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.

Labor Issues Plague UAQ

Shaikh Saud bin Rashid Al Mualla, Crown Prince of Umm Al Quwain, yesterday issued an order, banning renting out of residential buildings and warehouses as labour accommodations, especially in areas occupied by families. In case the landlords fail to comply with the order, fines will be levied on them.

The landlords will be given a grace period for the evacuation of the labourers from residential buildings and warehouses, after which, they’ll face a fine of Dh300 for each day.

The order authorised the Director of the UAQ Municipality to head a committee to determine the areas where labourers will be prohibited to reside.

The Emirate of Umm Al Quwain is located along the coast of the Arabian Gulf, between Sharjah to the west, and Ras Al Khaimah to the east. Its land spreads towards the interior for a distance of 32 km approximately. The city of Umm Al Quwain is the capital of the emirate, situated on a deep creek one kilomter in width and five kilometers long. It comprises the Ruler’s office, companies, establishments, banks, commercial markets, the Seaport and the Research and Pisciculture Center, which helps to develop fisheries in the country.

The area of Falaj Al Mualla is located 50 km south east of Umm Al Quwain city. The Seneyah Island is located one kilometer away from Umm Al Qiwain city with a total area of 90 Sq km. Umm Al Quwain city has witnessed drastic developments over the last few years including construction of buildings, roads, parks and other amenities. Also the city is linked by a modern network of roads with the typical villages set up for settlement of Bedouins.

Qatar Investment Property

If you are looking for a potential property investment location, Viva Bahriya, the second phase of The Pearl Qatar, just got a massive boost. German Realty Fund, Trend Capital has just signed a Memorandum of Understanding with Durat Al Doha, a Qatari real estate developer to buy one of the five Imperial Towers on a turnkey project basis. The signing ceremony took place at the 3rd Qatar International Real Estate & Investment Conference & Exhibition. Mr. Ali Sayed Teymur, member of the Executive Committee signed on behalf of Durat Al Doha while Mr. Frank Simon, Chairman and General Manager represented Trend Capital.

Scheduled to be ready by 2010, the five Imperial Towers are being constructed on Viva Bahriya, the second phase of The Pearl Qatar. Each of the towers has been designed in an architectural style belonging to one of the five continents so that each tower will be distinctively different from the others. This fresh approach will inject diversity and individuality into each of the buildings. Each tower will have between 154 and 166 apartments and two luxurious four-bedroom penthouses. A choice of 1, 2 or 3 bedroom apartments will be available, in addition to a few very special units with private access to the beach. All in all, the Imperial towers will be perfectly suited for families wishing to live the Riviera lifestyle. "The Imperial Towers is our flagship project, and we are naturally thrilled that it is attracting international investments," said Mr. Teymur, "although it is to be expected, considering that The Pearl Qatar is one of the most prestigious addresses in the region." He added: "Trend Capital has been a prudent investor in the region for the past five years, and we’re confident this investment will also turn out to be very profitable for them. The strength of imperial towers is its unique design and style and this is what is making so far a success and attraction among both investors and direct clients wishing to live in Viva Bahriya in the future." Mr. Simon of Trend Capital on this occasion said: "The agreement marks our first major foray into the Qatari market, and we couldn’t have made a better choice. The Pearl Qatar is an address that needs no introduction anywhere in the world, and the progress that Durat Al Doha is making on the Imperial Towers is commendable."

He added: "We are confident this will turn out to be a lucrative venture for us, and surely the first of many more to come in Qatar’s booming market." Founded in 2000, Trend Capital is a German investment house with a keen focus on real estate and renewable energy, particularly in the Middle East. Operating out of its head office in Mainz, Germany, Trend has developed a strong reputation in the German financial markets for their expertise on international real estate investments & developments in emerging countries. Trend Capital has had a well established presence in Dubai for the last five years, and the investment in the Imperial Towers marks their entry into Qatar.

Retirement in Puerto Vallarta - Condominium or Villa?

Invariably, when North Americans visit Puerto Vallarta, Mexico, they have such a good time under absolutely ideal conditions that they hate to leave. Upon returning home, many start planning their next trip to Vallarta and can only dream about retiring here someday. The fortunate ones, either currently retired or about to retire, often start thinking about how they can own a piece of Vallarta and spend at least a part of their retirement in Paradise. Many visitors interested in pursuing the idea of retiring in Vallarta will rent a condominium during their first extended stay, and while doing so, will experience all the benefits Vallarta has to offer, and will explore the market for condos and/or villas. Once they have determined that Vallarta will be their full time or part time retirement destination, they are ready to start considering which is most appropriate for them, a condo or villa. There are certain aspects of condo and villa ownership that are constant; for seven months from November through May, the climate will be ideal, there will be numerous activities to enjoy and an abundance of friends to enjoy them with, and every condo or villa will have a panoramic, breathtaking view of the Banderas Bay and the Sierra Madre mountains.

The following discussion is to address the differences between condo and villa ownership. The first variable that most consider is the percentage of time expected to be spent in Vallarta each year. For those planning full retirement in Paradise, a villa with staff might be the best choice; association fees are minimal, there are no neighbors or renters upstairs, value appreciation is most favorable, furniture and personal items can be shipped into Mexico making living conditions more similar to back home, and most importantly, the old house in the US or Canada can be liquidated, thus freeing up the capital for retirement and travel. Those planning part time residency in PV might favor condo ownership; they will be close to many of the restaurants, shopping areas, and activities, they will be able to turn the key and forget about it at the end of the “high season”, they will have an opportunity to generate rental income while away, their maintenance expenses will be minimal, and they will retain their permanent family residence back home. The second variable to consider would be the number of friends & family that might be expected to visit each year. When you live in Paradise, you’ll be amazed at how many “dear friends” you had back home! Of course, the smaller the condo, the fewer “dear friends” you’ll have. Whereas, if you own a grand villa, you’ll have more “dear friends” than you ever knew you had. The third variable has to do with the age and health of the retiree. A younger retiree might favor a villa where he can call it home, living there as he would in any permanent residence, without having that temporary or transient feeling. Also, since most of the villas are located on the mountainside, they are usually multi-story and involve stairs, thus presenting obstacles for those less fit. Maintenance of a villa requires much more time, effort, and money and therefore, to many of the older or less healthy retirees, it alone might rule out villa ownership. Typically, the older retirees find the advantages of condo life outnumber those of villa ownership, whereas the younger retirees with many healthy years ahead of them prefer villa ownership.

