Bored Property

Portugal has been one of the world’s most popular places for tourists for many years. But recent changes in tourism trends and more destinations becoming accessible through the introduction of low-cost airlines, has put pressure on Portugal to sustain its market share in the industry.

The trade of national and international tourism is vitally important to the Portuguese economy and the country relies heavily on its three main regions: the Algarve, Lisboa and Madeira, who combined are responsible for more than 85% of international tourist activity.

Consumer trends indicate that tourism will continue to grow, cultivated by developments of short breaks, an increase in the number of adults and senior citizens that travel and the desire of tourists for diversified destinations.

The coastal areas of Portugal, such as the Algarve and Estoril, attract tourists with the lure of sun, sand, sea and numerous leisure options, such as great golf courses and wonderful water-sport activities.

These types of locations tend to suffer from seasonality, where the summer months are bustling, but the winter periods are quiet. Conversely, cites such as Lisbon and Porto appeal more to the visitor who is looking for a short city break and is attracted to the history and culture of a place.

But now the Portuguese government has recently put in place a far-reaching national strategic plan to promote the country and improve their tourism trade.

The overall strategic plan is designed to promote the country’s already established resources with some improvement in neglected areas. This is all part of Portugal’s approach to attracting new and loyal visitors, as the whole country endeavours to increase the tourist trade in the attempt to put Portugal back on the map.

One of the main objectives of the government’s plan is to achieve relative growth in the low season – October to May – greater than that achieved in the high season, therefore combating the continuing problem of seasonality.

They intend to focus on four key factors that distinguish Portugal from other competing countries. This includes improving upon Portugal’s popular assets – ‘climate and light,’ ‘history, culture and tradition,’ ‘hospitality’ and ‘concentrated diversity.’

Also in development is an initiative to update the country’s infrastructure, transport links and air access, as well as modernizing hotels and similar accommodations, with all staff undergoing relevant training to harness their service skills.

E-Quity director Dan Johnson said: “While the descriptions of the tourism assets may be a little oblique – most people would think in terms of golf, beaches, climate, food, drink and countryside – this plan is a well-thought out blueprint for the future development of Portugal’s strategic approach to attracting more visitors.

The overall thrust is to complement the established attractions in key areas with new initiatives aimed at enhancing the tourist experience and widening the appeal to a broader audience.”

News submitted by David White, E-quity

Post from: Overseas Property Blog

Portugal: Rising to the Tourism Challenge

Spain has taken on a new meaning for the one million British investors who settled in the country over the last ten years. What was once a property investors dream has today become a nightmare for many. So what has happened in the land of tapas, afternoon siestas and endless sunshine? What could have possibly [...]

With annual price hikes of 15% and rental yields of between 8% and 10% in its capital, Slovakia already ticks plenty of boxes for successful overseas property investment. With Obelisk’s recent introduction of mortgages for non-resident home buyers, property investment in Slovakia is even more attractive.

Mortgages are a fundamental part of a successful overseas property investment. In a recent market research survey by Obelisk, over 40 per cent of potential investors stated they would definitely need a mortgage to finance their investment with a further 34 per cent claiming that they would probably require a loan for their investment.

While mortgages form an essential element to property investment, they are not available in all emerging markets and non-resident investors often find that they fail to qualify for a mortgage because of their residency status. With Obelisk Private Finance, this is no longer the case in Slovakia and all buyers can now take advantage of a mortgage to finance their property investment.

Further good news is that proof of income is not a requisite. Investors without proof of income, the self-employed for example, may apply for non-status mortgages and borrow up to 60% of the property’s value. While investor clients with proof of income are permitted mortgage funding of up to 70% of the appraisal value of the property.

A further advantage of a mortgage in Slovakia is the country’s low interest rates – these start from as little as 5.29% – and fixed rate mortgages are also available. Borrowing terms are between 5 to 15 years.

The availability of mortgages for non-residents further enhances investment in Slovakia, particularly for buy-to-let properties where mortgage payments can be offset by rental income. Bratislava is a particular hot spot for rentals – Knight Frank recently described the capital as “the place to go for rental property” – and with the shortfall of a staggering 220,000 units in the city, the rental market is one of the strongest in the area.

