Long awaited changes to Cypriot property law aimed at similutating sales of new homes in Cyprus are finally in place.

The changes, which either abolish or reduce property transfer fees (depending on whether you are paying VAT on your purchase) came into effect on December 2, 2011 and will remain in force for a period of six months.

To benefit, the property must be new and the contract must be dated and concluded before June 2012.

Essentially, if you pay VAT on your house purchase, you’ll pay no transfer fee at all and if you are eligible to pay VAT on your purchase, your property transfer fee will will be reduced by 50 per cent.

Richard Way, of the Overseas Guides Company says it’s hoped the Cypriot tax initiative will kick start the property market in the face of growing financial uncertainty across Europe.

“Now that a favourable decision over transfer tax has been announced, buyers who had been waiting in the wings for confirmation will now be happy to commit to a purchase, thereby injecting some life into the depressed Cyprus property market,” Way says.

Whether things run as smoothly as that remains to be seen, but this does seem to be a step in the right direction for a property market that’s had its fair share of struggles over the past years.

While the bottom and middle of the Spanish property market flounders, those with cash to splash have started to return to the Andalusian sun.

One of Spain's most expensive properties, La Casa Loriana, is in Marbella

Fine & Country’s Tony Instrall knows this better than most. Together with Martyn Ball, Instrall runs the estate agent’s Costa del Sol business, based in the uber posh Marbella Club.

“We don’t sell anything under a million euros, which keeps us to a very niche market,” Instrall explains. “We offer a full premium service to our clients and the results have been very good so far.”

Crucially, unlike in the rest of the Spanish market where the bubble has well and truly burst, the demand for high end and exclusive property in Marbella remains steady. Those on the hunt for a perfect piece of Spanish real estate tend to be a mix of retirees, holiday home hunters and investors who come for Marbella’s micro climate, coastline, golf courses, and, let’s face it, glitz.

And there’s strong interest from UK buyers, says Fine & Country Spain director Martyn Ball.

“The British market in Marbella is once again particularly strong, rivalling recent healthy markets of Russia and Scandinavia.

“During the last decade we experienced booming global markets and purchasers were prepared to travel further afield to buy property, with their curiosity for new horizons. 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.

“One thing is for sure, the British buyer is a savvy purchaser and is seeing great value in the many opportunities in the upper quartile of the market. Consequently the British are active again and are benefiting from the current availability of luxury mansions at 2004 and 2005 prices.”

On their books at the moment is one of Spain’s most expensive homes, the incredibly grand La Casa Loriana (pictured above), which at 4,000 square metres can accommodate up to 20 people, has its own private lift, guest quarters, Turkish bath, gym, medical room and cinema and is on the market for 50 million euros.

This villa in Marbella is on the market for 5.9 million euros

Slightly more affordable at 5.9 million euros is a six bedroom new build (pictured above) with panoramic views of the Mediterranean Sea in one direction and the La Concha mountains in the other. The swimming pool, gym and home cinema are of course included.

British buyers are seeing the opportunity in Marbella's luxury mansions, says Fine & Country's Martyn Ball

The high end property business is going so well that Fine & Country are now looking to sell homes in Barcelona and property in Majorca. “Barcelona has strong international appeal, but there’s a domestic market there too,” Instrall explains. “It also has a strong appeal to Russians, but not necessarily the Oligarch billionaire market, it’s more wealthy people who want to bring up their families in an international setting, but within striking distance of home. While prices may have dropped a bit in Majorca, there are still lots of people buying there, including huge interest from the German market.”

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.

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.

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.

There’s a reason why one of Spain’s most expensive homes for sale is in Marbella. The Costa del Sol destination is synonymous with luxury and international glamour and is the Spanish equivalent of St Tropez or Monte Carlo. Marbella abounds with multi-million pound yachts, high net-worth individuals and celebrities including Sean Connery and Antonio Banderas.

So it was no surprise when a Marbella property for sale at an eye watering €50 million landed in our inbox. It’s not the average home a Brit looks for in Spain but there is no doubt a market for this exquisite luxury home.

La Casa Lorianna, as it is called, was built in 2002 and sits elevated just above the Golden mile beach. It’s walking distance into town and close to the Marbella Club Hotel, a longstanding favourite with the holidaying elite.

Not that the new owner of La Casa Lorianna would need to be near a hotel – as this home is designed with entertaining in mind and can sleep 20 guests – in suites with their own bathrooms and balconies. And for those seeking some extra privacy there’s a separate guest house and a beach house. Plus there’s separate accommodation for 3-4 staff which is ideal help to look after all those visitors.

The Spanish mansion not only offers the luxury lifestyle of Marbella, it has an enviable quality of life from within its grounds as well. There’s a cinema, health centre with sauna, Turkish bath and gym, a swimming pool – complete with waterfall and grotto and the top floor accommodation is all for the lucky owner with an office, library, his and hers bathrooms, walk in wardrobes, a terrace from which to enjoy the sea view and – in case you fancy the mountain view – a terrace to cover that vista too.

Exclusively available through Fine & Country Spain.

Still struggling to gauge the sheer luxury and expense of this Spanish pad? Check out the video of it below:

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.

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.

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.

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.

The property market on Spain’s Costas has, if you want to be charitable, been in freefall for nearly three years now but there are promising signs that the unbearable pain in Spain may soon be over – sort of.

Spanish-English developer Taylor Wimpey de España tells me this week that the Brits are back – at last – and the sighs of relief at the company’s Malaga, Alicante and Mallorca offices are palpable.

But the company says it’s only prime properties that are attracting British buyers and usually only in upmarket locations in Majorca and the Costa del Sol. As is always true in recessions, recovery always takes place first in the safest and most familiar markets.

