Property in Northern Spain – Buy property abroad.

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Property in Northern Spain

Article by Rhiannon Williamson

If you’re looking for the ‘real’ Spain where the culture, customs and the traditional Spanish lifestyle have been preserved – a Spain long ago lost and forgotten along the Costa del Sol – consider Northern Spain.Northern Spain has always been a popular holiday destination for southern Spanish tourists, but until relatively recently it was largely unexplored and undiscovered by foreign tourists and those expatriates seeking a new home overseas. As the southern Spanish coastal regions become over priced and over populated the charm and beauty of Northern Spain is becoming more popular and more fashionable, and those in search of a better quality of life away from hectic city stress and cramped tourist towns can find a wealth of affordable property in Northern Spain as well.The main property hotspots in Northern Spain are centred around Bilbao, Picos de Europa, Santiago de Compostela, Vigo and the Mino Valley. Property hunters in Northern Spain will be rewarded with stunningly situated properties ripe for renovation, well located properties offering massive investment potential, sprawling country residences with plenty of space for those in search of a little peace and then right at the upper echelon of the market there are incredibly luxury and chic city dwellings offering the very best in interiors, location, facilities, accessibility and amenities.Beginning with the port city of Bilbao, which is the capital of Spain’s Basque region, the main entry point into Northern Spain and Spain’s most significant commercial port, this city boasts an impressive spectrum of property in its portfolio.The city is a commercial, financial, historical and cultural centre and thanks to massive regeneration and renovation Bilbao is now a significant Northern Spanish real estate hotspot offering everything from top end luxury apartments to traditional and ancient dwellings in the old quarter. Property investors will benefit from the fact that the city is currently receiving significant financial investment designed to raise its profile as both a main business centre and an interesting international city break destination. Bilbao it is well serviced in terms of local accessibility and international travel links, it is beautifully located in one of the most stunning regions of Northern Spain and culturally it has a lot going for it – from the impressive Guggenheim Museum to the Casco Viejo.The Picos de Europa National Park offers a completely different range of properties and opportunities for both the property investor, those seeking a second holiday home in rural, beautiful Spain and those in search of a new lifestyle altogether. The 40km wide National Park is breathtaking and rich with flora, fauna, stunning views and opportunities for active outdoor pursuits from skiing to hiking, mountain climbing and cycling. Prices across the region are on the up as the destination increases in popularity with tourists and those seeking the cheap renovation property projects the area has become equally popular for. In complete but complimentary contrast to the wild and natural beauty of Picos de Europa is the city of Santiago de Comostela. This UNESCO world heritage site with its impressive and world famous cathedral is actually one of Spain’s most incredible cities. It is also a site of pilgrimage and a centre so rich in art and history that it draws thousands of visitors every year. The city is known as the religious and cultural heart of the Celtic Galicia region and it has the added attraction of a micro-climate which affords it beautifully warm summers. Of course with all these features, attractions and benefits the city is not only a Spanish property hotspot it is actually an expensive hotspot and property prices in the city have been significantly increasing with 10 – 11% increases across Northern Galicia last year alone. But don’t despair; prices in the city are still far more affordable in comparison to properties in southern Spain, the city is directly accessible from the UK and it offers impressive property investment potential and real estate rental return potential.The lively and affluent coastal town of Vigo is a popular resort and is proving a consistently attractive prospect for foreign real estate buyers. Formerly famous for having Europe’s biggest fishing fleet the area is now as famous for its tourism and all it offers its visitors and residents – from its incredible Atlantic swept beaches to its funky and cosmopolitan caf

Greece Travel Guide – Overseas property.

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Greece Travel Guide

Article by Clyde Dexler

Romanticism is something that dwells in every human heart. And it is a bridge that not only beautifies relationships between human beings but also relates a man passionately with culture, history, art and literature. However, if you are a painter or a poet or a novelist or architect or someone who is romantic in nature and loves traveling, there is a paradise called Greece, waiting for you. The only thing that you need to do besides packing your baggage is to go through the Greece travel guide, which will guide you throughout your romantic and classical journey of Greece.

