Overseas - Friday, June 23, 2006

Barbara Heslop, a member of the Property Lawyers Abroad Network (PLAN)

1/ What is the market currently like in France – e.g. is it buoyant and where are the hot spots?

Still reasonably buoyant we believe. Hot spots remain the Dordogne, the Alps and the Cote d’Azur.
 
2/ What should the buyer be looking out for when purchasing in France – any legal problems/issues specific to these countries?

Planning issues and drainage issues tend to cause most problems.
 
3/ Could you briefly talk UK property buyers through how the legal process works in France? What should a lawyer be doing on their behalf?

Buyers make an offer, once accepted either the estate agent or the local notary will prepare a draft contract, we check the contract and once it is agreed the buyers sign and pay a 10% deposit. There is then a period of approximately 8 weeks whilst various searches are carried out and if applicable a mortgage offer is obtained. Once all search results are received and provided all are satisfactory, a completion meeting will be arranged.

The role of a UK based legal adviser is briefly as follows:

•     We make contact with the notary and estate agent 
•     We assist in negotiations regarding the price and extent of the property;
•     We investigate planning matters affecting the site as well as potential developments in the area.
•     We discuss the buyers lending requirements and liaise with the mortgage provider;
•     We negotiate the terms of the contract making sure any necessary conditions are added;
•     We check the draft final purchase deed prior to completion;
•     We obtain a completion statement prior to the transfer of funds for completion;
•     Finally, we make arrangements for the buyer to pick up the keys and ensure the water and electricity are on when they get there.
•     We also advise you on succession and inheritance law applicable to ownership of real estate in France.

4/ What legal costs can buyers expect?

Our average fee where the purchase price does not exceed 500,000 euros is between £1500 - £2,000(there is no VAT payable on our legal fees) Buyers should also budget to pay between 6-8 % on top of the agreed purchase price for notarial fees and taxes payable in France.
 
5/ How long should the legal process take?

2-3 months

6/ Should buyers trust legal services offered by their developer or agent?

It is generally preferable to find and instruct your own independent solicitor who is regulated by the Law Society.
 
7/ Is it safe to buy in France?

Yes – French conveyancing is tightly regulated and is overseen by notaries who are highly trained and respected members of their communities.

8/ What is the most important piece of advice you would give to someone looking to buy in France?

Do not sign anything nor pay over any money until you have taken independent legal advice.

An investor-friendly deal in this sunny spot

The spectacular Pine Cliffs resort is one of the most luxurious in the Algarve. This award-winning tourist spot, with its stunning golf course, is a top destination for both families and couples.

Now buyers are being given the chance to own their very own holiday home at Pine Cliffs. The brand new Pine Cliffs Residence comprises 154 luxury two- and three-bedroom apartments, each beautifully designed and surrounded by a magnificent pine forest overlooking the golf course.

Pine Cliffs shares the facilities and enjoys the five-star service of the adjacent Sheraton Algarve Hotel. With 300 days of sunshine a year, Portugal has been voted one of the best locations in Europe to invest in property and is the ideal location for a second home.
Located in one of the most exclusive and desired investment areas in Europe, the future owners of the Pine Cliffs Residence apartments will have the use of the Casa Pine Cliffs, which will include a reception, a restaurant, terrace-bar, gymnasium, health club, mini-market and swimming pool. The owners will also benefit from other facilities provided within the Sheraton Algarve and Pine Cliffs Resort.

Pine Cliffs prides itself on its excellent facilities: a tennis academy with five courts, a challenging nine-hole golf course, a golf academy, a health club, a games room, an excellent kids’ club, four swimming pools and an expansive sandy beach with water sports. A selection of Europe’s finest golf courses are also on the doorstep.
Getting there is simple: it’s only two hours and twenty minutes by air, followed by a 35-minute transfer.

The Pine Cliffs Residence represents an excellent investment opportunity in a unique and exclusive resort, named Best Resort in Portugal 2005 in the World Travel Awards.
For information on these properties – and a very attractive guaranteed return incentive – call +35 128 950 0369 or visit pinecliffsresidence.com.

