Overseas - September, 2007

Amanda Shiel takes a look at some of the finest developments in this picturesque country

Campiglia Marittima, Tuscany

The 8 century Castle of Campiglia (Campiglia Marittima) will be renovated and converted into studio, one- and two- bedroom apartments. All work is being carried out by local artisans, using materials sympathetic to the original construction.
Residents will have full access to an indoor pool and solarium. Located in the small village of Campiglia Marittima, in the Alta Maremma region of Tuscany, the castle itself is surrounded by parkland and has views across the Gulf of Fallonica, looking towards Corsica.
Both Ryanair and British Airways have regular flights from London to Pisa and the Castle of Campiglia is just 50 minutes drive from the airport.
Only two apartments remain, to be completed in the second semester of 2008. Prices start at €500,000. Contact Chesterton International on 0207 201 2070 or visit chesterton.co.uk/international.

Tuscany

Set in the hills between San Vincenzo and Campiglia Marittima in Tuscany, this five-bedroom villa with sea views will feature a large living space, gym, internal swimming pool and an external infinity pool.
The two-storey stand-alone villa is designed using bio-architectural principles – which aim to combine building practices with an understanding of the natural surroundings. The end result is to build developments which are as sustainable and in harmony with the natural environment as possible.
Villa Colle is 50-minutes drive from Pisa airport which is served regularly by flights from the UK. Completion is expected for the end of 2008. Priced at UK £1,500,000. Contact Chesterton International on 0207 201 2070 or visit chesterton.co.uk/international.

Borghini, Tuscany

Located an hour away from Pisa airport in the Tuscan countryside, Villa Borghini was restored from a castle in 1752. This two-story detached villa is currently being renovated and will consist of 500sq m of living space. Views of the countryside are available from the property and there is a large garden to enjoy the outdoors. Some original features such as the wall of the old castle, the classic high ceilings and the brickwork still remain in tact. These features will be retained in the restoration project. Pisa airport is served regularly by flights from the UK. Price upon application.  
Contact Chesterton International on 0207 201 2070 or visit chesterton.co.uk/international.

Le Marche

Located on the Eastern coast with 180 km of Adriatic coastline, this is an agricultural region of mostly unspoilt rolling countryside. Bounded by the magnificent Sibillini Mountains, which form part of the National Park and Nature Reserve, this is a wonderful area in which to live and invest – and coastal property is especially good value.
There is a wide variety of towns and resorts along the coastline, including Fermo, Grottammare and San Benedetto, and the surrounding countryside is dotted with unspoilt, pretty villages where life takes on a restful air.

Current properties include two-bedroom apartments at Rotella, a restored fort, priced at £82,000/€118,000 and a typical Le Marche style house at Massignano, set in three acres, just 3kms from the sea and with sea views. In need of restoration. Priced at £131,000/€190,000.
Contact Casa Ttavella or visit casatravella.com.

Liguria

Colletta di Castelbianco is a beautifully restored 13 century hilltop village set midway between Genoa and Nice. Just 15 minutes away from the sea, the stone built houses and narrow streets combined with a charming little square, patios and garden terraces make it unique.
The original project was to restore the abandoned village with a strong technological angle. Homeowners have come together and taken this hedonistic life style one step further into the 21 century by creating and running a business centre in the village. As a result, a 150sq metre building has been converted, providing two business rooms and bringing cyber heaven via Broadband and the Internet to owners and visitors alike. Already hailed as one of the first high speed e-villages in Europe, the completion of the business centre has now enhanced that characteristic and makes the whole project even more sustainable.

The business centre also provides an opportunity for home owners to rent, out of season, to those who are looking for a break but also need to have constant contact with their businesses, family and friends via telecommunications. The centre is intended to increase the flow to Colletta during winter months and is open to villagers and visitors alike, subject to terms and conditions.

Access to Colletta is via Nice or Genoa, with airports being around 60/90 minutes drive away.
Delightfully renovated homes are currently available, all of which enjoy high speed connection for internet, satellite television and telephone connection to the village switchboard. Owners also benefit from the village’s communal gardens, swimming pool, sauna and summer open air theatre.
Studios are priced from €137,000 (approx £92,549), one-bedrooms from €184,000 (approx £124,300), two-bedrooms from €318,000, (approx £214,823) and three-bedrooms from €416,000 euros, (approx £281,026). Anticipated gross rental return of around four - eight per cent pa.  
Contact Realinvest International on 0207 376 7919 or visit realinvest.co.uk.

