Fabulous Development on the Red Sea

The Desert Pearl Beach Apartments are only 200 metres away from Hurghada pearl white, sandy beaches and shopping district. Desert Pearl consists of 225 gated European style terraced apartments with communal tropical gardens; pool bar and swimming pools. The complex will provide year round services. These are: maintenance, gardening and laundry services. The ground floor will house private facilities including a fully-equipped gymnasium, games room and Internet cafe/business centre.

Investing in the world's fastest growing economies

Egypt, Everyone would like to own a property in Egypt, however many people have been put off by the regular down payments required by developers Signature Properties has found a developer who is happy to arrange mortgages of 60% on his properties subject to Status, and allow purchasers to only put 40% down before completion. Currently unheard of in Egypt, which makes this deal very special? Added to this the developer is offering an option to pay the 40% deposit over 12 months making this an even better deal.

Egypt: An Oasis in the credit crunch climate

As the world experiences credit crunch, Egypt's coastal resorts are an oasis in the midst. Low property prices offer investors an affordable entry point and combined with its position outside of the euro zone makes it a very attractive emerging real estate market to consider. Its physical location too means that it is a prime winter sun destination giving the country year round tourism appeal. As the arid credit crunch continues what does this mean for one of the world's most ancient civilisations?

The World Travel and Tourism Council (WTTC) saw a steady growth of tourism in Egypt in 2007 and in a recent report has stated that the expected growth for the travel and tourism economy for the country in 2008 is expected to be 5.5%. Experience International is a leading specialist in emerging property markets such as Egypt. They have seen an increasing number of people taking the step and investing in its strong economy, its stable political system and stable currency. Steve Worboys, Director of Experience International says:

"Egypt is a modern state and as a country we have seen it grow as a tourist destination over many years due to its rich history and unique attractions such as the pyramids; now though people are increasingly seeing its potential as a place of investment for both remuneration purposes and the fact that it is a year round holiday destination."

The increase in the number of visitors to Egypt has boosted the country as a whole with the travel and tourism sector seeing rapid growth. The WTTC reports that it expects to see a rise in the number of people employed as a direct result of tourism in Egypt, hitting a record of 1 in every 6.9 jobs by 2018. Currently the figure is 1 in 7.4 jobs with 2,833,000 people being employed in the tourism sector.

In a recent article published on Arabianbusiness.com Ahmed El-Nahas the chairman of the Egyptian Tourism Federation (ETF) commented on Egypt's current position: "The past couple of years have been very positive for Egypt. We have seen a major increase in tourist arrivals. In 2006, we had over 9 million tourists visit Egypt. The plan was an annual increase of 1 million, which was surpassed in 2007 when the arrival figures reached 11 million tourists. The ongoing efforts of the Ministry of Tourism and the Egyptian Tourist Authority will hopefully reap 14 million tourist arrivals by the end of 2008."

It is not just the tourism sectors that have seen positive shifts in position. The Jones Lang LaSalle's most recent report, Global Real Estate Transparency Index, shows that Egypt is now 59th out of the 82 countries and in the top 10 most improved countries around the world; which is a significant achievement. Its practices, integrity and the opportunities available to investors to get a good deal have all been factors in its move up the table. Steve Worboys goes onto to say: "According to the WTTC Egypt is 17th in long-term growth and as more developers and companies look to invest there we at Experience International expect to see a significant increase in those looking to purchase property."

As well as Egypt's continuous economic growth one of its fundamental appeals is its year round visitor appeal. Egypt sees a mere 80mm of rain a year and even the winter temperatures stay around a very comfortable 22c to 31c. The sea is also still warm during the winter months which is good for the thriving water sports that resorts such as Oasis Marina in Hurghada host. Located in the fast developing Al Ahyaa district to the north of Hurghada, just 3km from the luxury resort of El Gouna, famed for its lagoons, marina and PGA Championship golf course Oasis Marina is situated on the Red Sea Riviera with 50,000 metre squared of beach front. Steve Worboys concludes: "With a diving and aqua centre, beach club and state of the art spa centre Oasis Marina boasts fantastic facilities in a thriving area."

As the UK dries up in financial uncertainty springs are forming in the Egyptian property market and this is something that Andy Parkin an investor in Oasis Marina testifies to: "I first visited Egypt back in 2005 and was intrigued by the culture and history of the country. I found the people really friendly and I bought a book that not only expanded my mind on the country as a whole but gave me a good overview of the potential the country has as an emerging market." Andy goes onto say: "The fact the government are investing inwardly is a good sign to me that the expansion of the tourist and property market is no short term plan. I look forward to using the property myself as well as reaping the rewards in making such an investment."

Andy purchased a 2 bedroom villa through Experience International and was able to buy his property in cash due to an inheritance which meant he could take advantage of a cash rate discount. Andy bought his property for £58,500 and really looks forward to using it with his family and friends when the property in completed in December 2009.

Tunisia - Self-styled Dubai of the Mediterranean

North Africa’s smallest nation, Tunisia, may be mightily overshadowed by near neighbours Morocco and Egypt in the current property press; however the country is set to make a big impact. Property prices are low, even as low as Morocco was five years ago, and the bonus is that unlike some far-flung destinations a property in Tunisia is both a good investment as well as being close enough, just three hours direct from London, to actually hop on a plane and enjoy.

Tunisia lies directly south of Italy’s Sardinia and, thanks to a sharp right-angle turn on its Mediterranean-facing shoreline, has 1,400km of coastline to enjoy. The sandy beaches front an impressive infrastructure of luxurious hotels, modern international airports, chic boutiques and jet-set marinas whilst the barren south has long-been the chosen setting for blockbusting films including Star Wars, Raiders of the Lost Ark, Monty Python’s Life of Brian and Minghella’s The English Patient. These assets, together with its strategic location, have propelled the nation on to the global stage and attracted considerable foreign investment, particularly from the Middle East.

As tourism becomes more important, leisure facilities are springing up at a significant rate, particularly around the honeypot resorts of Hammamet and Monastir, and Tunisia now boasts six golf courses, two of which have 27-holes, international diving centres and plenty of yachting clubs. Two significant projects currently underway, Mediterranean Gate ‘Century’ City and Tunis Sports City, both funded by Dubai investment at 25 billion USD and 5 billion USD respectively, will bring further golf courses and marinas, world-class sporting academies, Olympic grade facilities, business and leisure hubs as well as thousands of residential units and hotel beds.

With so much to offer and a decades-old tourism industry, why isn’t Tunisia a regular on the international property market? Samuel Mond, GEM Estate’s Tunisia Expert explains, “The Government prevented foreigners from participating in Tunisian property until national home ownership was as high as 80%, that’s higher than even the UK. The rationale was to stop foreigners pricing the locals out of their own market. Now this has been achieved some, although not all, nationalities are welcome to purchase and the bonus is that the affluent home-owning Tunisians can now form part of an exit strategy. Similarly, with the purchasing power to take regular holidays within their own country, Tunisians, plus neighbouring Algerians, will also boost rental occupancy.”

For The Dunes Golf & Spa Resort, gross rental yields have been forecasted as high as 14% per annum, and a combination of factors from location to facilities make this possible. Set midway between two of Tunisia’s busiest airports, Hammamet and Monastir, this beachside development is also on the doorstep of Tunisia’s most exclusive purpose-built marina resort, Port El Kantaoui, complete with two 18-hole golf courses. This sets the tone for what’s in store at The Dunes Golf & Spa Resort.

Comprising studios, one two and three bedroom apartments, The Dunes Golf & Spa Resort fronts wedding-white sandy beaches and has five star on-site facilities to include a Thalasso Spa centre with indoor swimming pool, sauna, gymnasium, Turkish baths and massage and treatment rooms. Or perhaps you’d prefer your massage al-fresco on the private beach exclusively for residents. Fully gated, The Dunes Golf & Spa Resort offers 24-hour security plus concierge, restaurant, snack bar, convenience store, bank and bakery. The on-site rental management company will help to maximize those rental yields charging a nominal 10% fee.

The freehold properties themselves are finished to top European standards with Italian-style kitchen with appliances, pre-installation for air-conditioning, fine Tunisian marble flooring and satellite television with over 5,000 channels. Two outdoor pools, one suitable for children, a poolside cabana bar, whirlpool Jacuzzi and underground parking complete the offer. Laundry and cleaning services are available for as little as one euro per hour whilst a showflat is in place ready for viewing.

