Overseas - Friday, September 29, 2006

Property: prices and processes

Property and land prices offer the most notable opportunities for outsiders with more than just a great vacation on their minds. The most useful comparison to make is with the Croatia’s trajectory, which Montenegro is set to follow. Coastal Croatia, to Montenegro’s north, is about four years ahead of coastal Montenegro and stagnating, which in concrete terms means 4,000 Euros per square meter in Dubrovnik compared to 1,500 in Montenegro.
 
Interest in Montenegro is driven by western ‘fly to let’ and second home purchasers put off by over developed and over priced traditional markets such as Spain and Portugal. Of the ‘new’ destinations in Eastern Europe Montenegro stands out because of noticeable a lack of high-standard accommodation and sensible building restrictions.
 
There are no restrictions on foreigners buying property although to buy land, foreigners must register a local company (which they can wholly own). Any good local lawyer can help with this.
 
Most foreigners buying in Montenegro use local estate agents. When dealing with such agents, remember to apply the same caution as you would back home – check references and build trust before agreeing to buy through a particular agent. It is often a good idea to shop around to check prices and deals before deciding to go with a particular one. An alternative is to buy direct from the developer, cutting out agent fees.
 
Buying in Montenegro is a two-step process – firstly signing the purchase pre-contract and contract with the seller and secondly registering the purchase in the property ownership register.
 
In detail, the first step is to agree a price with the owner. You may choose to do this directly, or through an estate agent. Remember that if you chose to do this yourself, it will involve several sessions of drinking Rakija, a type of local brandy that locals are especially proud of! Each family will have their own home made version which will need to be drunk with appreciative murmurs. Bring a companion to help with the drinking otherwise you will be paying more before you know it…
 
Once the price is agreed, it is normal to sign a pre-contract and pay a 10 per cent deposit, obliging both parties to sign the main contract in 30 days time. If you, the buyer, fail to sign the main contract, you will forfeit your deposit. If the seller fails to sign the main contract, he must pay you twice your deposit back. 30 days later you will sign the main contract.
 
The next step is to use the signed main contract to register your purchase in the property ownership register – again, any good lawyer will be able to help with this.
 
Types of property

New build property is in short supply – especially property fitted out to Western standards. The typical Montenegrin apartment built for locals will be much smaller than Westeners are used to and will lack amenities such as a swimming pool. Many Montenegrins still can’t understand why anyone would want to have a swimming pool if you live within 5 km of the sea!
 
Consider rentability when you are buying – the current shortage of new Western quality apartments means that these can attract a substantial premium on the rental market.
 
Cute old stone farmhouses are in short supply now and both ruins and restored properties attract a premium.
 
Where to buy

Most opportunities are found in coastal villages.The main hot spots in Montenegro are around the bay of Kotor, from Herzeg Novi to Tivat. Further south, there are very interesting locations south of over-developed Budvar, running to Petrovac.
 
Baosici and Djenovici for example are 3 – 6 km from Herceg Novi and extend south from Herceg Novi to the ferry across the fjord. They have attractive stone houses along the waterfront, and newer small apartment buildings set in large green gardens slightly further back. These sleepy villages typify the Mediterranean as it was, with small sandy beaches, fishing boats in tiny marinas, and small cafes and restaurants right on the sea. Luxury off plan apartments to western specifications are being offered by UK developers such as Pluto Developments in Baosici if you are keen to get away from it all and also keen to avoid time consuming negotiations for extant properties or land, as all negotiations are handled for the buyer. Prices range between 138,000 Euros (2 bed, 2 bath) to 155,000 Euros.
 
Other areas include the villages of Muo and Prcanj, 2 – 8 km from Kotor. Old stone houses line the water front behind small marinas with boats bobbing in them all year round. Prcanj is the site of the Hotel Splendido, one of the most pleasant hotels in the Bay of Kotor. Find old fisherman’s houses on the waterfront on a newer building slightly up the hill with fantastic views over the bay. Some properties in
Muo have the benefit of stunning views straight over the Old Town of Kotor.
 
Finally, look into villages around Budva. Budva itself is the most developed area of the Montenegrin coast and is more popular with Russian and Israeli buyers than with Western Europeans. However there are many small villages up and down the coast from Budva that offer attractive home buying potential.
 
If you’re more of a town dweller then Kotor Old Town with stone houses in medieval streets is be very enticing. However, the atmosphere is countered by its tendency to be dark and noisy with bars and restaurants thoughout.
 
Tips for buying

Montenegro escaped the troubles of the 90’s unscathed and has not had large flows of population in and out of its borders (unlike in many other parts of the former Yugoslavia, such as Croatia). This reduces the risk of uncertainty of title deed. Along the whole of the coast of Montenegro, the land registry has complete records of ownership and any good lawyer will be able to check the ownership history of any property or land that you are considering.
 
Watch out for properties with multiple ownership – such as old farm houses jointly owned by large families. Even if you have a deal with Jovan, his brother Branko will probably want something different and negotiations will be back at square one. To avoid wasting time (and excess Rakija consumption), make sure that one owner has legal authorisation to represent all the others.
 
If you’ve ever had the feeling that you’ve missed the boat on other emerging markets, Montenegro could offer you an opportunity at exactly the right moment. Not so much undiscovered as sidelined in recent times, it’s poised to steal much of the limelight from its more well known neighbour, Croatia. Very soon the red tape will be loosened, opaque planning laws will become more transparent and the next five years will witness one of the most dynamic growth rates for property in the world.
 

INFORMATION ON PLUTO’S BAOSICI VILLAGE DEVELOPMENT
 
The Baosici development is an exclusive self-contained apartment with only 31 two-bedroom apartments, each with a sea view, set in traditional Mediterranean low-rise buildings within a gated community, 100m from the sea.
 
