Cheap cash deals are driving more than half the sales. The Orlando Sentinel reports: “Usually a drop in prices means a boost in sales, but January’s total was down sharply from December, which is the historical pattern. Only 1,950 sales were recorded for the month by the local Realtors group, down 21 percent the previous month and the slowest month in a year.

“A record 75 percent of January’s closings were distress sales, either foreclosures (bank-owned properties) or short sales (with prices less than the mortgage owed). That was the highest proportion of cut-rate properties since January 2010, when 72 percent of all sales involved distress properties. Since the Orlando association began tracking distress sales in May 2009, the core market’s distress-sale low was 42 percent in July 2009.

Bill Cowie, director of Anglo/USA realtors British Homes Group which specialises in helping Florida property buyers from the UK says: “We keep saying that Florida prices are at or near rock bottom but these figures show that prices have continued to fall. For the cash-rich investor, it is all about whether it will be possible to accurately predict the absolute bottom of the market and when to re-enter it. To have a situation where house prices are back to 1997 levels is in itself unprecedented and a superb opportunity to buy into some quality real estate in superb locations.

“The number of houses on the market actually declined slightly from December to January and has now shrunk for six months in a row. This is a good indication that the supply is tailing off.

“Tourism is still flourishing and the rental market is still strong and we are finding that overseas buyers who want to let their properties to holidaymakers keen to experience the Orlando theme parks and Florida beaches can often cover their costs of ownership.

“Therefore canny investors and lifestyle purchasers need to only do the numbers to see that much of this cut-price real estate in Florida is at a level which makes sense financially on all levels. Don’t wait too long only to find rock bottom has already been and gone and prices are once more moving upwards to reflect the real value of these beautiful homes.”

The Orlando area’s median home price in January was less than $95,000 — the lowest midpoint for sales in more than 13 years. (KAREN BELLVILLE BEAMAN, ORLANDO SENTINEL / February 14, 2011)

The Orlando Sentinal continues: “For homebuilders, the foreclosure-driven bleeding in median price continues to pressure the new-home market, said Brad Hunter, an economist for MetroStudy Inc.

“The inventory of foreclosure homes definitely remains a problem, both in terms of price pressure and builders’ sales paces,” he said. “Most builders I talk to say that their main competition comes from homes being sold off by banks, instead of [by] other builders.”

Hunter said he expects the price pressure to continue defining the market through 2011, with some “pockets of strength” where homebuilders will be able to gradually raise prices and sell homes.

Within the larger, four-county Orlando metropolitan area, the number of existing-home sales in January was up everywhere from a year earlier except Lake County: Orange was up 10 percent, Osceola was up 32 percent and Seminole was up 27 percent, while Lake was down 6 percent.

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A recent PricewaterhouseCoopers (PwC) survey has unveiled as the most popular location in Europe for real estate investors, and there are probably two crucial reasons for this: tourists and big business.
And, next month (March) the city will get another significant boost when it launches its first 40-day shopping festival. The event will dominate the entire city and is likely to see hotel room occupancy soar once again.

Graham Flaherty, property sourcing and marketing at Istanbul Property Investment, explains: “Events like the shopping festival will help, but the city is already popular with tourists, which is probably why hotel occupancy levels are high once again. Yes, Turkey’s growing economy has no doubt helped Istanbul gain some interest from investors, but the city has a thriving business sector and a busy airport, which always keep investors interested.”

Recently the city was bolstered by the Istanbul Chamber of Commerce (ICOC) when it reported that interest from foreign investors had grown as a rapid pace, and that overseas capital flowing into the city has risen year-on-year by 119%. It comes as little surprise, therefore, that Turkey and its own star attraction of a city has emerged from a gloomy economy with more than a few interested property experts.

According to STR Global’s figures, occupancy levels of the Istanbul hotel rooms had returned to their pre-recession best of just under 72%, which has certainly given this type of investment a significant green light for many.

Extra encouragement for hotel room investors can be found in the fact that the ‘supply’ is showing no signs of falling away, with the Invest in Turkey website reporting that Istanbul is now a “magnet of tourism investments” with hotels being developed at a fast rate to cope with the “booming tourism and rising visitor numbers”.

Developments like the luxurious Elite Perla Palace are attracting much of the investor attention, but offering high yields at a time when the hotel room investment market is booming, will always help.
And, with a wealth of blue chip companies like car giant Ford and drinks manufacturer Coca-Cola drawing wealthy business travellers to the area, it is little wonder that investors are showing interest.

For the overseas property investor, looking to the future with any certainty is always tricky, but Istanbul is going through a period of growth and development, and this should put confidence into property buyers. In truth, it is very hard to say how the future will pan out, but with large scale developments taking place in Istanbul and tourism numbers rising and rising, it would appear that words like “growth” and “prosperity” will be associated with this booming city for years ahead.

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As TRI Hospitality Consulting reported, London’s hotel market is going from “strength to strength”, currently outperforming most other European cities including failed 2012 Olympic Games bid city Paris, Madrid, Rome, Berlin and Amsterdam.

In line with wider economic recovery, the UK is now entering a new hotel cycle with demand for upscale hotels increasing and room rates rising. According to the world class corporate travel services company, Hogg Robinson Group, London room rates increased by 3% in 2010 and Deloitte predicts a 2.2% increase in revPAR (revenue per available room) in 2011.

With over 500,000 visitors expected at the 2012 Games demand for hotel accommodation in the Capital will be massive. Current stocks are unable to meet this demand and therefore leading global hotel brands such as Intercontinental Hotels Group (IHG) which owns 5% of the world’s hotel rooms, are actively expanding their London portfolios.

