Overseas - Friday, November 03, 2006

Cape Verde, a collection of islands off the coast of West Africa, is increasingly recognised as the next tourism and property hotspot and is attracting huge amounts of foreign investment. It has recently been announced that a major new tourist project worth over $100 million is set to take place in the capital city of Praia, located on the largest of the ten islands, Santiago. This, along with the opening of the new international airport in Praia, is likely to lead to an increase in tourism, adding to Cape Verde’s property investment appeal.
Paul Aspden of Independent Property Consultants (IPC), says, 'A lot of people are talking about the investment opportunities available in Cape Verde at the moments, and for very good reasons.'

The country has been described as 'Europe's answer to the Caribbean' says Aspden. 'It has been identified internationally as a country for growth, with the International Monetary Fund rating its economy as solid.
The money and property background reflects Cape Verde's history as a Portuguese settlement, says Aspden. 'The national language is Portuguese and the currency Escudos, which is tracked against the Euro. Portuguese property purchasing laws are used in general, and we recommend using a lawyer with experience of buying in Cape Verde,' he says.
But the economic climate is not the only reason buyers are queueing up to get in early in Cape Verde. The island group, located off the coast of West Africa, offers wonderful weather, natural beauty, a thriving and constantly growing tourist trade – all the elements an overseas purchaser would look for in a tropical investment destination.
IPC's portfoilio of properties on the island of Sal comprise a wide range of studios, apartments, penthouses and villas. The luxury apartments and villas are going to range from one to three bedrooms, with high-quality modern designs and stunning sea or mountain views. Prices start from €95,000 to €300,000 depending on specification.
'We are currently investing heavily here on behalf of our clients,' says Aspden, 'with a wide range of properties. It is worth baring in mind that all home purchases in Cape Verde are subject to additional fees: three per cent title fees, three per cent transfer tax and legal fees on top of that.

For further information about Cape Verde, and for expert help and advice on buying in this up-and-coming location, contact IPC on 0800 169 2234.
Overseas agent Avatar International is currently representing two new apartment developments in Praia: Aguia and Santa Maria. Managing director Amar Sodhi comments: ‘Santiago already has so much to offer, with lush forests, beautiful beaches and numerous sporting activities. The new Praia tourist project includes improvement of the harbour and beaches, as well as a luxury hotel and casino which will enhance the area.’

The Aguia and Santa Maria apartments are situated next to each other in the heart of Praia, the financial district of Cape Verde, overlooking Gamboa beach, which will be transformed with imported white sand from the coast of Africa as part of the investment programme. Gamboa beach, the largest on Santiago Island, is just 200 metres away.
Numerous cafes, restaurants and bars are also nearby. Several golf courses are currently under construction in the local area and the new international airport is just 5km away.
At present, the quickest route to Cape Verde is via Lisbon from Heathrow or Gatwick, with a flight time of approximately seven hours. However, direct flights from the UK to Santiago’s new international airport are due to start shortly, which will shave two hours off the journey.
Completion of both Aguia and Santa Maria is planned for August 2007. Prices at Aguia are from €224,999 for a four-bedroom duplex apartment.
Prices at Santa Maria are from €104,000 for a three-bedroom apartment. For further information,contact Avatar International on 0870 728 2827 or visit avatar-international.com

From the Med to the Far East

With the domestic property market so lacking in supply, buyers – from first-timers to investors - are increasingly turning to foreign destinations. And the most popular countries for property purchase constitute a mix of old favourites and exotic newly opened locales.
According to Foreign Currency Exchange (FCExchange) the most popular place for Britons to buy a second home is Cyprus. Over half (56 percent) of their private clients this year have contacted them in order to allow them to buy on this beautiful Mediterranean isle.
Ownership of foreign property itself has been boosted by increasing low-cost air travel options and the transformation of many former Communist countries into fully fledged or aspiring EU members. Even further afield, such heretofore no-buy areas such as China are now actively encouraging foreigners to own property there.

Nick Fullerton, a spokesperson from FCExchange, said, ‘Getting the funds to buy a property abroad is the main reason most of our private clients contact us. We have definietly seen a marked increase in the number of individuals, as opposed to companies, contacting us over the summer months.’
In addition to the lack of housing stock on the open market, a major reason for the popularity of buying abroad is the fact that purchasers can get more space for their money. Research by FCExchange reveals that more than 1.1 million British people own a second property, many of which are abroad. It is not just the sun, sea and sand that is pulling Brits to foreign shores, it is the knowledge that buyers are likely to get more space for their money than they would in the UK.