Off-site owners at The Dunes Golf & Spa Resort can avail themselves of a 20% discount at Port El Kantaoui’s golf courses whilst watersports from diving to fishing and boat excursions are available in the year-round sunshine. Many restaurants offering local and international cuisine, traditional and Medina shopping plus water and theme parks as well as camel and horse riding are all very accessible.

Prices at The Dunes Golf & Spa Resort start from €25,990 euros for a studio apartment and payment terms are €3,000 reservation, 50% on contract and 50% on completion scheduled for January 2011.

While buying a property in Tunisia may not be the obvious choice, expect nothing short of positive global headlines and economic fortune from Tunisia over the coming years, and your investment will be rewarded in spades.

Worldly pursuits in Dubai

No doubt about it - The World in Dubai belongs to the rich and famous. This cluster of real estate is shaped like a map of Earth

YOU can buy Australia, New Zealand, Shanghai or even the Antarctica, and develop it into a private kingdom.

But first, you have to be invited to purchase this exclusive piece of real estate located 4km off the coast of Dubai - The World, a spectacular man-made archipelago shaped like a map of Earth.

Currently, only one island that is part of Greenland is fully developed with a three-storey glass-framed mansion, equipped with water, sewage and electrical systems’

Every year, 50 invitations are sent to businessmen, celebrities and members of royalty.

Nakheel, the United Arab Emirates-owned property developer behind the project, wants to turn it into the world’s first island community for the elite.

Covering 931ha, The World is twice the size of Sentosa, which has a total area of 463ha.

According to Mr Christopher O’Donnell, Nakheel’s chief executive officer, half of the 300 islands with names such as Ireland and Shanghai, have been sold.

Although there had been talk that celebrities such as British singer Rod Stewart, footballer David Beckham and Hollywood couple Brad Pitt and Angelina Jolie have each bought an island here, Nakheel did not confirm any of these purchases.

Instead, the confirmed buyers include Chinese businessman Bin Hu who paid 103 million dirhams (S$38 million) for Shanghai island with plans to build a resort; Kuwait-based investment group The Investment Dar and Efad Holdings, which will transform Australasia into a resort with private residences; and Singapore-based firm Cinnovation Group, which will build a 730 million-dirham resort and spa on Nova Island.

Each island, with an average size of 300,000 sq ft, is priced between 73.5 and 183.6 million dirhams, says Nakheel spokesman Aaron Richardson.

He declined to reveal the exact cost of the multi-billion-dollar project. With The World’s barren islands, buyers will have to factor in other costs, such as building a house, ferry terminal and desalination plant.

Currently, only one island that is part of Greenland is fully developed with a three-storey glass-framed mansion, equipped with water, sewage and electrical systems. Mr Richardson would only reveal that the island belongs to an ‘influential local family’.

According to locals, it is believed to be owned by Sheikh Mohammed Rashid Al Maktoum, the vice-president and Prime Minister of the UAE and ruler of Dubai.

He is also the man behind Nakheel’s other island developments, such as The Palm Jumeriah, the smallest of the three artificial palm-shaped islands along the coast of Dubai.

These island developments, along with the skyscrapers rising rapidly from the desert plains, have reshaped Dubai in recent years.

The remnants of the old city, though, is tucked away at the Bur Dubai, known for its winding alleys, beautiful palaces, mosques and old homes.

Just like the old days, the bustling local markets or souks see merchants selling spices, gold, silk, fishes and textile.

As developers compete to build the world’s tallest supertower in this fast-growing city, mega-resort Atlantis will open at the 560ha Palm Jumeirah in September.

Located on the Palm’s crescent, the facilities will include an Aquaventure water park and a 1,539-room resort.

On the Palm, there are also waterfront condos and double-storey villas, which are located on the 16 ‘fronds’.

According to Edward Sands Towers properties, which specialises in the Palm’s residences, a 1,184 sq ft one-bedroom seaview apartment is priced at 3 million dirhams, while a four-bedroom garden villa, spanning 5,000 sq ft, costs 15 million dirhams.

Homeowners come from China, South America, Britain, the United States and even Nepal.

So far, more than 4,000 properties have been snapped up, with 2,000 families now living on the island.

But with over 5,500 residential units, and more to come from third-party developers plus 30 new hotels, the island is in danger of becoming congested.

The construction of the Palm also sparked environmental concerns. The continuous breakwater was subsequently modified to create gaps on either side to allow tidal movement to oxygenate the water within and prevent it from stagnating.

Mr O’Donnell tells Life!: ‘During the planning stages, we have local, regional and international institutions to prepare a comprehensive environmental impact assessment of the marine environment.

‘The creation of new landscapes and seascapes promotes the existence of marine life.’

And two F-100 Super Sabre fighter jets have been stripped and sunk near the island to create an artificial reef, intended to encourage marine life.

At the end of this year, Nakheel will be developing yet another man-made island called The Universe.

Spanning 3,000ha of reclaimed land below The World, it will form a cluster of islands in the shape of the solar system. It is expected to have residential units and hotels.

Asked what would follow next, Mr O’Donnell jests: ‘We have already conquered The World and next, The Universe. These are icons of Dubai.’

Source : Straits Times - 13 May 2008

St Vincent and The Grenadines

St Vincent and the Grenadines is going international! Following a recent government press conference it has now being confirmed that work on the international airport has commenced following the delivery of the necessary heavy machinery and that it is anticipated that the new airport will open on time in 2011.

Dave Ames Marketing Director of Harlequin Property said, “Confirmation of the construction of the new international airport on St Vincent is the final piece in the jigsaw, in what has been a whirlwind rise to international awareness. Once an isolated chain of islands, St Vincent and the Grenadines are now one of the most talked about emerging markets to date and their presence within the Caribbean has undoubtedly been felt as they now start to rival their more well known and richer neighbours such as Barbados and Antigua.”

St Vincent and the Grenadines which used to be primarily recognised for its banana plantations has experienced a dramatic change of fortunes in recent years, with investors realising that this prime development land which is just 30 minutes flying time from Barbados and only 20 minutes from St Lucia offered extraordinary value for money. Now with a keen eye on tourism and the obvious financial rewards that are associated with increasing numbers of visitors the international airport will help springboard St Vincent and the Grenadines into a new era of prosperity, which shrewd international investors will also benefit from.

Harlequin Property is currently marketing their flagship development, Buccament Bay on St Vincent and the Grenadines. Situated on the West coast of the island just 15 minutes from the airport it offers a selection of studio, one and two bedroom apartments along with one and two bedroom cabanas and a selection of premier plantation houses set around a lagoon within its own private bay.

Each property comes fully furnished to the highest standards and facilities include swimming pools, gymnasium, full hotel facilities, spa, restaurants, bars, sports facilities, shops and water sports. In addition their will be a casino and a marina which will be home to a pirate ship (restaurant) which further highlights the fact that the blockbuster trilogy of Pirates of the Caribbean was filmed just a few miles away. (The pirate ship has been traditionally built in Indonesia and will shortly commence its maiden voyage).

Prices at Buccament bay start from just £120,000 and there is a 10% rental guarantee for two years followed by a 50% room share rate for the subsequent five years.

UK Disqualification for Andrew John Harris from Property HotSpots Worldwide

An attorney for buyers at Property HotSpots Worldwide have just submitted this disqualification for Andrew John Harris based in the United Kingdom. Doing business under Property Hotspots Worldwide and First Leisure limited In the UK and Hurghada, Egypt. This is in affect from 2005 through 2014. An investigation is currently underway to see if this stands just in the UK, or it prohibits a disqualified director from doing business outside of the UK.

