Apartment Real Estate Investment Trusts in Canada see Solid Revenues due to High House Prices

Apartment Real Estate Investment Trusts are expecting solid revenues for the rest of the year due to higher house prices and general financing difficulties.

According to market professionals, unit vacancies are maintaining at all-time lows which has allowed landlords to raise prices. According to Michael Newman, chief executive of InterRent Real Estate Investment Trust, "we've been in this business for 10 years and we have never seen as few vacancies as we are seeing now". "A lot of it does have to do with affordability of housing and people just not feeling comfortable making an investment when the economy seems to be somewhat unbalanced."

Source: Canadian Press

International property: The value of uniqueness

All property markets have their peaks and troughs, but how can you be sure that the value of the international property you buy will scale the peaks without tumbling into the troughs?

When choosing an international property, access, location, price and indeed climate will all be key considerations, writes Paul Beasley. But how do you make your international property stand out from the crowd?

One strategy would be to plump for a distinctive international property with a difference. Assuming the property has the build-quality to go with its wow factor, you could find that a well-chosen home with striking architectural features might well stand your investment in good stead on the high seas of the international property market.

But which way do you turn in your search for an international property - towards the future with a sleek, modern design, or back to the past with traditional materials and a real artisan's approach to construction?

Certainly, if your choose the former path, there is a massive choice of international property that surely Le Corbusier, the father of the sleek, angular architecture known as 'Modernism', would approve of.

Take, for example, the Punta Paloma property development near Sotogrande on Spain's Costa del Sol. As has made the headlines in recent weeks, Spain's property market is not without pockets of ebbing prices - due, in part, to an oversupply of samey, cookie-cutter homes. So could this new international property development by Noriega with its clean lines, generous balconies and mix of neutral and natural wooden tones prove that uniqueness really can pay?

Eugenio Sanchez-Ramade Garcia-Conde, Noriega's UK Managing Director, certainly thinks so. "This is a highly specified property development, which has the sophistication and contemporary architecture that we build inland on our modern developments. We have designed and built Punta Paloma as a different lifestyle and quality of apartment ever seen on the coast that will appeal to international property buyers from around the world. We know there is a demand for a new style of property for a new generation of international buyers and Punta Paloma matches those aspirations."

Inspired? Prices start from 250,200 euros (£170,000) for a one-bedroom apartment with terrace, and rise to 500,800 euros (£339,000) for the four-bedroom version.

Want a Spanish-speaking destination but would rather invest in an emerging international property market, hence pay a bit less? If so, you could try the Waterfalls at Malibu development, situated a pebble's throw from the border with the US on the western coast of Mexico. Here, built around a waterfall, are swish, architect-designed minimalist homes looking like black boxes raised on white supports; prices start from £120,000.

These international properties are available through Bustamente, and certainly got local realtor Miguel Nunez excited when he attended the launch of the development in March: "Overall, the ambiance was exquisite and sophisticated, but with that extra touch of Mexican flavour that makes your blood run faster than normal," Nunez told the Baja Times.

And last, but certainly not least, another unique international property development that's caught our attention recently are the golf villas at Belek, Turkey, currently marketed by Spot Blue.

The development of 26 contemporary semi-detached villas is situated opposite a Nick Faldo golf course, ten minutes walk from the beach at Kadriye and 25 minutes drive from Antalya Airport.

Besides a successful ocean-liner-inspired design, the white, balcony-hung villas have two bedrooms and two bathrooms, a jacuzzi and optional sauna, wireless internet, and solar-powered water-heating and external lighting; the villas are priced at 266,000 euros (£180,000).

Julian Walker of Spot Blue is clearly excited about the project, stating that "it really does have that wow factor."

If, as the years go by, such stylish international property developments retain this wow factor, then lasting value could well be achieved through investing in uniqueness.

Dubai rents set to soar until 2009

Sky rocketing rental prices in Dubai are expected to last another two years before the housing market begins to subside, according to investment bank EFG-Hermes. “Supply in the residential property market is and will continue to be constrained in 2007,” according to a statement by Sana Kapadia, Research Analyst at EFG-Hermes. Helped along by a continuing influx of foreign workers, the population of Dubai is expected to rise to almost 1.9 million by 2010, up from 1.4 million currently.