Due to the ever increasing cost of land, as a “rule of thumb”, you can use an average cost per square foot for a villa of $250, whereas the average cost for a condo would be a little less, at $200 per square foot. Of course, there are many properties in Vallarta that sell for substantially less, however, we’re only considering those with magnificent views and all of the modern amenities. On the surface, these prices may seem high; however, similar properties with comparable views would be two to three times as much in the States. Furthermore, association fees are much less and property taxes are negligible in Mexico. An additional consideration that every retiree must have relates to real estate future values. In Mexico in general, and in Puerto Vallarta specifically, there is no housing slump or fear of recession, as prices continue to escalate at a rate of 10% or more per year. All properties, whether condos or villas, are purchased through 50 year trusts, held by a designated bank. These trusts give the holder exclusive right to property usage for 50 years and can be renewed after 50 years, can be given to a designated beneficiary upon death and then renewed for another 50 years, or can be sold, allowing the buyer to renew the trust for new 50 year term. These bank trusts are as safe as the title and deed used in the States or Canada; plus, since they are Mexican bank trusts, they are virtually untouchable by any outside entity. Since all real estate legal transactions in Mexico are done in Spanish, it is imperative that the buyer is represented by a qualified attorney.

Also, much of the Mexican coastal land is classified as ejido land, and as such, was designated by the Mexican government many years ago to be used by the natives as farm land. North Americans are unable to purchase some of this beautiful coastal land and therefore, any North American retiree considering real estate ownership in the Vallarta area, must have competent representation to assure them that the land is appropriate for foreign ownership. Due to the differences in laws and language, an exclusive buyer’s agent is a prerequisite in order to avoid the potential pitfalls associated with real estate purchases in Mexico. Having a truly professional agent with 100% buyer dedication and loyalty will assure you a safe and pleasant real estate purchase, regardless of whether you’re buying a condo or villa in Paradise. Jim Scherrer has owned property in Puerto Vallarta, Mexico for 24 years and resided there for the past ten years. The mission of his series of 29 articles pertaining to retirement in Puerto Vallarta is to reveal the recent changes that have occurred in Vallarta while dispelling the misconceptions about living conditions in Mexico.

Ups and Downs in the Property Markets

We thought it was time to take a look at the goings-on in the property world. Who is saying what? Which markets are looking good and which are headed south? What’s happening on other property blogs?

Downs:

• U.K Market - How far will it fall?
• The International Herald Tribune reports on the state of the British property market, suggesting a crash rather than a slowdown may be on the way
• Singapore Property Market Softens
• Lushhome thinks avalabilty is up and demand down in Singapore, causing a softening market
• Atlantic Yards Stall: A slowdown related lawsuit filed
• Curbed NY have a few words to say about Brooklyn’s Altantic Yards development. You can solve anything with a well-timed lawsuit in the US apparently
• City Job losses hit office rents
• The Finacial Times has a report that there is a drop in demand for offices in the City causing softening rents
• Talks of mass housing trendy as India property slows
• Reuters feel Indian property investors are shifting their attentions down-market as the high end begins to falter
• Inside Track’s collapse
• The Times Online reports that the demise of Inside Track may spell the death knell for the buy to let market in the UK, whilst at the same time pointing out that the bulk of rental properties are, in fact, owned by a small minority

Ups

• CondoDomain Hits the Big Screen
• CondoDomain seem to think YouTube constitutes a "Big screen."
• The most Exclusive Property in london
• The Luxury Property Blog announces one of the most expensive re-developments in London
• Bringing Green Design to the Masses
• inhabitat have some interesting developments in the green building design world
• Dubai’s Nakheel Waterfront offers Luxury Investment Opportunities
• Off Plan Property Exchange have some news from Dubai
• Taiwan Real state is becoming Hot Property on Nationalist Win
  
• The Wall Street Journal reports that Taiwan is catching up with the rest of Asia as an investment destination

Current Real Estate Situation In Chennai

The present real estate situation in Chennai is characterized by skyrocketing real estate prices. It is estimated that this increase amounted to 8-15 % over the past few years and the situation is likely continue. A number of factors have contributed to this development. The deciding factor that gave rise to this condition is the emerging BPO and ITES companies that are mushrooming all around the famous city. These are causing rental values to go through the roof. An atmosphere favoring rapid industrialization is also playing its part in the promotion of this state of affairs.

The ever-increasing workforce of these segments is predominantly young. They have cash to spare making them very consumerist. This is reflected in the emergence of shopping malls, supermarkets and the like which are situated in prime locations costing the earth. This workforce needs housing mostly in prestigious localities. Then there are those who look for budget flats. Even second hand flats fetch premium prices. With banks coming forward to offer easy home loans, even the common man can realize the dream of a house of his own. It is wiser to pay the monthly installments to the bank with the cash that goes down the drain as rent.

Many of the prestigious IT players have made their home in Chennai along with the Tier-1 companies. This is because the city is well known for its technical education centers. As a result, the companies are assured of a steady supply of qualified technical personnel.

The volatility of the stock market is diverting funds to the real estate sector which is getting more and more attractive days by day. Satellite townships springing all along the suburbs make such investments very much possible. The easy home loans provided by the banks enables even the common man to own a house of his own. Such development is evident down the Mahabalipuram Road with the consequent increase in land prices. The situation is the same in the major industrial estates of Guindy and Ambattur where a ground of land costs almost half-a-crore rupees.

The irony of the situation is that none of these are happening within the city limits. Most of the ongoing construction projects are located in the suburbs that are sparsely populated.

As more and more companies join the bandwagon with their attendant workforce, it is only safe to assume that the real estate sector is expanding by the hour making Chennai a sprawling metropolis with a unique skyline of its own.

Long before the King of Morocco ratified the Vision 2010 national development plan to help diversify the economy and bring foreign investment, Morocco was a popular destination for international film producers. Films such as Ridley Scott’s ‘Gladiator’ and ‘The Kingdom of Heaven’ have recently been shot there and Morocco’s now so famous as a film set that it has a series of internationally acclaimed film festivals annually such as the Mediterranean Short Film Festival in Tangier and the Trans-Sahara Film Festival in Zagora, which both take place in June.

Naturally, now that the King of Morocco’s ambitious plans for economic diversification are coming to fruition as laid out and detailed in Vision 2010, the film industry is one to benefit even more from the new policies and legislation that have brought about greater business transparency in a successful bid to attract significant and sustainable levels of foreign direct investment.