See below for more details


Disqualification
Companies House. gov.uk
http://www.companieshouse.gov.uk/ddir/dqdet.cgi?P=1043020501

Disqualified Directors Register

To obtain further details click on the appropriate Director
Information correct to 01/07/2008

Name: ANDREW JOHN HARRIS

Address:

SILVER BIRCH KENILWORTH ROAD

HAMPTON IN ARDEN

BIRMINGHAM

Postcode : B92 0LW

Date of Birth : 06/01/1969

Nationality: BRITISH

Number of disqualification orders: 1

Disqualified From: 11/04/2005 To: 10/04/2014

Reason: CDDA 1986 S8

Director Disqualification Details

This screen shows details of current disqualification orders. A director may be disqualified as a result of an investigation by one of the following authorities:- The Police - if fraud is suspected. DTI Investigations - for general misconduct whilst running a company. The Insolvency Service - usually as a result of an investigation of failed companies where a director knowingly continues to trade whilst insolvent. Companies House - for breaches of the filing requirements as specified in the Companies Act. If a case is proven, an individual is disqualified by order of court. On such occasions, for the period of time specified in the order the director shall not without leave of court:- Be a director of a company. Be a liquidator or administrator of a company. Be a receiver or manager of a company's property. Be concerned or take part, whether directly or indirectly, in the promotion, formation or management of a company. Disqualifications are made under the Company Directors Disqualification Act 1986, Sections 2-12. For example, CDDA 1986 S6. Sections 2 - 5: Disqualifications for general misconduct in connection with companies:- 2: On conviction of an indictable offence. 3: For persistent breaches of company legislation. 4: For fraud, etc, in winding-up. 5: On summary conviction. Sections 6 - 9: Disqualification for unfitness to act as company director:- 6: Unfit directors of insolvent companies. 7: Disqualification undertaking made by an individual 8: Disqualification after investigation of company. 9: Matters for determining unfitness of directors. Sections 10 - 12: Other cases of disqualification:- 10: Participating in wrongful trading. 11: Undischarged bankrupts. 12: Failure to pay under county court administration order. The maximum period of disqualification is 15 years.Section 17 of the Company Directors Disqualification Act 1986 - Application for leave under an Order A Director may apply to the Court to vary the terms of the original Disqualification Order. In certain circumstances the court may allow the disqualified individual to continue as a director of a specific company or companies for either an interim period of time or the whole term of the disqualification. Details of any exemptions will be provided. For further information, please refer to the Company Directors Disqualification Act 1986.

Malta!

Malta is a big hit with those from the UK looking to retire overseas! One of the overriding benefits is its comprehensive health service, which is currently ranked 5th in the world by the WHO (World Health Organization) against the UK which can only manage a lowly 18th place!

James Vassallo Senior Sales Manager for Tigne Point Marketing Ltd said, “Healthier options coupled with lifestyle changes become decidedly more important for many in their later years. Priorities undoubtedly change as children fly the nest, with many deciding to embark on a new way of life. Health tops most people’s agendas and those deciding to retire abroad look for the reassurance of a renowned health service.

Malta has become a particular favourite for the British, as its comprehensive health service to residents is entirely free at the point of delivery. Funded from general taxation, all residents have access to preventative, investigative, curative and rehabilitative services in Government health centres and hospitals. Our high ranking health service has been instrumental in many expats choosing to adopt Malta as their preferred residence and at a time when the UK’s National Health Service continues to fall short of expectations, it will continue to attract many further UK expats.”

Malta benefits from many other ‘attractions’ not least for its favourable taxation. Permanent residency schemes offer tax as low as 15% on any income brought into the island and one must also remember that after three years of residency there is no local inheritance or capital gains tax. With a close affiliation to the UK, low cost of living, year round Mediterranean climate and the English language adopted alongside Maltese, Malta certainly has a lot to offer UK buyers planning to retire in the sun.

Tigne Point Marketing Ltd are currently marketing ‘T10’ apartments at the renowned Tigne Point, which is part of a 450 million Euro brown field regeneration programme, perfectly positioned overlooking the capital Valletta and the open sea. Tigne Point is a premier lifestyle development combining residential, commercial and leisure facilities all within a pedestrian car free zone. With superb facilities all within walking distance, underground parking and far reaching views it is a perfect location for both young and old. T10 is the latest release of residential properties to come on to the market and it is anticipated that all of the 59 one, two and three bedroom apartments and 6 stunning penthouses will actually be sold very early on at this off plan stage, such is the popularity of Malta’s biggest regeneration programme to date.

Ideally situated on the eastern tip of the Tigne peninsula, T10 faces the mouth of the Marsamxett harbour and is just minutes away from the new state of the art shopping centre where Debenhams is opening its flagship store, along with eateries, private pool, clubhouse and premium health and sport facilities. Benefiting from quality materials selected by top interior designer Pippa Toledo, T10 is also the first residence on Malta to utilise the new HVAC system (heating, ventilation, and air conditioning) designed and supplied by Siemens, which allows for simultaneous heating and cooling in each apartment. This revolutionary new system is environmentally friendly and offers a significant cost saving.

Temporary freeze on foreign buyers lifted

The Turkish government has announced the end of a temporary suspension on the issuing of title deeds to foreign buyers. Brought into force on 15th April by order of the country’s Constitutional Court while parts of the legislation relating to foreign buyers were re-drafted, a parliamentary commission has passed the changes and the freeze will end in the next 2-3 weeks.

“The changes will have no effect on most foreign buyers and relate to the amount of land foreigners are entitled to buy,” explains Dominic Whiting, editor of the Buying in Turkey guide

“Previously, non-nationals could buy up to 0.5% of the land in a province; this is now limited to 10% of any town, city or resort, which is still a huge area.”

Turkey is growing in popularity with British property buyers due to its excellent value for money, great scenery and beaches and the low cost of living – approximately 1/3 of the UK’s. Apartments are still available on the coast from as little as £35,000, with villas from £75,000.

There are over 73,000 foreign-owned properties in the country, mainly in Istanbul and the coastal resorts, and £1.5 billion was invested in the Turkish real estate market by foreigners in 2005.

Access from the UK is improving with new routes and the arrival of low-cost carrier, Easyjet, who operate several weekly flights from Gatwick to Istanbul and Dalaman. Government-led investment is also transforming the coastal tourist areas with new airports, roads, marinas and golf courses in resorts such as Dalaman, Bodrum, Altinkum and Alanya.

What foreigners can buy:

Property and land within an officially zoned planning area which includes all the country’s towns, cities and resort areas

What foreigners can’t buy:

Property and land in rural areas (un-zoned)
More than 10% of a planning area

Good investment with $ 100K in Dubai

While the reputation of Dubai often goes before it, there is still scope to get a foothold in the property market for $100,000. This thread offers a useful array of leads taking in completed developments and developments which are still under construction. Despite the concern that the property market is becoming a little saturated, Dubai still seems to have much to offer. The Dubai economy has been fairly buoyant for some time, and still attracts a whole host of Western companies looking for a base in the region. A popular area of the world, which has its obvious pitfalls (such as periods of instability in the region) Dubai still continues to attract investors.

Despite many people looking to call an end to the Dubai property boom, it seems that there is still substantial interest in the area. However, whether the number of developments in the pipeline will see the market soften a little remains to be seen. When you strip away the concerns about short term saturation of the property market, the Dubai economy and outlook still offer cause for optimism, with many western companies still using the State as a base for their Middle East operations. At some stage you would assume that demand will have to catch up with supply, but longer term the picture still seems fairly rosy.

UAE Investment Opportunities for Women

Forsa, an investment company established for women investors in the United Arab Emirates at the beginning of this year, is launching its first wave of investment projects with a major real estate venture. The firm says this represents the initial step of a long-term commitment to create diverse investment opportunities for women.

HedgeWeek

Happy Birthday to Ahmed from World Property News!

كل سنة و انت طيب

Property Hotspots Worldwide Under Investigation by Egyptian Police in Hurghada, Egypt

Hurghada, Egypt

Owners Andrew "Andy" Harris and Alison Harris of Property Hot Spots Worldwide and First Leisure Limited in Hurghada, Egypt are being investigated by Egyptian police for alleged accusations of selling the same properties more than once to different clients. There has been many police reports as well as court papers filed against them by foreigners who have been wronged by this company and its owners. The courts are asking anyone who has a property or properties through the Property Hotspots Worldwide company to retain an attorney, file a report with the tourist police, and have the contract registered by the court in Hurghada as soon as possible (if this has not already been done). Please note: This can also be done by Power of Attorney signed by the property owner and the Attorney retained by you, or your embassy. Registering the property with the court will ensure all properties that have been sold more than once that the individual who registered it first will hold the property, anyone that it has been sold the same property after this will have to go after Property Hot Spots Worldwide for a refund. The date on the contract will not take precedence, only the first court registration date will. The police and courts are expecting a large amount property owners to go to Hurghada in the next few weeks. The Egyptian police authority have asked that all property buyers from Property Hotspots Worldwide register their property as soon as possible. Or have their attorney do this for them.