Obelisk’s Central 22 development, situated 8km from the city centre and within the capital’s main commuter belt, is in a prime buy-to-let location. Owners of houses within the Central 22 complex will find Obelisk’s mortgage for non-residents particularly beneficial as the introduction by Obelisk of this mortgage product means that investors are able to leverage their property investment in Slovakia Ken Thorkildsen, Director of Obelisk Private Finance, comments, “I would always recommend leveraging any property investment to maximise returns and take advantage of your personal tax allowances.”

By using a mortgage to finance your buy-to-let investment, you keep your initial outlay costs low and compensate your ongoing expenses (including your monthly mortgage payments) while still retaining the potential for high capital gain. With analysts predicting that house prices will increase in excess of 15 per cent over the next 3 to 5 years, the introduction of non-resident mortgages in Slovakia means investment potential in the country just gets better.

News submitted by Ken Thorkildsen, Obelisk Private Finance

Post from: Overseas Property Blog

More Good News for Slovakia Property Investment

Select Property, a UK based overseas property company, owned by Brit Mark Stott, has just announced Aquitainia, the completion of a global property coup! The UK businessman and Managing Director, along with his development partner Select Group – one of Dubai’s leading developers, has purchased the two most central islands in the collection: France and Spain on The World, an archipelago of 300 man-made islands constructed in the shape of a world map and located 4km off the coast of Dubai and one of the most talked about and sought after locations across the globe. The plans are to develop France & Spain into Aquitainia, a £750 million property development which when complete will be the most exclusive address in The World, where the height of expressive and contemporary design, influenced equally by the romance of France and the passion of Spain, residents will come ashore by boat where first class service awaits. Pre-launch information on this exclusive project is available until the public launch on July 13th.

Pre-launch Aquitainia, The World

Public Launch July 13th

New Development on the man-made islands of France & Spain

Aquitainia, a £750 million property development

The World, Dubai - The most prestigious development in The World

SelectGroup and SelectProperty jointly developing since 2004

To be first in line to receive pre-launch information on Aquitainia

Call Select Property on 08701110000 Today

Post from: Overseas Property Blog

Aquitainia, The World, Dubai : Pre-launch

A sodden English Grand Prix saw plenty of drivers skid off the track this weekend. While Brit Lewis Hamilton delighted his British fans in true fashion and a roaring win, the Ferrari team had to go home empty handed. Starting out on a damp track, the race Hamilton soon took the lead in round five when [...]

Al Johara – meaning simply ‘the Jewel’ - is a residential masterpiece from the drawing board of award-winning architect, Elie Mouyal, set on 156 acres of land just 20 minutes from the centre of the Rose City of Marrakech. Whilst unashamedly five star marrying high qualities with extensive facilities and property designs inspired directly from the ancient walled city, Al Johara is also the first resort to cater to family living.

Marrakech has now become synonymous with the well-heeled trendy set looking for chic nightclubs, world-class restaurants, pavement bartering and centuries-old culture within easy reach of northern Europe, but rarely has it been labeled as a ‘family-friendly getaway’. Al Johara is eyeing this target audience without compromising on unadulterated luxury.

Adam Cornwell, MD of GEM Estates comments, “Central Marrakech could be a little daunting for those with young children, labyrinths of noisy crowded streets, restaurants serving traditionally Moroccan dishes and no amusement park to speak of, but it doesn’t mean that parents should forgo the magic of Marrakech. Al Johara has a mammoth eleven communal swimming pools, the centerpiece with a wave pool and sandy beach, there’s an equestrian centre offering treks into the nearby Atlas Mountains, an amphitheatre for live entertainment, open-air cinema, computer games room and a selection of fast food, family and gourmet restaurants to suit each palate. The children can partake in all of these, will certainly enjoy the Moroccan horse and carriage ‘taxi’ service to their property and the icing on the cake is a crèche and children’s club available at all times so the adults can let their hair down.”

In fact Al Johara has plenty within its boundaries to amuse, that the free air-conditioned shuttle bus service to the city centre is in danger of being underutilized. A 150-room five star hotel combines with a full Spa facility and clubhouse with gym and fitness centre whilst a par three 9-hole golf course with driving range and practice greens will help prepare for a round of 18-holes at one of Marrakech’s three fine courses – the Royal Golf Club established in the 1920s, the new Cabell Robinson designed Amelkis or the Robert Trent Jones Palmeraie Golf. The sporting theme continues with tennis, beach volleyball, cycling, boules and a jogging track plus the option to dance the night away in an underground soundproofed nightclub. A business centre, Moroccan Cookery and Art & Craft school plus retail outlets from a supermarket to a banks and a patisserie complete the vision.

