Category: Market Data

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OPP- helping Romanian developers establish overseas networks

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For many Romanian developers, selling property to overseas buyers can seem a daunting task, requiring a re-think of marketing activities and an understanding of how to interact with agents. However, in reality, the philosophies of doing business remain the same, according to Tibor Fuchsel, territory manager at Overseas Property Professional (OPP). Fuchsel says: “The shift in mindset isn’t as great as some may fear – the fundamentals of the business remain the same. You want to sell property through an intermediary and – whether you use a domestic agent, based in Romania selling to Romanians, or an overseas agents selling … Continue reading OPP- helping Romanian developers establish overseas networks

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UAE EMIRATE BANS FOREIGN ESTATE AGENTS FROM RUNNING AN AGENCY

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Only UAE and GCC nationals will be allowed to hold a license for real estate offices in the UAE Emirate of Ras Al Khaimah, according to a new law enacted by Sheikh Saud bin Saqr Al Qasimi, crown prince and deputy ruler of the Emirate. Citing resolution number 32 for 2008 on executive regulations of real estate agencies, Al Qasimi said: “The license holder should run the business by himself or by a kin or a partner. He is not allowed to lease the license to any other person.” A banking guarantee worth AED300,000 (€60,000) will be required if the … Continue reading UAE EMIRATE BANS FOREIGN ESTATE AGENTS FROM RUNNING AN AGENCY

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DEMAND GROWS FOR REMORTGAGING SERVICES

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As the strength of the Pound falls against the Euro and economic conditions worsen in the UK and Ireland, more products are being released to facilitate the repatriation of funds from an overseas property back to the respective countries.  Zero per cent introductory margins, the first 100% LTV mortgage products, improved interest only terms and Euro mortgages that track the traditionally lower Libor CHF index, are just some of the examples of the new products available.  “We are seeing a significant increase in the number of clients who are looking at the refinancing options available in many overseas markets so … Continue reading DEMAND GROWS FOR REMORTGAGING SERVICES

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GREEN PROJECTS GAIN MOMENTUM IN EUROPE

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A spate of eco-friendly developments have been scheduled for construction as the international second homes industry reacts to changing buying patterns across the world. The latest company to do so is developer Willbrook Management International which has announced its intentions to develop Diamond Residences, a 144-apartment eco-resort in Varna, Bulgaria, featuring a spa, health club, restaurants and energy saving air and lighting services at a cost of €40million. Daiana Voicu, Willbrook’s executive director, said that the company has several other green projects scheduled and plans to build a further 3,000,000 sqm of residential development at a cost of €6billion over … Continue reading GREEN PROJECTS GAIN MOMENTUM IN EUROPE

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DEMAND CONTINUES TO OUTSTRIP SUPPLY IN BUCHAREST

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Despite forward progress in the Romanian property industry, supply problems still persist in Bucharest, however the gap is closing according to CEE analyst REAS, which examined over 220 residential projects in July to compile its report. Releasing its findings earlier this month, it found that just over 2,500 apartments and houses were delivered in the Romanian capital in 2007, in contrast to Warsaw, for example, which recorded 15,700 new apartments coming on the market during the same period. REAS added that a further 6,000 -8,000 apartments should hit the market by 2010 as off-plan projects come to completion but, despite … Continue reading DEMAND CONTINUES TO OUTSTRIP SUPPLY IN BUCHAREST

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GOLF GENERATES €53BN FOR EMEA ECONOMIES

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The game of golf is an enterprise now worth more than €50billion a year in Europe, the Middle East and Africa (EMEA), according to a study from KPMG Golf Advisory Practice, launched at The Ryder Cup yesterday. Although golf in the EMEA region is about one-third the size of the US industry, it is growing fast, especially in golf tourism and real estate. According to KPMG’s research, these key sectors now account for almost half of the game’s total revenue. Real estate is the number-one money earner, bringing in almost €19billion, which outstrips the total cash generated on-course from green … Continue reading GOLF GENERATES €53BN FOR EMEA ECONOMIES

