Overseas students save the day

Tuition fees rising. Unemployment on the horizon. It is little wonder than university applications from UK students have fallen by 8.7 per cent this year.

Indeed, fees now cost up to £9,000 per year. In a time of deficit, UK students are less keen to pile up debt. And although unemployment has fallen in the last three months, according to the ONS, the number of young people (between the age of 16 and 24) looking for a job for over six months has climbed by 30 per cent in the past year.

But there is good news for investors in student housing, according to Assetz, as overseas students save the day.

Despite the economic deterrents for domestic students, international students are more eager than ever to get behind a British desk, reports the buy-to-let specialist. Indeed, the British Council forecasts an additional 30,000 overseas students enrolling on UK university courses by 2020, a 10 per cent rise this decade.

"International students are used to paying for their education and despite steep rises in tuition fees, the UK remains highly competitive compared to other popular destinations such as the United States," explains Stuart Law, Chief Executive of Assetz.

As a result, the NUS has reported a shortage of accommodation, creating strong competition for purpose-built student housing. This has pushed gross yields to 8, or even 10 per cent, almost twice the average yields in the wider buy-to-let market.

Indeed, research by Knight Frank highlights the fact that regional university cities are currently outperforming Central London's market; a sign of just how strong student demand across the country is.

This consistent nationwide interest led UK student accommodation to account for more than £740 million worth of capital in 2011, according to CBRE. But sales of student accommodation so far this year have already generated £763 million, Jones Lang LaSalle revealed this month. And as investment continues to increase, turnover from the sector is predicted to hit £2.3 billion by the end of 2012.

Browse our listings of student accommodation in the UK:

Pensioners struggling with rising debts

In spite of the typical monthly income of British over-55s having risen by 4% since the start of the year, increasing from £1,303 (Q1 2012) to £1,361 (Q2 2012) it seems that some age groups are still experiencing financial difficulty with many 55-64 and over 75 year olds enduring a decline in savings according to Aviva's Real Retirement Report July 2012.

 Since February 2010, over 75 year olds have seen their savings pots reduce from £22,500 (Q2 2010) to just £12,998 (Q2 2012) while the worst hit group - British 55-64 have seen their savings decline from £11,176 (Q2 2010) to just £9,373 (Q2 2012) as they struggle to keep up with day to day living costs.

 Further data from Aviva has shown that the typical amount put away each month by all over-55s has fallen over the last quarter from £39.97 (Q1 2012) to just £31.05 (Q2 2012) with the majority spending their income on housing (22%) and debt repayments (15%) while a mere 14% is spent on food.

 Danny Silver, expert in French real estate and MD of The Villages Group, comments:  "It is clear that certain groups are finding it difficult to cope financially with debts 31% higher than this time last year, however as incomes increase there is hope that many will be able to boost their savings. Indeed, 61% of British 55-64-year-olds are still working but if there's any hope for a relaxing retirement they will really need to really knuckle down and save for their future."

As more and more people looking to move abroad for their golden years, seeking lower living costs and a better quality of life, France remains one of the most popular destinations affording a wonderfully warm climate, relaxed lifestyle, stunning natural beauty and easy access to the UK.

Silver adds:  "Another point to remember is that there are 1.45 million UK retirees currently claiming housing support, which costs the state £5.3bn each year. The Strategic Society Centre (SSC) has predicted a 138% increase in the number of pensioners claiming housing benefit by 2060 meaning that the UK is going to be left with a very large bill. With this in mind and with UK over 55's struggling to cope financially it is no surprise that innovative "active living" Villages already popular in Australia, Scandinavia, the US and New Zealand are providing a viable alternative to this dilemma."

Why Not Browse our French Property that you can Invest Your Pension In

Over half of landlords plan to expand portfolio this year

Over half of landlords are planning to increase their property portfolios by the end of the year, according to Mortgages for Business.

The broker's research found that 60 per cent expected to expand their real estate in the next six months, with 84 per cent of them aiming to purchase more houses and flats (vanilla buy to let), thereby increasing the supply of rental properties to help cater for demand which continues to outstrip supply.

Encouragingly, only 3 per cent of investors are planning to reduce their portfolios over the next six months, adds the report, down from 6 per cent last quarter.

David Whittaker, managing director at Mortgages for Business, explained: "Landlord appetite for buying residential property is high. This will support the private rented sector and ease the strain on would be renters chasing too few properties."