A part of ancient history that marks its establishment in 3000B.C, Greece is the icon of various potential civilizations like Cycladic, Mycenaean and Minoan. Not only this much, the most significant part of the Greek Civilization is the establishment of its two city states. Athens, the capital of Greece in 800 B.C and Sparta in 500B.C. Athens is the most visited place of Greece due to some factors besides being the capital. It has various extraordinary monuments and rich in historical places like Acropolis and Parthenon. In fact, every region of Greece has a history to tell. Moreover, there cultural richness and dynamic appearance differs them from other country.

However, if you think you love mother-nature more than anything else then the must- visit-place is Southern Greece that is the Peninsula of Peloponnesos. The picturesque beauty combined with its classical appearance will definitely make you fall in love with the place at first sight.

Besides these ancient beauties, the Greece travel guide will also lead you through some charming and exciting islands of Greece. Islands are considered to be the ornaments of Greece and for which the country is quite famous. Mykonos, Delos, Santorini, Rhodes, and Crete are few well known and amazing islands whose scenic beauty and thrilling atmosphere will definitely leave you spellbound. Because the main attraction of these islands are the impressive sand beaches, there soothing weather conditions and architecture of the houses built there.

Moving further with our Greece travel guide, you will be surprised to know that though Greece is famous for its history, romance and classical beauty but Greece, at present is also one of the lively and exciting modern countries of Europe. Not to mention that it is the birth place of Olympic Games that adds to its pride. However, before moving, it is very important to have a first hand knowledge not only about the places but also about the Greek culture, its lifestyle, diversity, geographical settings, climatic conditions etc.

Next comes, staying in Greece. In this regard, it should be mentioned that finding a good and comfortable hotel as per your budget in any part of Greece is not difficult. You can opt for two, three, four, five star hotels or can go for resorts and airy apartments. Mentioning about the services and hospitality, you can be well assured that their warm-natured hospitality and their varied services are just unquestionable.

Talking about foods, when indigenous tradition cuisine is mixed with foreign taste, it makes unique combination. Same is applied for Greek cuisines. Moreover, their diet mainly includes seafood, beef, pork, chicken and even vegetables, herbs, grains. Stir fried lambs or sushi is quite famous. Bread and wine are common for dinner.

Therefore, the only thing that is left is to choose and select the particular spots with the help of the Greece travel guide and move on a peaceful, romantic, tasteful and exciting journey of Greece.

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CHEAP FLIGHTS TO :- Buy property abroad.

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The end of the global house price boom – Investment property.

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The end of the global house price boom

Article by Global Property Guide

Weighed down by the credit crunch and high inflation, the global house price boom has ended, according to the latest Global Property Guide survey of house price indicators.

Only 13 countries in which dwelling price indices are regularly published saw prices rise during the year to end Q1 2008, while 21 countries saw dwelling prices fall in real terms, i.e., after adjusting for inflation.

In most countries where house prices are not falling, they are clearly losing momentum.

The biggest house price fall was in Latvia (Riga), down -38.2% by May 2008 from a year earlier, after adjusting for inflation.

US prices also fell during the year to end of Q1, by anything from -4.2% to -18.1%, after inflation, depending on which index is used.

In Europe, significant real house price falls took place during the year to end-Q1 2008 in Ireland (- 13.2%), Luxembourg (-5.8%), Portugal (-4.3%) and Malta (-4.9%).

UK house prices were only slightly down at end-Q1 from a year earlier, the house price crash having begun in earnest in early 2008. House prices fell during the first quarter by between – 0.7% to -2.1% (inflation-adjusted), depending on the index used.

In Japan, the housing market is now losing momentum once again. The urban land price index for 6 major cities was up only 4.1% year-on-year (y-o-y) to H1 2008 in nominal terms (2.9% after inflation), down from 7.8% over the same period in 2007 (7.9% after inflation). The national index for Japan fell by 0.7% y-o-y to H1 2008 (-1.9% after inflation).

Inflation woes In nominal terms, 28 countries saw their housing prices rise during the year to end-Q1 2008, while only 6 saw prices fall.

However when property prices are adjusted for inflation, the picture looks entirely different. Skyrocketing oil, food and commodity prices have pushed inflation up around the world.In Ukraine for instance, nominal house price growth was sharply down from 79.5% in the year to Q1 2007, to 18.2% in the year to Q1 2008. But when adjusted for inflation, property prices actually fell by -6.4% y-o-y.

