Property developments in Switzerland

Les Naturelles, Leukerbad, Valais: Set in spectacular surroundings, Les Naturelles offers an opportunity to acquire a mountain retreat in this spa town where travellers have journeyed for centuries to take to the waters and enjoy the clean mountain air.

Les Naturelles is situated just two hours from Geneva airport. Famed for having Europe’s largest Alpine hot springs, the two spa facilities in Leukerbad are within a few minutes walk. Two gondolas whisk skiers to the top of the mountain’s challenging slopes to enjoy over 50 kilometres of pistes. A selection of one bedroom apartments is available for immediate occupation and the developer is also offering a five year guaranteed rental income. Prices start from sfr310,000 (approx. £133,047) and range to sfr360,000 (approx. £ 155,172).

La Soldanelle, Chateau d’Oex, Vaud:
Converted from a 19th century hotel, La Soldanelle is situated in a pretty, un spoilt Swiss village. Chateau d’Oex is also host to the annual balloon festival each January. La Soldanelle consists of 21 one, two and three bedroom apartments and one three-bedroom duplex apartment. Many of the flats have large terraces or balconies which owners can enjoy the stunning views and crisp Alpine air. The luxury conversion features a concierge service, Jacuzzi, sauna, pool and fitness centre amongst other amenities. There is currently one, one bedroom apartment available in the main building at sfr550,000 (approx £236,051) and one two bedroom apartment available in the annex at sfr640,000 (approx £ 275,862).

Le Chateau des Rocailles, Anzère, Valais:
This newly completed development of 17 purpose built apartments comprises eight one-bedroom apartments, four two-bedroom apartments and five three-bedroom apartments. The generously sized apartments each feature a large balcony or terrace and have access to excellent communal facilities including a fitness room, sauna, Jacuzzi, ski storage and lockable caves for extra storage. The developer is also offering a 5 year rental income. Anzère has an altitude of 1500 metres with skiing to 2500 metres. Prices start from Prices from sfr295,000 (approx. £126,609) for a one bedroom apartment,sfr790,000 (approx. £339,056) for a two bedroom apartment and sfr585,000 (approx. £251,073) for a three bedroom apartment. There are five apartments left.

Residenz Ambassador, Leukerbad, Valais:
Leukerbad is located on the sunny side of the Rhone valley, to the East of Lake Geneva in the Canton Valais region just two hours from Geneva airport. This new development consists of 27 spacious one, two and three bedroom apartments which are fully fitted with modern kitchens, parquet or tiled floors, underground heating and the option of a private parking space. Each apartment has a balcony offering stunning views of the surrounding scenery. Furthermore, holiday makers can make full use of the excellent leisure facilities which include a fitness room, sun beds, and wellness centre with a Jacuzzi, steam room and sauna. Prices start at sfr645,000 (approx. £276,824) and range to sfr860,000 (approx. £369,099). The cost of an underground parking space starts from sfr32,000 (approx. £13,734). Owners can enjoy the benefits of a five year guaranteed income scheme.

Chalet Edelweiss, Chateau d’Oex:
Located in Chateau d’Oex with dramatic mountain views, this luxury conversion of a former modern chalet consists of one, one bedroom and four three bedroom apartments. The development is conveniently located within three minutes walk to the town centre, where restaurants, shops and bars can all be found. All apartments have modern fully fitted kitchens, bathrooms, double glazing and come with either a balcony or terrace. Residents will have access to a wellness centre where facilities include a gym, sauna, Jacuzzi and an indoor swimming pool. Prices range from Sfr995,000 (approximately £428,879) to Sfr,2050,000 (approximately £883,621).

The Golf C, Leukerbad:
Located in the heart of Leukerbad, just two hours away from Geneva airport, the Golf C development comprises 15 one, two and three bedroom apartments. With a balcony or terrace to every apartment, inhabitants will be able to make the most of the dramatic views. All apartments come fully fitted and buyers can choose from a range of the highest quality bathroom and kitchen furnishings. Additional features include double glazing, electrical exterior blinds and parquet flooring. Buyers will also have a choice of a fire place or tilted stove in the living room. Prices range from 375,000CHF (approx. £160,944) to 730,000CHF (approx.313,305). The developer, Schnyder Bauunternehmung und Immobilien AG who have been developing properties in the Valais area since 1948, provides an optional scheme whereby buyers may receive an annual fixed income for the first five years of ownership. In return, buyers must allow the developer to rent their apartment for 20 weeks each year.