Two new developments offer year-round enjoyment and an affordable investment

Bansko is a much-loved ski spot, and devotees of Bulgaria’s winter sport scene will welcome a new addition. Razlog Golf & Ski is a brand new development of 330 studio, one-, two- and three-bedroom apartments in Razlog, just six kilometres from Bansko. The properties are located opposite the entrance to the new Ian Woosnam-designed Pirin Golf and Country Club, a year-round resort that caters to both skiers and golfers.

Designed by renowned international architects, Aukett Fitzroy Robinson, Razlog Golf & Ski is situated in the Razlojka valley, a site of outstanding natural beauty offering unobscured views of the three surrounding mountains ranges - Rila to the north, Pirin to the south and west and Rhodopes to the east.

Razlog Golf & Ski will incorporate a wide range of modern facilities including a restaurant, shops, a gym, swimming pool, jacuzzi, sauna and steam room. Residents will have access to a 24-hour concierge service, as well as underground parking and secure ski and golf club storage. To ensure residents have easy access to Bansko’s skiing and après ski, there will be a complementary shuttle service to Bansko town centre and the gondola station.

The development is ideal for both investors and holidaymakers. It’s perfectly located to take advantage of the abundance of activities and will offer five-star amenities. In addition, the UK developer, Casa Group, has created a property management system called Casa Comfort, which provides remote control property management. This gives apartment owners secure online access to details of occupancy and power consumption for each apartment as well as hotel-style itemised billing, creating a user-friendly, reliable management system.
Razlog Golf & Ski is scheduled to open at the end of 2007. Prices start from approximately £30,000 for a studio apartment. For further information and price details contact Avatar International on 0870 728 2827 or visit razlog-golfandski.com.

Meanwhile, for those looking for a smart investment on the Black Sea coast, The Atlantis Complex incorporates 232 studio, one-, two- and three-bedroom apartments, all with sea views. The complex is situated in a peaceful location in the Sarafovo district, just 100 metres from the beautiful sandy beach. The area benefits from close proximity to cosmopolitan Bourgas, with its international airport.

Inside, the apartments are finished to a high standard with an open-plan fitted kitchen and dining area. All apartments benefit from large terrace areas, which allow residents to make the most of the fantastic views.

 The Atlantis Complex has an abundance of facilities including a delicious seafood restaurant with outdoor terrace, two swimming pools, spa and fitness centre, billiards hall, children’s playground and a mini-market. A pathway leads directly to the beach.
For business guests, there is a wi-fi network in the complex as well as an international standard conference room with audio-visual amenities.

Prices range from €42,538 for a studio apartment. Call 0870 728 2827 or visit avatar-international.com.
 

Spain – answers supplied by Manuel Sánchez Vélez, a member of the Property Lawyers Abroad Network (PLAN)

Introduction

From our point of view the current market in Spain is based more on the quality than on the quantity. Spain has become one of the top countries, offering services for tourists with easy facilities to travel into our country and with plenty infrastructures in such a way that it is considered like the “Californian area of Europe”.

What should the buyer be looking out for when purchasing in Spain – any legal problems/issues specific to these countries?
 
During our years of extensive experience in conveyancing we have noted that the main concerns raised by non-national clients when acquiring a property in Spain are:
 
1.- Conveyancing formalities and procedures.
 
2.- Guarantees
 
3.- Tax Liability and Compliance
 
If clients are properly informed and well advised from the outset on conveyancing procedures and the various types of documents involved, then they will be able to embark on transactions with greater assurance and peace of mind.

Could you briefly talk UK property buyers through the legal process and how it works in Spain? What should a lawyer be doing on their behalf?
 
It is essential to advise the client that the first step in the proceedings is the pre-contract reservation agreement, signed when the booking deposit is paid to secure a property. The reservation agreement should state the name(s), address and I.D. Card/Passport number(s) of both vendor and purchaser or purchasers.  Obviously, the pre-contract agreement should include a brief description of the dwelling, and any other appurtenant property included in the transaction (garage parking facilities, lock-up storage unit, etc.). The agreement should also clearly specify the price of the property, the amount of the booking deposit, and the deadline for signing the Contract of Sale, which is usually between four to six weeks.
 