One of the latest productions to benefit was the BBC’s ‘The Passion.’ Speaking in an interview with The Sun specifically about the filming experience, actor James Nesbitt who played Pontius Pilate remarked that: “from the bustle of Marrakech’s colourful souks to the vast beauty of the Atlas Mountains, it is surprisingly different from anywhere in Europe” – despite being only a short three hour hop away from the UK!

And the film industry is certainly not the only one to benefit from Vision 2010 and the strong economic emergence of Morocco; forming strategically central roles in the national development plan are the tourism and real estate industries which is why Morocco has suddenly become such a popular place for property investment.

According to Steve Worboys, MD of Experience International: “developments such as Apple Gardens in Marrakech, which comprises of 51 high quality villas within a boutique-style development are being snatched up by investors well aware that demand will potentially push up values in the city where there have been predictions of 15% annual capital growth, but that as Vision 2010 comes to completion, Morocco will likely be internationally recognised as a superb place to live, work, invest and do business.”

For others, the appeal of Morocco is not just about its economic strength and fantastic investment landscape – it’s more about the beauty of the nation, the fabulous weather, the history, the magical cities and the people. This is why Morocco is such a popular choice with film producers, holiday-makers and now second home buyers alike. Proving popular with the latter group are resort style developments such as Mediterranea Saïdia with its golf clubs, private beach, diving and sailing centre and myriad of five star facilities, and Playa Vista where apartments are guaranteed an ocean view forever because of their breathtaking sea front setting.

Life's a beach and golf and... an underwater city?

Where do you get all three? And what is a city doing underwater anyway? Answer : The Sahl Hasheesh (meaning Green Valley) megaresort - A mystical and timeless spectacular new resort on Egypt's Red sea coast just half an hour South of Hurghada. Sahl Hasheesh will compare with just about any world class resort when completed.

Here, one of the world's most remarkable holiday property projects is rising from the desert. Spread over an area of 32 million square metres bordered by 12.5km of sandy beach, it combines all the facilities of a top resort with the bustling atmosphere of a lively port. The town will have not only premium resort facilities, but also essential community infrastructure like retail areas and hospitals. At its centre will be an arcaded piazza with an avenue leading to the Red sea, lined with over 100,000 fully grown palm trees specially brought in from the Nile.

The "sunken city" will be one of the main attractions. It is a feature which doesn't exist elsewhere in the Middle East or Africa.

The planners of the resort are building an entire historic city underwater along similar lines to the" lost city of Atlantis." The ruins of the city will be seen underwater, and the concept is a pharonic city that was part of Sahl Hasheesh area, which sank millions of years ago. While walking along the boardwalk, which connects to the pier that extends into the water 250m, one will be able to see the "sunken city" whilst standing on dry land. The main attraction though will be for divers who will want to see the cities' features at close quarters.

The surrounding "old town" will house luxury villas and apartments, some even with a private beach. Leisure facilities will include cinemas, bars, restaurants, 300 shops and a casino. Further afield - but closer to home than the real thing - will be miniature versions of the pyramids at Giza and the temples of Karnak.

The diving facilities at Sahl Hasheesh are of the very highest class, with coral reefs right on the doorstep. This is the ideal base for diving the famous shipwrecks of Sha'ab Abu Nuhas and the crystal-clear waters round the islands of Giftun and Abu Ramada. For golfers, work begins this year on an exotic 27 hole golf course - the first of 8 planned courses.

This is a great opportunity for buyers to experience lucrative returns on this exclusive resort investment. The infrastructure in the resort has already been entirely completed, with 180 million euros having been invested for roads, water, electricity and the opening of luxury hotels such as the Oberoi is now becoming commonplace.

The resort is conveniently only 20km away from Hurghada airport; flight time from the UK only being approximately 5 hours!

Short flight times from all European capitals, a warm climate throughout the year and the ongoing effective development of the tourist market provide for a constant, dynamic progression of the real estate prices in Egypt, especially at the Red Sea.

The essence of the resort is captured nowhere better than in the Paradise Gardens Golf & Beach resort. Barely 100m form the largest beach in Sahl Hasheesh and adjacent to a golf course the Resort offers studio, 1, 2 & 3 bedroom apartments . Also 3 and 4 bedroom semi detached villas. Prices range from around £42,000 for a studio and go up to over £200,000 for the Villas. The prices at launch started at 975 euro per sq m which is the lowest entry level in the resort.

Tahir Ali MD of Egypt Revealed who are overseeing the worldwide marketing of Paradise Gardens is delighted at the interest being shown in Sahl Hasheesh by investors. "We are aiming to set new standards in the he resort in terms of quality of build and facilities onsite. There is a fantastic opportunity for investors and holiday home seekers to enjoy excellent growth on their investment."

Ali also cites the increase in and the greater numbers of tourists from around Europe as reasons why the future looks very bright for the Red Sea coast in general and especially for Sahl Hasheesh.

All in all the grass really could be greener in this particular "Valley"

Aldar credit facility announced

ALDAR properties, the renowned Abu Dhabi-based property developer, announced today a US$ 600 million Ijara facility, has been put in place for the company.

The Ijara facility is equally financed by Abu Dhabi Commercial, Abu Dhabi National Islamic Finance (a subsidiary of National Bank of Abu Dhabi (the Islamic Banking Division of Mashreq bank psc), Dubai Islamic and Noor Islamic .

Dubai Islamic Bank (represented by its investment banking arm, Millennium Capital Limited, regulated by the Dubai Financial Services Authority "DFSA") acted as structuring and documentation agent for the transaction, while National Bank of Abu Dhabi acted as security agent. Allen and advised ALDAR on the transaction while Clifford LLP acted as the banks’ counsel.

"The success of this transaction, particularly given the challenging global financial environment, is an important endorsement of ALDARALDAR’s track record. We are grateful to each of the participating banks for their support and we are proud to have Islamic finance contributing to our business model," said Ahmed Ali Al Sayegh, Chairman of ALDAR.

Further commenting on the announcement, Ahmed Ali Al Sayegh, said: "The successful close of this Ijara facility has again shown ALDARALDAR to be a reputable, trustworthy and sophisticated company in its approach to the debt markets."

The transaction has been approved by the Shariah Supervisory Boards of the lead arrangers, making it fully compliant with the principles of Islamic finance. The facility has a four year tenor and will be used for general corporate purposes in support of ALDAR’s business plan and growth model. For a full explanation of Islamic finance see this post.

Today’s announcement comes just a few days after Moody’s Investors Service assigned long term local and foreign currency issuer ratings of A3 to ALDAR.