Baosici Village combines modern construction methods with the traditional architectural style in Montenegro. The five small buildings are laid out around a quiet and peaceful common garden and pool with features such as white washed walls, red sloping roofs, shuttered windows and vine-covered terraces. Each building contains a maximum of two apartments per floor and there is one duplex-penthouse in the tower.

The apartments are designed with the western investor and holiday maker in mind. Light, open plan living spaces open with sliding doors onto private terraces each with a view of the sea. Each apartment has two bedrooms with fitted wardrobes, and two bath rooms (at least one of which is en-suite).
 
Each kitchen is in a separate room and benefits from natural light and a ventilation system. Each apartment has at least one private terrace with a sea view. Apartments come with fully fitted bathrooms, split-system air-conditioning (heating & cooling), wooden parquet flooring in the bedrooms and quality ceramic tiles on all other areas.

Communal spaces

All green spaces and communal terraces are planted with palms, olive trees, and other local greenery making a verdant and peaceful living space. Towards the rear of the complex there is a children’s play area.

A fully staffed reception desk makes Baosici Village ideal for those wishing to rent their apartment out - the onsite staff will be able to organise key collection, cleaning and other vital services.

Baosici Village provides two car parking options – a private underground car park and a smaller communal parking lot towards the rear of the complex. Spaces in the underground car park are available for purchase.

Opportunities to tee off near the Black Sea

Already a leader in both sun- and ski-centred holidays, Bulgaria is now set to become a destination of choice for golfers. With an upcoming world-class golf resort coming, those who seek the perfect holiday or investment property are urged to have a look.
Award-winning agent and developer Bulgarian Dreams says the region surrounding Balchik is set the popular golfing resorts in countries such as Portugal and Spain, as a number of famous golfers design high-quality golf courses in the area.

There are currently three golf courses being constructed in the region, including an 18-hole golf course designed by Ian Woosnam and two courses by Gary Player. Bulgarian Dreams is currently marketing Windows to Paradise overlooking the coast near Balchik and adjacent to one of the new Gary Player 18-hole golf courses. And an important advantage that Balchik has is price: properties at the scheme start from an affordable £38,500 for a one-bedroom apartment, compared with £150,000 for a comparable one-bedroom apartment in the Algarve.
Tourism to the Black Sea Coast is already a growing industry, with a 62 per cent increase from British visitors over the past 12 months. However, for those looking to invest in property in the area, the introduction of world-class golf to Balchik will have a positive impact on both property prices and rental yields.

Robert Jenkin, director of Bulgarian Dreams, comments: ‘One major difference that golf will bring about in this region is to lengthen the tourist season and in turn create more revenue for those who have property to let in the area. Currently the summer season lasts from May through to early October; however, golfers visiting this new region around Balchik will be able to enjoy their game from approximately April through to early December.’

The town of Balchik is situated 36km north northeast of Varna International Airport, which benefits from year-round British Airways flights from London Gatwick.
Balchik boasts an outstanding and dramatic coastline, with chalk cliffs and crystal azure seas. It is located partly on the seashore and partly on the Dobroudzha and the Frangen plateau. The town has a history spanning over 2,600 years, and during this period has been known by a variety of different names depending on the conquering nation including Krouni by the ancient Greeks, Dionyssopolis by the Byzantines, Karvouna during the mediaeval period and Balchik by the Ottomans.   
                                       
Today Balchik is a small but very romantic Bulgarian seaside town, with attractive architecture and thriving arts and culture. The coastline reaches up to 30km in length, which will attract visitors from all around the world. This area is extremely rich in mineral springs and underground waters, which are the main sources for the modern water-supply system.
Another growing attraction in the area is sailing. The Balchik coastline, with its coves and hidden beaches provides an ideal backdrop from which to sail along the Black Sea. A number of new ports and marinas are being constructed to support this growing pastime, including a marina at Windows to Paradise.

Windows To Paradise is a select development of studios, one- and two-bedroom apartments and penthouses, with the majority of the properties enjoying sea views. The facilities at the scheme are second to none, comprising swimming pools, a gym and spa centre, a restaurant and shops.

Prices start at €35,000 (£24,250) for a studio apartment, €55,000 (£35,500) for a one-bedroom property and €80,000 (£55,250) for a two-bedroom apartment. For further information contact Bulgarian Dreams on 020 7614 1240 or visit bulgariandreams.com.

With its history, culture, natural beauty, famously friendly people and famously good wine, Italy has charmed generations of holidaymakers. This country has seen an upsurge of UK interest, not only from tourists but from relocators and investors as well. And there is a wealth of wonderful property currently on the market in some of Italy’s most sought-after wine-making regions.

We start in Umbria, with its beautiful green landscapes criss-crossed by the Appennine mountains. In central Gioiella, Nina’s House is an imposing detached house on three floors. It was converted some time ago to enable the owners to let out to groups of different sizes.
There is a large garden and spectacular views over the countryside. The property is ideal for those looking for a rental unit or bed and breakfast as income and as a family house, such is its size and layout. Nina's House is on the market for just £226,667 (€340,000). Available through Brian French & Associates. Contact 0870 730 1910.
Also on the market through Brian French is La Vigna, a semi detached house with swimming pool in a hamlet amidst fabulous farmland. Located just 1.5 km from Castiglione del Lago, the old house was totally reconstructed about six years ago and appears new.
It has operated successfully as a home for the owners and with rental accommodation for tourists. There is a garden of 1,300 sq m which includes productive vines that make the red wine from which the property takes its name.

This is an ideal and affordable home cum investment property, ideally located for use as a base for sightseeing in Umbria and Tuscany. La Vigna is on the market for an amazing £236,667 (€355,000). Call 0870 730 1910.
'These properties, and many others on our books, show that you can purchase land and a home for the price of a one bedroom flat in the UK,' says Steve Emmett of Brian A French & Associates. Another thing to consider, he says, is that 'a great many homes offer the potential or opportunity for additional income whether from vines, olives, bed and breakfast or rental, which often appeals to purchasers'.