Overall, the cost of accommodation in Dubai is expected to soar between 10 and 15% during 2007, and by up to 10% in 2008, before prices start to decline in 2009. EFG-Hermes said Dubai’s real estate market has witnessed a far slower than expected pace of completed projects in 2007 with only c.11,000 units of the expected 57,000 coming on line. Supply continues to lag behind demand, and the delay in available properties is being compounded by population growth in Dubai.

Authorities in Dubai are also pushing hard to bring down the costs of accommodation as the rise in the UAE's inflation rate last year to 9.3% was impacted severely by the rising cost of accommodation. The plummeting value of the US dollar has also added to inflationary pressures as the UAE and four other of the six GCC member states have their currencies pegged. The drop in the US dollar has drastically pushed up the cost of imports from places like Europe. The six GCC members - The UAE, Saudi Arabia, Bahrain, Kuwait, Qatar and Oman - all peg their currencies to the US dollar.

ArabianBusiness.com

Huge demand for low-cost Egyptian property

Investors are clamouring for low-cost property in Egypt, New Skys has found – and we’ve responded

The mix of low-cost units, luxury accommodation, guaranteed rental yields and high potential capital gains, has attracted a huge amount of inquiries to our office.

New Skys partner manager Kristina Hrman said, “We had an amazing response to our Egyptian Property of the Week in the last New Skys News. I personally handled dozens of inquiries for Sunset Pearl Beach and Golf Apartments which offered a potential 30% capital growth a year. Investors were also interested in Egyptian mortgages.

“That’s why we had to include the similar – but even better value – Desert Pearl, where prices on the last remaining properties have been reduced by £100 a square metre and now start at just £14,900."

Projected capital growth at the luxury Hurghada development pictured above could reach 30% a year and rental yields are estimated at up to 10% per annum. Down payments start at £1,500 for the luxury European-style studio to three-bed apartments. Finance up to 60% Loan To Value is available.

Coral Sea Pearl also features this week as our Most Popular Property. With prices starting from under £20,000, down payments as low as £1,980 and no capital gains taxes to pay, I’m sure investors will be just as keen to snap them up.”

The development features studio to three bed apartments and is only 200 metres away from Hurghada’s pearl white, sandy beaches and shopping boulevard.

The resort has a large rental potential from tourists thanks to its sunny climate; sports and leisure activities – especially diving; ancient historic sites; quick flights and low cost of living.

The gated European-style development offers 180 terraced apartments with communal tropical gardens; pool bar and swimming pools; a fully-equipped gymnasium; games room and internet café/business centre. Maintenance, gardening and laundry services are available year-round.

Hurghada is one of Egypt’s liveliest and busiest Red Sea Riviera resorts. It has a vibrant, cosmopolitan atmosphere, with an abundance of exclusive boutiques and fashionable shopping outlets, relaxed outdoor cafes, trendy chill-out bars and international restaurants.

Watersports – particularly diving and snorkeling – are popular in Hurghada’s clear waters and unique reefs.

Residential property prices in Bulgaria register an average increase of 10 per cent in first half of 2007

There will be an even greater price increase on luxury properties.The price of the average residential property price rose 10.34 per cent in the first half of 2007, according to Address real estate agency data.

The average sale price of residential units around the country in the period from January to June is 692 euro per sq m, compared to 627 euro per sq m in the period from July to December 2006. Brokers expect the annual price hike to reach 15 or 16 per cent. There will be an even greater price increase on luxury properties.

Apartments in the city of Blagoevgrad registered the highest price rise, at 22 per cent. Average sale price of residential units there reached 525 euro per sq m. The price is comparable to the average price of an apartment in Plovdiv, which is 534 euro per sq m.

The price of residential properties in Sofia increased by 11.98 per cent. The highest price hike was registered in Nadezhda, Liulin, Manastirski Livadi and Drizhba residental districts. This is normal, as prices in these suburban areas were the lowest in the capital, so many buyers turned their attention to them.

