefully integrated into the natural environment as well as a series of private clubs and facilities, which have been carefully selected for the enjoyment of residents and their guests.

At the heart of the development is La Marina de Punta Perla, a harbour equivalent in size to Puerto Banus; playground to the rich and famous in southern Spain. Punta Perla will attract high-end retail companies, wishing to operate their businesses there. Chic restaurants and exclusive bars will be carefully selected to provide the very best of day and night entertainment. Set behind the marina is a Colonial village planned around a central park. Themed on past European architecture, classic apartments will mix with individual shops and restaurants along the many boulevards.

The resort will also include Beach, Yacht and Golf Clubs, Elegant Boutiques and Restaurants, a World Class Spa, Tennis and Swimming facilities, Deep Sea Fishing, Equestrian facilities, Championship Polo Club and a Casino among the diverse range of attractions. A golfing academy and three Signature Golf Courses are planned within the resort with one being designed and built to championship standards with a view to hosting a variety of championship tournaments.

The water lined principal boulevard running through the middle of Punta Perla will facilitate cars, buggies and bicycles and will feature a charming Vaparetto Shuttle taxi service around the development. Further satellite roads all follow the theme of multiple usages. Nature trails are planned for walkers, joggers, cyclists and horse riders.

Few beaches in the world can compare to the three kilometres of beach at Punta Perla, which averages a 60-metre band of brilliant white sand along its entire length. The sea glistens every blue and green imaginable, where bathers can wade out for many hundreds of metres without losing depth. Some of the most exclusive properties on Punta Perla are sited along the beachfront, where prices for plots alone exceed one million US dollars.

The benefits and beauty of Punta Perla are endless. With the stunning canvas of the land and surroundings, the developer’s unique vision and a dream team of the world’s leading construction experts, Punta Perla is sure to become a new generation of property investment.

Yet Punta Perla has also been carefully designed as an ecologically responsible community, one of the first resorts in the world to proactively nurture, protect and improve its natural environment. Low-density development not only minimises the impact on the flora and fauna at Punta Perla, it also ensures that residents will enjoy a tranquil ambience and the entire development will retain a sense of exclusivity. Parts of the resort will be car free, with internal transport by golf buggy.

For those fortunate enough to purchase a home here, Punta Perla will offer a wide choice of luxurious accommodation, including private villas on the grandest scale, sophisticated townhouses and chic apartments, with harbourside, golf, beachfront and village locations. All of the homes have been designed to harmonise with the character of the island, yet incorporate the highest standard of construction, being built to Florida Hurricane Standards. Materials, native to the island, have been carefully selected to ensure the overall quality of the resort and for resonance with traditional architecture. For example, white coral stone cut during the marina construction is being used as a facing material for some buildings.

La Marina de Punta Perla will accommodate around 150 vessels of up to 42 metres and will be located in a European style village, with a waterfront promenade offering elegant designer boutiques, fine shops and restaurants. Bungalows and apartments on Star Island, in the middle of the Marina, will allow residents to be in the centre of one of the most fabulous resorts in the world yet remain completely private. Alternatively, a variety of beautiful properties alongside one of the three signature golf courses, will offer dramatic views over the fairways and resort to the sea.

The Developments within Punta Perla

•    La Marina de Punta Perla is made up of blocks of apartments of no more than four stories high. The variety of property types includes two and three bed apartments, many with substantial terraces as well as a few very exclusive penthouses on top of some blocks.

•    Star Island, the exclusive location in the centre of the marina, includes two bedroom traditional palapa style bungalows as well as two and three bedroom penthouse apartments in three storey buildings ranging in size from 152m2 to 300m2 including terrace spaces.

•    The Little Venice Section of La Marina de Punta Perla includes a small network of canals linking its apartments and penthouses to the rest of the marina and the beach

•    Playa de Perla consists of apartments in 23 beach front blocks of varying size. They will include three bedroom duplex, two and one bedroom apartments and penthouses ranging in size from 108m2 to 196m2including terrace space.