For those in search of something grander – and who have a budget to match – a trip to neighbouring Tuscany is in order. This is, of course, wine country and Podere Sant'Alberto allows the owner to be a part of this proud Tuscan tradition.
This remarkable property is located in a farming area and dates back to the 14th century. The small holding is 12 hectares of mixed woodland, fallow pasture, olive groves and, of course, vineyards – and this is the special thing about this property.
Sant'Alberto is more than a Tuscan house; it will appeal to anyone who wants wine-making to be a part of their life.

There is an older vineyard, planted about 37years ago with Sangiovese and white grapes mixed with olive trees in a traditional manner. The new vineyard is planted with Merlot and Cabernet Sauvignon and was established in 2001. There are 1.2 hectares under vines with 3,600 vines per hectare. There are approximately 0.4 hectares each of Sangiovese, Merlot and Cabernet Sauvignon. Additional areas could also be cultivated with vines.
The main house comprises two reception rooms and five bedrooms. There is a one bedroom guest cottage and a barn together with cantina, garage and underground cantina. There is also a fermentation building and a swimming pool.
'This is a unique home for the right person', says Emmett of Brian A French & Associates who are currently marketing the property and who originally sold it to the current owners. 'It can bring a lifetime of enjoyment, satisfaction and profit and the property .'
The property is set amidst typical Tuscan rolling hills about ten minutes from Monteriggioni, with a view of San Gimignanoon. The property is priced at £1,466,667 (€2.2 million). Call Brian A French & Associates 0870 730 1910.

And in the Marche region near Jesi, in the middle of the Verdicchio grapes valley, Villa Torno is a luxury house with spectacular views of the local castles. Completely restructured ten years ago under the guidance of an architect, this home has high-quality materials and is wired for 21st-century communication, including ISDN.
Only eight minutes from Raffaello Sanzio airport, with its daily flights from London, this home is very accessible. For further information visit the website villaforsaleinmarche.it.

How party central became a property hotspot

Cyprus has some of the world’s most loved beaches, a fact that is not lost on UK buyers. The popularity of this Mediterranean jewel as a place to holiday has been consistently strong for decades. Now, with the craze for buying abroad, it is also one of the most popular locations for those in search of a holiday home, retirement location or simply an investment.
One location that has recently hit its stride as a property hotspot is Ayia Napa. Not long ago this location was known as party central. Staggeringly popular, in every sense of the word, with the young dance crowd, Ayia Napa was high-profile, high-maintenance, high-decibel – but low on the list of areas that would interest an investor.
This has changed dramatically, with Cypriot authorities clamping down on loud music and typical Club 18-30 antics. Ayia Napa is fast becoming an upmarket holiday destination and a serious hotspot for property investors, according to property agents Assetz.
In a drive to rid the resort of its downmarket reputation, nightclubs and bars playing loud music very late at night are now closed down immediately and their music equipment confiscated. Families with children and more upmarket holidaymakers are quickly moving in to take the place of the younger tourists, with the result that suitable property and facilities are springing up to cater for them.

Three golf courses are planned for construction and two huge marinas are also scheduled to be built to take large yachts, which will help transform Ayia Napa into the ‘Monte Carlo of the Middle East.’ The area is very green and rich in history with a national park, 16th-century Venetian monasteries and a crescent harbour lined with fishing boats. Ayia Napa is to the east of the island and is also two to three degrees warmer than the west with a much more reliable climate and less rain, resulting in longer rental seasons and higher yields.
Moira Augusti has lived near Ayia Napa for almost a decade and has noticed a dramatic change in the town's tourism in recent years. She says: ‘Several years ago, Ayia Napa was a club haven for the young, it was extremely noisy and there was always trouble. There is now a dramatic change. The streets are occupied by families with children eating ice creams and young couples walking hand-in-hand, rather than young drunken clubbers. The noise levels are much quieter due to restrictions set by the local mayor and there is no trouble at all. It reminded me of how Cyprus was when I first moved here.’

House prices in Cyprus have risen by around 15 per cent over the last 12 months, but Ayia Napa, along with nearby Protaras and Paralimni, saw rises of an additional five per cent, making them prime locations for investors. Although capital growth in Cyprus is expected to slow to ten per cent by the end of 2006, these hotspots are still expected to retain their five per cent lead, resulting in an anticipated 15 per cent growth for investors.
This is partly a result of the fact that house prices in Ayia Napa are currently considerably lower than the rest of the island, giving greater scope for growth as the area regenerates. A penthouse apartment of 80-90 sq m with a 50 sq m terrace in the area, 300 yards from the beach with on-site swimming pools, tennis and shops, would cost about £110,000 sterling. Such a property would cost around 30-40 per cent more at the other end of the island, in the region of £145,000 to £155,000.

Stuart Law, managing director of Assetz, says, ‘As the higher quality holiday companies move into Ayia Napa and the world-class golf courses and marinas open for business, the potential rental income for investors is significantly improved. They will also benefit from house price growth which is likely to be higher than the rest of the island as the upmarket tourist trade continues to develop.’ Borrowing will also become cheaper when Cyprus adopts the Euro in 2008, Law points out.
A good example of what’s on the market in the area is Orestiada Villas, a complex of spacious semi-detached two-storey villas each with its own private pool and car parking space, located in peaceful Protaras just outside Ayia Napa, within one kilometre of the beach. The villas range in size from 133 sq m to a huge 270 sq m, with modern Cypriot architecture, spacious interiors and air conditioning. Prices start at £145,565 (CYP £132,000) with high guaranteed rental yields available. See assetz.co.uk for further information.
--
New Cypriot developments get ready to tee-off

