Iraq seek more property investors

Country: Iraq

The Iraqi government has stepped up its attempts to attract more overseas property investors buy passing legislation that permits overseas nations to own land for residential construction projects, while the actual planning process is to be simplified.

Following the recent war, Iraq is in desperate need of new homes, as the existing housing shortage is in its millions, and the country sees foreign investment as holding the key to alleviating the problem.

In the past, international investors have shunned the Iraq property market, not just because of the recent military conflict, but due to the fact that there was a lot of red tape involved with buying property in Iraq. But these laws are now being altered to make investing in Iraq real estate easier.

Sami al-Araji, National Investment Commission chairman, commented: “This is a huge achievement for everybody, the Parliament, the cabinet and the Iraqi people. This will remove many obstacles blocking the investment process in Iraq. Housing is a potentially huge growth industry.”

Global property prices improve – Knight Frank

Singapore property prices recorded the greatest rise in the world during the third quarter of 2009, according to the latest Global House Price Index from Knight Frank.

Although property prices in two-thirds of the countries covered in the index increased, property values in over half the destinations featured still remain down year-on-year.

Property in Israel posted the greatest gains, up 13.7% year-on-year.

During Q3 Singapore property prices increased 13.7% compared with Q2, while Dubai property values dropped 47% year-on-year.

‘House prices are now rising in a clear majority of locations around the world with almost 70% of the locations reporting growth in the third quarter of 2009. This compares with under 50% during the second three months of the year,’ said Liam Bailey, head of residential research at Knight Frank.

He added: “There is still, however, a clear polarisation from the top to the bottom of the table. Israel remains the best performer on an annual basis and is the only country to have recorded double digit growth.

“Dubai have fallen the most despite posting a small recovery and the recent debt issues with Dubai World and the subsequent loss of confidence by investors means even this nascent rally is already under threat.”

Property in Spain, property in Denmark and property in Ireland have yet to record their first quarter of growth since the credit crunch, largely due to an oversupply of housing and weak economies.

Opportunities abound for UK buyers in Florida, the Sunshine State

Country: Florida, United States

“The Florida market is resilient and is already coming back”.

That is one conclusion in a new report on the Florida property market from Winkworth International Developments. The Sunshine State is predicted to attract significant attention from overseas buyers in 2010 looking for excellent value for money.

As the global recession eases and the recovery begins, experts are forecasting that investor confidence will flow back into the US real estate market and national house price declines are predicted to abate by early to mid 2010. New home sales should post an increase of around 20% from the very low levels seen in 2009.

Few real estate markets have suffered more than Florida, where oversupply has been a major factor in driving down prices. Foreclosures and a glut of unsold condominiums have especially contributed to slowing down the Florida housing market.

Charles Peerless, director, Winkworth International Developments comments: “Florida’s loss can be a UK buyer’s gain. With low prices on a wide range of top quality luxury homes and condominiums in world class developments, combined with a favourable exchange rate and low interest rates, buyers who seek sun, golf and wide ranging lifestyle attractions can now buy a home here for about half what they would have paid in 2005.”

“For international buyers, 2010 will be a great time to buy in Florida,” agrees Sean Snaith, economics professor and forecaster for the University of Central Florida in Orlando. “The imbalance of supply and demand puts the buyer in the driving seat. Large inventory, pricing power and the continuing weakness of the dollar when compared to other currencies mean awesome deals in the housing sector.”

Mr Peerless continues: “All this means that there has seldom been a better time to get into the Florida property market. According to most local experts, prices have nowhere to go but up and a home in Florida bought at today’s bargain prices should prove to be a laudable investment five years from now.”

For new homes, Florida’s construction sector bottomed out deeper than expected in Q2 2009, falling to just 35,352 housing starts at an annual rate. This level of starts represents only 12% of the peak number of starts it reached in Q4 2005 - a staggering 88% decline in starts from peak to trough.

The 2009 Florida Realtors’ Profile of International Homebuyers says that 14% of foreign buyers in Florida bought a new build, while the remaining 86% bought an existing property, which are.very similar percentages to the patterns among all homebuyers in the state. To take advantage of this trend, Winkworth International Developments will be launching a resale service in 2010 for UK buyers. The company is already active in the new homes market.

There are some pockets of Florida that have been affected more substantially by the downturn than others which now offer excellent opportunities to investors in high quality new developments. For example, in Orlando, buyers can pay $140 per square foot down from $250 in 2006 and in Sarasota prices that were $350 per square foot are now as low as $47.

South West Florida

This region of Florida enjoys relatively uncongested areas. It is sophisticated, less crowded than the east coast and there are some real bargains here.