Properties include:
Regency Beach
Regency Cairo
Regency Heights
Regency Continental
Regency Towers
Regency Bay
Regency Palace
Regency Crash Pads

Other Alleged Accusations include:
Physical and Verbal Violence Against Egyptians
Physical and Verbal Violence Against Foreigners
Un-authorized Entry into Properties
Destruction of Property
Theft
Letting Apartments without Owners Knowledge
Bribing, Intimidating, and Fighting with Property Owners Attorneys
Non Payment of Goods and Services
Non Payment of Office Letting
Racial and Degrading Comments to and about Egyptians and Muslims

The information has been validated through the Egyptian local police, the Egyptian tourist police, attorneys, and the courts.
Mohamed R.
Reporter
Egypt News Daily

translated from Arabic by Najat Akif

Green Development in Dubai

Is it just me, or does there seem an inexhaustible supply of new property developments coming out of Dubai? This is the latest in a long line - Sheikh Mohammad Bin Rashid Gardens, the Dh200 billion venture of Dubai Properties, which aims to be the lowest-density development in the region. Situated between Al Khail Road and Emirates Road on 880 million square feet, about 73 per cent of the development will be green and open spaces and 10 per cent will be allocated to waterways.

The remaining space will be built-up, mixed-use areas.

"This reflects Shaikh Mohammad’s vision in terms of being environmentally conscious and aware of global warming in the world," said Rashid Al Awadi, principal architect, Dubai.

Hashim Al Dabal, chairman Dubai Properties, said, "We’re used to projects with beaches and golf and nice houses, but this one is more about answering an enquiry about lifestyle.

"The green concept of this project is one of a kind in Dubai. And it’s amazing because it’s new," he said.

Mohammad Bin Braik, chief executive officer of Dubai
, said: "Something that Dubai Properties focuses on, as a master-developer, is life-style. 2008 has been a year of change, becoming a group company with six subsidiaries for example. This is the first and only project that carries the name of His Highness."

The exact number of units in the development is not yet known, but the maximum population will be no more than 200,000 people, in line with being the lowest-density development in the region.

Al Dabal said work on the project had already begun and would "complement everything in Dubai".

He said the first two of six phases would start as soon as details have been finalized with authorities.

I must admit to having trouble envisioning this as “green.” What are they planning to do? Green sand? Will that qualify as green?

Sheikh Mohammed bin Rashid Al Maktoum has his own personal wesite here, and seems to genuinely believe this is another positive step for Dubai, but I wonder if he is aware of the current labor issues in Dubai: The Emirates Economist: UAE workers riot

Major Egyptian developer defies credit crunch

When the going gets tough the tough get going as the saying goes. This is typified nowhere better than in Egypt where one of the largest developers in the country is defying the odds to allow overseas investors a unique opportunity.

Tahir Ali MD of Egypt Revealed , the International Marketing Agency for Paradise Gardens Golf and Beach Resort comments "It is really heartening to see a project in a developing market with such a fantastic payment plan."

Ali was reviewing the Paradise Gardens Golf and Beach resort in Sahl Hasheesh, Egypt's very own Red Sea megaresort.

The resort is being built to exacting standards by a leading five star hotelier. Purchasers invest only 50% up until exchange of contract and then on completion in 2010 can pay the outstanding 50% of the property price over 3 years with no interest at all.

In real terms this means that a 1 bedroom apartment can be bought with less than £28,000 paid now and the remainder can be paid between 2010 to 2013 with NO interest charges whatsoever so worries about interest rate hikes will be totally unheard of in this neck of the woods. Added to this the fact that mortgages are slowly beginning to take off and it can be seen that clients could effectively have a cashback after completion should they wish to borrow against the property in an equity release.

Property on the Red Sea Riviera is experiencing a boom akin to Eastern Europe a few years ago . However there are numerous advantages in this market not least of which is a genuine year round rental opportunity, a healthy economy and a massive influx of tourists - set to almost double in the next six years.

With prices from £43,000 in a Five star Golf & Beach Resort it's easy to see why in recent polls Egypt is hovering just outside the ten overseas property investment zones currently and still going strong.

Easier Media Ltd.

New Home Buyers Beware

This post is just a warning for all expats out there that are buying new apartments in Buenos Aires... your experience will be dramatically different than what you're used to back in the U.S. Unlike U.S. builders, the Argentine builders don't even hook-up the electricity before they finish. You have to hire an electrician to come out yourself. The light fixtures are not installed either and your closets won't be installed. The apartment is generally left in an unlivable state without additional work.

At first I thought this just happened to me, but from what I've heard from other buyers, it happens the same with everyone. The builders don't exactly finish the job.

by El Expatriado

Investors discover a Mediterranean Dream in Europe’s most popular holiday destination

Italy has been named as the most popular holiday destination in Europe in a new poll of British tourists. But that comes as no surprise to InCalabria Ltd property specialist, Dennis Onstenk.

According to Saga, the country is the first choice of 14 per cent of holidaymakers, potentially making it a good option for overseas investors.
The broad appeal of Italy was further highlighted after it was named the preferred option for both 25 to 44-year-olds and people aged above 55.

Commenting on the findings, Dennis Onstenk said, “These results do not surprise me. This summer we have seen more and more British property buyers arrive in Calabria who have been attracted by our affordable property prices, increasing accessibility, beautiful climate and stunning scenery.”

To meet the huge levels of interest shown in what is being billed as Europe’s very last property hotspot, the number of high quality off-plan property opportunities available from InCalabria Ltd is increasing too.

In the highly desirable Capo Vaticano region for instance, investors are discovering their own Mediterranean Dream at Sogno Mediterraneo, a tranquil development of just ten one and two bedroom properties with views out to the Mediterranean Sea. With prices starting from around £62,000, a full Bank Guarantee in place and an attractive staged payment structure in place, it’s a dream that British investors have been quick to buy into.

Just ten minutes drive from Tropea, Europe’s Number One Beach Destination according to The Sunday Times, the company is set to launch another development called Capo Verde di Parghelia.

Set high up on a headland, overlooking Tropea, Zambrone, the Aeolian Islands and the Sant' Eufemia Bay, Capo Verde di Parghelia is the first phase and front row of an exclusive mid-sized development located between the popular coastal resorts of Parghelia and Zambrone. A choice of one and two bedroom apartments and two luxury villas are due to be released shortly and Mr. Onstenk believes, “This area is poised for even further development making it a sound future investment. A new by-pass to the beach and a range of upmarket hotels and resorts have all been built in the last few years.”

This positive view comes shortly after Barclays stated that Italy was attracting considerable interest from Britons planning to invest in foreign property.

Article written by InCalabria Ltd

Rent Trouble in Qatar

Real estate sources are claiming that the recently-introduced two-year freeze on rents in Qatar has prompted some landlords to unreasonably raise the rentals for new tenants.

The rent law has been effective in curbing rent rise in general, but several landlords are fleecing new tenants to compensate their losses and attempting to cash in on the continuing shortage of residential and commercial properties in the local market.

“Landlords are now not permitted to raise the existing rents nor terminate the contracts as they wish. They would face a similar situation once they sign contracts with the new customers. Knowing well that they would not be able to further raise the rents until 2010, many of them are trying to hike them in advance. The law has not put any limit to the rents in case of new contracts,” said an official of a leading real estate company based in Doha.

He said his real estate company has recently rented out a two-bed room villa in a housing complex in the city for QR17,000 per month, nearly 50% more than existing tenants are paying.

Most tenants have no alternative but to accept the high rents, due to a shortage of residential properties. Many new buildings are coming up in the city but they are still not adequate to meet the high demand from newly-recruited professionals, most of them are employed in the oil and gas sector.

“Considering the huge number of development projects coming up in the country, this shortage is expected to continue for another two or three years at the least. Competition is not likely to bring down prices in the real estate market, since there is no uniformity in the product or the prices,” he added.

Another real estate agent said the market is now facing a “standstill” after the new law came into force. He, however, confirmed that some landlords are trying to hike the rents for new tenants.

But the real estate market in Qatar traditionally slows down in the summer, so we will have to wait for September to get a clearer picture. Qatar, like Abu Dhabi and Dubai, is facing serious public housing issues, and this rent freeze was an attempt to address that issue. It seems some landlords will do anything to avoid it though.

Real Estate Investment - Hong Kong Style

Who is buying luxury properties in Hong Kong and are they to show or grow their money? According to two high-end property professionals, it is a little of both.

Alex Chan, Manager of Residential Sales for Colliers Hong Kong said that high-end properties in traditional areas such as the Peak, Mid-Levels, Repulse Bay and Stanley are great buys ‘cause the government isn’t releasing any more land in these areas (or if it does it’s once every couple of years). So, it’s kind of like buying a townhouse on the Upper East Side of Manhattan- they’re not going to build out into the East River, nor are they going to fill in Repulse Bay anytime soon. So, what you see is what you get, and that means appreciation.