It should be remembered that where the vendor is a non-resident you, the Purchaser, must retain 5% of the purchase price stated in the Deed of Conveyance. This 5% must be lodged with the Spanish Inland Revenue as a payment on account, on behalf of the vendor, to cover the Vendor’s eventual capital gains liability generated as a result of the sale. Your lawyer is the person best qualified to deal with all these matters.
 
Before embarking on your property investment, it is worth while considering whether you wish to have the deeds signed in your own name only, or jointly with your spouse, if you are married. 
 
You may also wish to consider the advisability of registering the property in the name of a company, bearing in mind that these options may help you to avoid unnecessary expenses in the future.
 
Before having your deeds registered at the Land Registry you must first apply for registration with the police department as a non-national (Identification Number for Non-nationals). This is a mere formality, for which you only require a certified copy of your passport, and a signed application form. 
 
You will require this identification number for non-nationals should you wish to open a bank account in Spain. 
 
Newly-built homes: In most cases the developer will offer a standard contract of sale, requiring an initial down-payment and a number of interim or staged payments, which are generally linked to progress of construction and completed work stages. In most cases, the final payment is made on completion of the works, when the Deed of Conveyance is signed. 
 
Likewise, if the developer has financed the development through a mortgage loan, the purchaser has the option of assuming the mortgage, on a pro rata basis, in lieu of the final payment. Should you not wish to avail of this facility, the developer must discharge the mortgage insofar as the mortgage affects your property, and the developer will be liable for any expenses or outlay entailed in the discharge of mortgage. 
 
Any interim payments you make to the developer while construction is in progress must be guaranteed by a performance bond/bank guarantee or insurance policy
 
As we have already remarked, before having your deeds registered at the Land Registry you must first apply for registration as a non-national (Identification Number for Non-nationals). 
 
Nowadays the majority of developers will raise no objections should you decide to sell on the property prior to completion, i.e. assigning the rights and obligations under the contract of sale to a third party, thereby recovering any moneys you may have paid to date, including V.A.T., plus any potential profit you are likely to make upon assigning the contract (re-selling).

Registration of your deeds at the Land Registry usually takes six or seven weeks from the date on which the deed was signed before the Notary Public.
 
Proof of registration is unequivocal proof of title, and that title is guaranteed by the Land Registry.
 
What legal costs can buyers expect?

The approximate costs and disbursements entailed in the entire procedure, including taxes, notary’s fees, Land Registry fees, professional fees charged by the solicitor, etc. amount to approximately 10% of the purchase price, unless application has been made for a mortgage to cover part of the price, in which case a further 5% must be added to the costs. This additional 5% would cover taxes entailed in the mortgage, the mortgage arrangement fee, mortgage protection insurance (life and home insurance) valuation fee, notary public’s fees and Land Registry fees entailed in processing the mortgage.
 
 Should buyers trust legal services offered by their developer or agent?
 
Manuel Sánchez Vélez comments: “It is common practice in Spain for the estate agency to suggest a lawyer. However, the agent is merely making a recommendation and you are entirely free to retain a solicitor of your own choice. Regardless of whether you take up the agent’s suggestion or decide to seek a solicitor yourself, it is always advisable to consult the solicitor at the outset on a wide range of issues to ensure that you get the best level of service to meet your requirements.”
 
 Is it safe to buy in Spain?
 
Thousands of property transactions take place each year on the Costa del Sol. In the vast majority of cases these transactions prove to be an excellent investment, bringing many advantages to the investor, provided that the procedures and formalities are properly handled and supervised by a lawyer. Your lawyer will answer all your queries and ensure that risks are kept to a minimum.
 
What is the most important piece of advice you would give to someone looking to buy in Spain?
 
Manuel Sánchez Vélez comments: “We would advise prospective buyers to employ a solicitor who specialises in drawing conveyances, with extensive experience and knowledge of all the legal and fiscal aspects of property transactions in Spain.”

Your decision to employ a lawyer will provide you with peace of mind and save you considerable expense in the long run.
 