Sarasota was recently highlighted on NBC as the number one place in the whole of the USA to buy a home. The city is known as ‘the Jewel of the West Coast of Florida’ because of its fine restaurants, beaches, theatres, arts, shops and lifestyle. Having seen a down market for prices in 2007 and 2008, Sarasota is now in full recovery mode. Prices are at 2002/2003 levels and the market between buyers and sellers is rapidly moving into equal balance. For the year to July 2009, the number of completed sales in Sarasota County showed an increase of 16.5 % over the equivalent period the previous year and pending sales showed a 57% increase on the same basis.

However, there has been little or no new construction in the area for four years, so high quality inventory is being snapped up.

Central Florida

With many beach properties, proximity to Universal and Disney World and significant growth along the 1-4 corridor from Tampa to Orlando, this area should experience a quicker comeback than most other areas in Florida.

Many developments are ideally geared towards the European buyer. For example, Victoria Woods at Providence, about 15 minutes south of Disney World, offers properties for buyers who want access to sports and lifestyle attractions with high rental yields. Prices range from $280,000 to $420,000.

Another development proving very popular with overseas buyers is Heritage Key Villas in Kissimmee, where 34 homes are available at under $200,000.

South Florida

South Florida is the place to buy a condominium. There are sales being made well below construction cost. The major reason for the decline in the Miami condo market is the difficulty in getting finance which tends to be more available on houses. As such, condos offer an excellent opportunity for cash buyers.

North Florida

North West Florida is dealing with many of the same issues as South Florida, such as overdevelopment and distressed property. Prices are discounted and are about where they were in 2005.

Florida has long been one of the top destinations for UK travellers, as well as overseas homebuyers, due to the easy access, value for money, use of the English language and guaranteed sunshine. Commenting on its enduring appeal among UK buyers, Charles Peerless concludes: “Buyers get so much more for their money in Florida than in Europe. Spacious high specification properties, spectacular golf communities, high future capital growth predicted, excellent transportation and, of course, the ever popular Florida lifestyle – sunshine, beaches, golf, cruises, theme parks, shopping and dining.”

Few real estate investors are currently active in Abu Dhabi as they wait for 2010 completion dates

Property prices in Abu Dhabi remain stable but only a small number of investors are currently active in the market and many are waiting for completion dates for 2010 before committing, it is claimed.

According to Landmark Advisory, one of the leading real estate consultancy companies in the Middle East, October and November were two of the most active sales months of 2009 for the city with demand focused on close to completion developments such as Marina Square, Al Reef Villas, Sky Tower and Al Bandar.

However, prices have not measurably appreciated and buyers continue to look for distressed sales.

They are looking for completed properties and are waiting for hand over dates to be announced by developers.

‘Despite an increase in sales activity in the third quarter, demand levels since mid November have waned, leading to limited sales volumes in December,’ explained Jesse Downs, Director of Research and Advisory Services, at Landmark Advisory.

The company’s latest sales guide shows that transactional prices remained stable throughout the fourth quarter of 2009 and are not expected to increase until property is handed over in 2010.

‘Prices are only likely to increase for developments that are close to completion during 2010.

As these developments get closer to completion, transaction volumes are expected to increase, which could gradually lead to marginal price increases,’ said Downs.

Asking prices saw a marginal increase of 5 to 6% with the exception of Al Bandar which has seen average asking prices decrease by 9% since September 2009.

More problems on the Red Sea invloving Mr Andrew Harris

Egyptian born resident Mohamed Lahwany is needed for questioning in a skirmish that occurred outside a popular Red Sea resort named Regency Towers. Mr Lahwany was working for a British disqualified alleged property fraudster and conman named Andrew John Harris in Hurghada, Egypt.

Late this night of 2008 in mid August, there was a verbal altercation between investment buyers and Mr Harris. Mr Harris allegedly demanded a group of Egyptian men to psychically attack and beat upon a few of these investors, leading to the local Egyptian police being summoned.

At this time prior to the police taking control of the situation. It has been alleged, and was said to be witnessed that Mr Lahwany ran inside a dwelling with a knife and proceeded to cut his own face. The alleged self mutilation we have been told was an attempt to have his boss Mr Harris get out of the gang style attack on his investors, and switch focus in the investors direction as possible assailants. It is alleged an Irish bystander is on a hidden recorded device stating that Mr Mohamed Lahwany was paid by Mr Harris to cut is own face, the bystander asking how much he was paid for this act of self inflicted wound resulting in blood coming from atop is eyes.

Mr Lahwany blamed a European elderly man and his daughter, and a visiting America investor for this self body mutilation resulting in them being arrested, and taken to court until an investigation revealed they were know where near this Mr Lahwany at the time of his injuries, and is stated there were witnesses that have confirmed he did it to himself, and this may have been motive for money from his boss.