Moody’s, a leading provider of independent credit ratings, research and financial information to the capital markets, has described the outlook for ALDAR as "stable." (Not exactly a strong endorsement) “ALDAR’s ratings are supported by its leading market position within the Emirate of Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy. Ratings also benefit from the company’s intention to build a significant rental property portfolio, which will ultimately support a stable and predictable income stream over the medium to long term," it said.

In February this year, the company won awards for its shariah compliant finanAcing, scooping ‘Best Mudarabah Deal’ and ‘Best Real Estate Deal’ from Islamic Finance News (IFN) as well as ‘Sukuk Issue of the Year’ from EuroWeek magazine. Prior to today’s announcement, ALDARALDAR had already secured funding in excess of AED US$9.2 billion to undertake the development projects through convertible bonds (sukuk), capital debt instruments and bilateral debt facilities.

ALDAR has announced developments worth more than US$65 billion since its launch in 2005 including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park. ALDARALDAR has the largest land bank in Abu Dhabi comprising over 34 million square meters, 100% earmarked for specific developments valued at $12 billion as at 31 December 2007. The company is one of the largest UAE-listed property developers by market value and was the first Middle Eastern company to list a sukuk on the London Stock Exchange.

Aldar credit facility announced

ALDAR properties, the renowned Abu Dhabi-based property developer, announced today a US$ 600 million Ijara facility, has been put in place for the company.

The Ijara facility is equally financed by Abu Dhabi Commercial, Abu Dhabi National Islamic Finance (a subsidiary of National Bank of Abu Dhabi (the Islamic Banking Division of Mashreq bank psc), Dubai Islamic and Noor Islamic .

Dubai Islamic Bank (represented by its investment banking arm, Millennium Capital Limited, regulated by the Dubai Financial Services Authority "DFSA") acted as structuring and documentation agent for the transaction, while National Bank of Abu Dhabi acted as security agent. Allen and advised ALDAR on the transaction while Clifford LLP acted as the banks’ counsel.

"The success of this transaction, particularly given the challenging global financial environment, is an important endorsement of ALDARALDAR’s track record. We are grateful to each of the participating banks for their support and we are proud to have Islamic finance contributing to our business model," said Ahmed Ali Al Sayegh, Chairman of ALDAR.

Further commenting on the announcement, Ahmed Ali Al Sayegh, said: "The successful close of this Ijara facility has again shown ALDARALDAR to be a reputable, trustworthy and sophisticated company in its approach to the debt markets."

The transaction has been approved by the Shariah Supervisory Boards of the lead arrangers, making it fully compliant with the principles of Islamic finance. The facility has a four year tenor and will be used for general corporate purposes in support of ALDAR’s business plan and growth model. For a full explanation of Islamic finance see this post.

Today’s announcement comes just a few days after Moody’s Investors Service assigned long term local and foreign currency issuer ratings of A3 to ALDAR.

Moody’s, a leading provider of independent credit ratings, research and financial information to the capital markets, has described the outlook for ALDAR as "stable." (Not exactly a strong endorsement) “ALDAR’s ratings are supported by its leading market position within the Emirate of Abu Dhabi, whose real estate market is bolstered by a combination of strong demographic growth and a growing domestic economy. Ratings also benefit from the company’s intention to build a significant rental property portfolio, which will ultimately support a stable and predictable income stream over the medium to long term," it said.

In February this year, the company won awards for its shariah compliant finanAcing, scooping ‘Best Mudarabah Deal’ and ‘Best Real Estate Deal’ from Islamic Finance News (IFN) as well as ‘Sukuk Issue of the Year’ from EuroWeek magazine. Prior to today’s announcement, ALDARALDAR had already secured funding in excess of AED US$9.2 billion to undertake the development projects through convertible bonds (sukuk), capital debt instruments and bilateral debt facilities.

ALDAR has announced developments worth more than US$65 billion since its launch in 2005 including Central Market, Al Raha Beach, Coconut Island, Noor Al Ain, Al Gurm Resort, as well as the YAS Island project which includes a Warner Bros and a Ferrari theme park. ALDARALDAR has the largest land bank in Abu Dhabi comprising over 34 million square meters, 100% earmarked for specific developments valued at $12 billion as at 31 December 2007. The company is one of the largest UAE-listed property developers by market value and was the first Middle Eastern company to list a sukuk on the London Stock Exchange.

Cosmopolitan Berlin - The Real Investment Opportunity

With high quality city centre apartments starting at around £50k up to £120k (€75k-€168k), Berlin is rapidly becoming one of the world's property investment hotspots - and those early birds looking for the juiciest worms will find themselves some tasty treats.

Berlin Real Estate Centre, with its wide, practical experience of the country, this week announced the sale of apartments in the much sought after area of Prenzlauer Berg.

The 34 units, all modernised over several years, are close to historic Mauer Park, famous for its weekend flea market and hugely popular family picnics. A big shopping centre is nearby, alongside many schools and a kindergarten, making Behmstrasse a much sought after location by renting Berliners who want to be near the city centre action. Capital gain is conservatively put at 7-8%. "We're aware that many pundits are predicting 20% growth in Berlin, but we prefer to be cautious," said UK director, Trevor Hudson.

Investors benefit from a full service package during the period of the investment, from finance through to exit strategy, including rental income guarantee.

Berlin Real Estate Centre staff are happy to arrange inspection visits based on their years of local knowledge of the city. To find out more about the Berlin property market and receive details of investment opportunities, please fill out the form below. Find out more at:
www.berlinrealestatecentre.eu

Article written by Berlin Real Estate Centre

Dubai Property. Good investment?

In 2002 Sheikh Mohammed bin Rashid Al Maktoum of Dubai had a vision to create the city of the future. In doing this and creating a truly cosmopolitan and global society, an international community would be required, and so the Sheikh decided to allow foreign investors to purchase property on Dubai soil.

Dubai and the UAE's future is focused upon creating a business and tourism environment second to none which centres around incoming foreign investment from commercial institutions and individual investors.

Why Invest in Dubai?