Buyers are becoming more savvy as ownership of foreign property becomes more mainstream. However, it anyone contemplating such a purchase should bear in mind some basic advice, says Fullerton. ‘When buying abroad there are some signs to look out for to know whether the area is likely to appreciate. Look out for small independent restaurants, cafés, shops and even estate agents as these often indicate the arrival of new and affluent locals. Be wary of large chain restaurants and stores as they normally indicate that an area has completed its boom period. And speak to other Brits who have bought in the area because they will know the pitfalls and are more likely to tell you than the locals.’
Meanwhile, many are casting a glance towards the East. If Dubai currently has 15 to 20 per cent of the world’s cranes, as the received wisdom has it, the rest are in Shanghai, where the building boom is nothing short of breathtaking.

Word has it that London’s bankers and entrepreneurs are investing their personal wealth in China’s second city. And within Shanghai, much of the City money is going to purchase property in the Chinese version of the Square Mile, the rapidly growing financial district. Pudong, besides being a centre of wealth creation, is now also the fastest growing and most popular residential area of Shanghai.
In three months recently, UK and Irish investors privately bought 160 apartments in one development – Times Square, Pudong - and there are waiting lists for future opportunities in this and the Dynamic Crystal apartments.

Dominic Keogh is the London managing director of Shanghai Vision, which sold the Times Square properties. He explains, ‘Over the next three years, up to 63 per cent of the new office space in Shanghai will be located in Pudong. This includes Shanghai’s World Financial Centre, twice the size of Canary Wharf. International corporations such as CitiBank, General Motors and Philips are relocating their Asia-Pacific headquarters from Hong Kong to Shanghai.’
London investors have learnt from the success of Docklands’ residential market that many City workers like to live close to the office, says Keogh. ‘The rate of sale has been remarkable. We sold the first 40 apartments, for between £70,000 and £115,000 each, in the Times Square development in Pudong in just three days. Twenty went to buyers who had previously bought property from us, including one buyer who bought six.

‘Soon after we sold another 60 in about a week. A few weeks later we sold another 60. In total we sold 160 apartments in Pudong in five weeks of selling during the late spring and summer.
Just over a third of these purchases have been personal investments by investment bankers based in the City of London, he says, while roughly the same percentage has been bought by professional personal investors, particularly property investors. ‘The rest have been bought by a wide variety of individuals looking for an investment opportunity. They range from civil servants to estate agents – I bought one myself!’

He offers interested parties a free copy of A Buyer’s Guide to Shanghai Residential Property. Simply telephone Dominic Keogh on 020 7038 1265 or visit shanghaiinvestment.co.uk.

We take a look at Bulgaria’s place of pampering

Ever heard of Sandanski? Well, anyone interested in vacationing in Bulgaria certainly should. This charming little town has been known for a long time by Bulgarians for its warm, sunny weather and the therapeutic virtues of its air and mineral waters.

Under communism, sanatoriums offered a wide range of treatments for asthma and other respiratory diseases. Since the beginning of the 1990s, Greeks have also discovered Sandanski, which happens to lie just over the border, and have been visiting it in large numbers. Even though it is surrounded by mountains, Sandanski has a certain smoothness in the air, a certain nonchalance in the atmosphere, in short a distinctive Mediterranean flair. On a summer night, it seems like the whole town is busy leisurely strolling on the main pedestrian promenade, enjoying cafes and restaurants, and relaxing by the pervasive, sweet sound of water.

And indeed water seems to be everywhere: from the stream that happily cascades down the beautiful public garden, to the many fountains, pools and spas, it offers a sense of harmony and peacefulness.

Still the city takes its name after a revolutionary, a hero of the fight for Macedonian independence against the Turks on the eve of the 20th century. Yane Sandanski was assassinated in 1915 and was buried close to the Rozhen monastery, where he had found shelter. His tomb lays in the stunning landscape surrounding the monastery – a jewel in itself.

For Sandanski is enshrined in beauty, at the foot of the Pirin mountain, and offers endless opportunities for nature and hiking lovers. In the winter, it is one hour away from the ski resort of Bansko. It is also close to Melnik, undoubtedly one of the most beautiful villages in Bulgaria, also famous for its wineries and for the uniqueness of its natural settings (the ‘pyramids’).

It is no wonder then that former communist dictator Todor Jivkov had one of his residences built in Sandanski. After the fall of communism, the residence was converted into a hotel and christened Sveti Vlas. However, it still hosts a makeshift museum of communism, an unexpected reminder of its former tenant. The hotel overlooks the city from a distance. Its architecture is more interesting as a testimony to the style of the 60s, than actually beautiful. But the vast surrounding park is certainly worth visiting, especially in the spring.

Todor Jivkov had an improbable neighbor in the person of Baba Vanga. Baba Vanga lived in a nearby place called Rupite and received numerous visitors attracted by her reputation as a saint, a healer and a clairvoyant. A church has been built to honor her memory – she died in the middle of the 90s - and hot springs abound freely about. Sandanski, the peaceful little town named after a revolutionary, was thus lying at the crossroads between a dictator and a saint.