The case was dropped against the investors, back in 2008.

WPN have just been sent a message by spokesmen for plaintiffs and investors they are asking the case be reopened by the prosecutors, and are requesting Mr Lahwany be questioned, tried and or imprisoned, if this is what the judged deems fit for punishment.

They want to submit for evidence the recorded sample along with sworn statements from eye witnesses the night of the incident.

WPN are in negotiations currently for a copy of this recorded. We will have a transcript available if we can obtain this.

We hope to have the exclusive on this.

The investors that Mr Harris allegedly had psychically attacked were rushed to the Hurghada hospital to care for the injuries they suffered.

Any lasting scars, this we are unaware of at this time if any exist.


Mr Andrew Harris has appeared on WPN from time to time with regards to his alleged property scams, and his British disqualification for a Holiday property scandal.

Birmingham businessman linked to Egyptian property scam

From Mr. Harris' home town newspaper.

http://www.sundaymercury.net/news/midlands-news/2009/10/04/birmingham-businessman-linked-to-egyptian-property-scam-66331-24845060/

Oct 4 2009 by Ben Goldby, Sunday Mercury

INVESTORS fear they may have lost their life savings in an alleged Egyptian property scam – fronted by a disqualified Birmingham businessman.

Customers were encouraged by Andrew Harris to hand over £100,000-a-time for luxury apartments in the Egyptian holiday resort of Hurghada.

The entrepreneur was banned from being a UK director in 2005, but sold the flats through Property Hotspots Worldwide.

Buyers who dreamed of retiring to north Africa claim their properties were double-sold without their knowledge – and may not even have been owned by Mr Harris or the Solihull company.

They have complained to the British Embassy, Egyptian Police and Solihull Trading Standards but have been left frustrated by a lack of action.

Now the investors are clubbing together in a bid to raise enough funds to buy back their properties from the legitimate Egyptian landowner.

Meanwhile, Mr Harris, of Hampton-in-Arden, Warwickshire, is refusing to answer calls and is said to have been forced to leave Egypt because of the dispute.

When the Sunday Mercury tried to contact Property Hotspots Worldwide, its phoneline was disconnected.

And no-one responded to an e-mail sent through the company website – which is registered to Mr Harris’ home address. His mobile phone also remains switched off.

Pleaded

Investors say the businessman previously pleaded for time to raise the remaining cash needed to pay the Egyptian landlord for their properties at the Regency Towers and Regency Continental developments.

But they fear they may have lost their money for good.

Grandmother Margaret Handley, 63, of Nottingham, paid up front for her apartment in January.

After 27 years as a warehouse worker, she had planned to spend her retirement in the Egyptian resort and eventually wanted to hand the property on to one of her 11 grandchildren.

“We’ve been ripped off,” she told the Sunday Mercury.

“I was told in January to pay the final instalment because I was assured the apartment was finished and there was a 12-month guarantee in case anything went wrong.

“But when we flew out there to see it, the place was a tip. I couldn’t speak because I was so upset.

“There were no doors, no windows, tiles were broken, wires were hanging out of the sockets, there were cigarette ends and empty bottles on the floor. It was a nightmare.

“I confronted Harris about it, but he fobbed me off saying they would finish it all next week, and then the week after, and then the week after that...

“Now I have seen on the internet that flats in my block that I know have already been sold are back up for sale. Someone is trying to sell them off twice.

“We’re now trying to get together as a group of buyers to get our properties released to us from the Egyptian landlord.

“I’m at the end of my tether, I’ve lost a lot of weight and I’m not well.”

Grandparents Dawn and Wayne Harris, 50, also thought they had found a perfect retirement property in Hurghada to enjoy with their seven grandchildren.

But the couple say they their dreams have been ruined by the property dispute.

“We paid in full for a two bedroom apartment in Regency Towers from Andrew Harris back in 2008,” Dawn said. “In May we found out through the internet that our apartment, along with 13 others in the complex, had not been paid for and a dispute had started between Andrew Harris and the owner of the building.

“Our contract states Andrew Harris owns an area of land consisting of 4,000 square metres known as Regency Towers – but it has turned out he never owned the building.”

Incensed by the situation, the Harris family travelled to Egypt to confront the Birmingham businessman, but claim they were left with more broken promises.

“He swapped our apartment for another one that wasn’t in dispute and we have a signed and dated contract for it,” Dawn said.

“But a few weeks ago we found out Mr Harris had already resold our replacement apartment, which we had moved into and had spent money on.

“We have lost our apartment and our money.

“It wasn’t until the dispute we discovered Mr Harris had been disqualified in the UK.