We may have put our dreams of a Spanish home to one side during the recession but Taylor Wimpey España tells me this summer has seen an 80% yearly increase in enquiries from Brits desperate for the Spanish lifestyle including the sunshine, golf courses and Mediterranean beaches. And it’s no longer just the retirees heading to the sun, so far this year 80% of Taylor Wimpey buyers were aged between 30 and 55 years old.

I talked to Victor Sage at Taylor Wimpey, who told me: “Buyers have been waiting for the market to bottom out before they invest. In premier destinations, like Marbella, this is without doubt now the case hence the spike in interest and serious buyers”.

Victor explained that there is oversupply in certain areas of Spain but it is a localised problem and changes from town to town; “the best units in the best resorts will always sell” he assures me.

Prices are 20-25% lower than 2007 but Victor said that if the current demand continues it will push up prices, he thinks that “for those who have been sitting on the fence, sensibly watching the market, now is an excellent time to buy to make the most of the reduced prices and excellent property on offer”.

With less disposable income our property budgets have reduced since 2007 when 45% of us were spending between €250,000 and €350,000 on our Spanish homes. Now 72% of us are on a lower budget of between €150,000 and €250,000 with 60% looking for two bed room properties.

For more information on Taylor Wimpey’s Spanish developments for sale visit their website

As a million or more TV breakfasts balanced on a nation of knees so the second day of ITV’s much hyped Daybreak was rattling through this morning, carried largely by the nation’s favourite celibate couple, Christine Bleakley and Adrian Chiles. Both were looking flush, I thought, with the  millions ITV paid them to jump ship from the BBC’s quirky evening magazine programme The One Show.

But I don’t think Daybreak’s bleary-eyed audience will get the duo’s brand of early-evening humour and the allure of The One Show was its thought-provoking magazine-style features. But let’s give them a chance to blossom and develop.

Nevertheless one thing I can’t let pass was their report from Spain about the property market which, rather glumly, the show’s reporter said is now more Holiday Homes from Hell than A Place in the Sun.

Daybreak’s report chose its angle carefully and focused only on the most vulnerable of the British who moved to Spain, the ones who were always going to need an earned income to survive and who have been hit hard by the downturn.

The first to arrive in Spain during during the late 1950s were adventurous, well-off and usually bohemian home buyers but it wasn’t until Spain turned into the favoured holiday destination for millions of us that owning property on the Costas became a mainstream, discuss-down-the-pub type habit.

But the problems began when the most vulnerable started to move south; the ones interviewed on Daybreak this morning. These are the expats who retired early or moved their young families to Spain in the belief that they’d find jobs despite not speaking the lingo, having much money or possessing the skills needed to make a living on the Costas.

Each story has its own idiosyncrasies and some people have just been unlucky but it’s these type of ex-pats who are the ones moving back home in droves. The type of work they once relied on to keep them in paella and patatas bravas are now scarce – both the tourism and property markets are struggling to survive the recession and these were the traditional areas for unskilled Brits to find a job.

But one thing Daybreak didn’t mention is the 150,000 or more retirees who live in Spain and who – a NatWest bank survey revealed last week – are doing just fine.

The bank revealed that seven out of ten retired Britons living overseas were happy with their new country, and that one in five – or 20% – had returned back to the UK. I wonder if Adrian and Christine will get round to interviewing them?

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.

Ever wondered what a finca was? You may well have come across the term when searching for property in Spain.

The nearest translated word is ‘farm’, but the term is used quite loosely to describe various rural properties with land and outbuildings. In fact, a finca can be anything from a tiny rural farm to a massive country estate.

What lies at the heart of the word finca, though, is the rural element, as the majority of fincas are located in the countryside.

If a property in the Spanish countryside is up your street, and you fancy owning some land too, then a finca may be the ideal type of property to go for.

There was a time when it was extremely easy to find an abundance of old or ruined fincas at dirt cheap prices. Not surprisingly, most of these bargains have been long since snapped up, although it’s still occasionally possible to find a property in need of renovation for a reasonable price.

Some  ruined fincas look beyond repair, but for inspiration check out the blog of this couple who set about the demanding task of restoring one in Andalucia.

If buying a ruin isn’t your thing, there are plenty of fincas for sale across Spain that are in a good state and suitable to move straight into. What’s more, some of the fincas have already been renovated and refurbished, saving you the time and effort.

Where properties are described as being ‘finca-style’, they’re unlikely to be a true, old finca. Instead, these are usually brand new properties that have been built to mimic the look and feel of an old finca.

Mountain views

If you’re looking for a large finca, then this five-bedroom renovated and extended finca could be ideal.

It’s located between Petra and Sineu, with views over the Tramuntana Mountains and the east coast, and has a separate guest house in the extension – great for having people to stay or to use for bed and breakfast accommodation.

It’s priced at £715,785.

Coastal village

This five-bedroom, old country finca is located close to the village of Campos and near the fishing town of Colonia Sant Jordi.

It’s accessed via a country road and has heaps of traditional features, such as old wooden doors, exposed beams and original tiled floors.

It’s priced at £589,470.

Andalucian acres

In Andalucia is a massive seven-bedroom, six bathroom finca set in rolling farmland and surrounded by mountains.

It comes with lots of barns and outbuildings, which could be converted to form further accommodation, a small wood, a pool and 12 acres of land.

It’s priced at £385,453.

Albatera

This finca in Albatera is a classic example of how deceptive your first view can be.

It looks small on the outside, but actually has three bedrooms, three bathrooms, a large lounge (with Chiminea) and a fantastic private pool area.

There’s also a large BBQ and outdoor kitchen area, utility rooms and even a lit up cacti garden!

It’s priced at £265,262.