• Future Demand: Population is destined to increase from 1m to 3m whilst tourism will also triple from 6m to 15m, by 2010
• Future Supply: All master-planning is Government controlled to carefully manage the demand-supply ratio thus maintain strong growth & returns
• Capital Gains Tax: 0%
• Rental Income Tax: 0%
• Legal & Notary Fees: None required, although legal advice is recommended
• Land Registration Tax: 1.5% (this is paid to the Government on completion)
• Transfer Fee: 1-7% (this is paid to developer on resale of contract before completion)
• Buying Process: Simple. No Company formation is nor National registration required
• Payment Structure: Following an initial reservation deposit, a deferred payment structure is usually provided by the developer with payments spread over the construction period
• Finance: This is available to non-UAE residents only on certain projects, with competitive interest rates from 6 - 9%, and usually with 15 yr terms and reasonable conditions
• Capital Appreciation: Recent years have risen between 15 - 25% annually
• Rental returns: Recent years have returned between 10 - 20% annually
• Freehold: The right to obtain freehold rights on your property is provided with most non-UAE purchases of property. See below.
• Residency: Resident visas are supplied with non-UAE purchase on property
  

Purchase Procedure & Legal Costs

Purchasing off-plan in Dubai is a relatively simple process which does not require use of a lawyer, however of course Property Frontiers does recommend you do always take legal advice with any financial investment. All property investment available to foreigners in Dubai is within special zones master-planned by governmental organizations, and as a result the contract structures must be passed before the government before they can ask customers to sign. There is no capital gains tax or income tax within Dubai itself.

For more advice on purchasing property in Dubai, please contact us

Finance

Mortgages in Dubai are not yet the developed and versatile product we are gratefully accustomed to here in the UK, and they are not available on all developments. Each individual developer is required to negotiate for finance to be provided on a per-development basis. This situation is expected to change drastically once Freehold Law is ratified (see below).

Lenders (generally local banks, finance companies or HSBC Dubai) conduct due diligence analyses on those developments that have requested finance first, and due to the large marketing budgets and extreme aggressiveness of the market often these developments do sell out even before finance is available.

When finance is provided, such as with Al Hamra, the loan will most likely have a maximum term of 15 yrs and be of repayment status only (no interest only loans). Interest rates vary between 6% and 8% and as with the majority of overseas loans for UK investors, an individual's net disposable income is required to be roughly 3 x the figure for the monthly mortgage repayment. Loans usually offered range from between 50% to 75% LTV.

The service we offer investors:

Property Frontiers carefully selects property investment opportunities from politically stable countries that indicate excellent economic growth, have internationally respected legal systems, stable currencies, attractive tax policies and will provide strong investment yield and growth.

Though research we saw the UAE had good investment potential so we have selected a variety of investments in and around the Dubai Emirate which offer different advantages and cater for all types of investors depending upon what they hope to acquire and achieve with their investment, hence, you may notice that we do not list many of the open market properties that often have an "agents margin" attached to the selling price. Please click here or see below for a listing of some of the properties we are promoting in Dubai.

For Property Frontiers to recommend the best investment for you, it is important you can first honestly answer these simple questions:

1. What is your budget and will this increase over the next 2 years?
2. Will you prefer financed investments or are you able to invest with cash?
3. What is your time scale for investment, when may you want to exit?
4. Is this for long-term investment of short-term profit?
5. When are you looking to take ownership of your property? Are you looking for early completion or are you prepared to wait a few years?
6. Do you have any particular size, feature or location requirements of your property?
7. Will you be managing the property yourself or would you prefer a managed and guaranteed return, such as with The Cove?

Morocco Property Market

Morocco Property - A sought after new investment market

Morocco property is currently becoming one of the world's leading luxury emerging markets. It is popular for many reasons but one of the major considerations is the excellent price that luxury Morocco property can be purchased for during this era of major development and construction.

High build quality and the relatively low relative cost of Moroccan property makes Moroccan real estate market a very attractive option for investors.

Further factors to be taken into account are coupled with the Morocco's excellent expected capital growth in Morocco and the already solid and ever-increasing "Buy to Let" market.

Find out more about property in Morocco and investment property in Morocco by using the links below.

Moroccan Property Market Overview

With the reform-minded King Mohammed VI at the head of a multi-billion dollar initiative, Vision 2010, tourist numbers are due to increase dramatically by 2010 (see our Morocco investment research - investment growth). The plans extend to all economic sectors, including the infrastructure, telecommunications, electricity, banks, insurance, education, health services with a view to maintaining them to the world-class standards expected from today´s foreign investors.

The Vision 2010 initiative has ear-marked 6 areas or resorts for major development and these will be the locations of most of the new property developments in the near future. Focus is on five star luxury facilities which are being brought about by an advanced infrastructure outside and within the resorts, and easier access to and from ports and airports to the resorts. This attracts increasing numbers of investors and second home buyers to property in Morocco.

Tourist numbers continue to increase due to the Open Skies initiative, inviting budget package airlines to extend their services to Moroccan airports. Low cost, direct flights are now available from most major ciites in Europe, making Morocco an increasingly popular tourist destination. With the construction of quality new hotels and properties now in full-swing, Morocco is well equipped to handle increased tourist numbers as well as to offer investors some potentially excellent buy-to-let options and high rental occupancies.

Morocco Property Investment

Morocco is believed to be one of the best options available to you for real estate investment today. Property can be purchased in Morocco for a great deal less than in most other destinations and has the added benefit of having an already established and rapidly growing "buy to let" demand. Capital growth is expected to be considerable with estimates of between 15% and 30% being very common.

Reasons why property in Morocco is a good investment

• Property prices are currently very competitive.
• With the low cost of living, it is possible to experience a luxury lifestyle at relatively small expense.
• The property market in Morocco is currently booming and looks set to continue to do so for a considerable time.
• Capital growth is estimated at around 15% - 30%, based on last year´s figures ( Homes Overseas Magazine quotes the growth to be nearer 30%).
• Capital gains tax stands at between only 0% and 20%.
• Inheritance tax is not charged.
• Property tax is not charged during the first 5 years.
• Rental occupancy currently reaches around 85% during peak season and it is set to increase as the Vision 2010 tourism drive continues.
• 70% mortgages are currently available * Vision 2010 to provide additional infrastructure and new roads, marinas, trains, 5 star resorts, shopping malls, beach clubs, thus increasing visitors to the area.
• The Open Skies policy allows competition for Moroccano air routes. It will
  generate competition, increase services and dramatically lower air fares.
• Yacht club and mooring fees are under £27/month. These are turning even the most wealthy away from the more traditional ultra expensive Mediterranean resorts.
• Beautiful sandy beaches with crystal clear water.
• Stunning golf courses, tennis clubs, riding clubs, waterskiing, sailing, scuba diving, hunting, hiking, camel treks, culture attract all types of tourists and investors alike.
• The Mediterranean climate bringshot summers and mild winters, permitting
  year-round tourism.
• French, Spanish and English is widely spoken, as well as traditional Arabic.
• The Costa de la Luz is just thirty minutes away by hydrofoil from Tangiers.
• Morocco is easily accessed through Tangiers via helicopter, ferry or on regularflights to Casablanca, Agadir or Tangiers.

