Overseas Property Forum

Interest rate cut UK - 1.5%

noreply@blogger.com (PJ Lopez) — Thu, 06 Nov 2008 13:15:00 +0000

With the huge 1.5% interest rate cut in the UK we are all hoping that it will encourage the banks to start lending again and to produce even more interest in overseas property for sale.

The bank of England have made a bold move to kick start to economy with this 1.5% interest rate reduction and we are currently awaiting the Euro zone decision.

There certainly seems to be a 'feel good' factor with the UK at the moment thanks to Lewis Hamilton winning a thrilling championship and now this interest rate reduction.

The world seems to be in need of change and this has been highlighted with Obama being elected as the new US president.

Here at Sylvianco Overseas property we are certainly feeling a little bit more positive / optimistic about the future.

Spanish Property Forums News Property in Spain

noreply@blogger.com (PJ Lopez) — Thu, 18 Sep 2008 13:30:00 +0000

It has been the main topic of discussion in may national newspapers over the last couple of years with rumors of a major property crash in Spain, corruption at the highest levels and developers going bankrupt, but is Spanish property still a good bet?

Well let's take some of the stories that have appeared in the national press over the last couple of years. One week we read that the property market in Spain was over, prices are set to tumble and the market is about to totally fall apart. Two weeks later the same paper published an article stating that people should still invest in Spanish property as the economy is stable, the infrastructure is sound and the climate is one of the best to be found in Southern Europe.

Which article is right?

OK let's take some of the main points that were made.

YES the property market in Spain is certainly going through some very difficult times and prices have reduced Year on Year in many parts of Spain - FACT.

A number of the top property developers have filed for bankruptcy protection - FACT. But let's be clear here, this is very different from actually being declared as bankrupt. These developers and constructors are sitting on assets worth a fortune and in normal economic times they would simply have rasied finance against these assets to keep the wolves from the door and continue building. The main problem is that the banks are not lending at the moment. This will not be the case for ever so the only option is to file for protection from their creditors so that they can continue to trade (in the hands of the administrators) and hopefully trade their way out of trouble.

It will of course mean cuts in jobs, cuts in spending and a slowdown of any further construction for this period but all going well, at the end of the term they may well be in a position to resume normal trade or raise finance to exit administration.

Corruption - FACT

Yes there is a major clean up operation underway in Spain to clean up the way building licenses are issued. It is going to result in the demolition of some developments that have been built in areas that were not urban but in many cases the developers are being fined and made to develop green areas elsewhere to compensate.

The current crackdown on corruption is actually a good thing and will make it a much safer place to purchase property in the future.

Property Crash - What property crash?

Yes demand is lower that previously and sales are down. Prices have come down about 8% on average over the last year on the Costa's (about 4% nationally). This hardly constitutes a property crash. Of course there are some bargains to be picked up as some people may need to off-load properties due to not being able to raise finance or just tightening of their belts.

All in all Spanish property still remains a very good purchase. Not only are they buying bricks and mortar, more importantly for many people, they are buying a lifestyle. A great all year warm climate, a lower cost of living and a more laid back life are some of the main criteria for purchasing Spanish properties. Unfortunatley many of the eastern european markets cannot offer all of the above whilst still being a couple of hours flying time away.

Our suggestions - RESEARCH

The Internet is one of the best ways to find out what is really going on. There are numerous news sites, Spanish property forums and BLOGs. It is much easier to research areas, towns and developments. You can see what other buyers have to say and really make sure that the area / development you are considering ticks as many boxes as possible.

All of this can be done before stepping foot outside of your own front door.

Spanish Jobs

noreply@blogger.com (PJ Lopez) — Mon, 15 Sep 2008 10:13:00 +0000

I would not normally post information here that is not about overseas property but some things that I come across which are of general interest I will post for your information.

Some people that purchase overseas property do so not as an investment but as a full time residence. It is likely in this case that they will be looking for employment, unless of course the property is for a retirement home.

Taking Spain as an Example
Finding a job in Spain is very straight forward if you have all the right tools to hand. The best methods are the local papers where you can find lisitings of local and national jobs in Spain.

Another increasingly popular method of job hunting in Spain is to use the services of one of the recruitment agencies in Spain who can promote your CV to employers.