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NEW RUSSIAN TRADE/CONSUMER EXHIBITION SET FOR 2009

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Homebuyer Events Ltd and parent company Expomedia Group plc have agreed a formal partnership with PFI Events Ltd to organise and promote a major combined B2B and B2C property event in the summer of 2009. The four day event – due to take place from 28th-31st May 2009 at Moscow’s leading venue, Expocentre – will be open to both the public and professionals. Educational content such as seminars, workshops and debates will be trade focused for the first two days and investor-centric on days three and four. “Many of our clients have wanted to penetrate the Russian market which has … Continue reading NEW RUSSIAN TRADE/CONSUMER EXHIBITION SET FOR 2009

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AUSTRALIAN PROPERTY ATTRACTS GROWING INTERNATIONAL ATTENTION

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As the Australian property market continues to register annual growth of around 15%, a growing number of property professionals are looking to target the potential investors hitting the relatively untapped overseas market in the country. The latest company to establish itself as a presence in the industry is Australianinvestmentproperty.co.uk, which aims to offer visitors to its site a selection of luxury properties, spread throughout Australia’s property hotspots. The site features off-plan and new-build investment opportunities in Melbourne, Sydney, Brisbane, and the Gold Coast. Where the portal differs from other multi-country sites, is that all of its properties are available exclusively … Continue reading AUSTRALIAN PROPERTY ATTRACTS GROWING INTERNATIONAL ATTENTION

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NEW VISA RESTRICTIONS COME INTO EFFECT ACROSS PANAMA

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The Panamanian government has issued new visa restrictions across a range of categories for international visitors to the country that will have a direct affect on agents selling Panama to overseas buyers. Effective at the start of this month, one of the main changes that will impact on Russian and other nationalities that are starting to snap up real estate in growing numbers in the country, is the permanent residency situation. A preferred method of purchase by Russian investors, a buyer will now have to purchase a property in excess of $300,000, up from $200,000 in August. Previously UK, European … Continue reading NEW VISA RESTRICTIONS COME INTO EFFECT ACROSS PANAMA

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KYERO LAUNCHES PORTAL47.COM

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OPP has learnt that Spanish property portal Kyero.com has soft launched a new company, Portal47.com, which will allow property portals in other countries to benefit from Kyero.com technologies. Deriving its name from Kyero’s research which suggests that there are now 47 countries in which British buyers are active, MD Martin Dell told OPP: “This is a complete turn-key service that will utilise the technology that exists within the Kyero.com site,” he explained. “Over the course of its history, we have spent some €2million on the development of the site. We realised that it solved a number of problems common to country-specific … Continue reading KYERO LAUNCHES PORTAL47.COM

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AIR FRANCE TO LAUNCH A RIVAL SERVICE TO EUROSTAR

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Faster rail journeys from the UK to France, the Netherlands and Germany could be a reality in two years as Air France-KLM has signalled its intention to run a rival train line to the current Eurostar service. Journey times are expected to be slashed from the 2hr 15min it currently takes to travel from London to Paris to just under two hours, with fares also predicted to fall when competition increases. The airline plans to launch its London to Paris and Paris to Amsterdam service by October 2010 according to reports. “This shows that airlines now realise that high-speed rail … Continue reading AIR FRANCE TO LAUNCH A RIVAL SERVICE TO EUROSTAR

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CYPRUS CONCERNED OVER EUROPEAN COURT RULINGS

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As talks continue to find a solution to the Cyprus problem, a sense of pessimism exists in the Republic of Cyprus with fears that several cases about disputed land and property set to be ruled upon by the European Court of Human Rights (ECHR) and the European Court of Justice (ECJ) next year will not go its way. In a closed meeting last week, the Cyprus House Legal Affairs Committee was briefed by attorney-general Petros Clerides on the progress of cases at the ECHR and ECJ, with delegates leaving the meeting uncertain about what lies ahead for 2009. “Of course, … Continue reading CYPRUS CONCERNED OVER EUROPEAN COURT RULINGS