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Despite the credit crunch and ongoing mortgage misery in the UK demand for property in Lanzarote amongst overseas investors remains buoyant. Driven by an unexpected upsurge in British visitor numbers during the first quarter of 2008 and a revival of fortunes for the islands key resort of Puerto del Carmen.
Back in the 1970´s Puerto del Carmen really was the archetypal unspoilt fishing village beloved of holiday brochure blurbs. Known locally as La Tiñosa this pretty pueblo boasted over 6km of beautiful golden sands – and a small local population that survived almost solely on fishing and agriculture.
Today, La Tiñosa has been absorbed by the mega resort of Puerto del Carmen. And the same beautiful beaches ensure that the resort is still the most popular on the island – despite the creation of Costa Teguise to the north and Playa Blanca to the south.
During the first three months of 2008 Lanzarote enjoyed an upsurge in British visitor numbers of 8.7% on the previous year. A significant increase given the fact that the UK is the islands largest tourist market – providing 850,000 visitors in 2007 alone. And providing welcome news for the many British and Irish investors with holiday rental property on the island.
Where tourism leads, property investment tends to follow. And according to a detailed analysis of just over 1000 property for sale enquiries received by Lanzarote´s busiest property portal, Lanzarote Guidebook, during the first three months of 2008, the bulk of demand is now focusing on Puerto del Carmen.
This can partly be explained by the fact that apartment complexes dominate this destination. As overseas investors become more cautious this has proved to be to the benefit of Puerto del Carmen. With the vast majority eyeing up cheap entry level studios and apartments rather than the more expensive villas available elsewhere. 83% of all enquiries received by Lanzarote Guidebook during the first three months of 2008 were for properties priced at €300,000 or below.
The resort is also on the cusp of a serious make over – with plans in place to take Puerto del Carmen upmarket and ensure it s competitiveness as a holiday destination for decades to come.
The entire sea front promenade is about to be pedestrianised, a new 18 hole golf course is opening this year and plans are in place to replace the existing, old fashioned neon lit shop fronts with a more uniform and aesthetically pleasing look.
As a result, entry level apartments in the resort are starting to look like excellent value investments – as it’s still possible to pick up a studio here – ideal for holiday rentals - for as little as €78,000.
Just Imagine Owning This Home in Javea Alicante Spain
The chalet, of approx 300 square metres, has three levels. On the ground floor there is a porch with antique doors, spacious entrance hall, lounge/ dining room with wood burning stove, fully fitted kitchen , two bedrooms and a shower room. Stairs leading from the spacious hall to a gallery landing and open plan master suite of approx 80 square metres with a 15 sm terrace overlooking the stunning scenery, a dressing room, bathroom with corner jacuzzi bath, wash basin. and a large walk in shower. There is also a separate toilet.
Key Property Features:
Superior specifications offered with the villas for sale in Spain.
Concealed air conditioning complete with room management system
Choice of kitchen and bathroom design
Choice of interior design and layout
Fully fitted kitchen, bathroom and Granite work tops
Traditionally, British people seeking a foreign investment with ‘a bit of sunshine’ bought foreign property mainly in European-Mediterranean countries such as Spain, France , Italy and Cyprus as well as famous in US destinations like Florida. However, not only has this demand increased prices, making property expensive but some of the areas have become saturated with British expats and the cost of living has risen which is not to everybody’s liking. Those who went for value for money in terms of property prices and cost of living are now looking elsewhere.
Turkey is becoming the new focus of interest. Southern Turkey offers all the same as the previously popular destinations, in terms of weather, but benefits from an extremely low cost of living, low crime rates, being outside of the credit crunch zone and outside of the expensive Euro and dollar zones. The local people are friendly and welcoming and English is widely spoken. Many experts compare the situation in Turkey currently to ‘Spain in the 1980s’ before prices began to rise.
In the safe hands of local experts
Didim Sun Properties – Caglak Construction Ltd (established 1987) are based in Altinkum Didim on Turkey’s beautiful Aegean coast (www.didimsun.com). Max Seyfioglu, sales manager at Didim Sun Properties – Caglak Construction Ltd tells us that thousands of foreign buyers have already purchased a home in the sun in Altinkum Didim in the last 6 years, since foreigners were first allowed to buy property in Turkey. In Altinkum Didim, the British are the largest group of foreign buyers, but there are many nationalities present in the area as more and more nationalities come to the area and see the benefits for themselves. With prices from £19,500, there is something for every budget and every taste in Altinkum Didim.
Didim Sun Properties even offer potential buyers a subsidized property viewing visit for a few days to see the area and see property that meets their investment criteria. For details of the subsidized property viewing trips, please look at their website at www.didimsun.com
Mortgages available for all
Mortgage laws were passed in 2007 to enable mortgages to nationals and foreign buyers from Turkish banks. In contrast to the credit crunch zones of the USA , the UK and now central Europe, mortgages are still quite easily available from Turkish banks, so long as the applicant has a 25% or 50% deposit and has proof of income in their home country.