Elie Mouyal’s properties themselves have exotic sounding names - Riads, Ramparts, Pavilions, Villa Palais and Borjs (possibly the only new-build Borjs in Marrakech, a Borj being a tower property with a walled courtyard garden) – and are almost cookie cut from Marrakech’s ancient cityscape. The two and three bedroom Riads arranged around inner courtyards feature vaulted ceilings, rooftop solariums and are built directly alongside the large swimming pools. The Rampart area offers a variety of options from studios to three bedroom duplex townhouses all blending the classical with the contemporary. One, two and three bedroom Borjs all have rooftop solariums whilst the Villa Palais and Pavilions range from one to three bedrooms, have their own gardens and are set on or around the golf course with Atlas mountain views. Some sensational four bedroom Luxury Villas are also on offer each within extensive private grounds. Finally single suite rooms are available in the five star hotel on a freehold basis. Air-conditioning, satellite TV, wireless broadband and 24-hour gated security come as standard.

Pre-release prices average 1,500 euros per square metre (gross living space), undervalued compared to nearby Samanah Country Club at 3,500 euros per square metre. This discount of around 30% guarantees immediate and instant equity, meanwhile the Elie Mouyal stamp is known to add a further 20% in value.

Various payment terms are available to buyers. If paying in full upon contract, list prices are discounted by 30% and therefore start from 97,300 euros for a studio Rampart, from 156,730 euros for a two bedroom Pavilion, from 227,500 euros for a two bedroom Riad. All prices are inclusive of Moroccan VAT levied at 20% and completion is scheduled for 2013.

News submitted by Sarah Drane, GEM Estates

Post from: Overseas Property Blog

Al Johara – Marrakech’s First Family Development

CB Richard Ellis lays off staff amids downturn [Independent.ie] New Star International Property fund doing well [FT] Removing racism from Californian real estate records [LA Times] Banyan Tree Group invests in central Vietnam [Asian Property Report] Foreign buyers eye Uruguayan land [BBC] Dubai to issue new visas for foreign realty buyers [goWealthy.com] Interesting regeneration developments in the Midlands [Telegraph] Nakheel sees profits [...]

The World Tourism Organization recently conducted a study which projected that China would become the one of the largest markets for tourism within the next seven years. The total revenue from tourism in China last year was well over $150 billion.

At last months International Tourism Fair in Beijing, Cape Verde was one of more than seven hundred exhibitors from over eighty different countries, agencies of travel, as well as foreign and Chinese offices of tourism, there to promote themselves as tourism destinations and with a view to attracting not only Chinese tourists by potential investors too.

According to the secretary of the embassy in Beijing for Cape Verde, Jose Correia, “the potential for tourism in China is among the highest, and the intention is to attract tourists from China to Cape Verde and help Chinese companies find an interest in the packages of Cape Verde.”

The travel marketplace is an industry which is rapidly expanding in China alongside India and Latin America as the citizens of these developing nations begin to enjoy increased personal wealth.

With this summers Beijing Olympics as a launch pad, China has been enjoying double-digit growth in its own tourism figures which have doubled in the past five years. China is expected to overtake France already threatened by new emerging resorts, as the number one tourist destination by 2020 and number two Spain within a decade. The Chinese capital is preparing to receive 500,000 overseas visitors during the 2008 Summer Olympic Games from August 8-24, up from 350,000 visitors in August 2006.

This year alone China’s tourism industry is expected to generate US$78 billion, 2.5 percent of GDP, a figure that could rise to US$277 billion by 2017, according to the World Tourism Organisation. Ignore the tourism potential of China at your own peril !

Post from: Overseas Property Blog

Marketing To Chinese Tourists

Following a pre-launch period where early investors can enjoy a discount of 8%, prices on the Porches development currently being marketing by E-Quity are set to rise on the 6th July. The new pricing structure will see units start from €159,000 – excellent value when compared to other projects on the market in the area.

