Archive for the ‘Buying’ Category

Where should I buy a home in 2012?

Friday, January 6th, 2012

If you’re in the enviable position of making 2012 the year you buy a home overseas you’ll want to be sure to buy it somewhere that promises good value for money and security as well as the lifestyle you desire. 

This estate in the Cap D'Antibes, French Riviera is for sale through Home Haunts for 52 million euros. It includes a main house, two guest cottages and an office building.

This estate in the Cap D'Antibes, French Riviera is for sale through Home Hunts for 52 million euros. It includes a main house, two guest cottages and an office building.

The eurozone crisis, recession, and job uncertainty have heaped on the pressure for house hunters, especially those eyeing property abroad. The idea of course, is to buy something somewhere you want to live (or go on holiday), at a good price in an area where demand is steady, which should reassure you when it’s time to sell up and move on.

According to those at the coal face of international property, one of the keys is to look out for proven, not promised areas. For instance, the traditional and popular holiday destinations such as Barbados, the French Riviera and Marbella in Spain have stayed popular despite the difficult economic climate.

Property in France
“The economic slowdown has certainly not dampened the enthusiasm of the very wealthy buyers,” says Tim Swannie, director of France-based property buying agents Home Hunts. “In fact it seems to have spurred many on into investing in properties in the right location.” 

For instance, Swannie nominates properties in the French Riviera (particularly St. Jean Cap Ferrat, Cap d`Antibes and Cannes), Provence (the Luberon and Saint Remy de Provence), the Dordogne, parts of the Alps (Chamonix particularly but also the French side of Lake Geneva) and Paris as in very high demand.

Property in Spain
Marbella is also vastly outperforming the rest of Spain’s troubled market, says Fine & Country Spain director Martyn Ball.

Five bedroom home in Marbella for sale for 3.9 million euros through Fine & Country

Five bedroom home in Marbella for sale for 3.9 million euros through Fine & Country

“It seems, whether cyclical or due to economic and political unrest in numerous global destinations, the British Market is returning to areas much closer to home and to trusted areas to buy property, Marbella being one of them,” says Ball, adding the British are  “benefiting from the current availability of luxury mansions at 2004 and 2005 prices”.

Property in the Barbados
Caribbean property specialist Andrew W. Mallalieu of estate agency Terra Caribbean says property in Barbados will be in great demand in 2012.

This three bedroom home in Barbados comes with a guest cottage, pool, sea view and access to a championship golf course. It's for sale for US $6.5 m through Royal Westmoreland Barbados

This seven bedroom home in Barbados comes with a guest cottage, pool, sea view and access to a championship golf course. It's for sale for US $6.5 m through Royal Westmoreland Barbados

“The Barbados brand is very strong and has actually strengthened in the downturn,” he says. “The peripheral markets that were getting attention when the world economy was booming have all gone silent.

Barbados also feeds into the back to basics approach that’s becoming increasingly improtant to those choosing an overseas holiday home. For instance, the fact Barbados is beautiful island, has no capital gains tax, gives equal treatment for non-nationals in taxation matters, has good infrastructure and is safe and secure is now exceedingly significant, says Mallalieu.

More people are looking for an overseas property

Monday, November 7th, 2011

If you are about to buy an overseas property then, despite today’s uncertain global economy, you are one of a growing number of people returning to the market after a period of, how shall we say, choppy waters.

The latest PrimeLocation.com International Search Index, which is published quarterly, reveals that the number of people house hunting on our site increased overall by 14% during the third quarter of 2011 and by 17% for the top ten most popular destinations (see list below).

At the top of the table, the United States is the most popular attracting 31% more searches than in the previous three months and overall it remains the third most popular destination for property hunters.

France: one of the European countries that an increasing number of British buyers searched for last quarter.

France: one of the European countries that an increasing number of British buyers searched for last quarter.

Switzerland was another big winner within the top ten – the number of searches for its Alpine homes increased by 30%, helped by the thousands of wealthy Brits moving money into its safe haven property markets at the moment.

But what, you may ask, is stirring people to buy overseas when several of the countries popular with British buyers are facing financial meltdown – i.e. Spain, Italy, Greece and Portugal?

The answer is that searches are beginning to increase again in the better known destinations despite the financial problems besetting them as many British retirees decide it’s time to emigrate to Europe and beyond for a better quality of life despite the recession.

buying-table

PrimeLocation.com index also recorded more interest in Germany; searches there rose by 28% compared to the previous quarter driven by its status as the darling of international investor set as its economy shrugs off the recession.

So are there any losers? Only two countries within the top ten saw a decline. Searches for Cyprus property fell by one per cent, and the United Arab Emirates by five per cent, which dropped one place as a result within the Top Ten.

For a full list of the most popular countries by volume of searchs, go to www.primelocation.com.