•    Golf - Luxurious villas, bungalows, townhouses and apartments will flank the tees, greens and fairways on the three signature golf courses. The choice of properties is varied, with two and three bed villas, townhouses and bungalows as well as a selection of apartments and penthouses. Many will be front line on the golf course with the hospitality and entertainment of one of the three clubhouses not far away.

Key Property Investment Facts

•    Property in the Dominican Republic is still very competitively priced compared to many Caribbean islands.

•    The Dominican Government officially welcomes foreign investment. Law 158 on foreign investment enacted in December 1995 allows unlimited foreign investment in nearly all sectors of the economy. In October 2001 this was extended to make investment in business and upscale tourism exempt from income tax for ten years. As a new development, all investors at Punta Perla will benefit from ten years of tax free status - no taxes payable on capital gain or rental revenue.

•    Rental income will be guaranteed. This return is possible since tourism in the area is growing dramatically. The World Tourism Organisation’s ‘World Tourism Barometer’ measured an increase in tourism for the country of around 7-10% in the first half of 2004, with some statistics quoting 13% over the year as a whole. Against a backdrop of lower worldwide tourism arrivals during 2003, the Dominican Republic was a star performer. According to the Central Bank of the Dominican Republic and the National Hotel & Restaurant Association (Asonahores), during this period the Dominican Republic attracted approximately 2.76 million foreigners, a 19.48% increase over 2002 and a 12.16% increase over 2000.

•    Additionally, the Punta Cana/Bavaro area has rapidly become the fastest growing destination in the region. The Punta Cana International Airport received just fewer than 50% of all foreign tourists. This airport receives not only hundreds of charter flights per week from all over the world, but also an increasing number of scheduled flights from world cities such as New York, Paris, Madrid, Frankfurt, Miami, Chicago, Philadelphia, Toronto, Montreal, San Juan, Charlottesville, among others. During the high season there are approximately 300 weekly flights to Punta Cana. Hotel occupancy was up by 10% from 2002, reaching 84.2% in the Punta Cana/Bavaro area; furthermore, figures for the January-August 2004 period show 86.6% average occupancy in this region.

•    In its 2004 Travel Trends survey, Punta Cana was also ranked by Carlson Wagon-lit travel agents of the US as the fourth most popular international vacation destination after Caribbean Cruising, Cancun-Mexico and the Mayan Riviera-Mexico. Today the Dominican Republic is the number one vacation destination for eastern Canadians.

•    Tourism in the Dominican Republic is also changing dramatically in terms of the type of traveller, moving from an all-inclusive type of visitor to a more up market visitor. This in turn is leading to rapid investment in the area as people realise the potential in comparison to other more established Caribbean destinations.

•    According to the Caribbean Tourism Organisation's (CTO) Annual Statistical Report, 25% of Europeans travelling to the Caribbean cite the Dominican Republic as their preferred vacation destination, probably influenced by the variety of microclimates, mountains, beaches, cultural and historical wealth and variety of alternatives offered by this Caribbean Island.
•    Tourism is popular with the Dominican people since the benefits are clear. Many improvements to the country’s infrastructure are linked directly to the pursuit of tourist income with many roads widened and paved and historic areas in major cities renovated.

•    The Dominican Republic has seven international airports, more than any Caribbean island, which makes travel much easier than many similar locations.

•    The government is spending many millions of dollars on a marketing campaign to attract tourists from around the world and pumping pesos into tourism-related infrastructure.

•    Prices overall are attractive to the overseas visitor. A survey conducted by the Caribbean Tourism Organisation (CTO) among holidaymakers to evaluate their perception of prices charged for services during their stay, revealed that out of every 100 foreign visitors, 70 considered that they were acceptable, 24 that they were too high or high, 4 that these were low and 2 did not respond. These results are consistent with the importance of the motto “reasonable prices” when selecting the Dominican Republic as a vacation destination.