In real terms, property prices fell y-o-y to end-Q1 2008 in Norway, Spain, Greece, South Korea, New Zealand, Indonesia, South Africa, Israel, Estonia and Lithuania, despite nominal price rises in all these countries.

House-price booms elsewhereOn the other hand, strong house prices increases were observed in a handful of emerging economies. Ahead of the pack was China (Shanghai), with an enormous 40.5% nominal house price surge during the year to the end of Q1 2008.

Other countries with impressive nominal house price increases y-o-y to end-Q1 2008 were Bulgaria (31.6% y-o-y), Hong Kong (31.1% y-o-y), and Singapore (29.8% y-o-y). Strong house price gains also took place in Cyprus, Australia and Taiwan.

Again, when adjusted for inflation, many of these price rises look much less impressive. The world’s top-performing housing market (after inflation) was not China or Hong Kong or Singapore, but Slovakia, where real house prices rose by 29.3%.

Causes of the downturnThere were arguably three main factors behind the end of the housing boom:

* After a very long boom, house prices had become stretched in many countries. The main indicator of this is the price/rent ratio, which compares the relationship between the buying price of a dwelling, with its rental price.

As the boom progressed, buying prices become high (in relation to rents and financing costs) in many countries, leading to decisions by some buyers to rent instead of buying. Mortgage-holders also came under extreme pressure as interest rates rose. A key lesson is the critical importance of monitoring price/rent ratios, to ensure that house prices valuations stay within reasonable limits. (Declaration of interest: The Global Property Guide produces comprehensive price/rent ratio estimates, globally).

* Inflationary pressures forced central banks to raise interest rates. This particularly impacted European countries where mortgage loans were primarily made on variable interest rate terms. Countries with heavily indebted households are also vulnerable when interest rates increase.

In developing countries, the overall economy (which strongly sways the mood of the housing market) is sometimes very sensitive to interest rate changes or to direct intervention by the monetary authorities. In some countries, mere threats of interest rate hikes are enough to shake the stock market and scare away foreign investors. But conversely, developing countries typically have smaller mortgage markets, reducing the impact on housing markets.

* Unsound regulatory and banking practices in the US and elsewhere led to over-lending by mortgage providers which, when these unsound loans began to go bad, caused a financial crisis. The bad news spread both by a panic contagion effect, and because many banks outside the US turned out to be more exposed than initially expected.

ProspectsInflation remains an extremely challenging problem for the world’s central banks. In addition, the financial shocks to the world’s banking systems resulting from house price falls remain to be worked through (historically, most banking system collapses around the world have been caused by falling house prices).

Until these financial systems feel more confident that their problems are behind them, loan volumes are likely to fall. Therefore, it seems likely that the world’s house price momentum will continue to go down.

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Description: The Global Property Guide is an on-line property research house.

Terms of Use: On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to http://www.globalpropertyguide.com. Sites and newspapers found not to be providing a link to us will be removed from our press list.

Requests for Comments:Requests for comments are best made by telephone to +(63) 917 321 7073. UK-based callers should telephone before lunchtime. Our local time is Hong Kong time, i.e., standard time + 8.00

Economics Team:Prince Christian Cruz, Senior EconomistPhone: (+632) 750 0560Cell: (+63) 917 735 2228Email: prince@globalpropertyguide.com

Publisher and Strategist:Matthew Montagu-Pollock Phone: (+632) 867 4220 Cell: (+63) 917 321 7073Email: editor@globalpropertyguide.com

Address: Global Property Guidehttp://www.globalpropertyguide.com 5F Electra House Building115-117 Esteban StreetLegaspi Village, Makati CityPhilippines 1229info@globalpropertyguide.com

About the Author

The Global Property Guide is an on-line property research house. On-line newspapers, magazines, sites, etc wishing to use material from this press release MUST provide a clickable link to www.globalpropertyguide.com Sites and newspapers found not to be providing a link to us will be removed from our press list.

FASCINATING AIDA – Cheap Flights :- Investment property.

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DVD Available Now from – www.fascinatingaida.co.uk Certified (15) PAL – Region Free – (Will work world wide on PAL compatable DVD players) DVD extras include interviews and behind the scenes featurette.