Holiday home hunters, investors and golfing fanatics are turning their attention to Southern Cyprus where planning permission has been granted for two new prestigious apartment and villa developments.
The new resorts, being developed by specialist Southern Cypriot property developers Morpheus Investments, will be within easy reach of the island's forthcoming five star, PGA approved golf course and located among some of Cyprus' most beautiful countryside and coastlines.
Located in Tersefanou and Kiti, each resort is only a short journey from the island's international airport, Larnaca, and steeped in Cypriot
history and culture.  The woman behind the developments, Morpheus
Investments' managing director, Dani Maxton, comments: ‘Tourism in Cyprus is growing by approximately 7 per cent per year and around half the island's visitors come from the UK.
‘These figures are hardly surprising when you consider that Cyprus enjoys over 340 days of sunshine per year, 9 months of good golf weather and the island's quality of life is ranked amongst the highest in the world. These factors, coupled with average property prices that are lower than in France and Spain, are driving British property investment on the island.
‘The developments will meet the needs of those wanting a holiday-home and a secure investment, without compromising the qualities of local scenery, history and culture.’
Morpheus' Tersefanou resort will be located adjacent to the new PGA golf course, which is due for completion at the beginning of 2009. The golf resort will include health and fitness facilities, a six star hotel, shops and banks, and is a short walk from local amenities. Apartment and villa owners will be able to appreciate a backdrop of rolling hills and access to the region's unspoilt golden beaches.

Nestling in the quiet and picturesque village of Kiti, Morpheus' second
development is around 1km from Tersefanou.  The award winning village
boasts some of the island's richest history and is home to temple remains dating back to the 13th century as well as Mycenaean and Cyclopean style walls, which form the northern city walls.
Maxton concludes: ‘Development in Southern Cyprus is stringently controlled so that the islands' landscape and scenery is preserved. This is great news for people looking to buy on the island. They can rest assured that they can enjoy the best of Cyprus, while appreciating rises in property prices and lower risk of mass development spoiling their paradise location.’

Property prices at the resorts range from CYP £53,000 to CYP £175,000. For a Tersefanou and Kiti information pack, contact Dani Maxton on 08000 751 777 or see morpheusinvestments.com


Established in 1996, Morpheus is a UK property development company, developing exclusive investment properties in Southern Cyprus.

Morpheus is currently developing two new premier resorts in Tersefanou and Kiti. Both resorts offer luxury off-plan apartment and villa investment opportunities and are due for completion in July 2008.

Morpheus villas and apartments are developed in close association with G.Hassapis Holdings, the major shareholder of Cyprus' forthcoming premier 5-star golf resort.

The Tersefanou resort will be located adjacent to Cyprus' new 5-star PGA approved golf course which includes 1,500 sqm of health and fitness facilities, pony trekking, shops, banks, bars and restaurants. Tersefanou is approximately 15 minutes from Larnaca airport.

The Kiti resort will be located in the heart of the village, offering superb views of the sea and the village's rich 3,000 year history. Kiti is approximately 1km from Tersefanou. Apartments and villa prices at the resorts range from approximately CYP £53,000 (GBP £63,600) to CYP £175,000 (GBP £210,000) and can be secured with a minimum 15 per cent deposit compared with the average 30 per cent deposit usually required for property investment in Cyprus. GBP prices are calculated using an average exchange rate of CYP £1 = GBP £1.2

Cyprus:

Cyprus is the third largest Mediterranean island and is served by 30 major airlines and two international airports - Larnaca and Paphos.

The island records an average 340 days of sunshine per year and offers year round golf, water sports and skiing.

In 2005, the Economist reported quality of life in Cyprus ahead of the UK, Germany and France.

Tourism in Cyprus is growing by approximately 7 per cent per annum, with over 50 per cent coming from the UK.

Average property prices in Cyprus are lower than in Spain and France.

Rental returns on properties in Southern Cyprus average between 8 - 12 per cent on the current price of property
--
New developments are coming onto the market all the time, so what makes the new development of properties in Alaminos Village in Cyprus so special? Well, location has to be the first thing.

Alaminos Village is set in the gentle hillsides in an area where market gardening has been its main source of income. Farming tomatoes and cucumbers for world distribution, the area has maintained a lay-back approach to life, a gentle tranquillity where the people’s culture and life style has not been eroded by high rise apartments and a huge influx of foreign visitors and home owners.

The area is therefore very rural with pretty hillsides dotted with traditionally built, small villas for the locals.

Now, there is a new development by a development company with a good standing in Cyprus. The homes are built to a high quality and new owners can feel confident in the property in which they are investing.

Within five minutes drive of the pretty unspoilt beaches, the new homes at Alaminos Village will offer owners the use of two communal swimming pools. Approached via its private road the layout is attractive with one bedroom apartments starting from £CY71,300, two bedroom apartments from £CY122,000 and three bedroom houses from £CY143,500.

‘I am delighted to have been appointed to sell these properties. For anyone looking for a totally unspoilt part of Cyprus this has to perfect for you’, says Pauline Gallagher of Halcyon Properties a company established for over 15 years with offices in Cyprus and the UK. ‘As a company and member of the highly respected Federation of Overseas Property Developers, Agents and Consultants (FOPDAC), it is important to me and my company that the properties we market are of a high quality. Customer satisfaction is paramount.’

Other properties in the area, which is to see a 4 Seasons Hotel being built, are two, detached individual villas, both around 4 years old, where the current owners are looking to sell.

Close to the waters edge and hidden by Cyprus trees they nestle in an area not normally found by visitors to the island as they hug the coastline and are missed by those travelling to the major towns on the motorway.

Located at Mazatos just 15 minutes from the airport and 20 minutes from Larnaka town, they are offered on the market for £CY135,000 and £CY138,000. The former is with carpets and curtains, the latter is fully furnished. Both are available for immediate occupation.