We recommend that potential investors take a look at our Investment Property in Morocco - section to see current investment opportunities as well as information that may help you to invest successfully in Moroccan property.

Home/holiday home buyers in Morocco

Morocco offers the chance to purchase luxury property on a stunning 5 star resort with all related facilities at a very low price. The warm climate and excellent on-site facilities will allow you to enjoy outdoor living to the full.

For the second home buyer in Morocco, additional income can be generated from renting the property andproducing good yields especially in the high season. Many people find that expenses (even including mortgage payments) can be off-set for the entire year, purely due to profits from rentals generated during the high season months (June to September).

Lebanon Normal Service Resumed?

Although Lebanon witnessed an economic slowdown in 2007, real estate activity during the year has proved to be quite resilient to the said trend prevailing in the country.

The rise in real estate activity can be attributed to several reasons such as the increase in population, higher demand by expatriate Lebanese, the relatively low taxes in Lebanon, the improvement made in terms of property transfer operations, and the facilitation of foreign ownership.

According to the Directorate of Real Estate, the number of property transactions reached 154,158 in 2007, up by 21.4% relative to 2006. Nevertheless, although the first half of the year saw a good 7% growth, the cumulative yearly double digit rate in mainly coming from a 38% increase in the second half of 2007 in comparison with the same period in 2006.

This half-year rise, in turn, mainly stems from an 82% surge in the third quarter of 2007 relative to the same quarter of 2006 that witnessed a freeze in real estate operations during the severe Israeli war, and to a smaller extent, from the 14% year-on-year increase in the fourth quarter of 2007, noting that in the last quarter of 2006, the number of property transactions more or less resumed its pre-war level.

Property taxes’ receipts increased by a significant 32.2% during 2007 to LP 459.7 billion, but this is again the impact of the 95.3% growth reported in the second half of the year that compares to the odd second half of 2006, which was largely shaped by the summer 2006 war and following events, whereas the previous six months the receipts went down 16.4%. The effect of this second half also changed the trend in the value of property sales which was down by 12% in the first half only to become 33.7% higher when comparing full year 2007 to 2006 and reach LP 6,329,056 million. As for the average value of property transactions, it went up by 10.2% during 2007 to LP 41.1 million per transaction, driven by 55.2% year-on-year increase in the average value of property transactions during the last quarter of 2007, thereby reversing the trend of demand for less expensive real estate that has been consistent throughout the first nine months of 2007 and resulted in a year-on-year drop of 8.1% in the average value of transaction during the said period.

The majority of collected property taxes in 2007 were in Beirut with 42.2% of the total amount. It was followed by Baabda with 19.0%, the Metn area with 15.8%, the Keserwan area with 9.3%, the South with 5.4%, the North with 4.8%, and the Bekaa area with 3.0%

New Red Sea Project

Gamsha Bay, Egypt

Egypt property investment

Dubai, UAE, 5th December 2006: DAMAC Properties, Middle East’s largest private-sector luxury property developer, today announced its entry into Egypt with the launch of its 320 million sq. ft., Gamsha Bay project – the largest development in the region. The agreement was signed during the Arab Strategy Forum 2006 in the presence of the Prime Minister of Egypt, Mr. Ahmed Nazif. The agreement was signed between Mr. Khaled Makhlouf, Chairman of the Tourism Development Authority, and Mr. Hussain Sajwani, Chairman and Founder of DAMAC Holding Group. This prestigious event was attended by Zohair Garranah, Minister of Tourism, Dr. Youssef Boutros Ghali, Minister of Finance, Dr.Mahmoud Mohiddin, Minister of Industry, Mr.Mohammed Mansour, Minister of Transport and Samy Saad Zaghloul, Sectretary General.

Gamsha Bay will be the region’s largest township, located at the north of Hurghada; Gamsha Bay will offer residents a wide array of housing options, entertainment venues and recreational amenities including an innovative extreme sports adventure theme park.

Gamsha Bay will be divided into 9 distinct zones – Gamsha Marina, Marina Park, Coral Golf Course, Sea View Crescent, Creek Retreat, Gamsha Bay, Peninsula Luxury Villas, Downtown Gamsha and Extreme Sports World Theme Park. The township will be built in five phases over 10 years, with the initial components of the first phase completed within the next five years.

“We at DAMAC are delighted to enter this exciting new market, and are grateful to the Egyptian government for their confidence in us, lending their support and enabling our vision for Egypt,” said Mr. Hussain Sajwani, Chairman, DAMAC Group. “Gamsha Bay, with its environmentally conscious design, innovation and architecture will surely set a benchmark for the real estate marketplace in the region and will further influence economic development,” he added.

“I am proud to be present at this prestigious launch. Within driving distance to Cairo, and close to Sharm El Sheikh, Hurghada and El Gouna, Gamsha Bay which is located 60km north of Hurghada will offer the very best of Egypt - with its coral reefs, hills and beautiful coastline. I am sure this world class development will boost the economy of this region and create new attractions for tourists. The other important aspect of this project is on the employment front as this mega project will require several hands to put the masterpiece together,” added Mr. Sajwani.

“The Gamsha Bay project will offer residents an open scenic environment with 39 kms coastline and 25 kms of beaches. Customers will have over 55,000 units that include - villas, townhouses, retail establishments, shopping centers, marinas, apartments and several other amenities to choose from.

In terms of its most unique offerings, Gamsha Bay will bring a first-of-a-kind Extreme Sports Adventure Theme Park to the region. Continuing the tradition of convenience and luxury associated with the DAMAC brand, the township will include spa resorts, a world class golf course, a marina village, educational facilities, cinemas, shopping boulevards and scuba diving facilities.

Among the companies other developments in the region - in downtown Amman, Jordan, within the new Abdali development area, DAMAC Properties has already introduced three projects out of four. The first two projects, ‘The Heights', a 35-storey tower, and ‘The Lofts’ an 8-storey residential development adjacent to the tower were completely sold out in record time. The third project called ‘The Courtyard’ was unveiled in November this year.