Japanese investors arrive in Cambodia today

The Japanese embassy in Cambodia said that a (Japanese) state delegation, and a large group of private Japanese companies will perform an official visit in Cambodia for 5 days from 16 to 20 July 2007. The visit of the delegation of Japanese investors is the result of the agreement signed on the liberalization and the protection of investment (trade pact) between Prime Minister Hun Sen and the Japanese Prime Minister during the former’s visit to Japan in June 2007. The Japanese delegation will include Kozo Yamamoto, the Japanese deputy minister of commerce and industry, and 30 Japanese company officials. The Japanese delegation will meet Hun Sen and several high ranking Cambodian government officials, and it will also visit the Sihanoukville port.

Everyday.com.kh
Translated from Khmer by Socheata

Latvia Property News

House prices tumble in Latvia

House prices have begun to fall in the Greater Riga area – a fall of 3.5% in the month of June 2007, following a fall 1% in May 2007, according to the Latvian real estate agent Latio.

Buyer Beware of Building Standards if Buying Property in Eygpt

One of the key differences between emerging property markets, such as those in Morocco, North Cyprus and Egypt for example and established real estate markets such as those in France, the Republic of Cyprus and Spain, can be tangibly observed in the form of building standards – or rather a lack of them!

And when it comes to Egypt it really is a case of buyer beware of building standards if buying property in Egypt because boy do they vary dramatically between constructors. The bottom line is that if you’re contemplating buying any unit in a high rise you need a structural engineer to check out construction techniques and even if you’re buying a low rise property you need to look at what’s being built around you…

The fact of the matter is this - Egypt has a number of fault lines and has suffered direct earthquakes, earth tremors and the after shocks of quakes in the region - it’s not a question of if Egypt will have another earthquake it’s a question of when. And while international cities in established property markets (e.g., Tokyo) regularly survive an earthquake unscathed, a city like Cairo could be catastrophically damaged by an earthquake of a relatively low magnitude.
Why? Because of the standards of construction that developers get away with in a nation like Egypt.

Not only are building standards lower than that which many of us are used to in our home countries, but they are also far less stringently observed in Egypt.

Now, to a degree we accept that a property that is being sold for under GBP 100,000 in this day and age in a nation as stunning and enticing as Egypt is going to be of a lower construction standard than Northern European or American standards for example…but while this doesn’t matter when it comes to fixtures and fittings, it does matter when it comes to foundations, the concrete mix, the thickness of steel, the use of cross bracing and base isolation and other earthquake proof construction methods for example.

Okay – so, as a buyer you now know you need to beware of building standards if buying investment property in Egypt – but how can you tell whether a building is well constructed or just well finished with paint and plaster covering the cracks? Often times you can’t – not without the services of a structural engineer who can provide you with as comprehensive a structural survey as you’re willing to pay for.

And if you think hiring their services is too costly an additional fee to pay if you’re investing with tight margins…buy low rise away from any other high rise building but be aware that any future buyer you hope to flip forward to may well commission their own structural survey and if they find faults they’ll protect themselves but it will be too late to protect your investment.

So, ‘buyer beware’ as always – and in the case of emerging markets such as Egypt, beware of construction techniques.

By Rhiannon Williamson

About Dubai

Golden sunshine, traditional souqs, hot deserts, turquoise beaches and mystic oases; ultra modern cities, skyscrapers, chic shopping malls, and manmade islands - welcome to Dubai - the cosmopolitan heart of the modern Middle East.

Covering an area of 35 sq km with a population of 997,000, Modern Dubai has become the most popular city of the Gulf region. Geographically Dubai is actually two towns (Deira and Bur Dubai) merged into one and is divided by Dubai Creek (Khor Dubai). Deira lies to the north and Bur Dubai to the south. Both districts are rich in traditional architecture represented by lively souqs.

Malta Market Battle

Holidays in Malta, including Qawra, St Julians, Bugibba and Mellieha.
Hotels in Malta. Including hotel details for Qawra, Mellieha, Bugibba, St Pauls Bay, Sliema and Valletta.
Map of Malta .
The weather in Malta .
Property for sale and real estate in Malta.