‘Despite an increase in property supply in recent years, there is still a large demand from the domestic and foreign markets’, says Max, sales manager at Didim Sun Properties. ‘In fact, many investors, buy-to-let in Turkey as the average Turkish family cannot afford to buy and have to seek property to rent in which market, demand outstrips supply’, he adds but with such low property prices and an average domestic rental producing between 5% and 8% rental return, 52 weeks of the year, the foreign investors are liking what they see. This is in addition to the rising property prices.
Weather ‘to die for’
“Summer in Altinkum Didim, stretches from March to November!” Max says. “We only really have 2 seasons in Didim – summer and winter. The winter isn’t cold and each year there is more than 300 days of sunshine”.
The Aegean coast where Altinkum Didim nestles, benefits from its own micro-climate which is absolutely suited to sufferers of asthma and chest conditions. Turkish doctors have been referring patients to recuperation in Didim for many years.
There are two international airports servicing the Aegean coast on a 365 days of the year basis – Izmir and Bodrum airports. Altinkum Didim is conveniently located between both airports. Three budget airlines have proposed new routes into Izmir airport and a decision is expected this year.
Rich in culture and life quality
Turkey, where the two continents of Europe and Asia meet, is a wonderful country which is surrounded by Aegean, Black, Mediterranean and Marmara seas. The country is a wonderful mix of the most modern and old fashioned elements of life.
Turkish cuisine is one of oldest and richest cuisines in the world – based on a healthy natural Mediterranean diet. The sun, beautiful nature, sandy beaches, outdoor activities, an abundance of evening entertainment, skiing in the East, mountain sports, big modern shopping malls, friendly neighbours and lots of sightseeing and historical places are all appealing features of life in Turkey.
All of this set against a backdrop of a culture of respect where crime rates are low and where the young people respect the older generations and aspire to learn from them, make an ideal setting for raising a young family, safety for the financial investor or settling down for the twilight years of life.
To find out more about moving to Turkey, contact Didim Sun Properties via SKYPE (Didim.Sun.Properties) or check out their website at www.didimsun.com
Former Spanish property owners could be dancing all the way to the bank!
Are you Owed Money?
The recent news that British property owners who sold their homes in Spain paid higher taxes than the Spanish is set to cause thousands of former owners submitting claims.
Costa, Alvarez, Manglano & Asociados the Spanish legal firm involved in the challenge is taking the Spanish government head on. The claim is being is being prepared for the European Court of Justice for what it describes as illegal capital gains taxes on overseas property owners. They firm have found that until 2007 a capital gains charge of 35 per cent was levied on property sold by non-Spaniards, despite the fact that the same tax charge was just 15 per cent for Spanish sellers.
The legal company believes that an estimated £37m is now owed to British former owners alone. What is more, they say that Brits can now start the long process of getting their money back because, they suggest, it flies in the face of EU laws on discrimination. This means that if you were one of the 4,500 British citizens who sold Spanish property between 2004 and 2007, and were charged at the non-resident's CGT rate; you could be eligible for an average rebate of £11,000.
One thing is for sure that this is going to cost the Spanish government a great deal of money , win or lose this i set to go on for years . So I wonder if you paid too much tax in this time. It seems that it is blatant discrimination but I dont want to jump the gun the legal team making the claims mnay have got it wrong?
The Spanish government may owe former Spanish property owners thousands after charging an unfair amount of tax. A Spanish legal company believes that an estimated £37m is now owed to British former owners alone. What is more, they say that Brits can now start the long process of getting their money back because, they suggest, it flies in the face of EU laws on discrimination. This means that if you were one of the 4,500 British citizens who sold Spanish property between 2004 and 2007, and were charged at the non-resident's CGT rate; you could be eligible for an average rebate of £11,000.
This Youtube Video highlights some of the best places to invest in overseas property but what about Spain and France the two most popular places to buy property abroad for the British. Does the increase in sales to places such as Dubai Egypt Turkey Bulgaria Cyprus mean an end for the top two overseas property
Property in Spain and France
Property in Spain
Spain offers the overseas property buyer a huge choice of property and style of living. Spanish islands ,cities, mountains, countryside, coastal towns and busy cities are all attractive to foreign buyers. The sheer choice of Southern Spain which offers all year sunshine to Northern Spain where you will experience a more temperate climate is another reason why Spain offers buyers everything.
France has become a very popular place for overseas property buyers from the UK. France has the obvious attraction to the UK buyer of being close to home. Its stunning scenery, quaint village’s, cheap property prices and a relaxed lifestyle make it a superb location. Brits who have been left with sizable income from their own homes consider France an ideal location to buy abroad. The expansion of cheap airlines are making even the remote parts of this vast country accessible to UK buyer. learn more Buying French Property
We have over 2500 French homes for sale our sellers are French property developers, real estate agents, and those selling French property privately