DAMAC Properties won three prestigious awards at the CNBC Arabian Property Awards 2006. Property developer bagged the best development award for ‘Oceanscape’, best architecture award for ‘Ocean Heights 2’ and the best website award for the company’s website – www.damacproperties.com. In 2005, the property company was honored with three prestigious Bentley International Awards in the categories of - Best UAE Development for Marina Terrace, Best Architecture for Ocean Heights-1 and Best Developer website at a ceremony in London.

DAMAC Holding has now grown into a global conglomerate with over 6000 employees in 18 countries. Being the first private sector company to make a commitment to Dubai’s real estate market, DAMAC Properties has become the market leader with a strong sales record to its credit.

Even the Martians must have heard the crunch coming from planet Earth, so loud are the announcements being hurled at us almost daily.

So where does one put one's hard earned money in these perilous times?

Well even a Martian can work out that Egypt is about as good as it gets when it comes to property investments. Why?

Well many investors won't need to take credit or a loan to buy their Egyptian property. The reason? Simple. Prices in Egypt are still LESS than a deposit on your average BTL property in the UK. On a £150,000 property a typical buy-to-let mortgage is 85% loan to value so you have to stump up a 15% deposit. That is £22,500.

In Hurghada studios at the British built Pyramids 2 resort start at £16,300.The most expensive studio is £21,000 ...ahem do I hear a Crunch? The only crunch in Hurghada will be the happy property owners sandals hitting the beautiful sandy beaches just minutes from the 7,000 sq m landscaped gardens that adorn the Pyramids 2 property. For those who want to splash out more, say six figures ...well you can't! The most expensive property in the development is £54,500. Half a run down terrace house in the UK crunch zone. In Egypt it gets you a 115 sq m three bedroom Penthouse just 250m from the sea.

With property prices growing at well over 20% per annum now is definitely the time to head for Egypt the eye of the proverbial hurricane in this instance.

Tahir Ali MD of Egypt Revealed who specialise in assisting UK and Irish clients to source quality Egyptian property maintains things are still on the up and up for Egypt.

"We are very much in a period of rapid growth for the Egyptian market. This is being fuelled by massive increases in tourist numbers and now Easyjet is making the Red Sea Riviera more accessible as budget airlines now fly direct to Hurghada. These holidaymakers will need accommodation. So the logical consequence will be that the rental market will now become firmly established in the area." says Ali.

Cyprus - Property For Sale In Paphos - Buy A Piece Of History

It is easy to see why people are drawn to look for Cyprus property for sale in Paphos. Paphos offers some of the most beautiful coastline scenery in the world. Many people come to Paphos simply to relax and experience the Mediterranean lifestyle. History buffs come to Paphos for the ancient Roman and Biblical ruins.

There is also a thriving fishing industry which operates out of the port. For vacationers, Paphos offers a fabulous sunny climate and superb resorts that can meet any budget. Paphos is a thriving modern community which attracts many permanent residents and tourists.

The nearby International Airport links Paphos with many places around the world and direct flights to most major European cities are frequent. Modern highways link Paphos to the other major cities and towns. The town has a major hospital, which offers sophisticated medical procedures to world class standards.

There is also a major sports complex, where games are played year round and several schools, where English is taught as a required subject. Anyone who has looked at homes for sale in the Mediterannean will agree that you should look at Cyprus property for sale, and in Paphos in particular. It will be an asset that you can use and count on.

Purchasing is better than renting - owners never have the worries that renters have. They don’t have to be concerned with the fine print or surprises with their bills - there is no Council Tax and utilities cost a fraction of what most Europeans are used to paying. Owning your own holiday or permanent home ensures that you will feel relaxed and in a comfortable environment that is always available to you. Inexpensive Cyprus apartments are hard to find these days, as the demand for property to meet the rising number of people looking for budget self catering Cyprus apartments has inevitably driven prices up. If you do research on Cyprus property for sale in Paphos you will see that it has been a great investment in recent years.

If you look to the internet you can find several resources that will back up this statement. Tourism in the area is steadily increasing and there is no expectation of a slow down to come. If you buy a Cyprus villa it should be quite simple for you to rent it while not using it, providing an extra income. If you decide to permanently relocate then you should be able to sell your vacation home easily to upgrade to something better virtually any time. Anyone buying here will most certainly be happy with their choice. Just one night of relaxation enjoying the warm Mediterranean breezes will be enough to convince anyone that buying Cyprus property in Paphos is a decision they won’t regret. You will love the lifestyle here, and whether you’re on vacation or relocating to Paphos, buying property there may be the best investment you ever make!

India property market set for massive change

The India property market is on the cusp of a massive change. Land prices in India have quadrupled over the past three years as developers paid major sums for land to build developments of luxury housing, with starting prices upwards of $250,000 per unit.

The number of people earning over $5000 per year is expected to double to more than 20million in the next two years, not least because of the 2.5 million students teaming out of Indian universities each year. And land prices are expected to fall again in the near future, as developers realise that the real demand in India is for affordable housing.

David Stanley Redfern Ltd got in on the new trend early with their Mountain View development in Rudrapur, in which 2 bedroom apartment were available for under £30k. Mountain View is almost completely sold out now but another development is being built just up the road, and it will also offer affordable housing, ready to capitalise on the massive demand there will be for such housing in the next two years.

Demand which there will certainly be in Rudrapur, which was designated a Special Economic Zone by the Indian government, offering tax incentives for companies to move into the area. And move into the area they did, with some 450 new factories being built, or already trading on what will become a massive industrial estate on the outskirts of Rudrapur.

These factories will employ 300,000 people when they are finished, at least 50,000 from outside the area and who will definitely be looking for affordable housing to rent, meaning owners of Rudrapur apartments will cash in on the residential lets. But it is also a fairly safe bet that even those employed in the new factories from within the area will be looking for affordable rented accommodation; people living with parents using their new wage to fly the nest, and staff members pairing off and seeking accommodation to move in together.

The latter will also probably mean people from the area looking for homes to buy in 2-5 years, people getting promoted will also bring home sales in the foreseeable future. All in all the future is bright for Rudrapur, and India property as a whole.

Montenegro property: Europe's next big thing?

According to many various reports, Montenegro is shaping up to be the next big thing in European tourism, and property investment. Last month direct flights began between London airports and Montenegro, which immediately made the country more popular with tourists and property investors, and Montenegrins are gearing up to fully capitalise in the increased popularity of the country.

Plans are being drawn up to turn Montenegro's coastal areas into massive tourism resorts, and the masses of money being poured into the infrastructure since last year, is beginning to take effect, and work is still ongoing across the country.