Malta’s Market Battle

With new destinations such as Bulgaria, Slovenia and Croatia offering two and three bedroom apartments for sale for £50,000, there was concern last year among some Malta estate agents that 2005 could see a drop in the number of UK and Irish buyers choosing to buy a holiday home on the island.

With good all year round temperatures enticing many buyers for the winter months as well as the summer, driving on the left and a warm welcome from the local population who nearly all speak English, Malta has been popular for some years among overseas property buyers.

‘A home from home in the Med is often the comment we hear from overseas property buyers’ comments Michael Johnson of Malta property specialists Tribune Properties at www.maltaproperty.info

‘With countries such as Bulgaria, Croatia and Slovenia opening up their property markets to overseas buyers there is a chance that the Maltese property market could see a decline in sales this year.

But it hasn’t happened in the first quarter of 2005 at least. Malta has an appeal that never really attracted the bargain hunters in the past who tended to look more at rural France and Spain where the low cost airlines fly to, and it is these buyers who are now considering the new markets rather than the buyers we see in Malta’.

Risk Factor

Malta joined the EU last year, and this has helped maintain Malta’s popularity among overseas property buyers.

‘Malta has economic, legal and political systems that are established, and might be viewed as less of a risk than countries where title deeds might be more questionable’, adds Johnson, ‘And we advise buyers wherever they ultimately decide upon to appoint an independent lawyer who can converse in the buyer’s own language to oversee any property transaction to help avoid any potentially expensive misunderstandings’.

Egyptian Property Market Going Strong

Thanks to a strong economy and a government sympathetic to foreign investors, experts are quietly getting very excited indeed about the long term prospects for investors in Egypt's growing property market. Recent property shows have indicated a massive 50 per cent growth in Egyptian house prices over the last two years, with another 20 per cent hike predicted for the coming year, trickling down from the country's ever-strengthening economy.

The country's shrewd government have noted the outside interest in the emerging property hotspot and have made several concessions to potential investors in the hope of promoting direct foreign investment, such as the streamlining of purchasing procedures and a de-complicated taxation system in which foreign investors can take advantage of no capital gains or inheritance taxes. Egypt has long been popular with tourists looking for that something special and an estimated 300,000 British tourists alone make their way to the land of the camel every year, often purchasing great value for money property as a way of taking timely advantage of the excellent rental yields.

New tourism figures released from the Egyptian Tourist Board make for extremely encouraging reading for property investors. Brand new statistics released by the Egyptian Tourist Authority (ETA) state that over one million Brits visited Egypt in 2006, a giant 23% increase over 2005. Brits make up the largest chunk of Egypt's overseas visitors and not only have they increased in number but also by the length of stay. British tourists stayed for a total of 9.1 million nights in 2006, that's 21% more nights than 2005. The ETA also confirmed that a record 9.81 million tourists in total had added 7.6 billion dollars to Egypt's economy in 2006.

Tourism Minister, Zoheir Garranah, has no plans to rest on his laurels and with the launch of a multi-million pound advertising campaign at the back end of 2006 entitled "The Gift of the Sun" he hopes to attract 16 million visitors annually by 2014. Egypt also has a brand new tourism logo and official website http://www.egypt.travel/ in six different languages. Garranah vows to improve service and educate bazaar merchants in being 'less pushy' via a Tourism Awareness Project for the Egyptian people beginning with print and TV advertising campaigns bearing the slogan "Tourism Benefits Everyone".

There are new projects being released a plenty in 2008 including the Desert Pearl, Hurghada, a collection of outstanding studio apartments, 1 bedroom professional or deluxe apartments, and 2 or 3 bedroom apartments. There will be on-site facilities available with swimming pools and tropical gardens. Desert Pearl can be located on the shores of the Red Sea, to the north east of Egypt. The bustling town of Hurghada is a firm favorite within the so-called Red Sea Riviera and can be easily reached from most European capitals.

Adam Samuel is a former property agent

Don’t place your property purchase in the hands of the gods

For the canny overseas property investor, the term ‘emerging market’ creates a wave of excitement. In order to make the most out of a property investment it is wise to actively seek out markets offering high capital growth and strong rental potential and more often than not this means buying off plan.