The actual process is very similar to finding a job in your own country although the rules of employment here in Spain do differ. There is a lot of protection for the employee and for this reason many employers will not offer a full time contract. Many want you to register as autonomo (self employed) so that you are a 'contractor'. This means that you have to invoice each month and have to do quarterly accounts etc.

Our recommendation is to seek appropriate legal advice before accepting employment to ensure that the terms and conditions are as they should be.

Morocco Property - The New Overseas Property Hotspot

noreply@blogger.com (PJ Lopez) — Wed, 13 Aug 2008 20:56:00 +0000

As many of the mature overseas property markets are going through a 'cooling off' period or in some cases a freezing period, some property markets are seeing massive growth and are now leading the way having knocked some of the previous overseas hotspots off their perch. Although Dubai property still seems to be extremely popular with overseas property investors the real overseas property hotspot of the moment in Morocco property.

Morocco property, having been rated as one of the 'Elite' overseas property destinations by Homes Overseas magazine seems to be going from strength to strength and has fast become one of the leading countries for property buyers looking for an affordable overseas property. With early bird investors already sitting on a tidy profit, even in todays economic climate it is no wonder that both ameteur property investors and seasoned professional investment companies are falling over each other to snap up the best units.

There are a number of reasons that Morocco property is so popular with property buyers and some of these include very affordable prices, luxury five star facilties, a great climate, low cost flights and even guaranteed rental schemes. With all of these factors set to increase and tourism already up to much higher levels, investing in Morocco property is very lucrative.

Some of the most popular areas and developments in Morocco include the Mediterranean Coast (Mediterranea Saidia) where you will find luxury developments like Le Jardin de Fleur, Cabo Negro Golf, Cabo Dream Golf and Playa Vista.

Dubai Property - The Dubai Rental Market

noreply@blogger.com (PJ Lopez) — Fri, 01 Aug 2008 10:15:00 +0000

The rental growth of Dubai property was lower in Q1 and Q2 than it has been for some time so we researched the market and spoke to some industry experts for their opinions on the Dubai property market and their thoughts on the rental slowdown.

The common feedback we have received is that it is only a temporary glitch and that there is still a huge demand for residential homes and property which is still continuing to outstrip the actual supply of properties available, making Dubai property one of the best markets in which to invest.

Here at Sylvianco International Property we dug deeper and got some feedback from Asteco who are one of the largest and most well known property services businesses operating throughout the Unites Arab Emirates (UAE). They said that they have seen a rental growth of 22% over the 12 month period (July 2007 to June 2008) and that the rental market for Dubai property this year has been pretty much stable.

We have found data that indicates that the rises in rentals for Property in Dubai year on year were up massively in some areas of Dubai although much of it has been stable since January 2008.

Some of the largest rental growth in Dubai was recorded within property at Sheikh Zayed Road coming in at a staggering 51% closely followed by Bu Dubai at 42% and Ghusais at 40%

To give you an idea of just how popular property remains in Dubai if you look at Burj Dubai, which is plagued by heavy traffic, property sales are still extremely high with occupancy running at 90% to 95%.

Mike Knivett a director of Planet Viva who specialise in overseas property and particularly in Dubai property said that all talk of a slowdown in rental growth in Dubai will certainly be a short term thing as their statistics are showing a huge surge in people enquiring about property in Dubai. Mike went on to say “There is so much new commercial area being finished off within the next 2 years such as the new building developments, shopping centres, hotels and golf courses, Dubai is going to need more and more workers to help with these massive projects. This huge workforce will need somewhere to live during their time in Dubai and this is going to just increase the demand for property rentals in Dubai which is excellent news for the property investors in Dubai.”

Some of the most popular property developments in Dubai are still seeing huge interest from a number of property investors like the magnificent Dubai Sports City, The World Development and the newly released Zero Five Zero at Waterfront in Dubai

Keeping checking back for more Dubai property news or take a look at our Dubai property pages for more information on specific projects in Dubai.

Overseas Property August 2008

noreply@blogger.com (PJ Lopez) — Fri, 01 Aug 2008 09:21:00 +0000

Welcome to the first posting on our brand new overseas property forum / blog.

Our aim is to bring you the key property investment news from across the globe to help you make decisions on the best purchases and current property hot spots.

Keep checking back to see important investment statistics and useful information in general about the overseas property markets from the new and exciting emerging property markets through to the mature markets.