Ooo la, la! More Brits hop across the Channel for happiness

Friday, August 19th, 2011

They say the grass is greener on the other side and now more Brits are shunning the gloomy UK and moving to a greener side – over the Channel – to France in the hope of enjoying a better quality of life, agents report.

With its ambient capital city, wine regions, beaches and top class skiing, the country’s diversity and proximity to our shores has historically made France a popular place to holiday. French property expert Patrick Joseph, from my-french-house.com, helps Brits find houses in France and has noticed our needs are changing.

“When I first started sourcing property for British buyers in 2004 most of my work involved finding second homes and renovation opportunities for investors looking for property in popular holiday destinations that would provide a good rental income over the summer months,” Joseph says.  “But there has been a definite shift towards relocation and self-sufficiency in recent years.”

provence-landscape

France almost always tops the quality of life tables. As a nation, they fight hard for their lifestyle, be it keeping the retirement age down, their holiday allowances up or wages uncut and in return they enjoy the best quality of life in Europe. And, Frogs legs and snails aside, they are also known for their fabulous food, normally enjoyed over long leisurely lunches.

So, instead of a quick mini break across the Channel we’re thinking twice about heading back to the expensive, over-crowded, corporate UK and choosing to buy homes in France – and the cost of a relaxed country life there is more affordable too.

house-in-the-dordogne

“An increasing number of enquiries are for small country houses with several acres of land where people can enjoy a greener lifestyle,” says Joseph. “A rural lifestyle in England comes with a hefty price tag and UK buyers are discovering that they can achieve their dream of a sustainable lifestyle across the Channel far more cheaply. In some parts of France such as Poitou Charentes and the north Dordogne homes can be picked up for as little as €150,000 to €200,000.”

If you’re now dreaming of baguettes, brie and a bottle of Beaujolais in the garden of your new French country home, you’re not alone and you’d also be investing in a stable property market. Now all you need to do is learn the lingo.

Has the sun set on second homes in Europe?

Thursday, July 21st, 2011

Not so long ago everyone was snapping up second homes on a sunny Spanish Costa or other equally warm European destination. But now the escalating debt crisis in Southern Europe is affecting the number of Brits looking for a home abroad.

spanish-property

Our new research reveals interest in Portuguese, Italian, Greek and Spanish property fell by almost a quarter (24%) between January and June this year.

As concerns mount that Italy and Spain may be the next victims of the toxic European debt crisis, our data suggests their sensitive property markets are already suffering.

The table below shows each country’s percentage decline of interest in property searches.

primelocation-table

Interestingly, although Ireland suffered at the beginning of the year, it’s the only debt-ridden nation to have an increase in property searches, up 12 per cent between April and June, compared to the first three months of the year. Perhaps investors think the country has now hit rock-bottom and are taking advantage of the low prices?

This research also backs up recent findings from estate agents Knight Frank which revealed second home ownership in England is at its highest on record as families enjoy ‘generational staycations’ – where they take the grand-parents and children away to a large family holiday home within the UK.

But whilst the economy may be more stable here, we do lack the continental sunshine.

The global property race is on

Monday, June 27th, 2011

If property markets competed globally and it were an Olympic sport – who would be the winners, losers and ones to watch?

It’s not quite a spectator sport, but  the Knight Frank Global House Price Index makes for an entertaining read nevertheless. The latest figures have been published and the results are in for the first quarter of this year.

Who will win the global property market race

Ireland would retire due to injury. At an annual drop of 11.9% and ranking 48th its sorry economic state is cemented with devalued properties lying empty all around the country.

Bringing up the rear, in a surprisingly solid performance would be Dubai which, in the past six months has finally showed a positive rise in prices by 2.1%.

But can the UK, which is placed at a middling 29th with an increase of 1% after a year of decline, regain its position at the front of the pack?

For the moment, Asia will take gold, silver and bronze; Hong Kong, India and Taiwan dominate the top of the rankings this quarter although Hong Kong’s out-of-control inflation (which the government is trying to cool), has risen recently to 24.2%, which could have serious consequences in a year’s time, and cause them to drop to a level pegging with Europe.

On Asia’s heels, the wild cards for overtaking Asia  (and a safe bet for buying property in), are Israel and France. According to Knight Frank, Israel has been steadily in the top ten for the past two years and has a far more stable and controlled inflation rate than Asia. France has leaped from 30th to 6th place with an 8.6% rise since 2010. Knight Frank believes that the country’s greater productivity has impacted on wages, consumer spending and property demand.

So can the underdogs overtake Asia in a year’s time? Only time will tell; on your marks, set, go.

What do Portugal and Switzerland have in common?

Thursday, April 21st, 2011

PrimeLocation had been pondering this pub-quiz question ever since an invite arrived in our inbox last week, beckoning the team to join a select gathering at the Westbury Hotel in Mayfair. 