Calabria

Italy’s exceptional tax legislation also makes Calabria a tasty investment. The ‘Uso Fruto’ law ensures that property owners don’t fall foul of inheritance tax; while buyers who own their property for more than five years also escape the capital gains tax. The introduction of insurance bonds under Italian law also guarantees 100 per cent return on investment should there be any problems during the development stage, lowering the risk of investment to virtually zero.

Calabria is a land of contrasts with summer temperatures reaching a steamy 40°C in the low lands, whilst temperatures in the mountains fall below zero during winter. This unique location literally means you can ski in the morning and enjoy après-ski beach style, soaking up the Mediterranean sun; perfect for an indecisive couple or family who just can’t agree on a holiday option.
Situated just south of Naples with miles of uninterrupted white sandy beaches and a delicious lifestyle on the doorstep, Jewel of the Sea consists of exceptional beachfront apartments, townhouses and villas. From one- to four-bedrooms, all properties are situated within a gated community, with 24 hour attendants and private parking.
One-bedroom apartments are priced from £59,000. A one-bedroom beachfront hideaway is priced at £77,000.
Contact McLaren Properties on 01543 268333 or visit mclarenproperties.com.  

France: Paris finds new popularity

One result of the credit crunch in the property and financial markets is an upsurge in Paris property. With the US experiencing a major housing market crisis, those in the UK looking for overseas property are increasingly turning to locations with less fraught money climates.
Paris property prices continue to increase at approximately ten to15 per cent per year, depending on the district, and the last five years has seen a dramatic 60 per cent increase in property prices. One development that is likely to strengthen this trend even further is the ‘Sarko effect’ – the stated desire by new French president Nicolas Sarkozy to move the country towards a more property ownership-friendly position.
The favourable borrowing terms and relatively low interest rates, among other factors, gives Paris strong investment potential. Europe’s recent trend towards higher interest rates appears to be at its end, with just one further raise in interest rates this year to 4.25 per cent seen as likely. This compares favourably with the current US rate of 5.25 per cent. (The US Federal Reserve was expected to lower the rate by either a quarter or half of a per cent as we went to press.)
Paris-based property investment specialist VPS-Global has seen a dramatic increase in foreigners investing in France. CEO Pascal Morin believes Paris offers exciting potential for investors. ‘Given the current state of the world economy, investors are opting for more secure, stable and long-term investment opportunities. Investing in France used to be a lifestyle choice. Today we are seeing more and more of our clients choosing France as a pure investment choice, purchasing with no intention for personal occupation.’

Greece: borrowing gets easier

New lending terms from Piraeus Bank London mean investing in Greece is a more realistic prospect for UK buyers. This coincides with an increased willingness on the part of Brits to invest in ever-widening circles, both geographically and culturally – not to mention the improvements to borrowing and buying procedures in many countries.
Although familiar for generations as a much-loved holiday destination, Greece is not among the first locations prospective overseas investors think of. After all, legal procedures, construction methods and building regulations differ widely from those Brits are used to. The financing of an overseas property purchase, like that of domestic property, must be done with the support of a reputable and experienced bank arranging your finances.
Piraeus Bank London’s mortgage is available to UK and Irish residents and ex-pats retaining a UK bank account or credit connection. Mortgage terms run from five to 25 years are available for a minimum investment of €100,000. Loan-to-value requirements are 80 per cent for property and 70 per cent for land.

For investors, Piraeus Bank London offers an interest-only mortgage for up to ten years on property and five years on land. This allows savvy investors to maximize on potential gains from a property whether they are looking to flip an off-plan purchase on completion or take advantage of the huge demand for rental property by letting it.
For more information on obtaining your Greek mortgage contact Piraeus Bank London on 0845 603 6538 or visit piraeusbank.co.uk.

Amanda Shiel looks at a variety of overseas developments ideal for investors

Cape Verde 

FM Cape Verde is developing two large resorts on the island of Boavista.
Creola Sands (comprising duplexes and apartments, with configurations ranging between studios, one-, two- and three-bedrooms) is located on the sea with a beachfront site on Cabral Beach while Sabi Sands (comprising studios, two- three- and four-bedroom villas and one-, two- and three-bedroom duplexes) is situated on a hillside with views to sand dunes, overlooking an oasis of palm trees and an ocean backdrop.

Both developments offer two outdoor swimming pools, superb restaurants, bars and entertainment areas. There is also a gymnasium, medical facilities and internet cafés, gourmet super markets, children’s park and entertainment areas and terraces overlooking beautifully colourful gardens.
An apartment bought at either Creola Sands or Sabi Sands from the developer would be expected to increase in value by 17 per cent each year. In addition, FM International offers a rental guarantee of five per cent for two years, with the option to leaseback the property after this time.  To ensure private investors receive more than just financial benefits, the guaranteed monthly rental income allows property owners four weeks of the year to enjoy the property themselves.