•    High interest bearing US$ accounts and US$ based investments are both available and tax-free. Security of the banking system is deemed good as the industry is very highly regulated by the Dominican Republic Government. Banking licences very hard to obtain and applicants must submit to a lengthy review process by the central bank.

•    There are no restrictions on foreigners purchasing property in the Dominican Republic. Formerly, Decree 2543 of March 22, 1945 and its amendments required that foreigners obtain prior Presidential approval except in certain cases. Decree 21-98 of January 8, 1998 abolished this regulation and established as the only requirement that the Title Registry Offices keep a record, for statistical purposes, of all purchases made by foreigners. However, holding property within a company allows for quick resale’s since it is much easier and less expensive to resell all the shares of stock of the asset-holding corporation than it is to convey real estate.

•    There are no restrictions on foreigners inheriting title to property in the Dominican Republic. However, holding the property within a company simplifies greatly the handling of the estate and the transfer of control to the heirs. Under Dominican law, inheritance of real property is governed by local statute, which establishes that part of the estate must go to certain heirs by law (for example, a foreigner with a legitimate child must reserve 50% of the estate to that child irrespective of the existence of a will or of the law of his country of residence). This rule does not apply when ownership of real estate is held by a corporation. Also, if the title is in the name of one or several individuals and one of them dies, the procedure to change the title to the heirs is cumbersome and time-consuming.

Tax Incentives

Continued Government incentives to attract both real estate investment and tourism continue with the introduction of Law 158. This entitles investors in the country several to benefits such as:

•    No Stamp Duty on property purchases, saving in excess of 4% of the property price
•    No Tax on Rental Income
•    No Capital Gains Tax

It is important to remember that this is only applicable to the first purchaser of the property and therefore it is recommended that property is bought by a privately owned company.

Given the area’s hugely successful tourist industry, high rental returns are far more achievable than many other more obscure international destinations currently billed as investment hotspots. Increasing numbers of tourists are demanding a higher standard of accommodation. This has been recognised by many international tour operators, most of whom are fighting to secure rental property for their pools. Given that the number of properties being developed in the area to date is relatively small and therefore up market properties to rent are few and far between, the competition is fierce to secure their long term rental. This is good news for property owners wanting consistently high returns from their investment.

What other current market projects achieve:

25% discount on release prices
Guaranteed 8% Rental Return for 5 years
Government approved 10-year tax incentives
Only 30% deposit, balance on completion
Prices from $392,000

A new golf and leisure resort is unveiled in the popular Algarve.

Algarve specialist Oceânico Developments will be launching its new luxury development at the A Place in the Sun Live exhibition at London’s ExCeL Centre. Oceânico, one of the largest and most prestigious property developers in the Algarve, unveils the €500m five-star golf and leisure development to the UK market on 30 September.

The 640-acre development, called Amendoeira, is designed to be one of the finest golf resorts in Europe, with two championship courses – one designed by Nick Faldo and one by Christy O'Connnor Jr – alongside a wealth of other sporting and leisure amenities.
Located in the district of Silves, 25 minutes from Faro airport, Amendoeira is set against the spectacular backdrop of Portugal's Monchique mountains and is surrounded by local flora and fauna, including more than 50 species of birds. The historic town of Silves, which offers a choice of shops, bars and restaurants, is just 6km away, while the beaches of the Algarve are less than a ten-minute drive from the resort.

Amendoeira will offer a choice of accommodation for overseas property buyers, with the architecture beautifully designed to reflect the local Moorish influence. The residences range from luxury four- and five-bedroom villas with private swimming pools, to three-bedroom villas with an optional swimming pool, and two- and three- bedroom apartments with a communal pool. All properties have views of the golf courses.