Facts about Bulgaria

With its upcoming EU membership, as well as its mountains, sea, spas and old world charm, Bulgaria is among the world’s hottest destinations for UK buyers. It is also one of 40 countries in which the Property Lawyers Abroad Network (PLAN) operates, which gives prospective purchasers peace of mind.

The legal process for property purchase is different from that experienced in the UK, explains Sevdalin Stamov, a Varna-based property lawyer who is a member of PLAN.
One example is fees. ‘Legal fees are negotiable,’ says Stamov. ‘Our fees are around 2.5 per cent but purchasers have reported lawyers charging three per cent and above on properties ranging in price from £15,000 to £90,000.’

The notion of vacant possession, in the sense buyers of UK property would recognise, doesn’t exist in Bulgaria. Instead, the vendors of the property usually remain in the property for one month before making way for the new owners.
The price of the property has also been known to be the subject of disagreement, he says. Unlike in the England and Wales, there can be a discrepancy based on ‘the difference between offered price, the purchase price on the Preliminary and the price on the Notary deeds. The developers are reluctant to transfer title on the full price, but usually on tax assessment which is lower.’ Buyers should be aware of this fact before embarking on a purchase, and if they insist on having the agreed purchase price written on the title deed this should be stated up-front.
Such All the more reason to seek representation you can trust. ‘It is always recommended that buyers hire an independent lawyer,’ says Stamov.

Foreign ownership of Bulgarian property is relatively new to Bulgaria. So how can buyers know that the purchase - and the funds they put into it – are safe? It all comes down to having trust in your legal representative, Stamov says. ‘Our clients trust us because the legal services we provide match up to the quality of service of the European law firms.’ The fact that all PLAN members are English-speaking is another crucial point.
The most important piece of advice for a UK buyer in Bulgaria? ‘Always use a lawyer with a considerable legal practice. Buyers have to be sure that he will act as their independent adviser and will defend only their interests. If possible, request all money for the transaction to be paid officially by the lawyer.’
For more information about PLAN visit plani.net

BULGARIA

1/ Can you talk UK property buyers in Bulgaria through how the legal process works? What exactly should a lawyer be doing on their behalf?

The lawyer is in full contact with the client in the course of the whole conveyancing process. He acts on behalf of the buyer, taking his position as party of the transaction. The lawyer requests from the developer, from the agent or from the seller all legal documents that concern the purchase: title deeds, building licenses, copies of the building plans, building permissions, good standing certificates, preliminary contract etc. These documents are examined. The lawyer gives a statement to the buyer about the legal rights of the seller and his capability to transfer clear title to the buyer.
Later the lawyer checks the drafted notary deed or acts on clients’ behalf before the notary. Before signing the deed, the procedure above to check all documents is repeated.
When necessary the lawyer may negotiate with the seller some important conditions and terms which may have an effect on the transaction.
If authorized the lawyer may act before the Notary public and sign the notary deed on buyer’s behalf.
In other words – the lawyer provides full assistance in the conveyancing process. As lawyers, in most cases we act as ‘guarantors’ of the clients’ interests.

2/ How long should the legal process take?

It depends. Usually it lasts during the whole transaction till its completion. The most important part of it is 2-3 weeks in the beginning and a 1-2 week period at the end just before the notary transaction.

3/ What legal costs can buyers expect?

Sevdalin Stamov comments: ‘Legal fees are negotiable. Our fees are around 2.5 per cent but purchasers have reported lawyers charging 3 per cent and above on properties ranging in price from £15k - £90K.’

4/ What kind of legal problems can be unearthed in Bulgaria that prospective UK buyers should be aware of and that they might not come across in the UK?

The difference between offered price, the purchase price on the Preliminary and the price on the Notary deeds. The developers are reluctant to transfer title on the full price, but usually on tax assessment which is lower.

5/ How do things differ for those buying in a new development or an existing property?

Practically the legal work does not differ substantially.

6/ Should buyers trust legal service offered by their developer or agent?

It is always recommended that buyers hire an independent lawyer.

