The developer in question is Bautista Soler and the development is the Playa de la Patacone development which is situated in Alboraia, just north of Valencia on the coast. The marketing for the development, which was built and sold in the 1990s, promised ‘front-line beach quality of life and magnificent sea views.’ Unfortunately for many who bought properties on the development, the sea views have turned into a wall of concrete and cement as the same developer has now built a new development between them and the sea using exactly the same marketing to capture new investors.

The court decided that the developer knew that the marketing for his original development could end up being false and therefore ruled in favour of the buyers.

And it’s not just the Playa de la Patacone development which is facing the wrath of the law – the deadline for creditors to register their claims against failed developer Martinsa-Fadesa has been extended to October 25th. The major reason for the extension to the deadline is to allow foreign property investors, many of whom are based in the UK and Portugal, to fully come to grips with the situation and register their claims.

The issue over Martinsa-Fadesa is that many investors bought properties from the developer off-plan and made several payments, however they received nothing in return.

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East Crete is a lot more peaceful with foreign buyers in the area buying because of the culture – it’s a place where foreigners learn the language and customs and enjoy the wildness of their surroundings. In turn, the locals are welcoming the influx of foreign buyers who are helping to keep the tiny villages alive. Thousands of homes in the region have been left to Mother Nature as many parents have sold their houses to help fund their childrens’ education or careers.

Many of the houses are small and cheap and many are in need of renovation. For just $50,000, you can buy a house with a sea view, mountain spring and garden however you will need to spend money on restoring the property – budgeting the same amount as you paid for the house would be a wise move.

If you are after something a little more modern, an eco-friendly development is already planned, housing a golf course, conference centre and six villages with 7,000 beds. The planned development will ensure that the local flora and fauna do not suffer because of the new construction work.

With plans for the airport in Siteia to start accepting international flights and with many investors and tourists looking for places off the beaten track, prices in the area are slowly starting to increase. This means that buying a house now could see great return on income in the near future.

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In 2005, Poland saw high increases in the amount of foreign property investors – not just in the major cities, but also in more rural areas. There is only a limited supply of good quality property, and this over-demand and under-supply is fuelling a mini housing boom which is currently in it’s early stages.

Warsaw
Many people are under the false presumption that Warsaw is a concrete jungle, depressing, boring and a huge wasteland of Societ-era housing. However, in the 15 years, there has a been a huge change in the face of Warsaw. Naturally, the city still has it’s problems and parts of the concrete jungle remain, however there is now a thriving metropolis in the heart of the city with plenty of culture and history on show. As Poland’s capital city, it attracts a lot of tourists all year round, so rental yields are good. Growth in the city is also fuelling demand for properties, so buying a good quality property now will probably tield good dividends in the future.

Krakow
Krakow is located in the south of Poland on the Wisla River. It is one of the country’s old cities and also one of the most beautiful. It has a history which can be traced back to over 1000 years. As a past capital of the country, it has a diverse, fascinating history with uprisings, border-shifts and varying occupations.

Many Poles consider Krakow the real heart of the country because of it’s deep historic roots and because of this, the city attracts huge volumes of tourists each year, with more than 4 million taking in the sights each year. The huge tourism trade means that rental properties would be a good investment in the city – there is a year-round tourist trade so rental income should remain fairly consistent throughout the year.

Poland Foreign Real Estate Investment
In the past, the aquisition of real estate in the country by a foreign investor will require a permit from the Minister of Internal Affairs and Administration. However, with Poland’s entry into the EU, European foreign investors no longer need a permit, however there may be certain restrictions in place such as restrictions on the type of land being purchased and it’s intended use. It is wise to contact a local Polish solicitor who will be able to guide you through all the local laws and customs before you complete on your property.

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The country has several benefits – lots of sea views, total privacy and the potential to be a tax haven. However it is far from paradise! Sealand is actually a concrete platform balanced on conrete pillars. Located just off the the coast in Essex, UK, it is only accessible by helicopter or boat. All the buildings are low and long and are made of steel, and cannot be described as pretty by any stretch of the imagination. Generators which power the country and permanently on, and make the buildings rumble all day long.

Although a relatively new country – Sealand has only been recognised since 1967 – it has a rich, adventurous history with parts which wouldn’t look out of place in a fairy tale. In 1967, Paddy Bates, a former English major, settled on the fort with his family. He announced that the island was now his own state and that he was it’s prince. The English Royal Navy disagreed with his claim and tried to evict him, however Bates shot at them from his fort.

The claim went to court, and a judge ruled that because Sealand was more than three miles away from the coast, it was out of Britain’s territorial waters and was therefore out of the Government’s control. Bates soon introduced a constitution, along with a flag, national anthem, currency (the Sealand dollar) and passports (of which there are around 300).

On 1978, Dutch and German businessmen entered onto the island under the guise of a business deal. While they were there, they kidnapped the Prince’s son and over-ran Sealand by force. The Prince’s son was soon freed by an air attack and the Prince held the invaders as prisoner’s of war. The German Government requested that the British Government intervene to have the men released, however the British Government were unable to do anything as it had already been decided the island was beyond their jurisdiction. After some time, the Prince chose to release the men.

Since this episode, life has returned to it’s calmer, more normal pace. The island has a new Prince – Prince Michael – who has reigned since 1999 when his father handed him control of the country due to his failing health. Roy Bates now spends the majority of his time on the mainland.

So, if you are looking for something with a bit of wild history, and you don’t want to spend your money on a property or island in the pacific or meditteranean, you could do worse than to buy this eccentric principality off the coast of Britain and in doing so, also become a prince or princess.

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Overall, new properties tend to be slightly smaller than other Mediterranean countries and also more expensive, which means returns on Greek properties may not be as high as other countries. However, if you choose wisely, there is still money to be made in the market. Rhodes is an ever popular tourist island and a new-build two-bedroom apartment will cost in the region of £65,000. If you prefer somewhere slightly more rural, a fully restored property will be around £100,000.

Athens is also a good bet as it has good all-year rental potential due to it’s location. It is well served by many airlines and has a thriving tourist trade. Since 2004 when it hosted the Olympic Games. Athens property prices have risen by 10%. Although it is unlikely that this steep trend will continue, it is believed that prices will still increase albeit at a slower rate. A one-bedroomed apartment in the Capital city is around £75,000.

Another hot-spot is Crete. Again, this has many tourists thanks to the stunning weather. For £30,000 you can buy a two-bedroomed apartment and should benefit from good rental income most of the year.

Currently, house prices in Greece are growing at a slow and steady rate, showing few signs that they will follow other European country’s massive house price inflation. This means that proeprty is still relatively cheap and is set to increase steadily over the medium to long term, making Greece a superb prospect for investment – particularly for tourist rental income.

If you like to see a list of properties for sale throughout Greece, please click here
If you would like to read more about Greece, we suggest buying one of the two following books:

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