Global House Prices Continued to Rise Rapidly in 2006 | Overseas property.

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Global House Prices Continued to Rise Rapidly in 2006

Article by the Global Property Guide

Northern European countries saw the highest house price rises in 2006, among the 40 countries monitored by the Global Property Guide (which maintains the world’s single biggest collection of house price indices).

Leading the charge was Estonia with an impressive 54% house price increase in 2006. This followed average dwelling price rises of 57% in 2005, and 25% in 2004 (See table).

Estonia was followed by Denmark which experienced 23% house price rises in 2006, then by Norway (14%) and Ireland (13%). Other countries in northern Europe also had impressive house price increases, including Sweden, UK, and Finland.

Early indicators suggest that Latvia’s strong house price growth will continue in 2006, following 27% house price rises in 2005. This will be verified as soon as official statistics come in.

Outside Europe, South Africa, 2004′s star performer, continues to experience strong house price growth, with 2006 house price rises of 12.7%. However, this is a far cry from the 33% increases recorded in 2004, and the 17% rises of 2005.

Countries attracting immigrants are also experiencing strong property price increases, particularly Canada (11%), New Zealand (10%) and, to a certain extent, the US (8%) and Australia (6.5%).

Central Europe lags behind

Southern Europe, the favorite destination of second home buyers and holidaymakers, is also experiencing strong house price increases.

France experienced a 12.5% house price increase from 3Q 2005 to 3Q 2006, while Spain registered a 10% rise in 2006 and Italy 6.6%. However property prices in Portugal dipped marginally (-0.4%), following a lackluster recent past.

Austria’s housing renaissance continued, with 6.8% price increases in Vienna, after 8% price rises during 2005.

Most countries in Central Europe, however, remained unexciting. 2006 saw very small price increases in Switzerland (2.9%), Luxembourg (2.9%), Germany (2.8%) and Poland (2.2%).

Philippines leads Asia

The Philippine real estate market registered the highest price growth in Asia during 2006 at 11.6% (Philippine property prices had dropped most after the 1997 Asian Crisis).

Indonesia’s house prices rose 8.76%, from 3Q 2005 to 3Q 2006. However Indonesian inflation was high in 2006 at 13%, so in real terms Indonesian house prices actually fell.

Singapore’s residential property price index rose 7.6% y-o-y to 3Q 2006, the city state’s highest price increase since 2000.

Malaysia and Taiwan are still muddling through, and saw only marginal price increases of 1.4% and 1.1%, respectively.

The previous strong house price growth in Thailand during 2004 and 2005 came to an end, as the political crisis spilled over to the economy, and 2006 saw house price falls of almost 1%.

Japan has not seen the end of more than a decade of property price falls. Commercial property values are rising in Tokyo and some major cities, but in the rest of the country property prices are still static.

The global property boom is slowing

Many more countries experienced nominal house price increases in 2006, than price falls. Yet the pace of housing price increases in 2006 was generally down on 2005.

Several countries experienced quite significant slowdowns in their housing markets, without seeing actual price falls. Countries in this category, where the price rise rate dropped by more than five percentage points, include Poland (6.6 percentage point reduction on previous rate of house price rise), US (5.6% reduction on previous rate of house price increase) and New Zealand (5.02% reduction on 2005′s price-rise rate).

However, US house prices showed no actual decline in 2006, either during the year, or from one quarter to the next, according to the OFHEO house price index, despite some press reports to the contrary.

It is tempting to attribute the slowdown in many countries to interest rate rises, especially in Europe and the US.

However, other forces came into play in some countries. Israel (typically not included in most “global” house price reports) experienced price declines in 2006 (-4%), after a recovery in 2005. The price fall can be attributed to the war with Hezbollah in Lebanon, and other political troubles.

The dramatic upsurge of Hong Kong property prices in 2003 and 2004, and sudden cooling down in 2005 and 2006, also deserve a better explanation than the usual speculative bubble theory.

About the Author

The Global Property Guide is a research publication and web site (http://www.globalpropertyguide.com) for the high net worth investor in residential property.

Property for Sale in Spain – Invest in Spanish Property :- Buy property abroad.