The research, which polled the views of 159 investors, showed complex buy to let property is becoming increasingly popular probably due to the more attractive yields compared to vanilla buy to let properties. 25pc of respondents said that they were considering purchasing either HMOs, multi-units or semi-commercial property (or a combination of the three).

More than three quarters of landlords feel that lenders need to do more to support them and whilst it will come as no surprise that their main gripes were with rates, fees and LTVs, more interestingly landlords are looking for buy to let mortgages that cater for more specialist scenarios including more products for limited company applicants, products for holiday lets and more lending to ex-pats. Landlords were also interested in seeing more case-by-case underwriting rather than computer based lending decisions.

Just over half (54 per cent) of investors who are planning to expand revealed they will need to refinance their existing properties. Of these, 20 per cent are likely to struggle to secure finance because of a lack of equity, reflecting the dearth of high LTV mortgages in the market. As of June this year, there were only four 85 per cent LTV mortgages available (from Kent Reliance).

8 per cent of investors revealed they have been asked by lenders to refinance elsewhere, largely as a result of RBS which is looking to reduce its exposure to property and Bradford & Bingley which is looking to exit the market entirely.

David Whittaker commented: "Landlords are bullishly confident about the prospects of the buy to let market over the next six months. There are a huge number of would-be owners being displaced into the rental market every year, which has kept tenant demand sky high and pushed yields on private rental property over the 6% threshold."

Why not browse our Landlord property offering rental Guarantees from 8% Per Annum

How's that? Andrew Strauss bowled over by St Lucia investment

Andrew Strauss has revealed that he is bowled over by his investment in St Lucia.

One year ago, the English cricket captain invested in Freedom Bay, an eco resort on the Caribbean island, and has just received his first payment of 6 per cent ROI on his two-bed villa.

Strauss, an ambassador for the resort, said:

"It is already one year on since my decision to invest in a property at Freedom Bay and I am very happy to have backed one of the few winning developments at the moment. I absolutely love St Lucia and can't wait until I can spend some time with my family relaxing and soaking up some Caribbean sun at my holiday home once it is completed. I am even happier in the meantime that my investment is safe and bringing me a decent return.

The cricketer has also announced plans to establish The Andrew Strauss Cricket Academy on the island, which will provide "quality coaching" for the local residents, Property Wire adds.

CLICK HERE and take a look at Freedom Bay and why not Join Andrew

Forbes "shocked" to discover people in Detroit

US business magazine Forbes were "shocked" this month to discover people living in Detroit.

The magazine's Detroit Bureau Chief Joann Muller reported on the unexpected discovery. After moving to the Michigan automotive hub in the 1980s, the investigative reporter found themselves living in a ghost town, the city's main street Woodward Avenue abandoned.

With the city losing 25 per cent of its population in the last decade, that downward economic spiral seemed set to continue, at least if media headlines were anything to go by.

But Muller uncovered something sensational in July of this year:

"I found myself driving up Woodward on a Tuesday afternoon, and I was shocked - shocked - to see dozens of pedestrians strolling along the street. They were soaking up the sunshine at outdoor cafes, or taking a break from work at one of the downtown office buildings to stretch their legs or run errands. In any other city, this would be unremarkable. But in Detroit, it was an amazing sight. Seriously."

So what has happened? Why are people in Detroit?

It turns out they are living there.

Young professionals are starting to head back to the city, helped by the creation of thousands of jobs in the past year. Even Twitter has acquired an office in the area.

But with all these people comes a need for houses.

Indeed, Detroit's housing market is moving 27.27 per cent faster in the second quarter of 2012 than this time last year, according to Realtor.com, while inventory of property has fallen by 29.59 per cent. As a result, house prices have climbed by 5.82 per cent, enough to rank Detroit as one of America's Top 25 "Turnaround Towns" - not bad for a town still struggling with an unemployment rate of 10.2 per cent.

Estate agent Crystal Investment remains upbeat about the city's future. Talking exclusively to TheMoveChannel.com, Managing Director Luke Smith explained why things are looking up:

"While some of our clients remain sceptical about the state of the Detroit economy and are erring on the side of caution, most are happy that prices are now creeping up, unemployment figures are dropping and repossession figures lowering. This is hard evidence that the market has bottomed out and only has one direction to go, which is good news, especially for buy to let investors."

