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Turkey's property Market is Buzzing!

The property market in Turkey is buzzing with the likes of Shamil Bank investing millions into the sector on behalf of institutional clients and with Century 21 Gold arriving from Russia in search of viable projects for wealthy Russian clients.

Meanwhile, all along the Turkish coastline British, Irish and European holidaymakers are enjoying the stunning Turkish climate and inimitable Turkish hospitality and many of them are planning their own moves into the Turkish real estate market as well.  All in all, it would be fair to say that Turkey’s property market is buzzing!!

It seems that Turkey is the place to be investing in real estate, whether you are a bank, a millionaire Russian businessperson or an individual on a limited budget seeking a home in the sun and a fly-to-let investment opportunity.

A representative of Shamil Bank has given others great faith in the market by stating that house prices in many parts of Turkey have risen consistently since 2002 making the nation the first choice for the bank for serious property investment commitment.

Backing up Shamil Bank’s feelings about the market are the Century 21 Gold representatives who recently visited property projects in coastal Turkey for their clients, stating that the price of property in Turkey is currently extremely attractive for their clients.  I.e., the low entry point coupled with the strong and consistent growth enjoyed in the market is making it a popular choice with investors from all backgrounds.

In the meantime, holidaymakers who have flocked to Turkey in even higher numbers this year than last are ensuring that there is a growing base of demand from holiday tenants for those with rental property units in Turkey.  For British holidaymakers Turkey is now number one, with Spain having been knocked off the top spot because of the strong euro, the bad press Spain has been receiving and because of the incredibly popular press that Turkey has been enjoying.

Not only is Turkey a far more affordable choice for holidaymakers now – a very serious consideration due to the global financial situation and the levels of inflation in the UK for example – but it is very accessible, it is a stunning nation that is embracing tourism and therefore making sure the holiday experience is a good one for all visitors, and it is a country actively courting investment also ensuring that would be home buyers are treated well.

The positive fundamentals in place supporting a buy in in Turkey right now could not therefore be better!  It’s no wonder that the property market is buzzing and that everywhere you look in the news about property in Turkey, the Turkish economy and about the investment climate, the news is more than simply positive.

Investment to Double in Gulf Region

The  number of major global investors in the Gulf Cooperation Council (GCC)  markets is expected to more than double in 2008, according to research by Jones Lang LaSalle  (JLL). GCC markets include Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and  the United Arab Emirates. Until this year, few of the “global 100” property  investors had ventured into the region, despite a decade of strong growth.  The arrival of major global investors signals growing confidence in the  region's legal and regulatory framework. The creation of Dubai's Real Estate Regulatory  Authority last July was enthusiastically welcomed as a means  to protect investors. Abu Dhabi is expected to soon follow suit. With an  increase in market transparency (see JLL's Market Transparency  Index), higher quality construction and greater access to  debt markets, investors' confidence is increasing as well. International investors are expected to come from a range of sectors, including banking,  insurance and real estate development, and from all major economic zones.  New investors, including the real estate arm of American insurance group  AIG and Singapore’s CapitaLand, represent a relatively small piece of the  market compared to existing investors, most of which are from the region or  nearby countries such as India and Pakistan. Consequently, their arrival into the market is projected to have limited impact on market prices.  Latest research estimates that the value of Gulf projects under  development, including property, infrastructure, and utilities, has reached  US$2 trillion.

(Published on June 24th 2008)

Wherever you want to live or buy a home abroad in Dubai allow us at Genesis Homes Abroad to assist and guide you.

Brits Love Property in Australia

The Office for National Statistics’ recent findings that 200,000 Britons emigrated in 2006 were startling enough – but combine this with the fact that of those who left almost 1 in 3 moved down under - principally to Australia but also to New Zealand and you can quite see why Brits love property in Australia.

As new data is released to show that the Brits and Irish have 3.81 million properties overseas worth billions and that increasing numbers of Britons are looking abroad to get on the property ladder, is Australia a good place to be looking for real estate right now?