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Property for Sale in Spain – Invest in Spanish Property

Article by Georg Rauh

Property for sale in Spain is again on the rise. The reasons for this is a better economy in Spain as compared to some years ago. Furthermore, there are always people from the UK and other European countries which prefer a residence in sunny Spain

By acquiring a property in Spain, you will get an excellent place to live or a perfect holiday rental home, at the same time.For property for sale in Spain, there is certainly no lack where you could find attractive homes to acquire. The same is valid if you want to sell or rent out your own apartment or home.

All over Spain, in particular in the big and known areas on the coast you will find plenty of agencies who offer long term rentals, holiday homes or houses and other property for sale in Spain. Many of those agencies are actually owned by Europeans from northern Europe, with the biggest number being the British from UK who sell and lease properties of all kinds.

You can find plenty of agencies and related websites if you look for properties in Spain online on the internet. It is very common to see residents from the United Kingdom acquire a property on the Spanish mainland and use it for some months for their own vacation, especially over the holidays.

The rest of the year the properties are rented out to other people. This way, you not only would own an attractive property in Spain but can also have a nice income by renting it out for the time when it is not occupied by you.

Then there are the frequent situations where people bought an apartment or a house in Spain with the intention to live here, but then decided to move back to their home countries for various reasons. Instead of letting the house stand empty and unused, you would simply put the property for sale in Spain using one of the many agencies. Why would you want to acquire a house or apartment in Spain?If you are looking for a property for sale in Spain, you might have certain expectations. Do you plan to move here to escape the stress and the bad weather?

Without a doubt, the life in Spain has many advantages. The weather is excellent, and the people are friendly. But do not make the mistake to relocate to Spain if you are looking for work. The economy is not great and you might have troubles finding a job. If you move to Spain, be clear about your plans in advance and do not have unrealistic expectations.

On the other hand, if you put up your own property for sale in Spain, you need to know that the housing market and the competition could be quite tough. The rather bad, current economy certainly plays a major part in this. Many speculators bought homes and apartments in the past, just to discover later that it might prove difficult to sell them at a good price again due to the economy having become so bad.It can without a doubt be said that while this is rather bad for someone who wants to sell a home, it is great for anyone who wants to purchase or rent a place in Spain. There are bargains everywhere.

It is not uncommon to see properties offered near a wonderful beach, with a great garden and all amenities which are for sale for a fraction what such a house would cost in other parts of Europe.You land a really good deal if you can acquire such a house for cheap and then are able to rent it out on a monthly basis for your fellow Brits or Germans who are looking for holiday homes.

You could do this on your own web site, or again, use the help of a local Spanish property agency which might find tenants for your house or apartment.

You see that property for sale in Spain has good sides and bad sides. This means to take advantage of this situation and not to let you bring down about the always apparent talk of the bad Spanish economy.There will always be people who want to escape the bad weather and want to spend some time of the year in sunny Spain – and they are willing to pay good money for it.

Property for Sale in Spain can be quite an opportunity which will pay off in the long run if you know where to look and if you have help in doing so.

About the Author

Visit Property for Sale in Spain for all matters in regards to Spanish Property.

Economic Freedom & Quality of Life (Spanish Version) – The Libre Initiative.com : Property abroad.

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Continue the discussion at www.facebook.com Continue the Discussion at: www.facebook.com “Economic Freedom and the Quality of Life” is a short, informative video centered on the ideas of economic freedom and the societal benefits it produces. The video helps explain what economic freedom is and why it is the key to improving society. Please note that this web page displays third party links that are not generated by the creators of this video. These third party links do not represent the views of the creators of this video.

Maltese Property Prices Expected to Increase Moderately in 2011 – HolProp News :- Overseas property.