The discovery of people was less of a shock for Smith than Forbes.

 "It's great that publications like ‘Forbes' are reporting positive news about the state of Detroit, instead of clouding peoples' minds with images of an apocalyptic city," Smith comments. "In fact, June was a record month for house sales, increasing 300 per cent from our sales figures in March."

With property markets officially on the rebound across America, one wonders how many more people will be discovered in Detroit next month.

Looking to let where people actuall live?

Browse our listings of tenanted homes and buy-to-let US property:

Turkish rents and prices both on the up

Turkish house prices and rents were both on the up last month, according to the latest figures.

Property values climbed by 10.76 per cent compared to 2011, REIDIN's new report reveals, with Izmir leading the way with a 14.66 per cent annual price hike. Istanbul also performed strongly, with values of real estate increasing by 12.29 per cent.

Both cities also posted increases in rents, adds Property Showrooms, with rates climbing by 13.79 per cent and 11.38 per cent respectively. Indeed, rents rose by 10.34 per cent year-on-year across the country and were 1 per cent higher than May.

The positive growth follows news that demand is also increasing. Tim Morgan, director of Emerging Real Estate, recently announced that the agent had witnessed rising interest from both international and local investors.

Why not  Browse Our Turkish Property Investments with 10% Net Yields

Florida's fastest growing city sparks rentals rush

In a newly released list of the US cities that have grown the most since the 2010 Census, Tampa ranked the highest for the Florida region. The sunshine state did not even make the top 25, but a population growth of 3.1 per cent between April 2010 and July 2011 has turned Tampa into a hotspot for buy-to-let investors, according to Feltrim International.

"The recession has put the brakes on retiree snowbirds," admits Managing Director Adam Cornwell, "[but] with no new homes being built in the area and many families unable to buy due to lack of bank lending, Tampa's population growth is creating a strong demand for rental accommodation. Overseas investors are taking advantage."

Cornwell highlights the city of Brandon as an example of the state's rapid growth. The 2010 Census counted the population at 103,483 - a 32.8 per cent increase on figures from a decade before.

Adam continues: "Now the 27th largest community in Florida, Brandon has seen a significant amount of newer housing growth in recent years. A number of wealthier middle class families and couples are moving in attracted by jobs, a healthy local economy and green, open, coastal environment. Whilst many credit histories remain tainted and mortgages a scarcity, rental is the only option. The Feltrim Group of Companies has just released its latest project, Park Lake, a waterfront condominium development that is already 98 per cent occupied by professional tenants. Asking prices are 60 per cent below their 2007 peak and we can offer net rental yields of up to 10.57 per cent per annum - an extraordinary figure."

Why not Browse our Florida Opportunities

Student property investment soars to £2.3bn

The turnover for investment in student housing is expected to hit £2.3 billion this year, according to new figures.

Demand for student accommodation is staying strong despite tuition fee increases in the UK and investors are matching it, according to Jones Lang LaSalle. So far this year, £763m has been generated through student property sales, while returns are expected to nearly double the £1.2 billion generated in 2011.

"We are seeing much more forward funding in this sector, and there is a lot of private equity around looking into this market," JLL Director of Student Accommodation Richard Taylerson told an alternative investment seminar this month.

Speaking to Estates Gazette, developer Urbanest added: "As the sector matures and stock increases, the level of competition for student housing developers is now opening up, and firms will have to think how they can distinguish themselves."

Browse Our Student Investment Opportunities

Slight improvement for UK commercial property

UK commercial property improved slightly in June, according to CBRE, with values falling by 0.5 per cent from May compared to the previous month's decline of 0.6 per cent.

This in turn helped to keep total returns steady across the month following a decline of 0.1 per cent in May. As a result, commercial property values have fallen by an average of 2.3 per cent so far this year with a total return of 0.6 per cent.

Central London saw its first month where values were unaltered after a predominantly positive three years for office property in the capital. So far they have recovered 46.4% in value, and now sit only 21% below the peak of 2007.

Nick Parker, Senior Analyst of Economics & Forecasting at CBRE, said: "The rate of decline for UK property hasn't worsened, as many would have expected this month. This perhaps signals an inflection point in the market, as investors sit on their hands and wait for some green shoots.

