What do Spain and Turkey have in common? And Cyprus?

A Snapshot of the general state of the Overseas Property market

It appears the renewed interest in Overseas property is beginning to take a hold. Compared with this time last year, buyers seem to have been saving their deposits and been biding their time, to take advantage of the fabulous property prices that are around.

Time spent at “A Place in the Sun” exhibition at the NEC in Birmingham running from 1^st October 2010 to 3^rd, showed that there was lots of interest in snapping up Holiday Homes abroad, at bargain prices and other themes that would serve the Overseas buyer well to heed.

Traditional favourites

Interestingly it was the traditional favourites which have not lost their charms, like Spain that proved popular. Potential buyers are still looking for: the climate, the lifestyle, the friendly welcome, that Spain has never stopped offering. Evidently care should be taken on what type of development and where it is situated, to ensure all the necessary facilities and amenities are in place, but prices today can be as cheap as they were up to a decade ago, in some places.

Turkey vs Spain?

Comparisons between Turkey and Spain have been drawn, on a number of occasions. Some remarks at the show, indicated that Turkey could be considered to be like Spain as it was 30 years ago, when property prices were low and the property market was beginning to establish itself. However a big distinction is that Turkey has strict building height restrictions and is all-too-aware of its strong conservation duties to protect its numerous heritage sites across the country, which maintain its links with its Roman past and other dynastic eras.

Cyprus

Is a natural favourite for British buyers, with its climate, wide-spread, English-speaking and the standard of living. Compared with the UK, many things are cheaper in the property World, like the Property Taxes or local authority charges , general income taxation, although care should be taken when budgeting for electricity bills, which can work out more expensive.

Cyprus is trying to become more efficient and speed up the property-buying process and the manner in which Title Deeds are issued, so that buyers can conclude their transactions quicker.

Buying property abroad safely

A perennial message coming through has been the importance of impartial legal advice. Horror stories of people losing their properties, or not officially taking ownership, or discovering that a mortgage had been taken out on the property without the buyer’s knowledge, are all situations which could have been avoided, with the right advice up-front.

Accidental Landlord?

Becoming an accidental landlord or landlady, is not just confined to the UK. Property buyers overseas can find themselves needing to rent out their property, or find it a desirable option to secure some income. We are not all well equipped to market and gear ourselves up for renting out. So it is always a good idea to think through and prepare:

·         who you want to rent the property to and what their needs are going to be?

·         how you are going to get the attention of these people to give them the opportunity to rent your property?

·         what price will you charge for rent and do you have something different to offer e.g. water sport’s equipment or special golf concessions?

·         Have you got the right licence in place, if relevant, to rent out your property?

Buying Overseas property can be done safely if done in the right way and with the right, independent, professional advisors.

Author: Louise Reynolds, posted 4^th October, '10

Property Venture^® is an independent, UK-based agent. We help time-strapped investors and holiday home purchasers, buy abroad more easily and safely than they can on their own.

We visit the countries you buy in, so we can offer common-sense, grounded advice. Overseas members of NAEA. This means we have been subjected to the membership criteria and have signed up to follow the professional Code of Conduct established to help you, the potential buyer or investor, buy property with confidence