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Maltese Property Prices Expected to Increase Moderately in 2011 – HolProp News

Article by Tony Osust

Strategically located in the heart of the Mediterranean, Malta basks in the sun for most of the year. Blessed with long, dry summers and short, mild winters, this tiny island roughly 60 miles south of Sicily is a year round destination for people from Europe and elsewhere. Besides great weather, Malta has history – in variety and abundance, romance, a whiff of the orient, beautiful old houses of golden limestone, warm and welcoming people who speak English, safety as well as good standards of education and healthcare. EU membership, a favorable tax structure and good infrastructure have made Malta a preferred destination for European retirees, lifestyle buyers and investors alike. For pensioners, the income tax rate is as low as 15%. There are no inheritance, wealth and municipal taxes. Corporate tax rates range from a maximum of 35% to nil. In general, living costs are lower than elsewhere in the EU. Though most of the demand for property in Malta is driven by locals who consider property one of the best investments, foreign demand for Maltese property is also increasing with the improving economic situation in some EU countries. Encouragingly, the recession has not affected the property market in Malta as much as it has in other countries and many overseas buyers now consider the country a relatively safe haven for their funds. The Maltese economy is fairly stable and depends on tourism to a significant extent. In recent years, the number of low cost flights to Malta has increased significantly, bringing in more visitors every year. 2009 and 2010 saw a marked increase in tourist traffic relative to previous years. Multi-nationals with bases in the Middle East are also setting up offices in Malta with the aim of reaching out to emerging markets. Consequently, the demand for rentals has increased. Malta Real Estate prices, which had weakened to some extent in 2008, are in positive territory now largely due to fairly low home loan rates, increasing demand for rental properties in some areas and the availability of quality properties at affordable rates. On the whole, the Maltese property market has fared better than many others in the EU, particularly those in Spain, Greece, Portugal and Cyprus. According to the Central Bank of Malta, price growth for Q2 2010 had settled at moderate levels as compared with the previous quarter. The bank attributed the increase to the prices of apartments, which were higher than that of houses of character, villas and townhouses. While prices of maisonettes fell on a y-o-y basis, prices of terraced houses remained the same. As indicated in a report based on a survey conducted by the Royal Institution of Chartered Surveyors, Malta Real Estate price increases are generally better than expected. Though some areas are seeing falling prices, in others, the trend is upwards. Regions such as St. Juliens and Sliema are doing well. Citizens from EU countries are permitted to buy one property in Malta subject to conditions. However, they can buy more than one property in SDAs or specially designated areas such as Tigne Point, Portomaso, Cottoenra, Chambray and Manoel Island. A recent amendment permits foreigners to rent out personal property to vacationers over the short term if the property conforms to standards set by the Maltese Tourism Authority. Recently, the government decided to bar non-EU nationals from the Residents Scheme. This move could have an adverse impact on property sales and prices in areas that are popular with citizens from non-EU countries. Overall, this could be an opportune time to invest in property in Malta provided one surveys the market well and identifies areas that have consistent demand for sale and rentals and the potential for price growth. Apartments in Sliema, St. Andrews and St. Juliens are normally good buys. Maltese property has quite a few positives – prices are still relatively reasonable, buyers can choose from a variety of modern apartments as well as charming, old houses and prices are expected to increase over the next few years. Points about property transactions:• Once buyer and seller have agreed on a price, they enter into a preliminary agreement and the buyer is normally required to pay a 10% deposit.• This agreement is subject to the issuance of an A.I.P. permit for non-residents. • The Notary Public conducts a search on behalf of the buyer to verify that the property has a clear title.• Once the conditions of the preliminary agreement have been met, a final deed of sale is drawn up and signed by both parties.• E.U. and non-E.U. citizens are required to fulfill a number of conditions in order to buy property in Malta.• They must also provide proof that the funds for purchase have originated abroad.

About the Author

Tony Osust, director: http://www.Holprop.com

Search through our large international portfolio of properties for sale and rent.

See our latest Malta Property for Sale | Malta Holiday Rentals

Property Prices in Cyprus Set to Fall Further | Buy property abroad.

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Property Prices in Cyprus Set to Fall Further