How much and how fast? Alex says typical growth for luxury props is 10 to 15% over the next four months (emphasis added). That’s months, not years. And over the past five years, some flats for about $75 to $100 million HKD have gone up by double, and one went up five times! And in case you’re thinking that the appreciation is skewed by SARS, the fivefold increase was from before SARS, and the $100 million flat doubled since two years ago.

So who is shelling out this kind of dosh? Another luxury agent from a top property agency who wished to remain anonymous told me it broke out this way: investment banker expats, local industrialists and celebrities from entertainment, and PRC new wealth. Side question: how do PRC buyers actually buy in HK, considering it is illegal to take money out of the mainland? No answers for that one, but the fact is the PRC is a big source of luxury buyers, often for second homes and for low-rise structures that are hard to come buy in China. Hong Kong is the place to buy and to be for those with resources.

This agent laid down the reasons for Hong Kong being a strong real estate market when places like the US and UK are struggling. High savings ($5 trillion HKD), low borrowing (30% on average mortgage), mortgage rates that are lower than inflation (creating what he called negative interest rates), and prices that are generally lower than other financial capitals like NYC and London. Hong Kong is tied to US dollar and prime rate, so while US is desperately slashing rates to regain footing, Hong Kong, with its strong market, is absolutely enjoying the low rates.

And while HK real estate market slowed a bit after the Chinese New Year in reaction to stock market losses in US and here, it’s picking up again. Yesterday Celestial Heights estate in Ho Man Tin started selling flats; by 9pm, according to The Standard, they had sold 100 units for an average of $30 million each. Not a bad day’s pay.

Photo Courtesy Steve Webel

Robert Diefendorf
President, Global Welcome, Estate Agency, Hong Kong

ALDAR signs MoU with ARKAN for good real estate prospects in Abu Dhabi

From right to left: Ahmed Ali Al Sayegh, Chairman ALDAR Properties, and Salem bin Mohamed Al Dhaheri, Chairman, ARKAN Building Materials Company The World

ALDAR Properties PJSC, a leading real estate developer in Abu Dhabi, inked a memorandum of understanding (MoU) with ARKAN Building Materials Company PJSC, for increasing business prospects and linking their supply chains. The MoU was signed by Ahmed Ali Al Sayegh, Chairman, ALDAR Properties, and Salem bin Mohamed Al Dhaheri, Chairman, ARKAN Building Materials Company.

Ahmed Ali Al Sayegh, Chairman, ALDAR, said: "The MoU we have signed today with ARKAN is in line of ALDAR's commitment to partnering with highly credible suppliers with strong track record for delivery. Through such alliances we can ensure our projects are implemented on time and to the highest quality standards."

Under the MoU signed today, both parties agreed to identify means for maximising business opportunities that could be achieved through a strategic alliance whereby ALDAR and ARKAN link their supply chains and ARKAN becomes a major supplier of building materials to ALDAR.

Snakes and ladders: Beware the cheap and nasty Bulgarian dream

Rosie Murray-West on the ups and downs of the property world

OK, I'm going to start with an easy one. In which country would you use the lev as currency? No? Well, would it help if I told you that its president is Georgi Parvanov? That the Rodopi mountains mark its southern boundary? That its capital city is Sofia?

Well done, it's Bulgaria and if you don't know these basic facts about the country, don't worry - that is no reason not to join the countless thousands of British "investors" (I use the term guardedly) who are planning to buy property there.

Since returning to work a month ago, after maternity leave, I have lost count of the number of phone calls and emails I have received from self-styled Bulgarian property experts and excitable readers, all desperate to tell me about the wonderful home-owning opportunities this country offers.

Certainly there is no shortage of websites to satiate the appetites of potential buyers. These all offer alarmingly similar artists' impressions of yet-to-be built apartment blocks or a selection of older homes across Bulgaria. And if you can't pinpoint "Bansko" or "Chernomorets" on the map? The pragmatic realtors offer you the option of searching "near beach", "in mountain", or even "near highway".

Now, I can perfectly well believe that Bulgaria is a delightful place - the snow-capped mountains and verdant valleys in the artists' impressions alone could convince me of that - but what exactly is causing this army of buyers to head towards Bulgaria? Its Black Sea coast? Its possible accession to the EU? Have the investors all enjoyed wonderful skiing holidays in the splendid Pamporovo resort and want to return, year after year?

Not quite. The main attraction, they tell me, is that it's cheap. It's really, really cheap.

This is true. There is absolutely no difficulty in finding a rural house at about the £12,000 mark. But there's a reason for this: Bulgaria is poor, really, really poor. Look at virtually any European index of deprivation and you will find it lurking in the bottom three, alongside Albania and Romania. Not only is it rather tasteless to take part in some sort of developing-country land-grab, but I can't help feeling that it is financially foolish as well. There simply isn't enough wealth there to generate competition for property locally, so other overseas investors are the only people who can drive prices. And, if buyers have only the haziest idea where Varna or Veliko Turnovo are, how can they expect other people, with even less interest in the country, to choose them as holiday rentals?

Yes, some will make money from the Bulgarian property boom, but my suspicion is that it will only be the people who got in early enough. And by my reckoning, that would have been about four years ago.

Starry-eyed greed, of course, doesn't affect only those with property in Bulgaria. I am currently thinking about moving house and, although I won't be putting my home on the market for a couple of months, I have already developed a worrying detachment from it. Until I decided to sell, I thought of my home as, well, my home - a nice place full of memories that I shared with the people I love most in the world. But how those sentimental scales have dropped from my eyes now that I am weighing up guide prices. Sitting on the sofa in my (bright and airy) living room, I scour the (architect-designed) walls for scuffmarks and stains that might put off increasingly choosy buyers. Weekends are spent poring over interiors magazines working out how best to titivate the bathroom.

Unfortunately I am a victim of property-show mania and I find it hard to believe that any viewers will consider buying unless they can work their way through a checklist of desirable features which include artfully arranged pebbles in the fireplace and dozens of plump, co-ordinated cushions on the bed (do people really go through the rigmarole of removing them all each bedtime?). Last time I sold a home, I bought some flowers. This time, I am thinking about a new kitchen.

Dubai Investor Survey Highlights Worries

Security and Trust are the greatest concern for more than half of respondents

The results of a recent survey on the Dubai real estate sector have highlighted the main areas of concern for those buying property in Dubai as; security & trust and construction delays.

The survey, conducted on behalf of Better Homes as part of client research that targeted over 2000 people, found that over 50% of purchasers of property in Dubai were most concerned about security and trust issues. Construction delays, a common problem throughout Dubai came in as the second most common cause for concern with 19% of all responses.

Ryan Mahoney, Managing Director of Better Homes, the Gulf’s largest real estate agency, said that the results "were not all that surprising and given the high values involved with real estate transactions its right that people err on the side of caution" adding that "When compared to some more established markets, the sector in Dubai is still relatively new and in any such markets there is always likely to be similar concerns"

However, the good news for investors in Dubai is that the market is becoming increasingly regulated with Mahoney commenting, "Regulation in the industry here has come on leaps and bounds in recent months and while there is still a long way to go, the establishment of the Real Estate Regulatory Authority (RERA) along with the implementation of laws such as Escrow have really helped tighten things up in the market, putting it on more of an equal level when compared with our more developed international counterparts".

Mahoney feels that the survey should serve as a reminder to all potential investors to beware; "I would advise anyone to always purchase from reputable developers and through reputable real estate agents to reduce any unnecessary risk" adding that "at Better Homes we always carry out comprehensive due diligence before taking on board any project to ensure that the end product meets the required standards and expectations"

Rami Khairy Khalil Shaaban a client of Better Homes who recently purchased a villa in Dubai, supported these comments stating; "For me, choosing an established company reduced the potential risk and removed any unnecessary worries as I knew I was dealing with professionals"

Mahoney also thinks that rules such as the escrow law, where monies collected in payment for units is held in a trust account and released in phases linked to construction, will help to further alleviate concerns. "With escrow in place clients can feel safe in the knowledge that their investment is safeguarded". Certainly, the escrow law should help speed construction along as payments will only be released based on construction progress.