“We are extremely upset and angry.”

Investors have flocked to the Egyptian coast in recent years to purchase bargain overseas holiday homes.

Hurghada has become increasingly popular with ex-pats, along with the nearby resort of Sharm-el-Sheikh.

Father-of-two Mark Goble, 50, also brought a holiday home through Mr Harris in Hurghada and criticised the Egyptian authorities for failing to act over the complaints.

“The police are turning a blind eye and there are no regulatory bodies you can turn to,” he said.

“The restaurant and bar at the complex have been cleaned out. And my property is one of nine broken into recently, with many items stolen.

“The security guards have switched sides. They seem to be helping the crooks, while tenants have been evicted either by threats or from water and electric being disconnected.

“Lawyers are also screwing investors for extra money when things go wrong and corruption seems to be rife.

“It’s scandalous.”

The Sunday Mercury has discovered that Mr Harris previously supplied holiday homes to Somerville Leisure, which was wound up by the Department of Trade and Industry in 2001 following an investigation into dodgy holiday deals.

The DTI found the Essex-based company misled people into buying its shares with promises of exclusive holidays through their ‘Dream Leisure Club’.

The business was wound up when investigators found it had gone bust, despite “taking excessive commissions for sales of shares with no adequate accounting records”.

New Property Forum.

New Property Forum

www.propertyhotspotsworldwide.com

Dubai property boom halts as prices fall, jobs go

By Jason Benham

DUBAI, Nov 13 (Reuters) - Dubai property shares plunged and its biggest private developer slashed jobs this week as the global financial crisis tightened its grip on the tiny emirate, until now synonymous with the Gulf Arab real estate boom.

Dubai's glittering skyline and luxury tourism sector have lured investors in droves over the past five years. But property prices have begun to fall, according to brokers and banks, in one of the clearest signs to date that the bubble has burst.

A real estate crash in Dubai would call into question the futures of millions of immigrant workers, many from India and Pakistan, and whether energy exporter Abu Dhabi would run to the rescue of its high-flying but poorer neighbour. "Villas that were very hot before the crisis have fallen. The buyers were chasing the sellers but now it's the other way round," said Quaid Abbas, property consultant at Engel & Volkers. "Small real estate companies are going to close down."

Secondary prices in Dubai and Abu Dhabi fell 4 to 5 percent, with Dubai's advertised villa prices falling by 19 percent month-on-month in October after several banks tightened lending conditions in August and September, HSBC said.

Apartments in the Dubai International Financial Centre, the nexus of the banking and investment sector, fell as much as 30 percent, it said.

Rehab Gouda, senior sales agent at Al Jabal Real Estate, said that property prices had fallen 30-35 percent in Dubai since September.

A three-bedroom villa in the unbuilt Jumeirah Park project, a sought-after area of the seaside emirate, which was worth around 4.8 million dirhams ($1.3 million) in August, is now valued at roughly 3.8 million dirhams, she said.

"The market is going through a tough time," said Sana Kapadia, associate equity research at EFG-Hermes in Dubai.

"Whether or not it is the end of the market, remains to be seen."

ARRESTED DEVELOPMENT

Times are certainly tough for the real estate sector with shares tumbling this year due to the crisis and a number of highly publicised investigations into alleged corruption.

Emaar Properties EMAR.DU, the region's largest property developer by market value, fell 5.6 percent on Thursday to mark a drop of over 80 percent this year. Union Properties UPRO.DU, which has dropped around 78 percent during 2008, fell 6.7 percent.

Scaled-back projects and job cuts among developers provide more evidence that the financial crisis has hit Dubai, which boasts man-made palm islands, an indoor ski resort and the world's tallest building.

Emaar said on Thursday it was reviewing its jobs policy after Damac Holding, Dubai's largest private property developer, said earlier this week it was cutting 200 jobs, or 2.5 percent of its workforce.

The cuts follow news that developers are scaling back projects as funding becomes harder to secure.

State-owned Nakheel said recently it was slowing down on dredging work on its massive Palm Deira project, the largest of three palm archipelagos that, when completed, is planned to house more than 1 million people.

While soaring inflation has triggered civil disturbances in Dubai in recent months, a property collapse could trigger the same if the government decides to ship home thousands of labourers who climb scaffolding and pour concrete every day.

Dubai's ambition to be a regional economic hub would also be dented by a property crash, though some are optimistic that Abu Dhabi would intervene and that long-term growth prospects for the region would support the financial sector.

"Dubai appears to be able to continue to attract people and talent and this looks poised to maintain its standing as a regional power house," Kapadia said.

(Reporting by Jason Benham; editing by Thomas Atkins, John Stonestreet)

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.