The project consists of 22 2 bed, 2 bath apartments located in Porches, western Algarve only 150m from the beach. The project will be low rise building, developed in a modern design with a large communal swimming pool on the site. The high quality apartments are 65m2 plus either a sun terrace or a small garden. Although there are dozens of golf courses within easy reach of the project, there are three courses less than 5km from the site from the beautiful 9 hole par-3 Vale do Milho course to the Championship Vale de Pinta, one of the best designed golf courses in Europe.

• Discount ends 6th July
• 22 2 bed, 2 bath apartments located in Porches, only 150m from the beach
• High quality apartments, 65m2 plus outside space
• Low rise building, developed in a modern design with large communal swimming pool
• 3 top quality golf courses within 5 km from the project; Vale do Milho, Vale de Pinta, Quinta do Gramacho

To take advantage of this fantastic discount and reserve your unit

Call E-Quity.com on 0207 952 7654

Post from: Overseas Property Blog

Porches Golf Apartments, Algarve: Price Increase 6th July

The results of the CNBC Arabian Property Awards 2008 have just been revealed and Select Property, in conjunction with its development partner Select Group, is delighted to announce that it has won an award in the category of Best New Development 2008 for the Pacific development on Al Marjan Island in Ras Al Khaimah. The award will be presented at a glittering gala dinner to be held at The Madinat in Dubai on 19th October.

The fact that Select Property and Select Group earned one of these coveted awards is sure proof that Pacific can compete and triumph within the highly competitive Arabian property arena. Having been given this high recommendation by its peers, the company is now entitled to display the CNBC Arabian Property Awards’ logo with pride. This symbol of excellence will be recognised and appreciated by the public who are becoming increasingly well informed and discerning about the properties they seek to buy.

Entries were judged by a panel of professionals whose collective knowledge of the property industry is second to none and unsurpassed by any other property awards. Chaired by Eric Pickles, British Shadow Secretary of State, this year’s judges included Helen Shield, editor-in-chief of International Homes magazine; Peter Bolton King, chief executive of the National Association of Estate Agents; Phil Spencer, property expert and presenter of Channel 4’s Location and Relocation TV shows; Imtiaz Farookhi, chief executive of the National House Building Council; Christopher Hall, past president National Association of Estate Agents; Wilhelm Harnish, Master Builders of Australia (MBA); Thijis Staff, International Consortium of Real Estate Agents Association (ICREA); Alejandro Escurdero, SIMA; Kirkor Ajderhanyan, French Real Estate Federation (FNAIM); Omer Ghani, director of sales, CNBC Arabia; Ed Binkley, BSB Design USA; Samantha Braniff, Sydney Morning Herald; Raul Curiel, chairman, European Operations, Aukett Fitzroy Robinson; Tyler Clay, FIABCI USA; Hans-Ulrich Berendes, FIABCI Germany; Oliver Richards, founding partner, ORMS Design; Christian Kalin, partner, Henley & Partners Zurich; Graham Norwood of the Daily Mail; David Hoppit, property writer; Jill Keene, editor of International Homes magazine; Diana Yakely, chairman British Interior Design Association; and Tad Zurlinden, Association of Relocation Professionals.

Mark Stott, Managing Director said of the award, “Pacific is Select Property’s first joint development with Select Group so we are thrilled with this prestigious accolade. Pacific is located in the emerging emirate Ras Al Khaimah which is attracting increasing numbers of investors. The area is predicted to enjoy the same level of success as Dubai, which is why we decided to develop there. Now is the time for investors to buy in this naturally stunning area.”

Pacific is already generating huge interest, with its one and two bedroom apartments, Beach Duplexes and Gulf Suites. Due for completion in June 2011 the development consists of six contemporary, architecturally spectacular buildings, each named after Pacific Islands.

Pacific is situated in a prime location on Al Marjan island, offering residents private beaches overlooking the clear waters of the Arabian Sea and year-round sunshine. Facilities include 24-hour security, maid service, saunas, steam rooms and Jacuzzis a glass topped gym and health club. There is also countless dining and shopping facilities.

News submitted by Helen Cotton, Select Property

Post from: Overseas Property Blog

Pacific Wins Best Development Award in CNBC Arabian Property Awards 2008