Properties at Creola Sands range from 84,000 – 355,000 euros. Properties at Sabi Sands are priced from 90,500 – 389,400 euros. For more information call 0131 226 4135 or visit the website sands-capeverde.com.
 
Bulgaria

The Belgravia is a collection of 98 premium apartments situated within the greenbelt of Sofia’s university quarter.

Located between the prestigious area of Lozenets and Sofia’s business district with stunning views of Vitosha Mountain, the private gated complex comprises of studio, one- and two-bedroom apartments. The architecture of The Belgravia reflects the style and character of the surrounding historical buildings in this protected area of Sofia.

Internally, apartments offer efficient and modern living spaces finished to a high specification with the majority benefiting from balconies and private gardens. The scheme boasts a variety of communal facilities including underground parking, gym and sauna, health and beauty salon, restaurant, a concierge service and 24-hour security.

The Belgravia is situated within one of Sofia’s key growth areas, just ten minutes drive to the city centre and five minutes to Sofia’s business district.  
Bulgarian Dreams is currently offering phase two to the international market. Prices at The Belgravia start from €47,700 (£32,000) for a studio apartment. Contact Bulgarian Dreams on 00 44 207 614 1240 or visit  bulgariandreams.com.

Florida

Seven Continent Investment London have launched the Hollywood Grande, a stunning Venetian-style 5-star apart-hotel. Its beachfront location by the newly regenerated, nostalgic Hollywood Boardwalk and historic town centre will help ensure consistently high occupancy levels.  

Prices start from $300,685 with up to 79 per cent financing available. Investors will also benefit from an outstanding condo-hotel scheme which offers seven per cent guaranteed income for the first two years and then 60 per cent of the room rate to the investor for every night the room is occupied.
Investors can also claim 90 days free use of their suite. All hotel suites are available furnished in a Spanish colonial style. Cars can be parked using the robotic car parking system which means that there is no entry to the garage. 
For more information, contact Charlotte Barraclough on 07939 261695 or visit 7cinvest.com.

Montenegro

Property investors looking for a stunning Mediterranean investment, coupled with strong anticipated rental income and capital appreciation, need look no further than Boka Heights in Kotor.
The luxury development is made up of one- and two-bedroom apartments. All offer balconies or patios, with many enjoying uninterrupted views of Kotor Fjord and the nearby town of Perast.
The high quality, modern and open plan properties have been designed in a contemporary style and vary from 50sq m to 80sq m. All apartments will be fully equipped with modern kitchens, bathrooms and air conditioning.

Investors will also be able to enjoy a communal swimming pool set in glorious landscaped gardens, as well as the opportunity to purchase a car parking space for added convenience and rent-ability.
Due for completion in June 2008. Prices start at €147,125. A simple and structured payment plan is in place to ensure investors enjoy a straightforward purchase process
For further information on Mimosa Park, call Emerging Real Estate on 0845 601 7293 or visit    emergingrealestate.com.
 
Turkey

Astrum Towers is a development of studio, one-, two- and three-bedroom apartments located in the Haramidere area of Istanbul and close to the sandy shoreline of Büyükçekmece, a popular weekend getaway for city dwellers. Although well served locally with retail and leisure facilities including a large Carrefour, the city centre can be accessed swiftly by the adjacent Esenyurt-Ambarli connection road making Astrum Towers ideal for business rentals.

The apartments have fitted kitchens, double glazed windows, central heating, television and telephone connections plus fire alarms fitted with sprinklers. On-site facilities include an open-air swimming pool, sports area, sauna, cafeteria and plentiful covered and open parking.

Prices start from just £21,000 for a studio apartment. Favourable payment terms begin with a £2,000 deposit followed by 30 per cent on signing of contract, 30 per cent on completion of shell, 30 per cent on final completion and 10 per cent on transfer of the title deeds scheduled for early 2009.
Call Dream Homes Worldwide UK freephone 0800 0193 847, Ireland freephone 1800 805 006 or 0034 952 908 803 for other international calls, or visit dreamhomesww.com.

Overseas mortgage products

Interest only mortgage available on Bulgarian real estate

Piraeus Bank London, the UK branch of one of Greece’s leading financial institutions, Piraeus Bank, has launched an interest only euro mortgage product on Bulgarian property exclusive to the UK and Bulgaria.
The last few years, especially since EU accession in January 2007, have seen Bulgaria become one of Europe’s most popular real estate investment locations. Over 30,000 Britons have purchased properties already with the majority of those being off-plan investments. The new interest only product for up to 10 years available from Piraeus Bank London will appeal to property buyers looking to maximise their potential financial gains.

