Archive for the ‘Property market’ Category

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.

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.

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.

Can the sickening Euro help British buyers?

Wednesday, February 10th, 2010

The pundits who wrongly predicted the savage ballet that the euro and pound danced over the past 18 months are now nursing their lessened reputations.

Only a year ago many were sniffily dismissing the weak the pound compared to the gold-standard euro, lauding the prosperity of Europe’s recession proof economies and ribbing us Brits for not joining in. But little did they know that a clutch of countries were hiding very weak economies and mountains of debt.

Will the euro vs pound fluctuations help British home buyers overseas?

Will the euro vs pound fluctuations help British home buyers overseas?

Last week all was revealed. The catastrophe that is the Greek economy, plus worrying news from Spain, Portugal and Ireland, have sent the euro tumbling, leading many to hope that the glory days of the overseas property market – which at one point was subsidised by up to 30% through favourable exchange rates – might return.

Many remember how from 2001 until late-2007 buying a home in the euro zone was an exchange dream. £100,000 bought a €140,000 villa or apartment, and it was this advantage that helped British buyers sustain a prolonged coastal holiday home buying boom in hotspots such as Portugal and Spain.

But over the past two and a half years the euro advantage has receded and in February 2008 the Euro almost achieved parity with Sterling. But gloom in Europe has pushed the pound to €1.15 and many are hoping this foreign exchange slide will give a financial boost to British buyers overseas. But what do the foreign exchange pundits think?

“Although there are going to be some short and medium term benefits, the long-term debt problems within the British economy mean it is going to be a long time before the exchange improves enough to make a huge difference to buyers,” says Duncan Higgins of exchange firm Caxton FX.

“Talk of a hung parliament and high rates of government debt in Britain means investors have been avoiding Britain recently so at best I think the rate might climb to €1.20 before falling back again.

Higgins says that market turbulence at the moment means he can predict only one thing at the moment – that despite attempts to bail out Europe’s ailing economies the euro will remains weak, and therefore parity with the pound is unlikely to return soon.

Wrongly predicting the savage ballet that the euro and pound have danced over the past 18 moths has muddied the reputations of several financial bloggers and other exchange experts recently.

Only a year ago many were guffawing at how weak the pound was against the gold-standard euro, lauding the prosperity of Europe’s recession proof economies and ribbing us Brits for not joining in. But little did they know that a clutch of countries were hiding the very weak state of their economies – and mountains of debt.

Last week all was revealed. The catastrophe that is the Greek economy, plus worrying news from Spain, Portugal and Ireland, have sent the euro tumbling, leading many to hope that the glory days of the overseas property market – which at one point was subsidised by up to 30% through favourable exchange rates – might return.

Many remember how, from 2001 until late-2007, buying a home in the euro zone was an exchange dream. £100,000 bought a €140,000 villa or apartment, and it was this advantage that helped British buyers sustain a prolonged coastal holiday home boom in hotspots such as Portugal and Spain.

But over the past two and a half years the euro advantage has receded and in February 2008 the euro almost achieved parity with the pound.

Today the pound buys €1.15 and many are hoping that Europe’s woes will devalue the euro further and the process give a financial boost to British buyers overseas.

“The long-term debt problems within the British economy mean it is going to be a long time before the exchange improves enough to make a huge difference to buyers,” says Duncan Higgins of exchange firm Caxton FX.

“Talk of a hung parliament and high rates of government debt in Britain means investors have been avoiding Britain to date so at best I think the rate might climb to €1.20 before falling back again.

Higgins says that market turbulence at the moment means he can predict one thing at the moment – that despite attempts to bail out Europe’s ailing economies the euro will remains weak, and therefore parity with the pound is unlikely to return soon.