Archive for December, 2008

Australia: property down under

Wednesday, December 31st, 2008

Kangaroo in the outbackIt’s one of the most popular countries for people moving abroad, and with year-round sunshine, a good standard of living and a property market that’s not dissimilar to the UK, it’s not surprising. If you’re feeling tempted to head down under, then here are some useful facts on property, emigration and living in Australia.

  • If you’re renting property, perhaps whilst looking for somewhere to buy, you will have to sign a tenancy agreement and pay a bond, which is usually about four weeks rent in advance.
  • Like the UK, property in Australia is bought and sold via real estate agents, but it’s also very popular to buy and sell homes at auctions.
  • Non-resident property owners are taxed on Australian income and capital gains tax. This is a rate of between 29% and 45%. If you become a full-time resident, you won’t get charged capital gains tax.
  • If you have a permanent resident visa and live in Australia, you’ll need to take an Australian driving test after three months – even if you already have a license to drive in the UK.

Nicole Kidman and Hugh Jackman, Australia

  • It’s worth bearing in mind that skilled workers are often in demand in Australia. For details about visas, and the Australian General Skilled Migration Program, see the Australian Visa Bureau website.

Arabian delights in Qatar

Wednesday, December 24th, 2008

Mention Arabian property and the chances are that the United Arab Emirates (UAE) will spring to mind first. If you’re thinking of looking to the Middle East for property investment, there are other areas, in addition to the UAE, that are worth exploring, such as Qatar.

Interest in investment property in the Middle East has increased over the last few years, not least because many of the countries are home to a growing number of British expats and foreign workers. Qatar, in the Arabian Peninsular, has hit the headlines a fair bit this year, as a major development has been progressing off the coast of its capital, Doha.

In an effort fit to rival the grand developments in nearby Dubai, the Pearl of Qatar is a multi billion man-made, oyster-shaped island located off the east coast of Qatar. Covering an expanse of 985 acres, it’s the country’s first ever international urban development venture and has created quite a stir. In fact, for property investors, it’s significant as it’s the first development in the country to offer freehold property ownership to international developers.

The full extent of the project will be finished in 2011 and it will eventually be home to up to 41,000 people, but the first residents are expected to move in soon. In addition, they’ll be three five-star hotels catering for 800 people, three marinas with moorings for 1004 boats and numerous other community and lifestyle facilities.

As Christmas approaches, the island is getting into the spirit of things and a festive Christmas market has been operating from the boardwalk. To put the icing on the cake, it’s also celebrating the launch of its first boutique, which opened its doors to customers on 20th December.

Elsewhere in the country, the capital city of Doha is a popular location for investors and property is often in demand (unlike areas such as Dubai, there isn’t an oversupply of property). Rental rates rose last year by 20% to 30% and property prices are generally steady at the moment.

If you’re interested in investing, then take a look at the property for sale in Qatar.

Peak time benefits for holiday home owners

Thursday, December 18th, 2008

At this time of year, when foreign property owners are planning relaxing trips away for Christmas, New Year or a holiday break, the benefits of owning your own property abroad become crystal clear.

During peak holiday periods, such as December, early January, Easter, half terms and during the school holidays in July and August, the prices of holidays abroad tend to soar. Rental holiday property costs hike up (sometimes doubling or trebling what they are in low season), especially in the popular areas, which adds expenditure to your trip. Even the cost of flights or other means of transport can be more than during off-peak times. Although there’s the temptation leave it late to book, hoping to get a decent last minute deal, you still can’t guarantee that you’ll secure a good offer and it may prove decidedly stressful.

Those that own holiday homes abroad though, don’t have to worry about sudden price increases in rental fees, as they’ve already bought property and have a readymade base awaiting them. It’s especially handy for those with families, who have to take holidays during the peak seasons to fit in with children’s school holidays, as it means they don’t have to worry about the increased cost of holidaying abroad at those times of the year. Or if you’ve got a large family and need a certain amount of space, at least you can rest assured that your home can comfortably accommodate everyone.

(Plus, if you’re ever thinking of renting out your property, you could also cash in on the peak season rates!)

The best worldwide golf destinations

Wednesday, December 17th, 2008

If you’re considering investing in a golf property, or buying a home near a golf course, it can be mind-boggling trying to decide where to choose, as there are so many top notch overseas golf courses these days. But inspiration is at hand, thanks to the International Association of Golf Tour Operators (IAGTO), who’ve recently assessed thousands of courses around the world and named the winners in their prestigious annual awards.

The annual IAGTO awards recognise the outstanding golf destinations in five regions of the world – Asia and Australasia, Africa, the Indian Ocean and the Gulf States, Latin America and the Caribbean, North America and Europe. In addition, the International Association of Golf Travel Writers, a sister organisation of IAGTO, which represents over 100 members in 27 countries, awards a prize for the Undiscovered Golf Destination of the Year.

The awards celebrate the destinations which are making waves in the golf tourism world and the results are invariably of interest to property investors, as they highlight areas where golfing properties may do well, either currently or in the future.

The results of the 2009 IAGTO Awards are in:

New Zealand picked up the award for the Golf Destination of the Year: Asia and Australasia.

The European award went to Andalucia, in Spain (no surprises here).

The Africa, Indian Ocean and Gulf States award was picked up by Dubai.