Egypt, in particular the Red Sea Riviera, has come to the forefront as the latest emerging market with over 2000 foreign nationals purchasing a property in 2006 and 4000 expected to do so in 2007. In line with demand, property prices have risen, in some cases by as much as 50% in the last 2 years according to the Egyptian Tourist Authority and rental incomes have reached 11%, nearly double the average UK rate on occasion.

Tahir Ali, MD of Egypt Revealed, comments, “As with any an emerging market there is a window of opportunity. A growing economy, increasing tourism, encouragement of foreign direct investment by governments and direct flights are all good signs. Egypt has all these in place; the key to successful investing is to see the opportunity and enter in the early stages.”

A number of prestigious Dubai developers have identified the area around Hurghada, once a small fishing village now a thriving holiday resort, as having strong investment potential and are currently developing a number of off-plan residential resorts. The Manta Residence for example is a premier beachfront development located in Hurghada, comprising 1 and 2 bedroom apartments and 4 bedroom villas all with kitchens, bathrooms, air conditioning and internet connections included. Being only 15 minutes from the international airport accommodating direct flights to the UK, accessibility is excellent and Sahl Hasheesh is nearby providing a wide variety of amenities. With prices starting from just £23,570 / €34,633 for a 1 bedroom apartment with sea views and £90,000 / €132,230 for a 4 bedroom, 3 bathroom villa the appeal for both single unit investors and those with portfolios is clear.

Tahir comments, “Purchasing a property off plan enables buyers to enjoy discounted prices as well as capital gain over the duration of their build. Completion date for the Manta Residence is December 2008 and so with prices rising on average 20% per annum there is a considerable profit to be made.”

The Egyptian government is supporting the development of this area by providing for the main utilities such as water, electricity and sewage. They have also specified that all projects between Hurghada and El Gouna be completed within 3 years so investors can be sure their off plan property will reach conclusion within a reasonable time frame. In addition Egypt, along with 12 other Middle Eastern countries, is planning to undertake a series of projects in order to increase tourism to 150 million visitors by 2020 as part of the Vision of 2020 study.

If you therefore are considering investing in an emerging overseas market, don’t leave your fate in the hands of Dedun, the Egyptian god of wealth. Carefully research the key factors required for successful property investment and get in early before your ‘emerging’ market has emerged.

Buying Property in Egypt

Hurghada Property

Hurghada property has fast become one of the most sought after investment property locations in the world. With its beautiful sandy beaches on the sparkling waters of the Red Sea, and low prices for seaside property, there has never been a better time to buy property in Hurghada than now.

Investing in Hurghada property means buying property that is consistently increasing in value. The current low prices means that there are some real bargains to be had, so there is no better time than now to buy property in Hurghada.

Choose form our carefully selected developments to benefit from the rising property market to be part of one of the best international property investments.

Sharm El Sheikh Property

Invest in Sharm El Sheik property to enjoy your investments grow in one of the most popular holiday destinations in the world. With continuous tourist demand, Sharm El Sheikh property is a wise investment for anyone either looking for a holiday home in a beautiful location or someone looking for an investment offering great returns.

We have a selection of some of the best developments on offer in Sharm El Sheikh. We have chosen our developments to ensure that we offer property that has the potential to offer some of the best returns.

Cairo Property

Like other parts of Egypt, Cairo has also become a key property hotspot for great value property in the most historic city in the world. Property prices in Cairo are on the rise and an investment now means great long term returns.

Browse through our selection of properties to get in early on more great value property.

Property developments in Switzerland

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

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

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

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

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

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

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

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

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

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

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

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

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

Source: Bulgaria Air News

Unique Desert Pearl scheme is planned with European buyers in mind

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

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

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

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

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

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

TV, telephone and internet connections are standard.

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

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

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

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

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

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

Investing in the Desert Pearl Beach Apartments

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

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

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

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

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

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

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

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

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

Living at Desert Pearl

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

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

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

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

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

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

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

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

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

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

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

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

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

Getting there

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

Morocco Property Buying Process

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

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

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

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

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

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

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

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

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

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

Stranded in the desert: First Dubai Property Scam?

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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