"Foreign investment remains crucial at this juncture, with Central London remaining the focal point for both the UK and Europe, with 75% of all transactions in the capital attributable to foreign purchasers in Q2.

"There is definitely scope for some entrepreneurial investors to make a mark in the UK property market in coming years, with yields on secondary property still extremely high amid occupier uncertainty, and theoretical borrowing rates at extreme lows."

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UK investors welcome best euro rates since 2008

The Bank of England continued Quantitative Easing last week, injecting £50 billion into the UK economy. The move often sees exchange rates weaken for Brits, but the opposite is the case, according to one currency broker.

The European Central Bank also made a big decision last week, cutting interest rates to historic lows of 0.75%. The result, says Currency Index, is a weakened single currency, giving UK spenders the best rate for buying euros since October 2008.

Other currencies favoured better, leaving exchange rates against US Dollar and UAE Dirham to fall to "their lowest [level] for a month", but for those looking for real estate abroad, now is the time to take advantage of the euro-Sterling rates and reduce the cost of property investment.

"While we don't expect the Euro to strengthen significantly given the unresolved debt crisis, if you have Euros to buy then now might be a good time to look at securing your rates," advises the broker's Managing Director Robin Haynes.

To Browse our European Property Opportunities CLICK HERE

US rents rise faster than house prices

US rents are rising faster than house prices, according to Trulia.

The site's latest price and rent monitor show that that the average asking price for US homes increased by 0.3 per cent in June, the fourth monthly rise out of the past five months. On a quarterly scale, prices jumped by 0.8 per cent, while excluding foreclosures, asking prices were 1.7 per cent above June 2011. Nationally, 44 out of the 100 largest metros had annual price increases, seasonally adjusted.

But despite widespread national asking price rises, rent increases outpaced price increases in 22 of the 25 largest rental markets, adds the report. Nationally, rents were 5.4 percent higher in June than they were a year ago, and rents increased year-on-year in 24 of the 25 largest rental markets - all except Las Vegas. Furthermore, rent increases accelerated between March and June in most rental markets, with rents in San Francisco rising 14.7 per cent annually in June from 10.9 percent in March.

Prices were up by 15 percent or more in Phoenix and Miami compared to last year. However, seven of the 10 metros with the largest increase in asking prices also have a high share of homes in foreclosure, including Phoenix, the Florida metros, and Detroit and its suburbs. These coming foreclosures threaten to reduce or reverse recent price gains in those markets. In contrast, Denver, San Jose, Pittsburgh, Little Rock, Austin and Colorado Springs all had price gains of more than 4 percent with a moderate or low share of homes in foreclosure.

"We saw asking prices start to rise in February and predicted that other home price indexes would report sales price increases this summer for those homes - and they have," said Jed Kolko, Trulia's Chief Economist. "Since February, asking prices showed solid gains in four out of five months, including in June, so I expect to see the sales-price indexes show further increases in the months to come."

"The huge price gains we've seen in Miami and Phoenix are not built to last. These increases will shrink or reverse as the backlogged foreclosures in these metros hit the market," said Jed Kolko, Trulia's Chief Economist. "In contrast, Denver, San Jose and Austin, which were spared the worst of the housing crisis, have strong price growth and strong job growth without a foreclosure overhang. Their recent price gains are less dramatic than Miami and Phoenix but are less at risk. Slow and steady wins the housing recovery."

Browse our US Property which is producing 45% returns

71% of workers believe they will be ‘worse off’ in retirement

Seventy-one per cent of workers believe that they will be worse off in their retirement than current retirees, according to the 2012 Retirement Readiness Survey conducted by AEGON.
 
The international survey of 9000 respondents in nine countries - France, Germany, Hungary, the Netherlands, Poland, Spain, Sweden, the United Kingdom and the United States, found that while 70 per cent described themselves as ‘responsible’ when it came to saving for their retirement, only 15 per cent felt that they would be able to put aside enough money to reach the income they needed.
 
With this in mind, as well as a recent survey which found the UK is one of the loneliest places in Europe to grow old, many retirees will be looking to stretch their pensions further with a move overseas.
 
Danny Silver, French property expert, believes that a French relocation could be the answer.