There is a certain magic in Sandanski, probably due to the combination of natural beauty, soothing waters and mild climate – it is known to be the sunniest and warmest town in Bulgaria. It may also be the best spa city in the country. It has, until recently, been relatively spared by the construction boom - but times change: Emiratis and Britons seem to be more and more attracted by its spas, and new hotels are being built. Whether you are interested in vacationing or investing, now is the time in Sandanski.  

 

 

  

 

Overseas investors will be very interested in last week’s announcement by the European Commission that Bulgaria, along with Romania, is set to join the EU family on 1 January 2007. This is the news that the Bulgarian property community has been waiting for, having as it does a deep significance regarding a range of issues, from monetary policy to the future of the housing market.

Bulgarian prime minister Sergei Stanishev called the move ‘the genuine and final fall of the Berlin Wall for Bulgaria’, while those in the business of selling the country as a holiday and investment destination were also elated.
Bulgarian property has been popular with UK overseas buyers for several years, due to the opening up of low-cost air routes, inexpensive property prices and natural assets of the country such as mountains and coastline. This popularity is set to grow with EU accession, says
Pelle Langli, chief executive officer of Emerging Real Estate Ltd. The EU announcement, he says, is ‘great news. It's been a widely accepted prediction for sometime and one that we as a company had believed would definitely happen.’
Langli points to the vast improvements in infrastructure over the last few years, and calls the upcoming accession ‘a real testament to all of these efforts and the recognition it fully deserves. One key achievement is the economy which has never been as strong, thanks to an all-time low unemployment rate and a stable inflation. All of this, coupled with a general increase in wealth, means Bulgaria is now an even better opportunity for investors. Of course there is still room for improvement but I fully believe the Bulgarian people and authorities will get there.’

Sonny Gowans, CEO of Global Spaces, a London-based international selling agent for The Black Sea Property Fund, which is investing in a number of new build residential developments in the region, says, ‘This week’s announcement by the commission was a truly historic moment for Bulgaria. [It] is set to open the floodgates for yet more external property investment as investor confidence grows, with the UK being a major contributor.’
It is estimated that Bulgaria will receive over €12 billion from European funds between 2007 and 2014. Much of this investment by the EU will go towards further infrastructure improvements in the country.
Gowans believes that those who want to see what EU membership will do for Bulgaria’s property market should look to the example of other countries who have joined. ‘In Ireland, for example, property prices have more than doubled over the past four years. Part of the reason for this is not just the economic prosperity caused by allocation of EU funds, but consumer confidence generated as a result.’
Global Spaces is currently marketing four schemes in Bulgaria. Magnolia is a luxury residential ski and spa development of 420 apartments in the ski resort of Pamporovo, while Oasis, Nikea Park and South Beach are located along the Black Sea Coast.
For more information on the above schemes call Global Spaces on 0845 450 4750 or see globalspaces.com.

Bansko, one of the most dynamic and fastest growing ski resorts in the world, has just seen the launch of St George Ski and Spa, an ultra-modern and exclusive development situated in the pretty old town. Located opposite the ancient roman baths and the source of natural thermal water springs, the development is due for completion in December 2008 and is being offered for sale through Emerging Real Estate.

The apartments in this five-star development, which range from studios to three-bedroom properties, will boast first class fixtures and fittings including luxury flooring options, solid wooden doors and fireplaces. These properties are set within professionally landscaped gardens, and the development will boast an amazing spa covering an area of some 1,000 sq m – it will be one of the biggest and most indulgent relaxation centres in Bansko. Residents and guests will be able to enjoy-year round swimming in the state-of-the-art pool with its retractable glass roof, and there will also be a gym and games hall. In the summer, the gardens will be the ideal sunbathing spot in which to enjoy the panoramic views over the three mountains of Rila, Pirin and Rhodopi.
Other on-site facilities include ski equipment and wardrobe hire, a ski school and shuttle bus as well as a two-level lobby bar, a licensed restaurant, a choice of shops and childcare services.
St George Ski and Spa is perfectly placed to access the 65 kilometres of marked ski runs which have a guaranteed season from mid December to May, due to the resort’s numerous snow cannons. It has also been announced that the runs will be extended to 200 kilometers over the next few years.

In the summer, there is an abundance of outdoor activities with hiking, mountain biking, horse riding and white water rafting all close to the beautiful Pirin National Park. There’s also an Ian Woosnam golf course under construction 3km away.
The Mayor of Bansko has recently announced plans for a new airport which will make the resort event more accessible to holidaymakers. The town is situated just 160km from the main airport in the capital city Sofia, which offers direct flights to the UK.
With this year-round appeal, all apartments in the development have the option of management contracts with a franchise of a chain of internationally renowned boutique hotels. With properties starting at just £32,000, strong interest from potential buyers is expected. As most buyers will purchase off plan, a simple payment schedule is available which spreads the cost from initial reservation to the completion date - purchasing this way can also maximise yields.

For further information on St George Ski and Spa contact Emerging Real Estate on 0845 601 7293 or visit emergingrealestate.com.

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