Hotel Rochegrise, Villars-Sur-Ollon, Canton de Vaud :
Located in one of the most sought after resorts in Vaud, Hôtel Rochegrise is an exclusive apart-hotel development with superb mountain views. The 27 apartments consist of studios, two and three bedrooms and there is direct access to the ski slopes. All apartments have modern fully fitted kitchens, bathrooms, double glazed windows and come with either a balcony or terrace. Furthermore, buyers are permitted to use hotel facilities which include an indoor and outdoor swimming pool, a fitness room and sauna. Underground parking spaces are available and are sold separately, prices range from 35,000CHF – 50,000CHF (approx. £15,086 - £21,552. The apartments are available from 649,000CHF (approx.£279,741) for a studio apartment and range to 3,920,000CHF (approx. £1,689,655) for a three bedroom apartment.

Zermatt:
The mountain range around Zermatt offers the longest ski season in Europe and, an undisputable reputation as one of the best skiing terrains available. This top floor penthouse apartment offers four private balconies spread out over two sides over the apartment providing breathtaking views over the Matterhorn Mountain. With a sumptuous lounge and open fire place, this stylish apartment offers the highest standard of alpine living. The apartment spread over 180 sq meters also includes a fully fitted kitchen, a cellar and equipment storage space all heated throughout.

The village is car free and offers a wide range of restaurants, shops, boutiques and year round sporting activities. At an altitude of approximately 1620 meters above sea level the glazier provides the largest summer ski season in the Alps. CHF 2’300’000 (approximately £986,724)

Bulgaria Air starts a regular route from Sofia to Dublin, Ireland

On December 17th, Bulgaria Air is opening up another European route from Sofia to Dublin, Ireland.

Bulgaria Air operates regular direct flights from Sofia to more than 20 destinations in Europe and Middle East. Destinations cities include London, Vienna, Paris, Brussels, Rome, Milan, Amsterdam, Copenhagen, Berlin, Frankfurt, Madrid, Barcelona, Palma de Mallorca, Malaga, Lisbon, Prague, Zurich, Moscow, Tel Aviv.

Source: Bulgaria Air News

Unique Desert Pearl scheme is planned with European buyers in mind

Construction work is underway on a unique new residential development on Egypt’s Red Sea Riviera where it is possible for investors to recover their investment in just over four years.

Desert Pearl Beach Apartments, a gated development of 226 apartments comprising studios, one-, two- and three-bedroom homes within a five-storey building around three sides of a courtyard garden with pools and a pool bar, is taking shape on a plot of almost one acre immediately behind the hotels overlooking the pearl white sandy beaches of the former fishing village of Hurghada, today a popular diving and leisure resort.

“Desert Pearl, which has been planned with international buyers in mind, represents a new opportunity for UK and Irish investors to gain a foothold in the burgeoning Egyptian property market,” says Ian Proetta, marketing director of Worldwide Destinations which is selling the apartments at Desert Pearl.

“Although there are other new residential developments near Desert Pearl, they have already been completed and the lack of ‘For Sale’ boards in the area underlines the fact that virtually all the other properties have already been sold. This means that Desert Pearl is the only development in a prime location currently available at prices lower than £18,000.”

The European-style gated development is unique in Hurghada where, traditionally, apartment buildings are regarded as ‘finished’ before windows, doors, kitchens and bathrooms have been installed.

“Desert Pearl is different,” says Ian. “It has been planned with the requirements of European purchasers in mind, so all the apartments come with glazing and doors in place, and polished ceramic floors. Main features include fitted wardrobes in bedrooms, tiled bathrooms with white porcelain fittings, and fitted kitchens with granite worktops.”

TV, telephone and internet connections are standard.

Interior design and high quality furniture packages will be available from Worldwide Destinations at competitive prices.

All apartments have sun terraces, many with sea views. Inward facing ground floor apartments have direct access to the pool and courtyard.

Desert Pearl, which is 200 m from the shopping promenade and beach, will have facilities which include an internet café, gymnasium, games room, laundry and storage for diving equipment.

Pre-launch prices of the freehold apartments start as low as £17,600 for a 44 sq m (474 sq ft) studio. Air-conditioning is available as an optional extra for £500.

The Egyptian tradition of shift working round the clock means that homes in the first phase of Desert Pearl will be ready for occupation in the spring of 2008.

Worldwide Destinations has formed a joint venture with an established local construction company, carefully selected for the way it conforms to the stringent quality standards which are a hallmark of Worldwide Destinations’ projects around the world.