Summarising Mahoney said "Dubai is becoming a safer place to invest and while some delays are inevitable and often unavoidable, as competition increases, we are seeing more projects being completed on schedule"

Mainland Chinese Community In Singapore

The rich and elite of China are looking beyond their shores. No longer can the investment in large scaled yet low end manufacturing satisfy them. Armed with massive capital, they are going abroad to expand their portfolio, to conduct business and even, to live. Singapore Prime Districts shows why our little red dot could be the perfect place for this new class of Greater China.

City development

Singapore is well known for its city development. Our government has put in careful thought and detailed planning in every project and infrastructure. As such, this island nation has long hailed as a model for many rising cities. Unlike Shanghai and Beijing where pollution constantly plagues citizens in the summer, Singapore boasts itself to be one of the cleanest cities in the world. Furthermore, our streets are lined with lush greenery to create a garden city pleasant to the eye. Infrastructure-wise, Singapore has a mature and convenient public service system; be it transport or medical service; we provide the best at an affordable price. The emphasis on cleanliness, greenery and convenience has made Singapore out to be an ideal city for working and living.

Sino-Singapore relationship

Ever since China opened up its gates to the world, the two countries have always shared a close and unique relationship. As compared to radical nations that support the independence of Taiwan, Singapore has always maintained the position that Taiwan belongs to China and has never criticized China for its domestic policies. This stand ensures peace on the political front and protects Chinese investors in Singapore. Both nations also share common interests in trade; the commercial ties they have fostered on an official level would also help wealthy Chinese set up in Singapore. Trade agreements signed between the two further provide opportunities for exchange of technical skills and expansion of market which would benefit major Chinese corporations.

Business culture

The keyword in Chinese business is guan xi, or connections. Business is hardly as usual because human relations are complicated and the lack of connections to relevant departments could make life very difficult for a businessman. Singapore however is a different picture. We are practical and efficient people who focus on reaching a win-win scenario through the fastest and most cost-saving method. Social and entertainment costs are kept low yet quality of work is constantly supervised in a competitive environment. The government’s tough stance against corruption also means businesses do not give bribes or gifts which promote inefficiency. In Singapore, business as usual means just that.

Design and value of property

The private property in Singapore is another attraction to wealthy Chinese investors. While it is true that property in the Mainland is appreciating in value, their location and design may not be as sophisticated as Singapore’s developments. Our condominiums flaunt modern and eclectic designs that provide luxurious living in serene areas. Furthermore, the limited land space in Singapore ensures that private property is always valuable and precious. Unlike the Chinese government who practices property control in a hawkish manner, Singapore also has more respect for private property and will compensate reasonably when buying back land from citizens. As such, property investments in a stable market like Singapore yield higher security and value.

As the super-rich of China go off shores, they should consider Singapore as their next stop. Well-developed, efficient and business-friendly, we offer a sophisticated international platform for investors. Not to mention we speak decent Mandarin.

Sorouh Real Estate acquires stake in Abu Dhabi construction firm

Sorouh Real Estate PJSC, one of Abu Dhabi's leading real estate developers, has announced the acquisition of a 60% stake in Pivot Engineering and General Contracting Company LLC, Abu Dhabi-based construction company.

Mounir D Haidar, CEO, Sorouh Real Estate PJSC, said, "Sorouh is delighted to be able to deepen its relationship with Pivot, a company with proven delivery and a long history in Abu Dhabi. Given the scale of our many developments coming to market in the coming months and years, our construction force needs to be extensive and to operate at world-class levels of build and safety".

The deal will enable Sorouh Real Estate to deliver more efficiently for its current real estate projects worth more than Dh45 billion under development in Abu Dhabi.

Does the Spanish property market sill have a pulse?

Over the last few weeks and months I have heard and read literally hundreds of negative stories about the property market in Spain. Wasn’t it strange then that I was actually paying far more attention to the property magazines and for sale sections of the local Spanish newspapers, if the market was that bad with major estate agents like Viva Estates and Ocean Estates along with a reported 40,000 others closing down or in serious danger of going out of business, why am I so interested in potentially purchasing my first Spanish property now?

Over the last few weeks and months I have heard and read literally hundreds of negative stories about the property market in Spain. Wasn’t it strange then that I was actually paying far more attention to the property magazines and for sale sections of the local Spanish newspapers, if the market was that bad with major estate agents like Viva Estates and Ocean Estates along with a reported 40,000 others closing down or in serious danger of going out of business, why am I so interested in potentially purchasing my first Spanish property now?

The reason I am looking is that there are bargains to be had in Spain at this time and although this is clearly not a good sign for the market in the short term, there seems little doubt that the Spanish market is expected to become strong again as there is quite simply a staggering number of people looking to live in the area or own a holiday home in Spain for short breaks. UNWTO (United Nations World Tourism Organization) still has Spain as the being the second most popular destination in the World above China, the US and the UK.

A report in the popular Marbella Essential Magazine from well know estate agent Engle and Volkers, says that the current negativity is only limited to certain aspects of the market, namely certain locations and property below the €500,000 level. Engle and Volkers believe this is ultimately due to a huge glut in property in these areas and at the lower price points.

The market does however, offer opportunities to another subset of potential buyers. Traditionally in Spain during the boom period buyers would need to pay 30% initially on a new property in the form of a deposit and then an additional 10-12% in tax and other closing costs, which means that to buy a modest €200,000 apartment the buyer would require savings of €80,000. Not many young people living in Spain or wishing to live in Spain were in a position to purchase under these terms and so a large rental culture was created. In the current climate, with people desperate to sell and prices slipping, coupled with inflated bank valuations, it is relatively easy to purchase a property in Spain with zero outlay.

Young people with modest yet secure monthly incomes but with little or no substantial savings can borrow 80% of the inflated property valuation covering 100% of the purchase price, and sometimes substantially more, allowing them to cover all closing costs. It is true that at this time the cost of borrowing has increased but there are opportunities that were not available previously for mid term investors with low investment capital that didn’t previously exist.

The market in Spain tends to perform in cycles, but never boom and bust. It is true to say we are on a downturn at this time, but with visitor numbers of the like Spain can attract year on year, its time will come again! The question is; will you have regrets, or will you be sitting pretty?

By Gareth Milton

Low-cost flights open up Madeira

Low cost flights are making foreign home-owners in Madeira very happy indeed. Since the start of EasyJet's daily flights from Stansted and 3 weekly flights from Bristol, Flyglobespan has just started a weekly flight from Edinburgh, ThompsonFly from Manchester, Aer Lingus from Dublin, Sterling from Copenhagen and Prima Charter from Poland.
As unreal as it may sound, it is quicker and cheaper for someone living in London to get away for a weekend to Madeira than to get to the Lake District.
Thank you low-costs!

Article summited by Plus Property

Super yacht marina for Jumeirah Private Island Phuket

Jumeirah Private Island Phuket, one of Asia Pacific’s most exclusive developments is scheduled for completion in Q4 2010 and set to offer levels of luxury, privacy and security as yet unseen in Asia Pacific. It will also be home to an elite mega yacht Marina and the invitation-only Jumeirah Private Island Yacht Club.

Designed to top international specifications, the fully-inclusive Marina is being built in a protected lagoon on the East coast of the island and will offer a range of facilities including 104 larger than standard berths (from 10-100 metres) capable of accommodating super yachts of up to 100m with 24-hour security, electronic surveillance and fully lit walkways.

24 hour deep water access is available with a 5.5-metre depth at the Marina entrance to accommodate larger berths (3.5 metre depth for rest of basin), power pedestals, wireless internet, electric vehicle pick up and complete yacht maintenance and repair services.

The phase I of the Marina program is now completed, with the basin preparation and the rock revetment in place. Phase II is now under way which will see the installation of pilings and pontoons in the North area of the bay, phase II will be completed by November 2008. Phase III which is the South side of the natural bay will be completed late in 2009.

The invitation-only Jumeirah Private Island Phuket Yacht Club will feature a state-of the-art clubhouse with luxury accommodation, spa, gym and restaurants and will be host to regular regattas and exclusive Black Tie functions. There is no tax on luxury yachts in Phuket and fuel, crew and dockage costs are up to 80 percent lower than those in Europe.

All property owners on Jumeirah Private Island Resort will enjoy full access to both the Marina and yacht club.

Panama Bubble

Well, it’s certainly nice to know this blog is being read by those in the know. Following Ahmed’s predictions that Panama is a bubble about to burst, the Panamanian government has obviously come to the same conclusion and decided to step in and do something about it.

La Prensa recently reported that the Panamanian government has decided to extend the 20-year property tax exemption for apartments and houses – for any projects where the building permit has been issued before the end of 2009.