“The French way of life is second to none, offering less expensive housing, a relaxed pace of life and cheaper living costs. The nation is completely respectful of the elderly and this is why we decided to develop our active Living Villages for over 50's here offering a range of amenities and services including a gym, indoor pools and entertainment but also a strong community of friends where it'll be impossible to feel alone," he commented.
 
A recent OECD Better Life Index 2012 which compares global well being across different countries, found that France was one of the happiest places in Europe. Seventy-three per cent of people explained that they have more positive experiences in an average day (feelings of rest, pride in accomplishment) than negative ones (worry, sadness, boredom). Life expectancy in France is almost 81 years, while 91 per cent of people say that they are happy with their current housing situation - higher than the OECD average of 87 per cent.

Search for property in France

Belize: new property hotspot?

Belize real estate could see a massive increase in sales to foreigners this year, as interest in investment in Latin America revives, it is claimed...

An increase in tourism in the region along with bargain prices and positive economic growth could make the country more attractive than ever to foreigners, according to international property investment consultancy Property Frontiers.
 
According to director David Cox prices have fallen by 50% in some locations making them a much more interesting prospect for international investors. ‘Although local agents claim only a slight fall in Belize real estate prices the reality is different,' he explained.
 
‘You also have to consider the fact that Belize real estate values grew by 15% per year inland and by up to 30% in coastal locations. This track record of such strong growth will not be overlooked by serious investors.
 
He also believes that a commitment by developers to providing eco-friendly projects is another attractive feature. An example is a development in the Cayo District nature reserve which has natural springs to supply the water, solar electricity and an anaerobic bacteria based sewage system. It aims to be 100% carbon neutral and have minimal running costs.

Many people think Belize is an island, but it a series of hundreds of islands, 108 of them uninhabited, between Mexico and Guatemala and is the only English speaking country in Central America. It is popular with both US and Canadian buyers.
 
Another attraction for foreign investors is that it has a form of banking secrecy that protects people with deposits there. Authorities won't report simple tax evasion but they will honour tax pacts with other countries and will co-operate with foreign authorities on cases of fraud or money laundering.
 
‘Belize is where Cost Rica was 30 years ago. It's the ground floor when it comes to buying beachfront real estate,' says Bob Dhillon, a Calgary businessman who owns Costa del Sol, a 1,214 hectare development, near San Pedro.
   
Although in upmarket resorts a beachfront house might cost over $1 million it is also possible to find a condo on the beach for $250,000. Real estate prices are still recovering from the recession, added Dhillon.

Why Not take a look at our Exciting new Marina Resort in Belize by CLICKING HERE

Florida property recovery gathers force

Florida's property recovery is gathering force, according to the latest figures.

The most recent report from Florida Realtors shows that pending sales, completed sales and median prices all increased in May, accompanied by a drop in housing supply.

 "The recovery in Florida's housing market and economy continues to grow stronger and stronger," said 2012 Florida Realtors President Summer Greene, regional manager of Better Homes and Gardens Real Estate Florida 1st in Fort Lauderdale. "Realtors across the state are reporting increased activity - in May, statewide pending sales were up 43.1 percent for existing single-family homes and up 33.4 percent for townhome-condo properties. In some areas, a shortage of for-sale inventory is resulting in multiple bids from buyers and rising price conditions.

The statewide median sales price for single-family existing homes in May was $147,000, up 8.9 percent from the year-ago figure, according to data from Florida Realtors Industry Data and Analysis department and vendor partner 10K Research and Marketing. The statewide median for townhome-condo properties was $112,000, up 14.3 percent over May 2011.

The national median sales price for existing single-family homes in May 2012 was $182,900, up 7.7 percent from the previous year, according to the National Association of Realtors® (NAR). In California, the statewide median sales price for single-family existing homes in May was $312,110; in Maryland, it was $259,207; and in New York, it was $208,000.

Statewide sales of existing single-family homes totaled 18,723 in May, up 7.2 percent, compared to the year-ago figure. Looking at Florida's year-to-year comparison for sales of townhomes/condos, a total of 9,995 units sold statewide last month, up 5.4 percent from those sold in May 2011. NAR reported the national median existing condo price in May 2012 was $180,000.

Last month, the inventory for both single-family homes and for townhome-condo properties stood at a 5.5-month supply, according to Florida Realtors.

"Some very positive trends have been developing in the Florida market, and the May numbers indicate those trends are continuing," said Florida Realtors Chief Economist Dr. John Tuccillo. "Closed sales, pending sales and prices - both average and median - are strongly above where they were a year ago. In fact, average prices have increased in 11 of the past 12 months.