Investing in the Desert Pearl Beach Apartments

Pre-launch prices of the freehold apartments start as low as £17,600 for a 44 sq m (474 sq ft) studio rising to £48,000 for a three-bedroom apartment of 110 sq m (1,184 sq ft). An easy payment plan devised by Worldwide Destinations to attract first-time overseas home buyers means that an apartment can be secured with an initial payment of 10 per cent of the purchase price - ie £1,760 on a studio - followed by three payments of the same amount during the remaining 12 month period. The balance can be paid in cash or with a mortgage arranged in Egypt.

Worldwide Destinations is one of the first companies to offer clients mortgages on Egyptian property. Those who pay a one-off deposit of 40 per cent of the purchase price are entitled to free lifetime cover under a unique 24-hour legal service employing qualified lawyers to assist with ‘life’s uncertainties. Valued at £3,995, and including completion costs on the purchase of the property, the service ranges from advice on property issues, wills and probate to accidents and personal injury claims. Traffic offences, divorce and compensation claims are among other areas in which advice is available.

There are no restrictions on foreigners buying property in Egypt and the process has been simplified by Worldwide Destinations which has produced a purchase package embracing all the fees and taxes involved for a one-off payment of £995.

Annual charges payable by owners will be around £500, comprising a £50 real estate tax and a maintenance fee in respect of annual internal and external redecoration, as well as cleaning and care of the pools, lifts, lights and garden.

The Desert Pearl Beach Apartments rental pool will be managed by an independent company explains Worldwide Destinations which predicts a high rental return, enabling capital investment to be recovered soon.

“A conservative estimate puts annual capital growth in this area at 20 - 25 per cent,” says Ian.

There is no stamp duty, government tax, VAT or inheritance tax on property transactions in Egypt.

Relaxation of foreign investment rules in Egypt means that currently there is no capital gains tax, but James Gonzalez, property adviser to Desert Pearl, explains that properties are registered with the government to ensure that this is applicable when they are sold.

“Egypt has a double taxation agreement with the UK so purchasers should seek the advice of a UK accountant on all transactions,” he says.

Living at Desert Pearl

The Desert Pearl Beach Apartments are located in the El Kawthar area of Hurghada, close to the heart of the town and just 200 metres from its spacious tree-lined boulevards and the beach.

Complementing its traditional souk, and confirming the cosmopolitan nature of the overseas visitors Hurghada attracts, local shops offer goods with popular international brand names. Hurghada’s first hotel - the Sheraton - was built in 1980. Today other top name hotels include the Marriott, InterContinental and Hilton. Nightlife venues include a Ministry of Sound nightclub.

The marina is one of the biggest of its type in Egypt.

For families, leisure facilities close to Desert Pearl range from the Sinbad Aquapark to Hurghada’s bowling centre.

An abundance of diving and snorkelling opportunities are available in the Egyptian Red Sea which is said to offer one of the best diving experiences in the world. Says Ian: “The myriad species of fish around the reefs of Hurghada create a ‘must see’ paradise of natural seascape in crystal blue waters full of coral formations and colours to be enjoyed by all ages.”

Also available are sea cruises on glass bottomed boats and to the beach clubs on nearby Giftun Island, as well as sailing, windsurfing and kite surfing.

Inland there is a choice of jeep safaris and quad bike excursions to Bedouin camps in the desert, or camel-trekking and horse-riding.

Nearby golf courses include the Gary Player designed Cascades golf course in Soma Bay and the El Gouna Golf Club.

The famed antiquities of Luxor, Karnak and the Valley of the Kings are about two-and-a-half hours away by road.

Despite its location on the edge of Egypt’s Eastern Desert, and the growth of its population, Hurghada has ample fresh water. Supplies drawn from deep natural wells - some of which is bottled locally for drinking - are complemented by water pumped from the River Nile 250 km away.

Local healthcare facilities include the services offered by Hurghada’s 12 hospitals.

While the quality of life on the Red Sea Riviera is high, the cost of living is so low that shopping makes some visitors feel like millionaires, according to Ian who points out that a litre of petrol costs only 10 pence and a three course restaurant meal - including seafood specialities - can be enjoyed for as little as £1 per head and certainly less than £10.

The Red Sea Riviera’s warm climate makes it a popular year-round destination. Daytime temperatures range from 15 degrees Celsius in winter to 30 degrees Celsius in summer.

