Buying Foreign Property

Experts have warned that Brits are being priced out of London housing by rich Chinese property investors.

Over the last two months Chinese buyers are said to have spent £120 million on property in the capital city according to estate agent Knight Frank. One in three buyers of newly built homes in Canary Wharf’s financial district are said to have been snapped up by buyers from China and Hong Kong.

The reason for the big interest in London property by the Chinese is the value of the pound coupled with low interest rates. UK property developers are also strongly marketing their properties overseas, particularly in the Far East, meaning more and more people are becoming interested in London property.  Read more... (288 words, 1 image, estimated 1:09 mins reading time)

May saw a surge in French leaseback enquiries after the French government announced a second homes tax.

French property company, Pierre & Vacances (P&V), saw a major surge in leaseback enquiries during May from British investors following news that the French government plans to impose a 20% property tax from January next year on non-resident second homeowners.

Following the announcement of the proposals in early May, the number of enquiries for leaseback properties last month was more than double that of April as Britons interested in buying a property in France looked at options that are immune to this new tax.  Read more... (502 words, 1 image, estimated 2:00 mins reading time)

France is contemplating new laws which would see overseas property investors hit with hefty bills.

France is hoping to bring in a new tax equal to 20 percent of the property’s rental value, applicable to absent overseas property investors. The new tax is designed to help reduce France’s 176 million Euro annual budget deficit.

Although EU member states are free to set their own taxes, there are laws which cover the free movement of capital within the EU. Some experts believe that the draft law may limit this free movement of capital and thus may not be allowed to go ahead.  Read more... (199 words, 1 image, estimated 48 secs reading time)

The real estate market in Florida has undeniably been in decline since the heady boom years of 2006/7 however with property prices now reaching levels seen nearly a decade ago, it is savvy international buy-to-let investors who are snapping up prime properties at bargain prices.

Floridian property experts Property Frontiers believe that the sunshine state has finally reached the bottom of the cycle and that home prices will slowly but surely begin to once again increase. This feeling is echoed by the Florida Association of Realtors (FAR) who has reported a 24% increase in existing home sales in March 2011 compared to the same time last year.  Read more... (601 words, 1 image, estimated 2:24 mins reading time)

Location Focus: The Turkish city of Bahcesehir is one of the hottest places to buy investment property.

Turkey is currently the hottest destination for travel and property, the 16th largest economy in the world which welcomes 30 million tourists per year and rising according to ABTA. The economic powerhouse of Istanbul is the destination in Turkey ranking as the number 1 city for new property acquisitions and developments according to the latest Emerging Trends in Real Estate Report Europe from PwC and the Urban Land Institute. And Bahcesehir is the hot new destination in Istanbul for property investment with a growing university, high demand from the middle classes for quality property and impressive transport links to the central business district.  Read more... (621 words, 1 image, estimated 2:29 mins reading time)

Due to recent rapid social and economic development, Brazil is becoming increasingly popular with overseas property buyers. A new progressive government coupled with the country hosting both the FIFA World Cup and Olympic Games within the next decade mean that many real estate investors are scrambling to jump on the Brazil property bandwagon.

Rio de Janeiro is probably the most popular area to buy thanks to 45 miles of beautiful beaches making it a tourist hotspot and therefore an ideal place for rentals. Sao Paolo is also popular, being the financial centre for Brazil, however many real estate investors look more to business lettings rather than residential lettings here. Other areas which garner interest are Natal, which boasts the highest quality of life in Brazil, and the resort of Bahia.  Read more... (675 words, 1 image, estimated 2:42 mins reading time)

Eurostar has revealed that they are hoping to extend their network of trains in Europe. Amongst the new hoped-for destinations is the South of France.

Eurostar already runs trains into Paris from London, however the addition of new French destinations could be good news for overseas property investors who have already purchased in France. The extra routes would likely see an increase in tourism in the local areas and therefore help stabilise and improve local rental and sale prices due to extra demand.  Read more... (208 words, 1 image, estimated 50 secs reading time)