And while these buildings may not all get built in that time frame, I certainly see a scramble to get the permit.

Also along these lines, the government has also decide to restore the 90-day visa for U.S. citizens, in an attempt to keep Panama competitive.

There has, of course been a backlash against these decisions, which clearly favor outside investors over locals, and whilst I feel this may extend the bubble for a short time, and possibly attract more U.S. investors, maintaining a balance between the needs of the investor and the needs of the local population is going to become an issue at some time in the future.

And, to whichever government official keeps an eye on the blogoshere – Happy New Year to you and your family !

Buying Property in Egypt

The purchasing process involved in investing in a property in Egypt is very straight forward. Once you have selected a property a verbal offer is made to hold the property, after which a reservation fee is payable in order to fully secure the unit chosen. This fee is usually 100% refundable and is typically around €3,000. At this stage it is advisable to appoint a solicitor to work on your behalf – it is highly recommended to choose one who is versed in Egyptian law. Once the reservation fee has been paid, contracts will be sent to you for signing (within usually one month). Upon signing the remaining deposit is payable – a typical deposit is 40% (minus the reservation fee). The balance is payable upon completion.

Is your overseas property legal?

A new website, which certifies that an overseas property is legally able to be sold, has been launched for UK buyers.

IsMyHouseLegal.info aims to provide a reference for purchase to check that a property has legal paperwork in order for the purchase to commence.

The checks are taken out by The International Law Partnership and ensure that the overseas land or property has good legal title, belongs to the person who is selling it and has a building licence.

In the past, many buyers have found that their overseas property has been missing building licences and planning permission. The website intends to address this by providing expert information on the legal state of Turkish property with the ultimate aim of covering all 30 countries in which The International Law Partnership operates.

"Our goal is to give overseas property buyers the information and security they need to avoid any pitfalls or the risk of a failed investment," says Sally Clough, founder of IsMyHouseLegal.info. "The information provided on the website is an excellent source for consumers; however it is not a substitute for the important legal guidance of an independent lawyer when purchasing a property."

Once completed, IsMyHouseLegal.info will feature legal information on overseas property markets, including the UK's favourite destinations such as Spain, France and Portugal as well as Eastern European countries such as Slovakia, Bulgaria and Russia.

Two more Towers announced in Abu Dhabi

The Abu Dhabi-based real estate pioneer’s new projects at the City of Lights claim a holistic living environment by employing futuristic smart home technology and eco-friendly space management.

Hydra properties, a UAE real estate developer, today announced the launch of two new projects - Hydra Avenue Towers and Hydra 55 Towers.

Commenting on the launch of Hydra Avenue Towers and Hydra 55 Towers, Dr. Sulaiman Al Fahim, Chief Executive Officer said,” we are engaged in the relentless pursuit of excellence while serving the needs of the UAE, and those who are driven by the urge to meet fresh challenges head on. I’m proud to say that we have blazed a new trail in the real estate scene in the Middle East. Our new projects — Hydra Avenue Towers and Hydra 55 Towers — reflect our unswerving commitment to serve the UAE and stand as proof for our unflinching determination to play a meaningful role in the development of the nation.”

He also announced that the company will be selling the units of Hydra Heights, their exclusive residential towers at the City of Lights, at the Abu Dhabi Cityscape.

The Hydra Avenue Towers Project comprises six towers, rising up to 29 stories. These six skyscrapers are classified into a group of three each and will stand as a brotherhood of buildings at the City of Lights. Hydra Avenue Towers are designed to triumph over a podium that stretches over five floors. To provide the residents a holistic living environment, thinkers at the Hydra
have planned retail towers at the Hydra Avenue Towers.

The work has already gathered momentum and the Hydra Avenue Towers Project is expected to be completed by January, 2011.

From all the stories of Hydra 55 you will get an unbroken view of the seafront at the Al Reem Island as the project is just a stone’s throw away from the shore.

Futuristic smart home technology will be deployed at Hydra 55 to ensure the residents a ceaseless flow of comfort and convenience.

Mumbai Real Estate News That You Should Know About

Mumbai flat owners, beware. If you have rented out a property, it is time to keep your leave and license agreement within sight. Or get the agreement prepared and registered if you haven’t already.

The Municipal Corporation of Greater Mumbai (MCGM) has dispatched 600 inspectors to conduct a house-to-house survey. The survey ascertains if any flat owner has rented out property without informing MCGM, or whether the actual rent being charged is different from that on the agreeement. The former will be established by verifying the existence of a registered leave and license agreement at the sub-registrar’s office. The latter, perhaps by talking to your tenants, checking past receipts and personal accounts if deemed necessary.

The corporation collects all property tax under Section 154 of the BMC Act. Until yesterday, it has taken the property owners’ declaration for their word. The MCGM today finds it necessary to countercheck whether the information they are provided is correct or undervalued.

V Radha, the joint civic commissioner in charge of property tax assures us that there has been no change in any rules or policy. “All that we are doing is implementing the existing law,” she said. That means that you have no reprieve if you are caught off guard tomorrow afternoon.

Coming less than a month after the news that Mumbai records world’s biggest rise in Industrial rents, this news has raised fears that rents may go up even further. BS Umbarje, the chief ambassador and collector, allayed these fears. “There is no fear of rents going up,” he said. This action is to be viewed only as an effort to make the defaulters pay, and not as an increase in the actual taxes.

With 3,18,034 properties worth Rs 2,231.11 cr coming under MCGM’s purview, the exercise is expected to take a year for completion. It has a potential to tremendously increase the revenue of the country’s richest municipal organization. In 2006-07 alone, the MCGM has recovered Rs. 107 crore as property tax for properties that had been rented out on leave and license alone.

Property Markets to Invest in During 2008 - Romania

Following on from our prediction that Romania will be a good property investment in 2008. News has just been released that UAE-based real estate developer Fortune Group, which has projects worth about Dh7 billion in Dubai, said it will launch two “multi-billion euro” developments in Romania.

It said the commercial launch of the two projects is expected early next year.

The first project will be a waterfront residential and commercial development located in southern Romania, spread over six million square feet. It will comprise apartments, a five-star hotel and other facilities.

The second project in the north of the country will be a residential development set amidst golf courses and ski slopes with the Transylvanian mountain range as a backdrop. Syed Mohammad Ali, chief executive officer of Fortune Group said, “Though Romania remains a rather untapped market, many GCC nationals, including Emiratis, have been buying property in Europe - Both our projects will be targeted towards the expatriate community. Many British, French and Italian property buyers have evinced interest in our project, but we are keen on attracting GCC nationals as well.”

Romanian real estate is attracting a growing number of overseas buyers with many British buyers shifting their attention away from traditional markets such as Spain in the search for better returns.

Registering Property in Croatia

Procedure 1.

Obtain a land registry extract from the competent land register court

Time to complete:

1 day

Cost to complete:

HRK 20 per extract

Comment:

Obtaining a land registry extract has become a crucial part during the preparation process for the purchase of a real estate, since the land registry extract enjoys public faith. Due diligence requires that the buyer knows the status of the land registry. Not knowing it can also result in conflicts on the property. The extract must be stamped by the Land Register Court in order to be verified. This usually does not take more than one day. Croatia has been in the process of computerizing the Registry. This process is still in its early stages, however it is possible to search some of the Land Registry Books online and obtain an electronic Land Registry Extract for a property that has been entered in the database. The digital Land Registry can be accessed through: http://e-izvadak.pravosudje.hr/mpweb/main.jsp E-Cadastre also enables online insight into the legal status properties in Croatia, according to the number of land plot and cadastral municipality data. (http://katastar.hr/dgu/ind.php)

Procedure 2.

Notary notarizes sale contract

Time to complete:

1-2 days

Cost to complete:

HRK 47 per signature verified by public notary (2 signatures required)

Comment:

The contract of sale, that contains a clausula intabulandi (i.e. the declaration by the seller that the purchaser may be entered in the land register), is prepared by the parties or by a lawyer and the signatures of the seller (the party whose right will be limited by contract) is verified by a public notary. If a lawyer prepares the sale contract, it will cost about 1.25% of the property price (plus 22% VAT) for properties with a value above HRK 500,000. For lower values, there is a fixed fee on a scale. The documentation shall include: Land register extract (obtained in Procedure 1).

Procedure 3.