7/ Is it safe to buy property in an emerging market such as Bulgaria where foreign buyers are a relatively new phenomenon?

It can be safe if buyers trust the lawyers they have appointed. Our clients trust us because the legal services we provide match up to the quality of service of the European law firms.

 8/ Should buyers have concerns about buying in a developing country where highly unequal income distribution remains a pressing problem and where stories of crime are rife?

Sevdalin Stamov comments: ‘If this was the case then Bulgaria would not be one of the top property markets in Europe. Yes, there are crimes and some of the buyers express concerns about it when they visit Bulgaria. However, most of them leave feeling more comfortable and safe knowing that their interests are being taken care of by a credible, reliable and independent legal professional.
9/ Finally, what’s your most important piece of advice for UK property buyers in Bulgaria?

When buying property in Bulgaria always use a lawyer with a considerable legal practice. Buyers have to be sure that he will act as their independent advisor and will defend only their interests. If possible request all money for the transaction to be paid officially by the lawyer.

AMI’s launches ‘Buying Abroad’ factsheet
 
The Association of Mortgage Intermediaries (AMI) today (24 May) launched its latest factsheet entitled ‘Advising clients thinking of buying abroad’.  It is a guide to assist members with the increasing number of clients who may be thinking of buying a property abroad.
 
Advisers dealing with these types of clients should be aware of the differing rules and regulations regarding mortgages and property in different countries.  The factsheet outlines some of the issues mortgage intermediaries should be aware of, such as the mortgage options available, while also detailing the main issues from a buyer’s viewpoint.  These include:
 
·    Currency risk.  For those clients buying a property outside the Sterling area.
·    Buying the property. Outlining the risk factors to take into account when buying abroad and key areas of consideration.
·    Legal issues.  Buying a property in a foreign country will always be subject to that country’s laws and they do not just apply to the property itself.
 
The guide also outlines further points to consider such as the client’s insurance protection needs, transferring money into a foreign country, the health system of the country, setting up a bank account and what level of local taxation needs to be paid.
 
Rob Griffiths, Associate Director of AMI, commented:
 
“An increasing number of UK residents are buying property abroad, be they holiday homes, future homes to retire to or as buy to let investments.  There are many considerations for mortgage intermediaries when advising their clients on such a purchase and they must take great care to ensure the process goes as smoothly as possible.  
 
“The key point that should be remembered is that buying abroad is different to buying in the UK.  In different countries there are different laws regarding property and mortgages, and there will be differences in practices, customs and local regulations.  AMI’s factsheet outlines possible issues that intermediaries and their clients should consider.  It is to be used as a guide and designed to assist members in growing their businesses and better advising existing clients.”
 
AMI’s ‘Buying Abroad’ factsheet is available to all members from the AMI website by using the following link: http://www.a-m-i.org.uk/closed/cug/default.asp

Experts reveal dos and don’ts of purchasing abroad.

Buying a property overseas is more popular than ever, with increasing numbers of people following their dream of owning a holiday home or rental property abroad as part of their short-term or long-term investment plans.
However, although international property investment sounds like an exciting prospect for many people, it can also be risky if not approached carefully. Experts at the Property Investor Show, which takes place this autumn in London’s Docklands, reveal some top tips to help steer investors in the right direction.

Know your objectives

Ensure you know why you are buying and what you are hoping to achieve with the purchase. Is it an investment vehicle or are you looking for somewhere to visit or live? If it’s for investment, is it for short term capital gain to provide a one-off profit over a particular time? Or is it to provide long-term regular income?

Sort out your finances

Work out how much you can afford to buy and arrange your finances, such as your mortgage, before you travel abroad to search for your property. This will ensure that you are ready to act immediately if you find the right property. Also ensure that all finances are arranged before signing any contracts and paying over a deposit.

Don’t be hasty

Stay focused on what you originally had in mind. Stick by your objectives. It can be all too easy to be tempted in the sunshine to buy something that is not what you really want. See your chosen area at different times of the year to ensure that you like it whatever the weather. You should also try and give yourself a cooling off period to ensure you are making the right choice.

