Having just got back from a visit to Turkey I have to say I am very impressed with what they are doing there in terms of tourism. I have heard that Turkey now receives more UK visitors than Spain and I can see why… Even though it was during the winter it was still a compelling place. My first surprise was on the fantastic drive from Milas-Bodrum airport to Altinkum, where I passed a fantastic lake and mountains – which reminded me of Scotland!… This wasn’t what I expected of Turkey at all. Then you pass the Temple of Apollo and come to the beach resort of Altinkum, much larger and more developed than I had expected. The bay of Akbuk is stunning and no brochure can do its tranquility justice, I just cannot wait to go back in the summer!
On the investment front I met the governor of Didim and the mayor of Akbuk to find out what they had planned in terms of commercial and touristic investment and it was great to hear that they appreciate (without my prompting) that it is not just about building apartments and hotels. They grasp the concept of growing their towns into tourist hubs whilst maintaining the essence of peace and natural beauty. Some great ideas were put forward in terms of what they want to do and I am staying in touch with them personally to see how it pans out….
Buy-to-let tourist rentals in Turkey are thriving thanks to a surge of British visitors caused by the favourable exchange rate, an investor has noted.
Libby Garside told the Daily Mail that she and her husband Ted rent out their villa in the Mediterranean coastal resort of Kalkan when they are not holidaying there with their daughters.
Observing a rise in demand from Britons for its use, she said: “More consumers seem to be looking to Turkey as a holiday destination due to rising costs in more traditional European resorts and also because of the terrible sterling to euro exchange rate.”
The paper stated that foreign exchange firms have also seen a rise in the trading of sterling for Turkish lira and Egyptian pounds as tourists look for cheaper alternatives to the eurozone.
In contrast, it observed, the poor return on UK pounds converted into euros is making travel to many traditional destinations more expensive.
Turkish lira could be even less expensive soon as the value is expected to drop with an anticipated cut in the country’s interest rates, overseas investor magazine BuyAssociation has noted.
It said this could effectively make Turkish homes seven per cent cheaper.
Source: Propertyshowrooms.com
A conservative mortgage market has shielded Egypt from the worst excesses that led to the global economic downturn and left the country’s real estate market in a prime position to move forward in 2010, it is claimed.
Egypt will be one of the most attractive destinations for real estate investors in 2010, delegates were told at the first Global Trade Matters Real Estate Egypt Conference which included panelists from the top ranks of government, the private sector and academia.
They also heard there is still plenty of opportunity for expansion in Egypt as GDP and demographic growth continues.
Iman Ismail, managing director of EMRC, said conservative lending was the main reason that Egypt did not experience the kid of catastrophic collapse seen in the US real estate market. ‘Egypt’s small mortgage market only started to develop over the past six years so we have been shielded from the global real estate crisis,’ said Ismail.
A good economic outlook will boost the property sector according to Zaki El-Guiziri, vice president of the Talaat Moustafa Group. He predicted that the country’s growth rate will be above 4% in 2009 despite the global crisis.
‘If this growth continues, as is expected, there will be many benefits for the real estate industry. A large part of the population is marriageable age or below. This will ensure demand for years to come,’ he added.
The fact that Egyptians like investing in property means that the industry does not rely as much on foreign investment as other emerging property markets, according to Hala Bassiouni, managing director of the Egyptian Finance Housing Company. ‘Egypt has a culture that loves fixed assets. People feel it is very important for young couples to have a house bought before they get married. They buy houses for when their children get married or for investment,’ he explained.
Source: Property Community
Prime country property in the UK rose 2.3% in the final quarter of 2009 and has seen an incredible performance in a tough market in the last 12 months, according to a new report.
The price of prime country properties in now increasing across the country as the recovery that started in London during spring 2009 continues to spread further into the regions, says the latest Prime Country House Index from Knight Frank.
‘Prices are now just 2.6% lower than they were at the beginning of the year. An incredible performance considering the general mood of economic gloom that followed the collapse of Lehman’s little more than a year ago,’ said Andrew Shirley, Knight Frank’s head of rural property research.
Property prices in the Home Counties have shown particular resilience, ending the year 1.4% higher. The north of England and Scotland are recovering more slowly with prices down 11% on an annual basis, but up 0.5% in the last three months of the year, the report also shows.