Article by Tony Osust

This sunny island in the east Mediterranean, which enjoys great weather round the year, has long been popular with tourists and long-term foreign residents. Long, warm summers, short, balmy winters, clean beaches, charming villages, friendly, welcoming people, diverse historical and cultural associations, ancient archaeological ruins and a blend of Middle Eastern and Western European influence all combine to give Cyprus a very special appeal. While some of the resort towns offer a glitzy night life, those looking for peace and quiet can head to the villages along the coast or further inland. A member of the EU since 2004, Cyprus has a good standard of living, a crime rate far lower than the European average, modern infrastructure, high-quality medical care and a relatively low cost of living, all of which have made it an attractive place to relocate or retire to. Cyprus has adopted the euro and buyers can avail of euro mortgages. Over the last 10 years or so, healthy demand from overseas had fuelled growth in the real estate and construction industries, making them major contributors to economic development. However, the real estate boom that Cyprus enjoyed for over a decade finally ended in mid-2008 and prices have been falling ever since, though not as sharply as in Spain, Greece and some other countries hit by the recession. Currently, prices are continuing their downward trend due to weak demand from foreigners as well as locals, though foreign demand is presently much lower than domestic demand. Demand has weakened largely because the number of buyers from the UK and overseas has dropped sharply ever since the recession. The sterling has lost value against the euro, making investments in the Eurozone more expensive for British nationals. Global economic uncertainty and falling real estate prices in many countries have made potential investors very cautious. Also, the Cypriot government’s delay in issuing title deeds and the general lack of transparency in real estate transactions have discouraged British and Russian buyers who do not want to invest in property for which they might be unable to obtain a clear legal title as has been the case with some buyers in the past. The government is working towards amending property laws and regulating real estate transactions in order to encourage foreign investment. Mortgage rates in Cyprus are among the highest in the EU, making home loans too expensive for many and depleting demand further. Weak demand, speculative construction, the influence of distressed Greek banks on the Cypriot banking industry as well as economic uncertainty in the UK, other European countries and in the US have led analysts to believe that prices will fall further before the real estate market bottoms out. According to a Central Bank bulletin released in December 2010, house prices dropped by 1.8% during the first three quarters of 2010. In 2009, prices had fallen by 4.1%. The retirement and vacation home segment has been hit the hardest. Coastal towns that were popular with foreign buyers have seen sharper price falls than Nicosia and other places favoured by Cypriot buyers. Spain’s boom-and-bust property market and falling prices elsewhere are prompting potential holiday and retirement home buyers to be careful about where they invest, many of whom are beginning to look at Turkey, Bulgaria and Croatia as alternative destinations. Cypriot banks have become more prudent about approving loans to foreigners looking to buy property in Cyprus. Apart from increasing collateral requirements, banks have also changed the terms of payment. Property investments in coastal areas are being viewed as more risky because the sharpest corrections have occurred there. All these factors make home loans harder to come by.In Paphos and Sotira, both of which have been particularly popular with foreigners, prices have fallen as much as 20% to 30% over the past two and a half years. In Protaras and the areas west of Larnaca such as Pervolia, Kiti and Tersefanou, prices have not fallen as much. The reason is these places are popular with local buyers. Nicosia, which has seen an increase in sales, has fared better than other towns and cities.The economy is expected to do slightly better in 2011. Analysts hope that the discovery of oil in the seabed areas will give the Cypriot economy a boost. Though Cypriot banks are fairly stable, there is some concern about the increase in non-performing loans and the exposure to Greek banks. The country’s high fiscal deficit also needs to be reined in. Real estate recovery depends significantly on an increase in foreign investment, which in turn hinges on economic stability and growth in Cyprus and overseas as well as amendments to fiscal, property and tax laws in Cyprus. Cyprus is still a wonderful place to live. It might be a good idea for those who want a home in Cyprus to watch the market closely and wait for prices to correct further before buying. However, risks remain and potential investors are advised to proceed with caution and with reliable legal advice. Points to consider about property transactions: • It’s recommended that prior to buying property, a potential buyer clarifies that the land is free of encumbrances and a clear title deed can be issued to him.• One should always deal with a registered agent because he is bound by a national code of conduct. Non-registered agents do not have the legal authority to broker property deals.• It’s prudent to consult a reputed, independent lawyer for guidance because real estate transactions in Cyprus are not yet standardised.• Fees and taxes, which include stamp duty, transfer fees, VAT, application fee for permission from the Council of Ministers, legal fees, surveyor’s fees as well as mortgage fees and foreign exchange conversion costs if applicable, amount to approximately 6 to 7 percent of the sale price.• Permission to purchase property in Cyprus must be obtained from the Council of Ministers.

About the Author

www.holprop.com Tony Osust, Director.Cyprus Property | Cyprus holiday rentals | Cyprus lettings

Carasol Properties

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