Check transport and local facilities

Make sure there is a choice of airline routes and access points to your chosen area. People who rent property will want somewhere that is easy to get to and will often gravitate to those places with a nearby airport served by low cost airlines. People will also want to be near basic facilities such as restaurants and shops. Proximity to areas of natural outstanding beauty, tourist attractions or renowned eateries will add to the property’s rental attraction.

Talk to fellow investors

Speak to those who have purchased in the area that you are interested in. If you are opting for a buy to let investment, you can learn a lot about rental success in your area and get a realistic idea of the likely income that will be generated.

Allow for the extras

The cost of buying a property abroad (taxes, conveyancing, lawyers fees, agents fees, VAT etc) is much higher than in the UK, so you will have to ensure you have budgeted accordingly. Also ensure that you are aware of the costs charged by the legal and government authorities for purchasing a property in your chosen country.

Check taxation and inheritance laws

Ensure you understand the tax implications for when you decide to sell. You should also check the inheritance laws of the country where you are buying. In France, for example, your children automatically inherit your house; it does not pass to your spouse. You many need to compile a separate will.

Weigh up risk versus return

If buying for investment, it is important to understand how comfortable you are with risk and investment accordingly. Some properties in, for example, eastern Europe offer high potential returns but potential losses too. You need to be well informed and comfortable with the risk factor.

Do your homework

Ensure you research the area well before visiting the country. Time spent researching the area while at home is much cheaper and more efficient than time spent overseas. Make a check list of questions that can be answered when you arrive at your destination.

Speak to the experts

Always ensure that you seek specialist independent advice from English-speaking solicitors, architects and surveyors before considering a purchase overseas. They should be proficient in your chosen country’s laws and processes and also know the specifics involved in buying a property there.

Nick Clark, managing director of the Property Investor Show, comments: ‘Purchasing a home abroad can be both an excellent investment or provide a great holiday home, although it can be overwhelming to a novice investor. The Property Investor and Homebuyer Show will have all the information that potential buyers need to choose and purchase a home overseas.’
Trisha Mason, founder and managing director of VEF French Property, says, ‘Property investment overseas can be hard work but the rewards are there for those who do the research and are willing to put in the effort to succeed. However, our overarching advice for overseas property investors can be applied to many things in life: use your head, do your research, seek professional advice and don’t act on impulse.’

The Property Investor and Homebuyer Show will be held 22-24 September at London’s ExCeL Centre. Visit propertyinvestor.co.uk to register for fast-track entry

An investor-friendly deal in this sunny spot

The spectacular Pine Cliffs resort is one of the most luxurious in the Algarve. This award-winning tourist spot, with its stunning golf course, is a top destination for both families and couples.
Now buyers are being given the chance to own their very own holiday home at Pine Cliffs. The brand new Pine Cliffs Residence comprises 154 luxury two- and three-bedroom apartments, each beautifully designed and surrounded by a magnificent pine forest overlooking the golf course.
Pine Cliffs shares the facilities and enjoys the five-star service of the adjacent Sheraton Algarve Hotel. With 300 days of sunshine a year, Portugal has been voted one of the best locations in Europe to invest in property, so ideal for a second home.


Located in one of the most exclusive and desired investment areas in Europe, the future owners of the Pine Cliffs Residence apartments will have the use of the Casa Pine Cliffs which will include a reception, a restaurant, terrace-bar, gymnasium, health club, mini-market and swimming pool. The owners will also benefit from other facilities provided within the Sheraton Algarve & Pine Cliffs Resort.
Pine Cliffs prides itself on its excellent facilities: a tennis academy with five tennis courts, a challenging 9-hole golf course, a golf academy, a health club, a games room, an excellent kids club – Porto Pirata, four swimming pools and an expansive sandy beach with water sports awaits you. These combined with the fact that a selection of Europe’s finest golf courses are on your doorstep make it the ideal location to buy your dream holiday home.
The Pine Cliffs Residence represents an excellent investment opportunity in a unique and exclusive resort, considered Best Resort in Portugal 2005 by World Travel Awards.
For information on the Pine Cliffs Residences please call +35 1289 500 369, email info@pinecliffsresidence.com or visit www.pinecliffsresidence.com

