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AZZURRA AT SAHL HASHEESH
Sahl Hasheesh, Egypt
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FLORENZA KHAMSIN BEACH RESORT
Hurghada, Red Sea Riviera, Egypt
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PORTOADA PARK PHASE I
Pizzo, Italy
News
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09 Jul 2010
Brazil to restrict foreign land ownership
Property investors looking to buy land in Brazil are likely to face a tightening of restrictions relating to foreign ownership.
The government in the country is drawing up a series of tough new measures which will prevent overseas buyers from purchasing agricultural land because of food security issues.
According to ministry spokesperson Denise Mantovani, ten million acres of land in Brazil was registered to foreigners by 2008.
She explained that although the current law prevents the sale of land to non-Brazilian residents, it is often ignored.
"Foreigners often bypass that rule by setting up companies in Brazil, which are controlled abroad, to purchase land. This is a foreign company and this is what we want to control," said Ms Mantovani.
"We are going to draw up an amendment that will make it clear that foreigners can invest in any sector except land."
The news may be of interest to individuals looking to buy property in Mato Grosso, with agriculture playing a large part of the region's economy. -
02 Jul 2010
Bulgarian property prices continue to fall
Individuals interested in purchasing real estate in eastern Europe may be interested to learn that prices in the Bulgarian capital of Sofia have continued to fall throughout 2010.
According to a report by Colliers International, the rate of decline has slowed when compared to 2009, but still makes up an annual fall of 17 per cent.
Among the districts which saw the greatest falls in prices are Manastirski Livadi, Vitosha, Buxton, Krustova Vada, and Gotse Delchev, down 19 per cent an annual basis.
The study cited a large increase in supply and greater willingness from sellers to negotiate as the primary reasons for the decline in values.
Tatiana Emilova, manager at Colliers International Bulgaria, confirmed that the "increased choice of [housing] supply, together with alluring price tags and the readiness of vendors to offer flexible solutions with suitable credit conditions," was bolstering the market.
The news is sure to have an influence on the number of potential investors looking to buy Sofiya Property and capitalise on its current bargain prices. -
25 Jun 2010
Record number of Britons buying property in Turkey
Affordable property prices, low living costs and easy access from the UK are believed to have contributed to the dramatic rise in British property owners in Turkey in the past few years.
According to data released by the Turkish General Directorate of Land Registry, over 63 million square metres of property in Turkey is now owned by foreigners.
Britons possess the largest amount, at 6 million square metres, followed by the Germans, who own 3.5 million square metres, and the Greeks with 3 million square metres.
The province of Muğla, on the Aegean coast, is particularly popular, with almost 5.5 million square metres owned by foreign nationals.
Turkey’s location outside the euro zone means that many property prices are fixed in sterling, and 70% LTV mortgages are increasingly available for foreign buyers.
Low-cost airline Monarch announced this year that they were increasing the number of flights to the country.
Ayse Ozcan, of Acacia International Lawyers, said that there were many good value properties to be found in Turkey, but that buyers should seek legal advice before purchasing a property.
“It’s amazing how many people go to Turkey and just sign a contract without doing any research into the seller or developer,” she said.
“Potential buyers should make sure they hire a professional conveyancing lawyer to look into the property, and they should also make sure to find an independent one.
“There is a definite trend in Turkey for agents or developers to introduce clients to a lawyer, which is unsafe – if something goes wrong, that lawyer will not be on the client's side.”
She added that it was also wise to avoid off plan properties. “People think off plan properties are a bargain but if the house is already finished, you’re in a much safer position.”