"In addition, home sellers are receiving a higher percentage of their asking price, a trend we've seen for nine months. Perhaps the most striking characteristic of this market has been the dramatic drop in inventories. Now, Florida is in what is generally considered a balanced market - that is, one that favors neither buyers nor sellers."

The interest rate for a 30-year fixed-rate mortgage averaged 3.80 percent in May 2012, down from the 4.64 percent average during the same month a year earlier, according to Freddie Mac.

To Browse our Property Opportunities in Florida simply CLICK HERE

Experts hit back at "misunderstood" French property tax

For the majority of current and aspiring foreign home owners in France, the proposed taxation changes will not have much of an effect, reports Athena Advisors.

The social charge contributions now imposed on the rental income generated by properties which are owned by non-residents only applies to unfurnished rental properties, which fall into the Revenu Foncier system. Historically the Revenu Foncier taxation system is more relevant to French nationals, not overseas investors.

Camille Letuve, Partner at Athena Advisors comments:

"Yet again, it is frustrating to see the facts so poorly misconstrued. The new proposed tax on French rental property is only applicable to non-furnished rental properties and very few British and international investors own one of these."

Today, non-resident owners of French property can still opt for the more tax-effective furnished letting tax system called BIC (Benefice Industriel et Commerciaux). This tax system allows you to amortise your property and offset the charges related to a property's rental income.

"The BIC system can considerably reduce an investor's liability and in some cases nullify it completely," added Letuve. "So despite what has been reported over the last 24 hours, from an investor's point of view very little has changed. French property still represents a secure and financially viable investment."

Implications for leaseback properties...

"As for leaseback properties, they have been around for over 40 years and have been structured in a way that makes this type of new proposed tax increase inconsequential," added Letuve. "In some ways, it actually makes investing in a leaseback property more attractive, especially if you utilise the current mortgage rates - our investors are currently buying ski apartments with a 3.85% fixed rate mortgage for 20 years. How's that for fiscal value?"

Implications for Capital Gains Tax...

The French government has also announced that that capital gains tax on foreign-owned second homes is also set to increase from 19% to 34.5%. Yet for the majority of UK and international buyers, this news does also not need to come as a shock,

"The capital gains tax has increased, but this tax reduces over time, just as it always has," said Letuve. "More importantly, very few people invest in French property to then sell it on a few years later. Instead they have at least a 10 year game plan and if they keep their property long enough there will be no capital gains tax at all."

So still good value to Buy In France, so CLICK HERE to Browse our opportunities

Demand climbs as Caribbean voted top holiday destination

Investor interest in Caribbean property is hotting up in line with the tropical temperatures with the news that these idyllic islands have been voted the top holiday destination this summer by British Airways customers.

Beating sunny contenders such as South Africa and perennially popular Florida, the Caribbean emerged as the clear winner with British holidaymakers - not wholly surprising considering that this June was the wettest since records began.

Claire Bentley, British Airways Holidays Managing Director, comments: "The thought of relaxing on a stunning beach, in the warm and friendly Caribbean is a real draw as the summer weather continues to be a bit of a let-down."

As one of the main economic drivers, touristic appeal remains a high priority for many Caribbean nations. The region as a whole saw a positive 3.3% increase in visitor arrivals (23.8 million) in 2011 compared to 2010 according to the Caribbean Tourism Organisation.

Indeed accessibility continues to be paramount to the tourism success of many islands and those, such as the island of St Vincent, with direct flights to international destinations including the UK, USA and Canada stand a better chance of not only maintaining but increasing visitor levels in the future.

To Browse our Caribbean Properties being sold up to 50% Below Market Value simply CLICK HERE

Appetite for Turkey property on the up

Investor appetite for Turkish property is on the up, according to one agent.

Tim Morgan, director of Emerging Real Estate, said that the country has "a good economic story and increasing demand from the local, as well as the international, market".

Morgan said there were many opportunities across Turkey for property buyers, reports Property Showrooms, "provided the deal is right". He also advises investors to consider the rental market in the area, as rates continue to increase, promising stronger buy-to-let yields.

