Day: January 14, 2009

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UAE TIGHTEN THE SCREWS ON THE REAL ESTATE INDUSTRY

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The individual governments of the UAE are continuing to clamp down on the property sector in a bid to restore investor confidence to the region that is being hit hard by the global economic downturn.    Yesterday, the Ajman government announced it is to create the Ajman Real Estate Regulatory Establishment to police the Emirate’s burgeoning property market, which has registered over Dh340bn worth of investment since 2006.   Meanwhile, the wider Real Estate Regulatory Agency (RERA) is to put in place further regulations on developers in the UAE, by stipulating that 20% of a development must first be completed … Continue reading UAE TIGHTEN THE SCREWS ON THE REAL ESTATE INDUSTRY

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ENGLISH-SPEAKING AGENTS ‘MISSING OUT’ ON DANISH BUYERS

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International agents are not marketing to Danish buyers effectively, missing out on the chance to reach the estimated 43% of investors that plan to buy abroad in 2009, said Ole Bolvig Hansen, MD of Denmark-based exhibition organiser Bolig I Udlandet.   Hansen said that, despite the Danes’ ability to speak and read English, the majority would only approach a Danish-speaking portal when it comes to buying. “Danes and Scandinavians don’t use and know English-language property portals,” he said. “Most people searching the Internet are using Danish and not English words and phrases. They don’t key in ‘property france’ for example, … Continue reading ENGLISH-SPEAKING AGENTS ‘MISSING OUT’ ON DANISH BUYERS

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INTERNATIONAL RETIREMENT GUIDE GETS GOVT BACKING

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Supported by a major media campaign to reach an estimated readership of 200,000 people “actively looking for property in their chosen destination”, the first edition of The International Retirement Directory is planned for February.   Providing information on over 60 countries, it will also offer advice on buying property overseas “and the importance of dealing with a company that is a member of a professional organization such as AIPP”, said Colin Miller of Millfield Publishing. “The Directory is the means to sell property and affiliated services to people who will actively be looking to buy,” he added.      According … Continue reading INTERNATIONAL RETIREMENT GUIDE GETS GOVT BACKING

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WEAK POUND ATTRACTS FOREIGN BUYERS TO THE UK

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As UK house prices fall by over 20% and the Pound crashes to record lows against the Euro, UK-based estate agents are reporting rising numbers of international buyers snapping up bargain properties, particularly in London.      “European buyers, especially Italians, are piling in to London’s property market and supporting prices locally,” said Peter Rollings, MD of estate agency Marsh & Parsons. “As far as they’re concerned, there’s never been a better time to buy. While the British economy is faltering, the Euro is getting stronger – and this is the result. This week we’ve seen two Italian couples competing … Continue reading WEAK POUND ATTRACTS FOREIGN BUYERS TO THE UK

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SPANISH PROPERTY INHERITANCE TAX ‘TIME BOMB’

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Property owners in Spain hoping to provide some security for their children or spouses after their deaths could be leaving them a financial headache instead according to a Corporate property ownership specialist.   “Non-domiciled property owners in Spain are sitting on a ticking IHT time bomb,” said Mark Roach of Wincham Investments. “Most owners do not understand that their heirs and their estate may pay IHT in two jurisdictions, Spain and their country of domicile. In Spain, the individual inheritor is taxed whereas in other countries it is the estate that is taxed. This could mean that on the death … Continue reading SPANISH PROPERTY INHERITANCE TAX ‘TIME BOMB’

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IS OFF-PLAN DEAD OR ENTERING A NEW PHASE?

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In a global economy where investors expect to be punished rather than rewarded, and consumers are wary of overseas home purchases because the developer may go bust, are we witnessing the death of off-plan?   “It is nearly deceased,” claims  Mark Jeffery, founder of Landscope Capital. “Many developments will fall by the wayside, particularly in secondary locations. Developers will have to have outstanding locations, areas that people really want to live in or holiday in and which can genuinely stack up as a capital and/or rental investment”.   With banks far less willing to lend to developers, and homebuilders still … Continue reading IS OFF-PLAN DEAD OR ENTERING A NEW PHASE?