Supporting Amendoeira's world-class golf courses, the resort will also offer a PGA-approved Golf Academy, featuring state-of-the-art golf simulation with tuition and analysis, as well as a clubhouse with facilities that include a swimming pool, hot tub, sauna, bar and restaurant.
For sports enthusiasts, the Amendoeira Sporting Club will offer sporting and training facilities, including a gymnasium, a full size football/rugby pitch, tennis/paddle courts, lawn bowling greens and several Astroturf five-a-side and multi-purpose pitches.

For families the Vila Amendoeira is designed for children and offers an interactive arcade, cyber café, library and crèche. There are also outdoor and indoor swimming pools, a restaurant and bar, a convenience store and, for those who can't be out of touch with the office, a business centre.
The first stage of the Amendoeira development is due for completion in late 2007, with full completion scheduled for 2009/10.

A Pre-Release Price champagne reception is being held on 29 September on the Sunborn Yacht Hotel, Royal Victoria Dock, London (next to ExCel) from 12 noon. For an invitation email info@oceanicodevelopments.com or call 0871 990 3388. The event is open to invitation holders only.
Alternatively visit Oceânico at A Place in the Sun Live at ExCeL from 30 September to 2 October on stand number M46. To pre-register and receive a free entry ticket to the show, visit oceanicodevelopments.com or call 0871 990 3388.

We take a look at northern Cyprus, a new buying hotspot.

Northern Cyprus is emerging as one of the hottest foreign property investments according to Emerging Real Estate, one of the first UK companies to expand into the area.

The region is tipped as the next place to watch due to a combination of its climate, where the sun shines 340 days a year, its unspoilt nature, excellent property deals and low cost of living where eating out is half the price of the UK.

The construction boom is fuelling rapid economic growth in the north - confirming the destination’s potential for investment. Last year gross domestic product rose by 31 per cent when 5,000 new homes sold at prices that were 40 per cent less than those in the south.
 
Following Emerging Real Estate’s significant success in the Bulgarian market, where the number of British tourists visiting the country has increased by 42 per cent on 2004 - the company has released two new developments in Northern Cyprus - Golden Cove and Simogen Heights.

Golden Cove is a development of 12 luxury three bedroom villas with private beach near to the unspoilt town of Çatalköy. These spacious residences are set on the coast near the port of Kyrenia – hailed as one of one of the most beautiful sights in the world by the travel media. The villas, which have exceptional rental potential, boast a private pool, flat roof terrace, and stunning sea views across the Mediterranean.

The developer owns an affiliated property rental company and the anticipated gross rentals returns are about nine per cent per year. Priced between £250,000 and £395,000, the villas are due for completion by January 2007.

Simogen Heights comprises 13 luxury villas with panoramic sea and mountain views, situated at Çatalköy, a few minutes drive from the harbour at Kyrenia. The villas are detached with a plot size of at least 730 m². The three bedroom properties (with en-suite to master) feature a lounge with open fireplace, fully fitted kitchen, family bathroom, guest WC, carport, garden and private swimming pool.

Emerging Real Estate joint managing director, Robert Medd said: ‘After comprehensive research and first hand visits, we are impressed with the potential return on investment in Northern Cyprus. Property prices are slowly rising to reflect interest and we are confident of the tremendous benefits it offers.’
To register your interest in these properties visit emergingrealestate.com

Skiiers and investors will love Quebec’s latest resort

A new apartment hotel has launched in the beautiful landscape of Eastern Canada. And with the prospect of nearly CAN$2 billion in investment, Le Grand Lodge Mont-Tremblant is set to change the way we think about investing money in property abroad.
The new apartment hotel Le Grand Lodge Mont-Tremblant is an independently-owned four-star boutique hotel set in 36 acres on the shores of Lake Ouimet in Mont-Tremblant, Quebec. And for those of you who are looking for the ideal purchase,  its freehold apartments have now been launched for sale in the UK.

The launch follows an announcement from Intrawest, the world's largest ski resort developer, and the governments of Canada and Quebec of their intention to invest CAN$1.95 billion over the next ten years to develop the area further. This constitutes the largest tourism project currently underway in North America.