To Browse our Opportunities in Turkey, simply CLICK HERE

Property prices in the most sought after locations in Barbados could rise in 2012

There has been a noticeable increase in demand for prime Barbados houses since the beginning of 2012, according to a new report from Knight Frank.

The new Barbados Residential Insight report assesses the market's performance over the past year and looks at who's buying where and which properties are in greatest demand.

‘Last year saw prices fall by between 5% and 10% on the island with the average price for a prime property now around $900 per square feet,’ said Christian de Meillac, head of Knight Frank's Caribbean desk.

He said that this downward trend in prices can largely be attributed to those vendors who, keen to sell, were more realistic ahead of the traditional selling season.

As a result he is upbeat about market prospects in 2012.‘Momentum in the market is improving as buyers are reacting to price corrections and supply remains limited. If we add to this the scale of wealth generation globally, the island's tax friendly regime for High Net Worth Individuals and the quality of the homes on offer, I believe prices will stabilise and possibly start to rise again in the most desirable locations,’ he explained.

When it comes to the properties in greatest demand he said that most buyers are seeking a turnkey home on the island. Few want to undertake renovations, or take on a self build. Frontline beach or golf properties are particular favourites. He pointed out that Barbados stands out from other Caribbean islands due to its established resorts, pristine beaches, relaxed lifestyle and its easy access, boasting over 20 international flights a day two of which are from the UK.

‘Most prime property in Barbados is purchased by UK, Canadian, US, Irish and French nationals. Most are looking for a long term lifestyle investment which they aim to use as a second home. Others choose to make Barbados their primary residence due to its benign tax environment,’ he added.

To Browse our Property Opportunities in Barbados, simply CLICK HERE 

Bulgarian buyers bash down Greece's door

Bulgarian buyers are bashing down Greece's door to buy property, according to new reports.

TV channel BTV revealed that more Bulgarians are buying holiday homes in the country, despite the ongoing certainty surrounding the Greek country. "Many Europeans are finding offers" in Greece, according to Greek Report, as prices have dropped by 10 per cent over the past six months.

Investors from Bulgaria tend to focus on North Greece, which is closer to their home country. As a a result, the seaside region of Chalkidiki is very popular as beachfront property becomes far more affordable.

Good Time to Buy, so why not Browse our Greek Island Property, by CLICKING HERE.

UK landlords increase buy-to-let portfolios

Landlords increased their buy-to-let portfolios in the second quarter of 2012, according to Paragon Mortgages.

The UK lender's report shows that landlords would not be adverse to acquiring another buy to let mortgage, stepping up their portfolios from an average of 12.9 properties in the first three months of 2012 to 14.1 properties. The second quarter also marked a yearly increase compared to 2011, when landlords invested in an average of 12.5 buy-to-let properties.

21 per cent of landlords surveyed said that they would continue to increase their investments in the upcoming quarter, up from 18 per cent last year.

John Heron, Managing Director of Paragon Mortgages, said: "The fact that landlords are planning to make further investments in their property portfolios is positive news. It shows their appetite to grow their business to meet the on-going demands from tenants and demonstrates the viability of the UK's PRS.

"The issues around housing supply in the UK are well documented and have been hotly debated over the past few months in particular. However, what our research shows is that landlords are investing further in PRS property and they look set to continue to buy over the coming quarters. Whilst this will not solve the problems around supply it will make a valuable contribution."

Many UK Landlords are now adding STUDENT LETS to their portfolios as they offer some very good GUARANTEED returns up to 16% Net in some areas. If You would like to look at some of these Student opportunities simply CLICK HERE.

Retirees move abroad to escape the loneliest place in Europe

Britain has been revealed as one of the loneliest places in Europe in which to grow old according to a recent study from charity WRVS. However, in spite of this somewhat depressing news, hope is not lost with the perfect solution existing just a short hop across the channel.  

According to the research from WRVS which analysed results of the annual European Social Survey, older people in the UK have limited opportunities for socialising, are more likely to suffer from long term health conditions and live in poverty compared to most other European nations.

Further revealing the seemingly despairing reality faced by Britain's older generation, data from Age UK has shown that one in every twenty British pensioners suffers from severe loneliness, hardly surprising given that only 6% of older people in the UK leave their homes just once a week (Age UK 2012).