Submit the sale contract to the municipal tax administration to pay land transfer taxes

Time to complete:

30 days

Cost to complete:

no cost

Comment:

The buyer shall submit the sale agreement to the tax administration on the City/Municipality level for payment of land transfer taxes. The tax administration passes a decision on the amount of taxes payable within 30 days and sends this decision to the address of the person who submitted the sale agreement. Along with this decision of the tax administration, a payment slip is attached, with the amount of the tax due, and with the bank account number indicated. The notary public shall also report the sale agreement to the tax administration on the City/Municipality level for payment of land transfer taxes. While the buyer has the legal obligation to deliver the contract of sale to the tax authority within 30 days as of the conclusion of the sale agreement, the notary is obliged to deliver the sale agreement to the tax authority within 15 days of the month in which the certification of signatures took place. Within 15 days upon receipt of the tax assessment notice, the buyer shall pay the real property transfer tax. In the event of a default by the buyer, the tax authority can hold the seller jointly liable for the payment of this tax, provided that the seller assumed the contractual obligation to pay the tax. If the buyer does not notify the tax office of all circumstances regarding the real property transaction that are relevant for the proper assessment of the real property transfer tax, he shall be subject to penalties in an amount ranging from HRK 500 up to HRK 200,000. If the buyer does not pay the tax, it will not prevent the right to register the ownership.

Procedure 4.

Pay transfer taxes, stamp duty and registration fees at a commercial bank or post office

Time to complete:

1 day

Cost to complete:

HRK 50 (stamp duty) + HRK 200 (registration fee) + 5% of property value (real property transfer tax)

Comment:

The fees and taxes can be paid in the post offices or in the commercial banks, but only to the indicated State Budget bank account number.

Procedure 5.

Register title transfer at Land Registry Court

Time to complete:

140 days

Cost to complete:

Already paid in Procedure 4

Comment:

The request for the property registration must be submitted to the Registry by the parties on the appropriate registration form approved by the Ministry of Justice. However, the request shall not be rejected just because it was not submitted on the prescribed registration form. The time it takes depends on the complexity of the case and the qualifications of the registry staff, but usually a straightforward case should take about one year. The participation of an attorney is not mandatory, but if one is involved, his fees will be about 0.5% of the property value. The Registry conducts the registration procedure and renders the decision issuing the property title. The process of recording the sale agreement with the competent land register court takes around 140 days, when the proceedings are conducted by an experienced lawyer. Depending on the various courts, this process may take even longer. It should be highlighted that only the final decision, the one allowing the registration, produces the legal effect. However, regardless of the time when the final decision is rendered, the date of applying for registration will be the date marked in the Registry as the moment of transferring the ownership title. From that moment the party is protected towards all applications submitted afterwords. This rule is called the rule of priority: the buyer has the legal right to dispose with the property (to sell, lease, bequeath, transfer by gift, mortgage the property). From that moment until the final registration the buyer has "quasi ownership". Therefore, even before the registration is completed, the first buyer - quasi owner can sell the property to another, second buyer. However there is a risk if the final registration of the first buyer - quasi owner is not allowed. In that case he will be liable for damage towards the second buyer. In practice the other contractual party will probably not be willing to enter into the legal transactions with the person who is not the legal owner of the real-estate in question (or take the risk). From 2004 the Court no longer accepts incomplete applications. If the registration form contains certain deficiencies, the court will not invite the applicant to correct the request but will immediately dismiss the application. The applicant may submit a new request, which will then have a lower rank. This has resulted in some reduction of backlog at the Courts and has also led to higher demand for professional assistance with the application process. Furthermore, recent changes in 2005 entrust the Land Registry clerks with the authority to decide on applications, with judges deciding on appeals. With registration moving from a judicial process to a more administrative process, this is a welcome change that indicates potential for decreasing the amount of time for registration. Recent internal reorganization of the Land Books also indicates future potential for increased efficiency. The documentation shall include: Notarized sale agreement Application form Certified copy of an ID or a passport

Design your dream home - Egyptian style

Do you have an image in your head of how your dream home would look? Do you think you could knock the designer socks off Laurence Llewellyn Bowen and Linda Barker? And would you like to practice your design skills on a six bedroom luxury villa costing less than the price of a one bed flat in a less than salubrious area of London?

If the answers are yes, yes, yes, then overseas property specialist Egypt Revealed is offering an exciting new building project just outside Hurghada on the Red Sea Riviera. The British developers of Blue Horizon Villas specialise in one-off designs, with every property individually tailored to suit the buyer, and a guarantee not to repeat the design.

There are four sizes of properties to choose from and any of their internal layouts could be changed upon request. Reputable Egyptian builders construct the main structure, and then the British team is brought in for the final finishing and décor, to ensure all personal final touches are carried out to the letter.

A furniture pack is optional, but would include everything needed to literally get off the plane and start living the dream. Every need is taken care of, from cutlery and crockery, even paintings and mirrors, right down to stocking the kitchen cupboards. The developer meets every client individually to get an in-depth understanding of their requirements, even finding out what type of tea they’d like bought for their arrival!

All properties come with built-in air conditioning (both heating and cooling), fully fitted kitchens and bathrooms, gym equipment, internet access and roof garden. They will also have access to the year-round underground pool (apartments share with their three block neighbours), Jacuzzi, rest area, gym, balconies and private gated entrance.

Also included in the gated development will be private facilities such as a games room and internet café/business centre and restaurants.

If there’s something missing, the developers would be happy to hear of any individual requirements and to install anything to create the ideal dream holiday home abroad.

FOUR SIZES

1. One bedroom apartment (four per block). Includes kitchen, living room, bathroom, bedroom, dining room/second bedroom. Plus the two first floor apartments have balconies. Approximately 60m2. From £43,000.

2. Two/Three bedroom villa. Over two floors, offering three bedrooms and one bathroom or two bedrooms and two bathrooms, kitchen, lounge, balcony. Approximately 140m2. From £75,000.

3. Four bedroom villa. Over two floors, offering four bedrooms, two bathrooms, kitchen, lounge and balcony. Approximately 160m2. From £105,000.

4. Four bedroom executive villa. Over two floors, offering four bedrooms, dressing room and private bathroom (off master bedroom), two further bathrooms, kitchen, living room, balcony. Approximately 210m2. From £140,000.

5. The six bedroom presidential family villa. Over three floors, plus private roof terrace. Two of the six bedrooms have their own en-suite bathrooms and dressing rooms. There are two further bathrooms, a designer kitchen, balcony and two reception rooms. Also included are a private courtyard, pool, Jacuzzi and gymnasium. Approximate area 320m2. From only £185,000.

LOCATION, LOCATION, LOCATION

This new development is situated in Magawish, only a couple of minutes from Hurghada’s pearl white, sandy beaches and shopping district.

The Red Sea Riviera has fast become a community of mixed nationalities and cultures. The permanent summer weather and leisure activities, including desert safaris, diving and golf, make this the most popular resort in Egypt.

Nearby, on this impressive strip of the Red Sea coast, lie the stunning resorts of Sahl Hasheesh and El Gouna, both exclusive destinations offering residents and tourists fantastic views of the desert and mountains. At the heart of the El Gouna Resort with its natural lagoons is the Abu Tig Marina, the most luxurious harbour on the Red Sea designed around the spectacular El Gouna Golf Club, an 18 hole, PGA professional golf course.

The Red Sea Riviera has two seasons: a hot summer, which runs from May (18-32°C) to October (18-29°C), followed by a mild winter for the remaining months. The dry climate makes the area a highly desirable location at any time of the year.

THINGS TO DO

Known as one of the most beautiful places on earth, the Red Sea is a truly exotic and fascinating natural seascape environment. Its crystal blue surface and oasis of living creatures, reefs and coral formations, make it one of the world’s most highly sought after diving locations.

Hurghada provides a gateway to the Red Sea’s prime diving sites and is unique in offering access to many uninhabited offshore reefs and islands, allowing a myriad of opportunities for swimming, snorkelling, scuba and free diving. The warm waters are ideal for many varieties of rare fish and coral reefs, which can also be observed through glass bottom boats or submarines.

There are also many other excellent facilities enjoyed by visitors such as kite surfing, deep sea fishing, windsurfing, swimming with dolphins, sailing, jeep adventures and boat trips.

To put your design on a property there’s no need to be a fluent Arabic speaker. All contact is throughout the purchasing process is with English speakers, and except for the initial land purchase document, all communication, design and payments are controlled in the UK. This also has the added benefit of offering ultimate security and peace of mind for every investment.

All you have to do is get on the flight we have booked for you and move in.

For more information about Blue Horizon Villas, Magawish, visit egypt-revealed.com.