Irini Tzortzoglou, head of retail banking, comments, ‘The low property prices in Bulgaria have made the market extremely appealing for investors. Many are buying properties off-plan with a view to obtaining capital gain and rental income from tourism once completed. Offering a finance product which combines a 10 year interest only period and one which takes into account up to 30 per cent of projected rental income is highly exciting for investors.

‘Piraeus Bank is increasingly being recognised in the UK for tailoring its mortgage products to the needs of today’s buyer. The Bulgarian property market is dynamic and fast paced and we strive to ensure that out finance products develop in line with the market.”
piraeusbank.co.uk.

Spanish bank withdraws non-resident mortgage lending

Spanish bank Banesto, part of the Santander group, has recently taken the dramatic step to withdraw all of its own non-resident mortgage lending. The only product it will offer to foreign applicants is a self-certification loan which they are administering on behalf of GMAC.

This news comes just weeks after Caja Mediterraneo (CAM Bank), one of the largest providers of non-resident mortgages in Spain, instructed some of its branches to accept no further non-resident mortgage applications for the time being following a spate of false mortgage applications.
Heather Chambers, director of International Mortgage Solutions Ltd (IMS), Spain’s largest non-resident mortgage broker comments, ‘This is clearly a case of once-bitten-twice-shy for Banesto. It is sad that due to certain unscrupulous brokers supplying false paperwork to the banks in order to push through an application so they can earn their commission, the ethical buying public has to suffer. However, we must applaud this action as it should serve to prevent and dissuade both clients and the brokers involved repeating such practices in the future.’

Heather continues, “It is a fact that as the Spanish mortgage market opens up and further flexibility is offered, including self-certification, the depth of the credit analysis undertaken has also increased. The Spanish banks are tightening up and at IMS we have noticed how pedantic they have become about documentation provided, and quite rightly so. Lenders will also now check liabilities and credit files back in the applicant’s country of residence, something that didn’t take place previously. Scottish Widows, part of the Lloyds TSB group, has taken the extra measure of registering a non-resident loan granted in Spain back in the UK on the client’s credit file. The climate is certainly changing and those practitioners operating on the wrong side of the law will have to clean up or close down.”

India is the place to buy for investors who want a good price and an exotic locale. The market is opening up, and as the commercial future of the country gets brighter and brighter, so will the opportunities for buy-to-let purchasers.In Goa, you will find 60km of silken sands, allowing the perfect place to relax away from the hustle and bustle of daily life. Cooled by sea breezes and surrounded by perfect turquoise waters, Goa is famed for its safe and tranquil beaches. Calangute and Candolim are extremely popular tourist havens, while Baga, to the north, offers a slower pace of life mixed with the convenience of modern hotels, restaurants and bars. In the southern most part of the territory, the Dona Paula, Vagator and Chapora beaches are also worth a visit. David Stanley Redfern Ltd offers investment properties dotted the length and breadth of Goa, including the Braganza World resort, which represents a very economical investment option: in fact, prices start at just £5,520!

The development has claimed a countryside location but remains centrally placed close to the beaches of Baga, Calangute and Candolim. At the other end of the scale, the brand new Goa Raj development sits in the heart of Goa, only minutes away from world-class dining and cosmopolitan nightlife. With prices for luxury four-bedroom villas starting at a still-affordable £63,250, the spacious 159.71 m sq properties are an excellent choice for first-time investors.

 Find out more about these and other Goa properties by visiting davidstanleyredfern.com.Meanwhile, in cosmopolitan Mumbai, Essential Worldwide has taken the gamble out of property investment with a guaranteed rental package at the five-star Green Valley resort. This master-planned development will consist of 2,900 units with an exclusive garden on an expanse of 220 acres, situated away from the hustle and bustle of the city and encased with a lush, leafy haven. Green Valley is a wholly residential project constructed by the same renowned developers responsible for Dubai Sports City. There is a seven per cent rental guarantee of seven per cent of the purchase price per year, offered over five years. Says Tim Tolbert, sales and marketing director of Essential Worldwide, the resort is ‘expected to enjoy high rental demands thanks to the growing economy and increasingly high visitor numbers to India’.The rental guarantee offer also applies at Essential Worldwide’s luxurious Cape Corinth waterfront oasis in subtropical Goa. Set over three floors, the Cape Corinth apartments are finished to the highest standards ready for immediate occupation. Find out more about India property and Essential Worldwide’s guaranteed rental programme at essentialww.com.