The property market in Australia is certainly not stressed like the markets in Spain and the US…but having said that it has already suffered some slowing of house sales and a certain amount of price reductions from the heady heights the market reached back in 2006.  So, anyone in a position to make a cash purchase and who is happy to haggle can potentially bag themselves something of a bargain in Australia.

Rather than being a perfect market for Britons buying abroad to consider as a way on to the UK housing ladder, property in Australia perhaps makes a better bet for those thinking of emigrating.  It can take time to get through the emigration process and this time can be well spent researching the market in Australia.  Even if you’re not sure about where you want to live, if you are determined to get on the housing ladder and you spot a property bargain it can be worthwhile making a move.

Brits really do love property in Australia – simply because there are so many Britons living down under!  But Australian real estate can also make a good investment choice.  You can buy ahead of your relocation and rent out your home, you can buy an apartment in a city environment where there is a strong buy to let market and you can enjoy income from this regardless of where you ultimately want to own a home for you and your family.

If you are going to be buying property in Australia at the moment be aware that there are pockets of negativity in the market that you can work to your advantage.  You can talk down the price, you can haggle quite hard especially if you’re coming in with your financing in place or cash in the bank after selling off your UK assets.

If you can wait to buy until you get to Australia, some of the best property deals are done at auction.  Whilst you can of course employ someone to stand in in your place and bid for you, you really do need to have viewed the home first to ensure it is all you expect.

Finally, if you are thinking of moving to live in Australia, remember that you have to get your residency sorted out well in advance of your relocation.  This doesn’t affect your right to own property in Australia, but it does have a complete impact on your right to reside in the nation.
(Published on 27 May 2008)

Wherever you want to live or buy a home abroad in Portugal allow us at Genesis Homes Abroad to assist and guide you.

UK Pensions and Tax When Living in Spain

Spain continues to be one of the most popular overseas destinations for British retirees seeking sunshine not showers in their retirement.  It is an accessible destination from the UK, it’s famed for its laid back lifestyle and relatively low cost of living, and what’s more, the weather truly is glorious for the majority of the year on the coast in Southern Spain.

If you’re planning a retirement to a Spanish villa or perhaps a finca in the countryside, we don’t blame you!  This article covers UK pensions and tax for you when you’re living in Spain.  It’s important to know what your liabilities will be before you go so you can make sure you have all your planning in order before you relocate.

The first thing you need to know is that your pension income may come from multiple sources.  You may be in receipt of the government state pension as well as a government service pension, you may also have income from an occupational pension or a personal pension.  Each type of income is unfortunately classed differently for taxation reasons in Spain.

At this point it is important to mention that if you’re moving to live in Spain you should really take taxation and financial advice from a qualified international independent financial adviser and/or an accountant, because each individual’s financial situation is very different and you need personalised advice about your own affairs from a qualified person.  This article is for general information purposes only, it does not constitute advice.

You state pension income is taxed in the country in which you are a tax resident.  If you move to Spain permanently and have been in residence for over 183 days in their tax year you will generally be considered tax resident in Spain.  Spanish income tax rates currently run in incremental stages between 24 to 43%, but these figures change annually so check!

With the exception of any government service pension income that you get from the UK, all your worldwide pension income will be subject to Spanish income taxation.  However, the way income from personal pensions is treated in Spain can differ!  Just to confuse matters!  This is because there is a slight differentiation between the true meaning of the term ‘purchased annuity’ in Spanish and in English when it comes to tax.  Basically, purchased annuities are taxed favourably in Spain!  It is a fact that UK pensions require the pension account holder to purchase an annuity from an insurance company with a percentage of their pension pot.  This annuity then pays out an income for the duration of the life of the account holder.  This type of income from an insurance company is taxed favourably in Spain.  So favourably in fact that 76% of it is tax-free!

When it comes to private pensions where a trustee has bought the annuity on behalf of the pensioner this can be taxed in the same way…although some tax offices in Spain treat this income as pure income and tax all of it according to the usual progressive rates!  You really need to bring in an adviser at this point to help you find the most tax efficient way of declaring this income, because once it has been deemed taxable in a certain way, you cannot then change the way it is taxed!