Presently operating as a successful and award-winning hotel, Le Grand Lodge is offering a choice of studio, one-bedroom and two-bedroom apartments for sale on a freehold buy-to-let basis with owners able to benefit from a share of rental revenues. Free occupancy for the owners is available 36 days per annum across all four seasons.

The Mont-Tremblant region is surrounded by the pristine forests and countless beautiful lakes of the Laurentian Mountains. It is a fantastic four-season destination with world-class snow skiing and boarding, championship golf courses, spas, hiking, fishing and much more.

Nestling in a 36-acre natural setting, the resort is ideally located with easy access to the world-class ski facilities of Mont-Tremblant and no less than seven top golf courses, making it a resort for all seasons. The winter sports are unsurpassed; Mont-Tremblant has been voted number one ski resort in eastern North America by Ski magazine eight years running.

Summer sees the hotel’s 36-acre playground come to life with 800 feet of private lakefront and sandy beach, canoeing, fishing, tennis, mountain biking and, further afield, horseback riding through the mountains. Owners also enjoy year round membership privileges including access to the Hélène Mouton Spa and to Québec’s most prestigious golf courses, including Le Maître, Le Diable and Royal Laurentien.
Prices currently start at £77,000. Visit premierresorts.co.uk for further information.

Wonderful apartments in the Italian countryside.

Villa Cassia is a beautifully restored villa and 17th-century olive mill offering freehold apartments for sale in the heart of the Tuscan countryside. The development, which has just launched in the UK, is situated close to the ancient walled city of Arezzo and within 40 minutes of Florence. This romantic and stylish country residence of elegantly appointed fully furnished apartments with modern facilities was originally built in the 17th century as an olive mill. Today the Villa is frequently used as a photographic set and meeting place for fashion houses, such as Gherardini and Jocomomola, to present their new collections – a testament to its stylish refurbishment and décor.

Villa Cassia has nine one-bedroom apartments, two two-bedroom apartments (sleeping five) and two two-bedroom apartments (sleeping six) for sale on a freehold basis. They are part of a south-facing building set within landscaped gardens, with a swimming pool and panoramic views over the surrounding rolling hills, vineyards and the sun flower fields of the Tuscan countryside. The purchase of an apartment entitles the owner to one-thirteenth freehold share of the resort, including the gardens and communal spaces. Owners have the option of placing their apartment in the managed rental scheme run by the management company.

The apartments are designed in a country minimalist style and many of the rooms have original features such as stone fireplaces and vaulted ceilings. The floors are finished in oak with some apartments featuring the original patterned floor tiles. The walls are textured and decorated in washed earth colours. Local artisans have made the doors, in the typical style of the region.
Each apartment has: a kitchenette with stove; a living/dining room with pull-out sofa bed and dining table and chairs; a bathroom with either a shower or roll top bath and bidet. The bedrooms are simply and romantically decorated with four-poster beds draped with white muslin and dressed with a collection of damasked pillows. All rooms are accessorized with Tuscan style terracotta urns, some of which contain lights, wooden bowls and soft neutral cushions. Modern amenities such as satellite TV, fast internet connection, air conditioning (in apartments 11 to 16), heating and telephones add to the comfort of the apartments.

Villa Cassia is located in the Florentine Valdarno region, bordered by the hills of Chianti, the Pratomagno mountains and the Aretine valley, featured in Leonardo da Vinci’s world famous Mona Lisa picture. The area is rich in old churches, castles and medieval Borgos – such as the 13th-century Il Borro – which is 2km away. The area is popular for walking and horse riding, sightseeing, wine tasting and dining in the typically family-run restaurants in the local towns and villages.

Prices for a one bedroom apartment (ranging from 61 to 92 square metres) start at €302,500 (£205,000), and two bedroom apartments (ranging from 70 to 104 square metres) start at €346,000 (£240,000). UK prices are subject to exchange rate variations. Call 020 8940 9406 or email info@premierresorts.co.uk.

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.