Anyone interested in these properties should contact
Halcyon Properties 01273 208225
www.halcyon-properties.co.uk

How party central became a property hotspot

Cyprus has some of the world’s most loved beaches, a fact that is not lost on UK buyers. The popularity of this Mediterranean jewel as a place to holiday has been consistently strong for decades. Now, with the craze for buying abroad, it is also one of the most popular locations for those in search of a holiday home, retirement location or simply an investment.
One location that has recently hit its stride as a property hotspot is Ayia Napa. Not long ago this location was known as party central. Staggeringly popular, in every sense of the word, with the young dance crowd, Ayia Napa was high-profile, high-maintenance, high-decibel – but low on the list of areas that would interest an investor.

This has changed dramatically, with Cypriot authorities clamping down on loud music and typical Club 18-30 antics. Ayia Napa is fast becoming an upmarket holiday destination and a serious hotspot for property investors, according to property agents Assetz.
In a drive to rid the resort of its downmarket reputation, nightclubs and bars playing loud music very late at night are now closed down immediately and their music equipment confiscated. Families with children and more upmarket holidaymakers are quickly moving in to take the place of the younger tourists, with the result that suitable property and facilities are springing up to cater for them.

Three golf courses are planned for construction and two huge marinas are also scheduled to be built to take large yachts, which will help transform Ayia Napa into the ‘Monte Carlo of the Middle East.’ The area is very green and rich in history with a national park, 16th-century Venetian monasteries and a crescent harbour lined with fishing boats. Ayia Napa is to the east of the island and is also two to three degrees warmer than the west with a much more reliable climate and less rain, resulting in longer rental seasons and higher yields.
Moira Augusti has lived near Ayia Napa for almost a decade and has noticed a dramatic change in the town's tourism in recent years. She says: ‘Several years ago, Ayia Napa was a club haven for the young, it was extremely noisy and there was always trouble. There is now a dramatic change. The streets are occupied by families with children eating ice creams and young couples walking hand-in-hand, rather than young drunken clubbers. The noise levels are much quieter due to restrictions set by the local mayor and there is no trouble at all. It reminded me of how Cyprus was when I first moved here.’

House prices in Cyprus have risen by around 15 per cent over the last 12 months, but Ayia Napa, along with nearby Protaras and Paralimni, saw rises of an additional five per cent, making them prime locations for investors. Although capital growth in Cyprus is expected to slow to ten per cent by the end of 2006, these hotspots are still expected to retain their five per cent lead, resulting in an anticipated 15 per cent growth for investors.
This is partly a result of the fact that house prices in Ayia Napa are currently considerably lower than the rest of the island, giving greater scope for growth as the area regenerates. A penthouse apartment of 80-90 sq m with a 50 sq m terrace in the area, 300 yards from the beach with on-site swimming pools, tennis and shops, would cost about £110,000 sterling. Such a property would cost around 30-40 per cent more at the other end of the island, in the region of £145,000 to £155,000.

Stuart Law, managing director of Assetz, says, ‘As the higher quality holiday companies move into Ayia Napa and the world-class golf courses and marinas open for business, the potential rental income for investors is significantly improved. They will also benefit from house price growth which is likely to be higher than the rest of the island as the upmarket tourist trade continues to develop.’ Borrowing will also become cheaper when Cyprus adopts the Euro in 2008, Law points out.
A good example of what’s on the market in the area is Orestiada Villas, a complex of spacious semi-detached two-storey villas each with its own private pool and car parking space, located in peaceful Protaras just outside Ayia Napa, within one kilometre of the beach. The villas range in size from 133 sq m to a huge 270 sq m, with modern Cypriot architecture, spacious interiors and air conditioning. Prices start at £145,565 (CYP £132,000) with high guaranteed rental yields available. See assetz.co.uk for further information.
--
New Cypriot developments get ready to tee-off

Holiday home hunters, investors and golfing fanatics are turning their attention to Southern Cyprus where planning permission has been granted for two new prestigious apartment and villa developments.
The new resorts, being developed by specialist Southern Cypriot property developers Morpheus Investments, will be within easy reach of the island's forthcoming five star, PGA approved golf course and located among some of Cyprus' most beautiful countryside and coastlines.
Located in Tersefanou and Kiti, each resort is only a short journey from the island's international airport, Larnaca, and steeped in Cypriot
history and culture.  The woman behind the developments, Morpheus
Investments' managing director, Dani Maxton, comments: ‘Tourism in Cyprus is growing by approximately 7 per cent per year and around half the island's visitors come from the UK.
‘These figures are hardly surprising when you consider that Cyprus enjoys over 340 days of sunshine per year, 9 months of good golf weather and the island's quality of life is ranked amongst the highest in the world. These factors, coupled with average property prices that are lower than in France and Spain, are driving British property investment on the island.
‘The developments will meet the needs of those wanting a holiday-home and a secure investment, without compromising the qualities of local scenery, history and culture.’
Morpheus' Tersefanou resort will be located adjacent to the new PGA golf course, which is due for completion at the beginning of 2009. The golf resort will include health and fitness facilities, a six star hotel, shops and banks, and is a short walk from local amenities. Apartment and villa owners will be able to appreciate a backdrop of rolling hills and access to the region's unspoilt golden beaches.

Nestling in the quiet and picturesque village of Kiti, Morpheus' second
development is around 1km from Tersefanou.  The award winning village
boasts some of the island's richest history and is home to temple remains dating back to the 13th century as well as Mycenaean and Cyclopean style walls, which form the northern city walls.

Maxton concludes: ‘Development in Southern Cyprus is stringently controlled so that the islands' landscape and scenery is preserved. This is great news for people looking to buy on the island. They can rest assured that they can enjoy the best of Cyprus, while appreciating rises in property prices and lower risk of mass development spoiling their paradise location.’