Getting there

Desert Pearl is 10 minutes by taxi from Hurghada International Airport which receives daily direct flights from London Gatwick, Birmingham, Manchester, Cardiff and Glasgow. Flights take around four-and-a-half hours. Direct charter flights and commercial flights which connect in European airports are available also. Typical flight times are three-and-a-half hours from Rome and less than four hours from Munich.

Morocco Property Buying Process

But because of the desirability of property for sale in Morocco an investor should not be deterred from securing their ideal piece of real estate just because purchasing it can take many months and a great deal of paperwork!

The key to successfully navigating the real estate purchase process in Morocco is seeking the assistance of a recommended real estate agent or simsaar. These people have a local working knowledge of the property market in the particular part of Morocco in which they work and they are often able to shield the buyer from paying over the market price by understanding the true value of properties for sale.

As with many emerging markets property investors who broadcast the fact that they are in the market for real estate will often find that the places they’re offered for sale suddenly go up in price – with the help of a good simsaar the foreign buyer will pay the same as a local buyer in Morocco. A simsaar will usually charge two and a half percent of the property’s purchase price in fees and some charge a daily rate which can be deducted from this fee. The amount of time and money they can save an investor means that they are well worth their commission.

However, because these agents often speak little English or French it is usually necessary to have a translator as well and a cautious approach should be taken when finding a translator, real estate agent and solicitor in Morocco. The Moroccan people are keen to attract foreign investment and the majority of professionals an investor will deal with will be happy to genuinely assist – but as the saying goes, ‘buyer beware’ when employing anyone to assist with the buying process in any country in the world!

It’s highly likely that an investor will have a great deal of choice in Morocco particularly if they’re interested in older properties and those in need of renovation. It’s a good idea to take a camera and a notepad when examining properties because after a few days it’s easy to forget which pieces of real estate had which features! Once an ideal property has been found it’s usual to make an offer to buy and to negotiate on the asking price. Once an offer has been accepted a deposit of around 10% can be paid. The deposit or arbon should secure the property and remove it from the market place. But unfortunately the reality is that it’s wise to close the sale at the time the price is agreed upon otherwise if the vendor is offered more money before the sale is closed they may well take it and return the investor’s deposit to them.

The problem with closing the sale at this point is the fact that the vendor will require a certain amount of time to vacate the property. It’s usual therefore to close the sale, pay about 30% of the purchase price to help the vendor buy a new property, give the vendors a fixed period of between one and three months to vacate and hold back paying taxes, fees and the complete purchase price until the vendor has physically vacated the property.

There is one small problem with this approach – by officially closing the sale the taxes should be due within 30 days. BUT if you pay the taxes the sale really is closed and the buyer can refuse to move out which in the worst case scenario results in a five year legal battle to have them evicted. So what most buyers do is hold back on paying the taxes, incur a small fine but save themselves the trouble of having deeds transferred into their name and running the risk of having sitting tenants!

This may sound confusing but with the help of a decent lawyer all of this is transparent to the property purchaser. Those buying brand new or off plan property in Morocco of course avoid all of these issues.

Having got slightly ahead of myself in discussing how to proceed to closing the sale on investment property in Morocco it’s important to highlight the fact that no deposit should be paid on a property until the investor’s solicitor can determine whether or not the property’s title deeds are in order. This can take a little time but the wait is worth it because there is no central land registry in Morocco and furthermore, properties are often inherited by multiple parties and all parties have to officially give consent for a sale to take place. All of this paperwork has to be in place before a sale can be closed and a buyer should have the legality of the potential sale confirmed before handing over any money - again, with new properties in Morocco the entire process of determining who has the right to sell etc., is much simpler.

An investor looking at property in Morocco should budget an additional 7 or 8% on top of the purchase price for fees and taxes. As stated the real estate agent will charge about 2.5%, the notaire or public notary will charge 1% to sort out title deeds on older properties - a process that can take up to 2 years after the sale has completed but which will result in the property being worth more in the long run as all subsequent buyers will avoid having to repeat the process – and finally there’s also tax of about 4.5% of the purchase price on property for sale in Morocco.

Stranded in the desert: First Dubai Property Scam?

British investors are chasing a Dubai developer who has £2m of their money, reports John Arlidge. Britons who bought property in a flagship development in Dubai face losing more than £2m in deposits after the developer abandoned the scheme and fled the country. Some 40 Britons have paid deposits on “off-plan flats” in the Light House(pictured), a 15-storey block planned for Dubai Marina, one of the most popular developments in the emirate.Emad Ayoub, 52, who has dual British and Egyptian nationality, had sold the project on the basis that it would have been ready by last month. So far, however, only the foundations of the 94-flat block have been completed. Ayoub left Dubai last month, and work has stopped.