The RSVP invite mentioned cocktails and canapes and encouraged us to join upmarket Portuguese and Swiss property experts from agent Sotheby’s Realty International. A more unlikely mob is hard to imagine – clipped, tight lipped Swiss suits mixing with louche, heavily tanned ex beach bums.

The reality was very different. An eclectic mix of PRs, accountants and estate agents from London, Europe and even Miami gathered in a small back room of this posh hotel; there were some distinct accents and the odd good sun tan as well as a buzz from the excitement of being in London for the night.

Over Moet & Chandon bubbles and smoked salmon blinis everyone chatted and predictably shared the same view – it’s a must to own a property abroad. And if you can’t choose between the skiing in Switzerland or the sunbathing in Portugal, why not have a property for each season?

So what do one of Europe’s richest countries and one that’s nearly bankrupt have in common and why are we having a party for them? Apart from the obvious sales push from the agents about the luxury resorts and apartments for sale, it was a celebration of their favourable tax regimes; something of a hot topic for London’s big earners at the moment, as the UK’s higher taxes and regulation bear down on them.

John Duggan from PricewaterhouseCoopers’ Portugal office stands up at the end of a small, informal presentation and cliams that it’s not only Switzerland that has all the tax trump cards.

Despite Portugal’s catastrophic government finances at the moment, we are told it’s a great place for foreign buyers to invest – relocating residents enjoy a  10-year tax holiday plus exemption from tax on foreign pensions and exemptions on investment and rental income. At the mention of in-depth tax and finance we began to glaze over but Mr Duggan has promised to write us a guide explaining in more detail how to invest in Portuguese property, so watch this space.

A villa with private pool at the Pine Cliffs luxury resort

A villa with private pool at the luxury Pine Cliffs Resort in Portugal

As well as the tax benefits, a tanned Artur Simes showed us his model village of his luxury Algarve resort, Pine Cliffs. Having washed down buckets of champagne and too many prawn skewers, we were somewhat impressed and fancied buying one. Simes is walking proof of the 300 days of sunshine the area gets and he claimed a guaranteed five percent return on investment for three years if you want to let out our property through them.

So what about Switzerland? Many a banker knows the benefits of relocating there. It has one of the lowest taxation rates of any western nation and its taxes are based on your expenditure and standard of living rather than income or assets. And if you’re looking for a property to suit the well-off lifestyle, Du Parc - an imposing Belle Epoque mansion, converted from a hotel to luxury apartments, on the shore of Lake Geneva is a great place to start.

Du Parc Kempinski Residences in Switzerland

Du Parc Kempinski Residences in Switzerland

But the time had come to go home. The last of the Moet bottles had been upended and the warm Spring evening’s air beckoned. Thanks to Sotheby’s International Realty for the hospitaltiy hospitality.

Come to A Place in the Sun Live and meet Primelocation

Wednesday, March 9th, 2011

This Friday the Channel 4 TV show A Place in the Sun begins its three day tenancy at Earls Court in London and Primelocation International will be there, along with 160 companies offering overseas properties for sale and homebuying services.

Headlining the event will the show’s three most famous presenters – Amanda Lamb (who presents the show’s video, below), Jonnie Irwin and Jasmine Harman – who will be appearing on stage to give advice about buying foreign property and answer questions about their work as TV presenters and signing copies of A Place in the Sun magazine. But they will also be joined by other experts including LBC radio presenter, property investment guru and Apprentice TV show contestant James Maxx.

VIDEO: Watch Amanda Lamb introduce this year’s A Place in Sun Live show

Primelocation International’s property analyst Nigel Lewis will also speaking every day at the show on the main stage, revealing ‘ten things you didn’t know about overseas property’ including which country has the easiest buying/conveyancing process; which town the Spanish holiday home revolution started in, which country offers the best quality of life and which day was the best financially to buy a property in Europe over the past year. Catch him during the show at 11.45am on Friday, 12.30pm on Saturday and 2pm on Sunday.

And if you want a free ticket to attend the show – follow this link to claim yours.

Ayrton Senna’s Portuguese villa worthy of a legend

Thursday, January 20th, 2011

Formula One legend Ayrton Senna died at the wheel of his racing car, but remains an idol to millions worldwide. His star is set to rise again when he becomes the subject of a documentary film to be released in UK cinemas in June.

Ahead of that release, Primelocation International can bring you news that the Portuguese villa owned by the double world champion in the three years before his accident on May 1 1994 is now on the market and could be yours – providing you have a Grand Prix-style income to pay the 10m euro price tag.

Ayrton Seena's Algarve villa

Senna designed the home as his European base for the eight months of the typical F1 season and would  return to his native Brazil each winter; for that reason it is larger than the typical Algarve holiday home.