Tourism revenues for such a tiny country were over 1billion dollars last year, and visitor numbers were far higher than the small countries population.

Property prices have risen considerably since Montenegro became popular, but you can still get a real bargain if you know where to look. David Stanley Redfern Ltd are currently marketed two extremely good value Montenegro properties.

The Lakeside Park apartments are the second release on the Lakeside Park developments, following the incredibly popular Lakeside Park chalets, which sold out recently. The development is, as the name suggests, on the banks of Slano Lake, near Montenegro's second largest town, Niksic. But you would never know it, the location is like a snapshot advertisement for the beauty of Montenegro's countryside, rolling hills, sweeping valleys and an environment that you can really relax in.

Of course for those who want to be active, there is fishing and water-sports on the lake, bird-watching, walking, and Niksic has all amenities and facilities for a perfect family holiday. Prices start at just £25,000 for a 1 bedroom apartment.

David Stanley Redfern Ltd's other Montenegro property is in the beautiful coastal peninsular of Lustica, nr the small village of Zambellici. The development is a short-way from Montenegro's beautiful coastline and only 10mins from Tivat international airport. Again Lustica is as picturesque as anywhere else in Montenegro, but has added extra's like medieval towns and villages in near perfect condition, perfect for sightseeing and history buffs. Prices start at £50,000 for a 1 bedroom apartment in Lustica.

The Weis Group, a Wall Street Fund, and specialists in buying distressed real estate, raised further recently growing hopes that 2008 could be the year that American property prices bottom out and begin recovering. Last week The Weis Group told U.K. newspaper, The Times that it was in talks with some of America's big banks, about spending its 1billion dollar investment fund on purchasing hundreds of properties that had been reclaimed by the banks, with a view to selling in 3-5 years.

Many analysts have already put their money where their mouth is and stated that they believe 2008 will be the year of the U.S. recovery, a massive property investment specialist like Weis Group confirming their research will make their statements a virtual reality in the eyes of international property investors.

Liam Bailey, head of international research for David Stanley Redfern Ltd gave us his thoughts on American property.

"I have been saying for some time of the great irony: that the buying frenzy triggered by the U.S. subprime crash, as the combination weak dollar and falling property prices had people from the U.K. and around the world taking the opportunity to get their dream home/investment property in the states at a bargain price, might actually start a recovery in the American property market, and it seems I may not have been too far wrong."

David Stanley Redfern Ltd took on American property just last year, on that very belief, that the American property market had fallen almost as far as it was likely to, and the beginnings of a recovery were just around the corner. DSR's client's who have invested in the American property, could in 3-5 years, it seems, be very glad they did.

Managing Director of the overseas property specialist, David Redfern had this to say: "It is always nice when you make a move that some people may quietly think is risky, and some of your competitors may even have a sly snigger, and it proves to be massively successful move for both you and your clients. As our research department said a few months back, and has maintained fervently ever since, 2008 looks like being the year the U.S. recovery will begin, but there still looks like being a little time for investors to get in on the low priced action."

Abu Dhabi Property Growth Stimulus RAKAA Sells 70% of Dynasty Tower

RAKAA Properties, one of the region’s preeminent real estate companies, has announced the selling of 70% of the Dynasty Tower and 55% of Falcon Crest Tower, two of the company’s signature projects situated in the prestigious Al Reem Island, Abu Dhabi.

Commenting on the occasion, Dr. Abdul-Rahman Al-Tasan, CEO of RAKAA Properties, said "the successful promotion of our projects through the gatherings we are participating in has helped draw in a huge interest in our properties and helped us sell around 70% of Dynasty Tower and 55% of Falcon Crest Tower in a record time ."

"The distinguished features of the two projects and the world-standards techniques used in their development, not to mention the convenient investment climate enjoyed by Abu Dhabi, now becoming the center of attention and admiration for businessmen and investors, are all factors that have helped secure considerable demand on our developments."

In the meantime, Dr Tasan has underscored the importance of the recent customs duty waiver on cement and steel, hailing it as a prudent decision from a man of vision.

"The decision is an expected move by a man with a unusually keen foresight. It is likely to further heat the already fierce competition in the property market and stimulate more growth. We still expect more such decisions that help check the burdening inflation."

The Marina Tulip Tower, the Dynasty Tower and the Falcon Crest Tower are all smart technology equipped and feature stunning views that overlook the sea and the island’s mangrove trees. The project also boasts swimming and gymnastics halls and gardens in each of its three towers.

The Dynasty Tower will be solely dedicated to residential purposes at a height of 29 storeys, where there will be 136 apartments ranging from one to four bedrooms and the Falcon Crest Tower boasts 24 floors allocated for residential purposes with limited retail spaces.

Abu Dhabi is witnessing a rapid economic growth that is encompassing all its economic sectors and urban developments, boasting a large share of the UAE construction and property market.

Whats next for international real estate?

Granted, mostly developers exhibit, but intermingled in the enormous space the exhibition centre occupies, are government representative offices, service suppliers, as well as some resale agents.

From what we have seen in the past, I can safely say what we see there usually hits the retail market about 1 to 2 years later. Last year, amongst other things, I found some fantastic off-plan products in Mexico from one developer, and whilst the European way of doing business is a little different, we have been able to promote their developments through our Mexico section to supply those that are looking for a property somewhere different from the masses. Whilst Mexico as a tourist and investment destination is still young at present, it will undoubtedly grow as people realize the high quality standards available there, as well as the rental returns that are possible.

In the trade newsletters that are sent in the run up to the show, we can get a good idea of what we can expect to see and from which countries, this year it would seem that over 40,000 units will be being promoted in total, with the Latin-America market accounting for more than half of that, an 8% increase on what was displayed last year.

After last year’s show I signed up a resale agent in Uruguay with a handful of listings to see what the interest level was like, and broaden what we can offer on Propertyshowrooms.com and, whilst a little slow initially, interest in Uruguay is growing at a phenomenal rate.

Eastern Europe was heavily featured last year, which I am sure will be repeated with many Spanish developers now setting up shop in the former Communist states. With the introduction of the Euro across the former Soviet states, businesses are making the transition very well and quality product is being produced.

It will be a very long 3 days of walking, talking and coffees, trying to communicate in a multitude of languages, whilst still dealing with things back at the office. But I expect to return with a number of promising new and exciting things to expand again what we can provide here at propertyshowrooms.com.

If there is anything specific or unusual you would like to see on our site, leave a comment on the blog or forum, and I will see if we can find it!

By Peter Mindenhall