Buyers contacted by The Sunday Times said they did not know what had happened to the deposit money they had handed over and whether their properties would ever be built.

“We could lose our money, our flat, our future — everything,” says Roger Blakeley, 46, from Lancashire, who has put down £90,000. “We chose Dubai because Sheikh Mohammed (the emirate’s ruler) assured western investors their money would be safe. It’s time for Dubai to show that foreign buyers have rights and are protected when things go wrong.”

The “Light House Affair”, as it is known in Dubai, is the first such scandal to hit a country that has undergone a multi-billion-pound building boom since first allowing foreign investors to buy places there four years ago.

Problems have already emerged. Several projects are behind schedule and some buyers claim that, in the race to build tower blocks and villas, standards of workmanship are slipping. Prices, which have been rising by more than 10% a year, appear to be levelling off, amid concerns about oversupply, especially of flats.

Ayoub began marketing the block two years ago with a sales brochure promising prospective buyers that it would “add comfort, security and joy to your life”. About 90 local and overseas investors bought flats “off-plan” after seeing press advertisements. Nearly half were British.

Buyers visited the sales office in central Dubai, handed over downpayments of an average £50,000 per flat, sat back and waited to see their new homes soaring above the stylish marina. And waited. And waited.

In spring 2005, one year into construction, buyers living in Dubai reported the development was behind schedule. When contacted by investors, Ayoub conceded progress was slow and blamed unforeseen technical issues, but insisted the project was on course for completion last month.

By last summer, the foundations of the block were underway, but progress was still sluggish. Ayoub continued to assure buyers the building would be completed on time. By January, the foundations were largely completed, but it was clear that the block would not be completed by the April deadline. Then, two months ago, all work abruptly stopped.

The first most investors knew about the stoppage was when newspapers in Dubai reported that labourers had refused to turn up for work after not being paid. To add to their concerns, Lieutenant-Colonel Rashid Al Jumeiri, a senior official from Dubai’s Permanent Committee of Labour Affairs, was quoted by a Dubai newspaper as saying that Ayoub had fled after emptying his bank accounts.

When telephone calls to Ayoub’s office in central Dubai went unanswered, buyers contacted the police. Officers could not find the developer, and his office was sealed. A notice on the door of the company’s office announced that it was closed “by order of Dubai Court in favour of the Case No 361”.

Since March, the gates of the Light House site have been padlocked. The only person there during a recent visit was Abdul Wadoob, a security guard sitting in the 40C heat in a wooden hut with no water or air conditioning. Wadoob, who is employed by a private contractor, confirmed that work on the site had stopped two months ago, but didn’t know why.

The disgruntled buyers have hired Shahran Safai, an emirate lawyer, to put pressure on the Dubai authorities to sort out the mess. Buyers are also considering a criminal action against Ayoub for fraud.

Such legal manoeuvrings are the first test of Dubai’s investor-protection regulations and the outcome is being watched closely by people planning to invest in the United Arab Emirates. “There is no precedent,” says Safai. “No investors have found themselves in this situation before.”

If they do not achieve satisfaction in the courts, the group plans to approach Emaar, Dubai’s biggest property firm, and ask it to take over the site and finish the project. Emaar was “master developer” of Dubai Marina but had no direct responsibility for the Light House.Emaar last week denied any liability for the halt to the work at the site, but confirmed the company had held “meetings with the legal representatives of third-party investors … in the (Light House) project”.

The Sunday Times last week traced Ayoub to Earls Barton, a village in Northamptonshire. Ayoub admitted he had fled Dubai, but said he had done so because he feared he would be imprisoned after getting into financial difficulties.

The developer denied that he had deliberately emptied his bank accounts, but said he ran out of cash and stopped paying his workers in March after a local bank refused him further credit facilities. The £5m of investors’ money had been swallowed up by the unforeseen construction snags and delays, he said, claiming he had tried to complete work with £1m of his own money.

Ayoub said he sympathised with buyers and was still trying to negotiate with Dubai-based subcontractors to restart building; the remaining £5m money due from investors, together with the proceeds of selling commercial premises in the building, would be enough to finish construction.

He also vigorously denied claims that he had engaged in fraud. “Not one single dirham (the local currency) invested in the Light House has left my accounts in Dubai. It was all invested in the project,” he said.

Blakeley was not impressed. “Now that we know where Mr Ayoub is, we will take steps to pursue him in the British courts,” he said.