The villa sits on the exclusive Quinta do Lago resort and boasts six bedrooms and seven bathrooms, a games den, home cinema and study, plus what the selling agent calls ‘a cosy winter snug’ – that’s a sunken lounge with a fireplace. There is also a three bedroom guest annexe where Senna entertained, amongst others, fellow-Brazilian Rubens Barrichello, now a F1 veteran in his own right and another Algarve resident.

Ayrton Senna's villa: lounge room

The grounds of Senna’s villa are large – the whole plot is 113,000 square feet – and reflects the driver’s reputation as a fitness devotee. There is a large pool, floodlit tennis court and football pitch as well as a four-hole putting green, trampoline and woodland.

Ayrton Seena's villa: kitchen

Andre Jordan, the Brazilian who designed the resort back in 1970, says Senna was “exactly the sort of person Quinta do Lago was created for” – well-known, wealthy “but wanting to completely relax in an informal yet exclusive environment.”

Ayrton Seena's villa: pool

The villa is located on Avenida Ayrton Senna – renamed in his honour in 1995 – a sign that whatever happens to the home in the future, the memory of its original owner will live on.

The property is on the market through Savills International

Anjelica Huston’s private and plush Fortress up for sale

Friday, January 7th, 2011

When primelocation wants Hollywood bling that bucks the trend, we look no further than “The Fortress” – the name movie veteran Anjelica Huston has given her LA home now on sale.

At first sight the building, completed in 1994 by sculptor Robert Graham - Huston’s husband until his death in 2008 – looks like a warehouse. But it sits four-square in Venice Beach, one of the plushest parts of Los Angeles and close to the estates owned by other Hollywood glitterati like Kate Beckinsale, Alec Baldwin and Francis Ford Coppola

AnjelicaHuston_TheFortressHuston, perhaps best known for her role in The Addams Family franchise and The Witches in the 1990s – as well as being a long-time girlfriend of Jack Nicholson - says she and Robert Graham were inspired by the privacy of the Californian convent in which they spent their honeymoon in 1992.

So they created The Fortress, a functional Bauhaus design complete with girders and struts, steeply walled on its boundaries to keep out prying eyes. But step inside and you see a huge tropical garden, a swimming pool and a garden jacuzzi as part of almost 10,000 square feet of indoor and outdoor studio and gallery space.

AnjelicaHuston_The Fortress reception room

There are also almost 4,000 square feet of interior living quarters including a library, dramatic galleries looking over three-storey studio and dance-floor areas, three bedrooms and five bathrooms. There’s also a basement games room and gym for that compulsory LA daily workout.

AnjelicaHuston_TheFortess_garden

The property went on sale last year and was first advertised only in California but now, with even Hollywood stars hit by a declining US property market, it is being marketed in Europe by estate agency Engel & Volkers.

AnjelicaHuston_TheFortress_Library

The publicity in Europe concentrates on the Mediterranean and French design influences and the Venice Beach boho chic reputation of the house – magazine Vanity Fair says it is found most easily by heading for the tattoo parlours and marijuana shops across the street.

AnjelicaHuston_TheFortress_studio

But despite the continuing US downturn and change in global marketing strategy for the house, the asking price remains unchanged at a cool $18m. The owner is clearly not the only stellar characteristic of this particular LA home…

Why we’re behind the property world’s Oscars

Tuesday, August 24th, 2010

logo of the Bloomberg International Property Awards

Primelocation is sponsoring this year’s  International Property Awards in association with Bloomberg Television, the housing world’s answer to the Oscars with a red carpet event to be held on November 25th and 26th this year in central London. 

So could your next home end up with an international gong for its architecture, build quality or a range of other categories?

These awards may not offer the same glamour and stars as the yearly Oscars in Hollywood, but in many ways they are not far off with categories that include best golf development, international property, apartment and interior design.

The event began it began in 1994 and has developed into a global concern with regional heats held across the world during the build up to the final in London. This comes to a glamorous climax at an event attended by the leading lights of the property world and celebrities.

These in past years have included Rick Wakeman of 1970s supergroup Yes, BBC Royal Correspondent Jenny Bond, interiors expert Linda Barker and Location, Location, Location star Phil Spencer. And the awards have high profile sponsors too. As well as Primelocation.com these include newspaper The New York Times, Google, Bloomberg Television and Maserati.

But one thing that doesn’t change is the robust judging process. Every year the world’s industry experts gather to judge - including this time round Primelocation.com’s Nigel Lewis - whether the hundreds of entries from across the globe pass the quality test.

A wide range of residential and commercial properties are judged from grand villas in Dubai to office developments in Budapest, and previous winners have included UK agent Knight Frank, developer Berkeley Homes (for its Sugar House development in London) and the Dunas Douradas Beach Club on Portugal’s Algarve coast. But winners come from a wide range of countries including Panama, Brazil, India, Singapore, South Africa and Cape Verde.