 

Janice Lewis and her husband Peter retired to the Andalucia region of Spain in June 2003. Janice answers some questions about the move and her new lifestyle
What made you decide to move to Spain?
It all started when we visited our friends in July 2002 who had moved to Spain earlier in that year. They had purchased a villa which was built by a couple of local Spanish guys who had just started their own company. Their home was the first home these guys had built together. Our friend was very knowledgeable regarding building and had done quite a lot of research into living in Spain.
We stayed with our friends for a week and during that time they took us to an area about three kilometres from their home, where his builders were going to build some new homes. It was a very picturesque area, between mountains and set in almond and olive groves. We had become so impressed with our friends’ lifestyle and the cost of living in Spain, and of course the weather, that we decided to purchase the first plot of land in the area we had come to see.

How long did it take from getting the idea to move to Spain to moving in?

Surprisingly it only took us ten months. When we arrived in June our home was still being built, so we rented here for three months. Actually this was quite good as we were able to watch the villa being built.

Looking back, what would you have done differently?

We don't think we would have done anything differently – although my husband thinks we should not have brought out all our furniture with us. We had lived in our house for 34 years and were very attached to many of our possessions. Plus the sale of the house went through very quickly, so consequently we did not have very much time to get rid of things. Our furniture was in store for five months.
 
What has been the most pleasant surprise about where you live now?

The peace and tranquillity of the rural area. We hear a lot of birdsong. We have seen eagles and often watch the goats on the mountain with the goat man. When we lived in England, although it was a village our garden backed onto a main road which fed the M1 so we had a lot of traffic noise. Actually, at the time of writing this it is completely silent apart from the birdsong.
 
Why Spain and not somewhere else? Did you seriously consider another country?

We often thought about moving to France and loved the country. We holidayed there nearly every year. However, property prices and the cost of living, I think, are comparatively cheaper in Spain - especially in southern Spain where we live. And as I said earlier, our friends of 36 years were here and had already done the groundwork for us and knew all the downfalls. We hadn't considered any other countries.
 
Do you feel your home is a good investment? Are property prices performing well where you are?

Our home has been a fantastic investment. In the three years we have been here we have seen the value double or maybe a bit more. We certainly have been following the property market in our area and have seen the prices rise considerably. Of course, the cost of living has also increased since we have been here. But it is still a lot cheaper than the UK.
 
We live in Andalucia, in a small village in the province of Almeria. Our nearest town is about 12 kilometres, although the next village to us has shops is about five kilometres away. The coast is about a 45-minute drive. We think our home is in an ideal location.
 
Can you recommend a good Spanish wine?

Obviously we have tried many of the Spanish wines and enjoy them. We are both very much red wine drinkers but have also found a few white wines which are also enjoyable. For everyday drinking we have found a quite cheap but very good bottle of red called Fin del Rio 2004, from the Castilla y Leon area - it costs only E1.85 a litre! For a better bottle when entertaining, I have found a very nice rioja 2000 reserver called Coto de Imaz priced at E7.99. For whites, a very reasonably priced white rioja comportillo 2005, priced at E1.65 and a very nice cava called Cabre y Sabate, either semi sec or sec, at E1.65. These are all purchased at the local supermarket.
 
What advice would you give someone considering a similar move?

I would say do it ASAP - but if they are a couple it must be on the agreement of both parties. We do know of people who are very homesick and want to return to the UK but their partners do not. We settled in very well, possibly because life was made easier for us having such very good friends here already; however my husband did have a few initial problems settling in.
We both love the weather and we have got some very necessary shady areas to sit as it does get very hot. So that is a must. The other thing which is a bonus and very enjoyable is the swimming pool. I don't think I could live in this country without access to a pool. I think another piece of advice would be to learn the language. It is not necessary to speak it fluently - I will never get to that stage - but at least to have a little understanding of it really does help. The other thing is to get sound legal advice on what and where you are buying. A lot of mistakes and problems have arisen from people not looking into things before they purchase and not getting proper legal advice.

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 r