‘There are a number of reasons for this upturn in property prices, but the overriding factor is an imbalance between supply and demand. What we are seeing is an increasing number of people competing for s diminishing pool of properties,’ explained Shirley. Across Knight Frank’s network of country offices the number of new potential buyers registering increased 50% last year and the number of sales grew 28%. At the same time, however, the volume of available property fell by almost a third.
Shirley said that potential purchasers are more confident because they feel prices have reached the bottom and are no longer worried about buying into a falling market. The cost of borrowing remains low and credit availability is gradually improving, adding to the optimism.
‘Around London we are also seeing an increasing number of overseas buyers returning to the market with demand for properties over £5 million growing significantly towards the end of the year,’ Shirley added.
Source: Property Wire
World Bank’s Managing Director Juan Jose Daboub paid an official visit to Egypt to reaffirm the partnership between the Central Bank of Egypt and discuss challenges and opportunities in the economic crisis with Government officials and stakeholders. Mr Daboub noted the importance of the government reform programme and policies and believes that the country is in a strong position to weather the worst impacts of the crisis and limit those of the Dubai crisis.
Source: EBCC Newsletter
House prices rose by 1.6% during September, the third successive monthly increase, according to Halifax.
The mortgage lender says typical values are still down by 7.4% compared to this time last year, though they are up 2.8% over the previous three months. The average home now costs £163,533.
Halifax’s figures contrast with the recent Land Registry index which showed a 0.1% drop in August. The official body said house prices are now flat.
Mortgage lender Nationwide reported a 0.9% rise in typical property values during September, the fifth successive rise.
The Land Registry data lags behind both lenders, yet is seen by a number of people as more representative as it takes into consideration all property sales.
Nationwide and Halifax just measure their latest lending data.
Do you think property prices will increase by much this year and if not when do you think they’ll start moving again?
thanks for reading
Nick
Figures released by Nationwide today show that UK property prices have risen for the 5th consecutive month. This means prices have now recovered to the same level as they were in September 2008.
As usual everyone (or at least most people) are still predicting doom and gloom but it is difficult to argue against the fact that the worst times are over and property is back on the up. Properties with a real discount from RICS are being snapped up at an incredible rate when they come to market, and normal properties are also moving quickly when they come on for sale. Hold on to your hats we could be on the verge of some incredible price lifts over the comking 12 months!
“The number of new mortgages for home purchases rose in July for the first time in over two years.
Data released today by the Council of Mortgage Lenders (CML) show the first annual growth in lending to home buyers since early 2007.
A total of 56,000 homebuyer mortgages went through in July – a rise of 19 per cent on a year ago and 24 per cent on June.” – Source: The Times
We have seen a pick up in the housing market over the past few months and a pick up in some sectors of the economy but due to supply and demand the housing market is the strongest sector and most likely to bounce back. Some people claim it is just a blip on the continued downward spiral but I am currently house hunting and that does not seem the case to me as I can’t find any bargains! Prices in my area (Surrey) have increased since last year and the year before.
Obviously this could be a blip but do you want to take the chance and miss out if it isn’t?? Thats what most people did after the last recession… Only time will tell, but I for one, will be snapping up any bargains I see from now on.
Seems to me that we still have the same problem that we have experienced for about as long as I can remember…. Huge demand and under supply…. Unfortunately this is now exacerbated by the fact that people believe they can pick up a bargain as it is a ‘buyers market’, therefore prospective sellers are reluctant to place their properties on the market for fear of having to take a hit on the price. And the result is less stock, huge demand and virtually no movement. So if buyers realise that they cannot obtain hugely discounted property, and sellers realise that we are not in a buyers market then we will be well on the way to recovery…. Here’s hoping!
“US President Barack Obama’s speech in Cairo today along with massive infrastructure investment is set to put the spotlight on Egypt where the real estate market will benefit, it is claimed.” – Source: Property Wire
Egypt has maintained a relatively strong property market throughout the global recession and received a further boost in June when Barack Obama made a keynote speech there which highlighted the area to the world and may even push Americans to invest there.
With the recession forcing developers to think hard about their prices and a bright future looming, Egypt is currently looking like a great investment….