The Latin America and Caribbean award went to the Dominican Republic.

The North American prize went to South Carolina.

As for the Undiscovered Golf Destination of the Year, it went to Kenya, which was noted for having 40 golf courses across the county, located in very diverse areas and with wonderful wildlife in close proximity.

The world of vineyard properties

Tuesday, December 16th, 2008

An often-cited reason people buy abroad is the dream of buying a house and land to run as a business – most typically, it’s a vineyard property.

The quintessential dream usually involves finding your dream home abroad, moving to live in it and start a new life, happily tending vineyards to earn a living or fund your retirement. Of course, sadly it’s not always as easy or straightforward as that and heading abroad to embark on running a vineyard can be very hard work, especially if it’s a complete change of life and new career. Long hours are likely to become the norm, if only as you get the business established, and if you’re starting from scratch, it can take a while to learn everything and yield any returns for all your hard work.

But despite the potential problems, many people do take up the challenge and try and make their dream a reality – and some are very successful. If you don’t have previous experience in the wine world, it helps to buy an already established business which may come complete with customers, so you don’t have to learn the ropes and do extensive marketing. Plus, some vineyard properties are sold with all the necessary equipment included, which can save time and money in the long run.

Alternatively, if you want to be able to get away from your work some of the time and don’t want to live on site, there are options to buy a vineyard and a house nearby.

If owning a vineyard and making wine is part of your dream, then there are plenty of prime properties around the world that could fit the bill. Here’s some insight into what your money could buy you in various countries.

France
Located near Sauveterre de Guyenne, in the Dordogne area of France, is a wine property with 15 hectares of Bordeaux vineyards. The stunning 17th century house, plus gite for wine guests, is surrounded by vines dating back 20 years, including 60% Merlot, 25% Cabernet Franc and 15% Cabernet Sauvignon. It also comes with longstanding customers and is on the market for £968,415.

Italy
A wine estate in the Massa Marittima area of Italy, with 19 hectares of land, is on the market for £1,642,095. It currently produces 50,000 bottles of rose and red wines a year, one of which is prize-winning, plus oil, honey and Grappa. The large wine cellar that comes with the property is being sold with all the wine-producing and packaging equipment.

New Zealand
At Hawke’s Bay, New Zealand a vineyard nursery set on 11.3 hectares is for sale. The successful nursery comes with buildings, plants and machinery and the existing nursery manager (18 years of experience) is keen to keep her job. It’s on the market for £795,000 – £900,000.

Canary Islands to benefit from new flights

Monday, December 8th, 2008

The last few months have been blighted by news of airlines cutting flights, but there’s more encouraging news for the Canary Islands, which are set to benefit from new flights from early 2009.

Failed airline company XL had left a bit of a gap in the market, with flights to the Canary Islands amongst those affected by its downfall. But budget airline, Teleticket, has stepped in to fill the gap and announced that it will be introducing new flights from Bristol to Tenerife, Las Palmas and Lanzarote in 2009.

The flight-only tour operator, which also operates flights from airports such as Gatwick, Manchester, East Midlands, Newcastle and Glasgow, will start the flights to Tenerife in April 2009 and to Gran Canaria at Easter.

The Spanish Canary Islands are a destination that’s long been a favourite with Brits. Between them, the islands attract a massive 10 million visitors each year and it’s no wonder they’re a popular location for holiday property owners and expats too. Amongst the major attractions are the great year-round climate, good beaches and easy access from the UK. But from a property point of view, it’s possible to find apartments like this for under £100k, and there are good opportunities to rent out accommodation to tourists.

For those wanting to splash out with a bit of luxury, top notch properties can be found on the islands too, like this individually designed house in Tenerife.

10 tips for letting your overseas property

Tuesday, December 2nd, 2008

Many people buy homes abroad for investment purposes and, rather than having them left empty, want to let them out. But it’s not always easy when you’re located hundreds of miles from the property. Here are some tips on making the most of the letting potential of your property.

1. First check that you can let your property. In some areas, there are restrictions in place.

2. Find a reputable management company located near your property, to handle the letting for you. Depending on where you’ve bought your property, and if it’s in an established holiday village, there may have been letting or management options included in the blurb when you purchased the property.

3. Make sure you know exactly what the management or letting company will and won’t cover. Do they include cleaners, for example?

4. Weigh up the potentials of both short and long-term lets. Depending on the location, there may be a demand for long-term lets from locals. Although rent may be cheaper than peak holiday lets, having tenants in place on a long-term basis may work out better in the long run.

5. Ensure your property is fully furnished and has all the necessary equipment included, especially if you’re going to offer short-term holiday lets.

6. If you’re going for a holiday let, decide who your property will be aimed at – young families, couples, older couples or high-end luxury holidaymakers.

7. Consider how your property will be advertised. A management company should do plenty of their own advertising, but you could boost it by setting up a website to promote your property too, or place ads in local publications if you’re trying to attract the holiday rental crowd.

8. Ensure you’ve sorted out any relevant insurance. You can find advice on insuring your investment property on Primelocation.com

9. Put together a pack of tourist information for your holiday home, so renters will know where the local restaurants are, where they can catch buses or trains, where the nearest shops are and any attractions worth visiting in the area.

10. Set aside a budget for dealing with wear and tear. This is inevitable with renting a property and there will be things that need updating, replacing or decorating.