Danny Silver, expert in French real estate and MD of 'active living' resorts for over 50's The Villages Group, comments,

"It's extremely sad that Britain's ageing population feels so isolated. Shockingly, around 2 million retired British people find it difficult to reach the Post Office, GP or even their local shop, and with very little social contact and limited access to services it's no wonder elderly people feel so withdrawn from society. To make matters worse continued pressure on energy and food bills mean that many older people are being forced to take a step closer towards the poverty line.  

"By stark contrast, France is one nation that delivers the exact opposite when it comes to caring for their elderly and that's why we chose this nation as the location for our new active living resorts for over 50's. These resorts will be focused around developing strong communities of like-minded individuals where they will never feel alone. We're just completely dedicated to health and happiness for all."

While France has less expensive housing, a relaxed pace of life and cheaper living costs, the Villages in France offers a range of amenities and services suitable for those in their 'third age'. Here a community of friends can mingle, embark on fun and engaging on site entertainment choices for an active and sociable life as well as numerous options for physical fitness and well-being including a gym and indoor pools.  

Silver explains: "As people get older loneliness can start to creep its way in but it doesn't have to be that way. Rather than choosing an expensive care home in the UK why not chose a sunshine resort that encourages physical and social activity? Right now, retirement villages in the UK are grabbing a lot of attention - the BBC did a recent article explaining that they could be the answer for the UK's ageing population but I believe that our active living villages in France for over 50's offer a far better option and a cheaper one too. In the UK maintenance such as gardening, swimming pools and window cleaning can cost around £600 per month where as ours which also includes French land taxes as well as full entertainment programme equates to approximately £75 per month!"

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International sales of US property surge

International sales of US property have surged this year, according to the National Association of Realtors.

Total overseas residential property sales climbed by 24 per cent in the 12 months to March, the NAR revealed, up from $66.4 billion in 2011 to $82.5 billion.

The figures follow ongoing uncertainty in the eurozone, stirred by Greece's weekend elections, cementing America's status as an attractive market for investors thanks to the weak dollar and already record low house prices.

Demand from the eager buyers centred on four key states: Florida, California, Texas and Arizona.

Texas, recently found to be the fastest-growing state in the country, accounted for 7 per cent of sales, neck-and-neck with Arizona. California, on the other hand, topped both by taking 11 per cent of transactions.

The West Coast state attracts many affluent, non-EU buyers. Indeed, Chinese buyers are now the second largest foreign buyers of US property behind Canadians. These wealthy investors, who in the past have focussed on Paris, Shanghai or Moscow, have now come to America, pumping cash into California's property market to take advantage of the low values and high rental yields.

As a result, the state is turning into the new hotspot for the super rich. In fact, Los Angeles already houses the highest number of foreign-born billionaires outside of New York. Russian Facebook investor Yuri Milner, for example, purchased the most expensive single family house ever sold in America last year.

"Investors are now snapping up foreclosures in greater numbers because comparatively low property prices mean they are able to achieve strong returns" David Parnes, director of Los-Angeles realtor Bond Street Partners, told Reuters. "Prices in L.A. are showing to 60 to 70 percent discounts against their equivalent in Manhattan."

Sales there are soaring too, jumping 21.5 per cent in May compared to the year before: the highest annual sales increase since May 2009, according to the Californian Assocation of Realtors.

But even with its wealthy investors, California cannot compete with Florida. The Sunshine State is the fastest growing destination for foreign buyers, accounting for 26 per cent of all international purchases in the US.

Indeed, Florida attracts buyers from all over the world. Together, Canadian, Chinese, Mexican, Indian and British investors account for 55 per cent of all transactions. So what draws them there?

For Europeans, the sunny climate and proximity hold appeal, as well as the familiarity of Orlando's tourist attractions. But for Latin Americans, Florida is viewed as a kind of home from home - a place to stash their cash. This investment habit has, over the years, formed an established base of South American homeowners in the area - a community that only reinforces its popularity among buyers.

"Foreign buyers recognize that owning a home in the U.S. has many benefits, both financial and social," commented NAR President Moe Veissi. "Many recent immigrants view homeownership as an important accomplishment. They believe that being a homeowner is one of many ways they become established in the U.S. and attain stability, security, and a sense of community."

Whether investors are buying to own a holiday home or generate a regular investment or simply to secure a visa, agents are not much bothered. For them, foreign buyers mean business. And right now, as investors continue to pile in from around the globe, business is booming.

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