Property prices at the resorts range from CYP £53,000 to CYP £175,000. For a Tersefanou and Kiti information pack, contact Dani Maxton on 08000 751 777 or see morpheusinvestments.com

Established in 1996, Morpheus is a UK property development company, developing exclusive investment properties in Southern Cyprus.

Morpheus is currently developing two new premier resorts in Tersefanou and Kiti. Both resorts offer luxury off-plan apartment and villa investment opportunities and are due for completion in July 2008.

Morpheus villas and apartments are developed in close association with G.Hassapis Holdings, the major shareholder of Cyprus' forthcoming premier 5-star golf resort.

The Tersefanou resort will be located adjacent to Cyprus' new 5-star PGA approved golf course which includes 1,500 sqm of health and fitness facilities, pony trekking, shops, banks, bars and restaurants. Tersefanou is approximately 15 minutes from Larnaca airport.

The Kiti resort will be located in the heart of the village, offering superb views of the sea and the village's rich 3,000 year history. Kiti is approximately 1km from Tersefanou. Apartments and villa prices at the resorts range from approximately CYP £53,000 (GBP £63,600) to CYP £175,000 (GBP £210,000) and can be secured with a minimum 15 per cent deposit compared with the average 30 per cent deposit usually required for property investment in Cyprus. GBP prices are calculated using an average exchange rate of CYP £1 = GBP £1.2

Cyprus:

Cyprus is the third largest Mediterranean island and is served by 30 major airlines and two international airports - Larnaca and Paphos.

The island records an average 340 days of sunshine per year and offers year round golf, water sports and skiing.

In 2005, the Economist reported quality of life in Cyprus ahead of the UK, Germany and France.
Tourism in Cyprus is growing by approximately 7 per cent per annum, with over 50 per cent coming from the UK.

Average property prices in Cyprus are lower than in Spain and France.

Rental returns on properties in Southern Cyprus average between 8 - 12 per cent on the current price of property
--
New developments are coming onto the market all the time, so what makes the new development of properties in Alaminos Village in Cyprus so special? Well, location has to be the first thing.

Alaminos Village is set in the gentle hillsides in an area where market gardening has been its main source of income. Farming tomatoes and cucumbers for world distribution, the area has maintained a lay-back approach to life, a gentle tranquillity where the people’s culture and life style has not been eroded by high rise apartments and a huge influx of foreign visitors and home owners.

The area is therefore very rural with pretty hillsides dotted with traditionally built, small villas for the locals.

Now, there is a new development by a development company with a good standing in Cyprus. The homes are built to a high quality and new owners can feel confident in the property in which they are investing.

Within five minutes drive of the pretty unspoilt beaches, the new homes at Alaminos Village will offer owners the use of two communal swimming pools. Approached via its private road the layout is attractive with one bedroom apartments starting from £CY71,300, two bedroom apartments from £CY122,000 and three bedroom houses from £CY143,500.

‘I am delighted to have been appointed to sell these properties. For anyone looking for a totally unspoilt part of Cyprus this has to perfect for you’, says Pauline Gallagher of Halcyon Properties a company established for over 15 years with offices in Cyprus and the UK. ‘As a company and member of the highly respected Federation of Overseas Property Developers, Agents and Consultants (FOPDAC), it is important to me and my company that the properties we market are of a high quality. Customer satisfaction is paramount.’

Other properties in the area, which is to see a 4 Seasons Hotel being built, are two, detached individual villas, both around 4 years old, where the current owners are looking to sell.

Close to the waters edge and hidden by Cyprus trees they nestle in an area not normally found by visitors to the island as they hug the coastline and are missed by those travelling to the major towns on the motorway.

Located at Mazatos just 15 minutes from the airport and 20 minutes from Larnaka town, they are offered on the market for £CY135,000 and £CY138,000. The former is with carpets and curtains, the latter is fully furnished. Both are available for immediate occupation.

Anyone interested in these properties should contact
Halcyon Properties 01273 208225
www.halcyon-properties.co.uk

Humber Valley Resort is the perfect second home for all of the family. Children between the ages of 5-12 are entertained at the Kids Club and teenagers between the ages of 13-18 are challenged and enthralled with the variety of activities available for them at Teen Crew. With facilities such as these, parents are free to enjoy the delights of Humber Valley Resort. Buyers can choose from a range of luxury accommodation from one and two bedroom apartments to bespoke chalets. All accommodation is surrounded by forest, either set on the hillside with glorious views down the valley, woven into the 18-hole championship golf course, or located directly on Deer Lake.  
For approximately £23 per day or £93.00 for five and a half days, including lunch, children at Kids Club can choose from a variety of activities such as jet boating, beach volleyball, water trampolining, kayaking and beach fun. The day does not end with the sun going down – with a beach barbeque on Mondays - the kids will be fed too!
Pricing at Teen Crew varies depending upon the number of activities undertaken. Two activities cost approximately £70.00, four cost approximately £113.00 and six cost approximately £141.00. The choice of activities includes the Canyon Experience in which teenagers will go boldering and swimming as well as explore the secrets of Steady Brook Falls. Other activities include Power Kiting, paint balling in the wild forest on the outskirts of the resort and caving. All activities at Kids Club and Teen Crew are taught and supervised by fully trained professionals.
Parents are not forgotten and with the peace of mind that the children are being well looked after and having fun, there are plenty of summer activities including golf, salmon and trout fishing, kite surfing, sailing, caving and whale watching - or just enjoying the outdoor hot tub experience and fine dining possibilities.
One bedroom apartments at Humber Valley start at approximately £170,000 and two bedroom apartments start at approximately £243,000. Apartments come with a 6% rental guarantee scheme for the first two years of operation. The luxury chalets start at approximately £310,378.