Finally you have your government services pensions that people who have worked in the civil service or as teachers or firemen might receive…this does not include NHS pensions.  This type of government service pension income is taxed at source in the UK.

If you’re planning on living in Spain you need to find out up front what your taxation liabilities and daily outgoings are going to be so that you can budget and determine if you can afford to retire to Spain and reside in the manner to which you would like to become accustomed!  Get professional taxation and financial advice…

(Published on 30 April 2008)

Wherever you want to live or buy a home abroad in Spain allow us at Genesis Homes Abroad  to assist and guide you.

High End Luxury Property in Dubai Bucking the Pricing Trend

While us mere mortals worry about our mortgages and what the lack of credit and affordability in a market means for everything from our day to day living costs to the value of our homes, the super rich and mega wealthy are seemingly unaffected and are going about their daily business as if all in the financial world was perfect!

To prove this point, high end, luxury property in Dubai is bucking the pricing trend, and it’s the super expensive properties that are flying off the realtors’ books according to a report in the Sunday Times.

The Sunday Times has a feature story this week all about the luxurious super homes in Dubai that the likes of leading Hollywood stars are snapping up.  Kate Hudson is reportedly the latest in a fairly long line of wealthy buyers who have bought in to Dubai’s bling-bling lifestyle.  She is reported to have purchased a pad in the brand new Versace development.

This development is wall to wall Versace – from the name above the development’s door to the dinner plate you feed your dog from!  The development of Versace condominiums in Dubai has come about following the success of a similar model in Australia.  The Australian Palazzo Versace development has apparently returned some who bought into it just a few years ago up to 100% gains.  It’s hoped the development in Dubai will do the same.

Palazzo Versace Dubai is actually a resort development that consists of a hotel as well as 169 private residential units.  And unlike elsewhere in the emirate where it is reported there has been a downturn in interest among individual investors looking for single units to buy to let to the professional market, the high end and luxury Dubai property market is still in full swing in terms of demand.

The Versace development is not the only high-end model to be succeeding substantially in Dubai.  Giorgio Armani is deeply involved with the Burj Dubai tower project.  The units he is designing the finish for are for sale by invitation only to an elite group of hand selected potential clients.

Imagine being asked if you want to buy a select property rather than having to go out there and pound the pavement in search of a suitable home!  Ah, how the other half live and are continuing to afford to live too!

(Published on 29 April 2008)

Wherever you want to live or buy a home abroad in Dubai allow us at Genesis Homes Abroad to assist and guide you.

Portugal Property & Living

For many people Portugal is all about golf! The nation has successfully become the number one golf holiday destination in Europe after all, and the Algarve region of Portugal is home to the majority of the country's golf courses. The Algarve is also the number one relocation and holiday destination for Britons focused on Portugal - but there is actually far more to this beautiful country than just golf and the Algarve coastline.

Facing the Atlantic rather than the Mediterranean Sea, Portugal achieves a best of both worlds situation by being blessed with a Mediterranean style climate whilst having fabulous and dramatic coastline thanks to the power of the Atlantic Ocean and the effects the sea has had on the cliffs and beaches of the nation.

The culture, language, cuisine and history of Portugal all add to fascinating mix and make Portugal a really interesting and attractive country for those in search of a new life abroad. From the Algarve in the south, up along the Silver Coast, heading inland and then up towards the nation's main cities of Lisbon and Porto you will find such amazing geography and natural scenery and no doubt, you'll find a part of the nation that appeals personally to you, your lifestyle choices and your budget as well.

Lisbon and Porto for example offer employment and education opportunities, both are sophisticated and fascinating cities as well. Alternatively if you want rural living and affordable property prices in Portugal head inland. If the Algarve appeals but is too pricey then move up the coast to the Silver Coast and find your dream Portuguese seaside home there.

(Published on 29 April 2008)

Wherever you want to live or buy a home abroad in Portugal allow us at Genesis Homes Abroad to assist and guide you.

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