Andrew Robson, Managing Director of Newfound Property International, which is marketing the development in the UK, comments: “Second homes in this amazing corner of Canada offer all of the family a superb activities holiday.  An additional advantage for those who invest in Humber Valley is that they will benefit from the growth of Newfoundland’s holiday industry.  The fact that the resort is just a five and a half hour charter flight away and only three and a half hours time difference means access is very easy from the UK.”

For more information on Humber Valley Resort, please contact Andrew Robson, Newfound Property International, Tel:  +44 (0)20 8605 9530, Email: andrew@newfoundproperty.com or visit the website: www.newfoundproperty.com

Dubai is quite possibly the property success story of the decade. With a massive push from the government to increase tourism, buildings are going up at an amazing rate, and there has been no shortage of buyers for the wide range of apartments and houses that are springing up.
With a corresponding rise in the number of high-quality restaurants, shopping emporia and leisure facilities, this has become both a tourist destination and, for the canny investor, a literal oasis of wealth generation. There are several property brokers and agents who will show the prospective buyer just the right property to suit his investment needs.

key2dubai has a vast selection of properties in Dubai's most sought-after developments, including high-specification waterfront apartments in the famous Dubai Marina. All properties overlook the yacht club, the Arabian Gulf and the breathtaking Palm Jumeirah.
Prices are surprisingly affordable, starting at just £100,794 for a one-bedroom apartment in the Marina Diamond III building. The property measures 727 sq ft and comprises living room with balcony, kitchen, bathroom with separate WC and bedroom (also with balcony). Facilities include a communal swimming pool, children's playground, secure parking, high-speed lifts and a concierge service.

Al Majara Towers, a five building residence on the Dubai Marina, includes a two-bedroom apartment extending to 1,367 square feet, priced at £234,074. Both the master bedroom and second bedroom have en suite bathrooms. Also included are a kitchen, living room, dining room, laundry room, and a separate WC. The balcony affords excellent views of the marina development and the Arabian Gulf.

The complex includes a communal pool and gym. For more information on these and other properties available through key2dubai visit key2dubai.com.
Another player in the local property business is MiNC Property Enterprises, a leading property wealth management company based in the UK and Dubai. MiNC is offering investors the chance to purchase units in its new freehold residential property,.Jumeirah Suites is located in the Jumeirah Village development and will be developed, built and managed by MiNC. All units offer an eight per cent annual rental guarantee for the first two years.
There will be spacious studios plus one- and two-bedroom units. The development includes a swimming pool, gym and other leisure facilities, basement parking and landscaped gardens. Jumeirah Suites is located at the heart of the emerging 'New Dubai' and is one of the most appealing properties at the value end of the Dubai property market.

Kamran Mahmood, managing director of MiNC Property Enterprises, says, 'This centrally located development will, we believe, be the next hotspot at the value end of the Dubai property market, due largely to its proximity to Sheikh Zayed Road and Dubailand, considered to be among the biggest leisure and urban infrastructure developments in the world.
'There is still considerable demand for properties at the value end of the market. Jumeirah Suites allows investors to tap into this key market segment and benefit from the obvious potential of the phenomenal Dubailand development.'
Jumeirah Village will be a self-contained development with a vast range of facilities including schools, clubs, sports, leisure and medical facilities.
Last year MiNC launched Marina Suites, one of the first serviced apartments available at Dubai Marina, offering alternative investment opportunities in the leisure property sector. For further information go online to mincproperty.com.

Dubai Select has launched in innovative Fractional Ownership scheme, the first of its kind in Dubai. This enables customers to buy a portion of freehold apartments in Dubai as a means of 'testing the water' with regard to investing in Dubai property.
Investors are able to purchase the fully furnished luxury accommodation in two-week increments which, when sold, will see them receive 1/25th of the total value of the property – a sum which will not only cover their initial investment but should also generate a profit as Dubai property prices rise.

In addition to using the accommodation for holidays – while generating a profit – customers are able to exchange their allocated two weeks for other global destinations, as Dubai Select has negotiated an agreement with the Interval Quality Vacation Exchange Network, a vacation exchange that lets customers swap their property for comparable properties in over 2,000 resorts in 75 countries. 

Dubai Select has a range of properties available, from £75,000 studios to four-bedroom villas for over £550,000. Visit dubaiselect.com to find out more.

EXCLUSIVE FIVE STAR GOLF & SPA RESORT LAUNCHES ON THE COTE D’AZUR BETWEEN CANNES AND ST TROPEZ

Swiss developer Dr Amann & Co launches Le Roc Golf & Spa Resort, the first 5-star golf resort to be built between Cannes and St Tropez on the coveted Cote d’Azur in France.  The area has been a popular holiday destination for the British Aristocracy since the Victorian era and today it is still popular with the rich and famous, many of which have palatial second homes in the area.  Surprisingly, unlike the Costa del Sol, there have been no top quality golf property resorts along this popular coast, until now.

Le Roc 5-star Golf & Spa Resort is situated in Roquebrune-sur-Argens, just 8 kms from the beach and coastal town of St Raphael and 30 minutes by boat from St Tropez. The sought after location offers a unique combination of the glitz and glamour of St Tropez and Cannes, juxtaposed with the rural peace and beauty of Provence.  The Provencal town of Roquebrune is more than a 1000 years old and is overlooked by its famous red coloured rock which contrasts distinctly with the luxuriant green vegetation of the golf courses and surrounding pine forests.

The 100 hectare development offers a spectrum of property choices, all built in a Provencal style, which will be harmoniously integrated into the surrounding countryside.  The delivery of the first phase (hotel, golf course, Villas des Golfeurs and Bellevue) is expected in autumn 2007 and will consist of five different property types: 15 two and three bedroom townhouses, 8 three and four bedroom detached villas and 24 apartments.  There will be a further 33 townhouses and 60 apartments in phase two which is due for completion in 2008.

Vincent Easton, Director of UK marketing agent Premier Resorts says “The Cote D’ Azur has always attracted a more discerning owner as well as the sophisticated investor who has viewed the region as a safe haven. The Le Roc project ticks all the right boxes: location, limited development opportunity and luxury services on tap.”

The resort features a 5-star hotel with similarly high standard amenities to cater for all members of a family. There will be two golf courses, a PGA managed 18 hole course which will be a 6,500 metre, par 71 championship standard course and a 9 hole course which offer panoramic views of the Mediterranean Sea and the surrounding French vineyards; a golf club house with restaurant, as well as a pro-shop and membership lounge. Other facilities will include a gourmet restaurant, a spa, wellness centre with outdoor pool and terrace, hotel villas with luxury suites and private pools, a gym, banqueting and conference facilities, art exhibition and guest artist studios.  These world class amenities will ensure Le Roc is popular at any time of year, not just in the summer months.

The entire development will be under the overall direction of the Althoff Group - a reputable luxury hotel operator, which in addition to top-class hotels in Germany runs the 5-star Villa Belrose Hotel in St Tropez.  By connecting the private villas and apartments with the Le Roc 5-star hotel, owners can benefit from the perfect combination of their own private space and the services of a luxury hotel.

The Swiss developer, the Amann Group, has developed many successful property projects in Switzerland and the South of France over the last 25 years. Their financial strength means they can offer investors a unique investment formula that enables the freehold of the properties to be purchased outright or in two installments.  Investors buying 50% of a property now will be given the option to buy the remaining portion in 2011 at the initial sale price. Property prices have been appreciating in the Provencal region by 9% p.a. over the last five years. The Amann Group estimate that investors can expect a17.2% p.a. (non-guaranteed) increase of value including cash distributions until 2011.

Le Roc is only 45 minutes drive from Nice international airport, which itself is only a 2 hour flight from the UK.  Nice airport is serviced by budget airlines such as Easyjet and Jet2.com who fly from London Gatwick, Leeds Bradford and Manchester. Ryanair also fly once a day from Stansted to nearby Toulon.  Other scheduled services include British Airways who have 7 flights per day to Nice out of London airports.


Prices for a fully furnished 2 bedroom apartment start at €525,000 (£360,000), a fully furnished 2 bedroom townhouse with garden start at €610,000 (£417,000), and a fully furnished 3 bedroom villa with garden and pool start at €1,800,000 (£1,223,000).

Celebrities flock to the area. Stars who have owned property here include Elton John, Joan Collins, Johnny Depp, Michael Schumacher, David and Victioria Beckham, Bono, George Michael and Robbie Williams.
For more details contact Premier Resorts on 0800 0835785 or visit www.premierleroc.co.uk.

GREEN TOURISM: THE IDEAL OVERSEAS BUY-TO-LET FOR THE ENVIRONMENTALLY CONSCIENTIOUS

Bulgarian Dreams, the UK's leading agent of Bulgarian real estate, is providing the ultimate buy-to-let foreign investment for the environmentally conscientious investor and in turn the ultimate holiday rental option for the green minded tourist, at its scheme Windows to Paradise in Balchik.

Windows To Paradise will be the world’s largest fully carbon neutral new build development and also the first of its kind to be incorporated into mainland Europe.  The Edinburgh Centre for Carbon Management Ltd estimate that the emissions associated with the construction of Windows To Paradise is the equivalent to 3,404 tonnes of CO2 with each apartment causing in excess of 20 tonnes of CO2.  Bulgarian Dreams has offset all these emissions by purchasing 3,404 tonnes of CO2 Carbon credits. 
These Carbon credits have been used to set up a Hydro Power Station in Bulgaria and also to fund a forestry project in Scotland. These carbon credits show that Bulgarian Dreams has offset their emissions using renewable energy resources and as a result, Windows to Paradise will be fully Carbon efficient and an ideal property for the environmentally conscientious.
For the ‘green tourist’, Bulgarian Dreams is set to provide an online apartment booking service that will advertise it’s customers buy-to-let apartments inclusive of the cost necessary to off-set the carbon emissions produced flying to and from Bulgaria.  The Company will then reinvest the money in Carbon Credits.  The result: the ultimate environmentally friendly holiday destination.

Robert Jenkin, Managing Director of Bulgarian Dreams, comments: “The protection of the environment is a growing concern in the UK and around the world and we can see this reflected in individuals actions in everyday life from an increase of household recycling to the popularity of organic food.  Windows to Paradise combined with the online booking service offers an increasingly environmentally conscience public the opportunity to add another green element to their lives, whilst not compromising on quality and a superb holiday destination.”
Windows To Paradise is a select development of studios, one and two bedroom apartments and penthouses situated on the Black Sea coast of Bulgaria, with 85% of the properties enjoying sea views.  The facilities at the scheme are second to none, comprising swimming pools, a restaurant, shops and a fully licensed bar.
The exclusive scheme will also benefit from the Gary Player golf course that is being created adjacent to Windows To Paradise.  As part of the stunning new golf complex, a new marina is also being incorporated, resulting apartments with views over the sea, the golf course or the marina.

The exterior of the development is classic in design, expertly blending with the architecture of rural Balchik.  The interiors of the apartments reflect the luxurious environment encapsulated in the whole scheme.  With free flowing, open plan living spaces, the properties will enjoy an excellent level of interior specification and layout, along with spacious bedrooms, terraces and balconies.   

Bulgaria is a three-hour flight from the UK direct, with two scheduled airlines currently flying to Sofia once a day.  There are a number of regional airports most notably Varna and Bourgas on the Black Sea coast and during the summer season, flights are available direct from nineteen different airports in the UK.
Prices at Windows To Paradise are starting from €30,000 (£20,750) for a studio apartment and €45,000 (£31,000) for a one bedroom property.  For further sales information please contact Bulgarian Dreams on 00 44 207614 1240 or visit www.bulgariandreams.com or email: info@bulgariandreams.com