Capitalising on the demand for luxury accommodation in London (PwC predicts a 27% increase in luxury hotel rooms between now and the Olympic Games), work has already commenced on IHG’s flagship Docklands hotel – the 4* Holiday Inn West India Dock Road.

As an official Olympic partner, Holiday Inn West India Dock Road will be a feeder hotel for the much anticipated games affording a prime strategic location adjacent to Westferry DLR station and only 15 minutes to the Olympic Park at Stratford.

Steven Worboys, MD of Experience International based in Central London who are marketing the hotel, comments,

“IHG, owners of the Holiday Inn brand, are confident of high occupancy levels at West India Dock Road forecasting 70% occupancy in year 1 rising to 80% from year 2 onwards which will in turn deliver double-digit yields of 10.7% in year 5 and thereafter. Construction has already commenced at the Docklands site with completion due Q1 2012, months before the start of the Games.”

Hotel rooms in phase 1 sold within weeks of launch to buyers from all over the world including the Far East, and now in response to demand a limited number of hotel suites have now been released including some on the sought-after upper floors.

The 4* luxury rooms will include high specification en-suite bathrooms, bespoke Holiday Inn bed and bed linen, built in MP3 docking point, LCD TV, WiFi and flexible zoned areas to work and relax in.

Fully managed and operated by Holiday Inn, executive rooms are available at 19% below official RICS valuation at £189,000 however with non-status finance available a deposit (secured by insurance bond) of just £65,000 is required.

For more information about investing in London’s booming hotel market or indeed the limited number of new luxury hotel suites at Holiday Inn West India Dock Road contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.com.

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In January alone, according to the Turkish Culture and Tourism Ministry, Istanbul saw a 28.5 pc increase in the number of tourists visiting the city – meaning many foreign property investors are keenly watching the local property market.

The was a large mix in the tourists visiting – Germans topped the list followed by Russia, Italy, Iran, the UK and the US. With new international airport already in the pipeline, it is unsurprising that many real estate investors are contemplating Turkey for their property portfolios.

Many experts are predicting that property prices in Istanbul could double over the next few years meaning an excellent return on investment. With the increasing numbers of tourists also visiting the city plus an influx of economic migrants, rental demand in Istanbul remains strong thus providing good income.

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From March 2011 Ryanair will be operating flights between London Stansted and Lamezia Terme in Calabria three times a week – on Mondays, Wednesdays and Fridays. From April, they will also be operating a Sunday flight.

The Lamezia Terme airport has already announced that they are improving the airport to include extra parking spaces and a new low cost airline terminal as well as a new exhibition space and airport hotel. With the reintroduction of Ryanair flights from London, there is expected to be a large increase in the number of tourists flying into the airport each year.

This is welcome news for property investors as an increase in tourism means an increase in demand for rental property, thus ensuring a buoyant rental property market. The local property market should also benefit as it will encourage people looking to buy holiday homes into the area thanks to the increased accessibility.

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2010 saw a record number of private residential sales at just over the 16,000 mark – up from the previous peack of 14,800 in 2007. However December saw just 583 sales compared to 1,332 in November.

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Albania: Ancient Apollonia

Since the end of the Balkan war and independence in the early 90′s the Balkans have started to open up to tourism. Thus far, it has mostly been back packers and intrepid travellers who have made their way through this fabulous country.

Albania has had a bad reputation internationally and has been plagued by social and political problems. Currently the country is undergoing a massive internal change, huge amounts of investment have been poured into the infrastructure, the government is working with overseas advisors to implement change and there is a definite desire to be on a par with their neighbours such as Greece, Croatia and Italy.

The FT and The Lonely Planet Guide have listed this country as the top European destination for 2011 and there are many reasons why they are spot on in their estimations. Greece and Italy have been loved by tourists for decades and there is every chance that Albania will achieve the same accolades once it has had a chance to shine and show the rest of the world what a fabulous destination it is.

So what is it about Albania that has made Lonely Planet put this nation at the top of the list? Could it be the enormous potential for tourism that is about to erupt? This nation encapsulates an ancient history, beautiful landscape, a rich anthropology, traditions and culture. The Albanians are famous for their warmth and hospitality and the country has a vibrant, young society which should be a recipe for success.

Top ten considerations to buying overseas property and why Albania is the property hotspot for 2011:

1. Accessibility – Can you get to your new Albanian property without it costing you a fortune or taking you days? If you can’t than neither can your potential clients who might want to rent it… Albania has affordable low cost airlines flying from London airports weekly including the popular Belle Air. During the summer months when you are more likely to want to travel then the options for getting there increase. Plus two new airports are planned to open in Kukes and Saranda.

2. Location - Once you have landed it is important that the transfer to your new holiday home is simple and hassle free. Not all of Albania is easy to travel around although there is a great deal of investment being poured into infrastructure currently. Lalzit Bay Spa and Resort is just a 30 minute drive from Tirana International Airport making it a terrific choice. Albania as a whole is also fabulously located in Europe to be a stepping stone to other European and Baltic countries to continue your exploration!

3. Affordability – Non Euro is still a great bet. Obviously you will have set yourself a budget for this purchase but everyone likes to make a profit and buying in a non-euro zone does increase the opportunity for profiting greatly. Albania has some of the lowest property prices in Europe, even in the capital Tirana city “cheaper” apartments can be bought for €500 to €800 per square metre according to the Global Property Guide.

4. Country Infrastructure – Buying a property in the depths of nowhere might seem a great idea for a holiday escape but if you are hoping to let the property out then will others feel the same way? It makes sense to ensure your investment is in an area where there is a good road and rail network to open up the availability to as many people as possible to rent your property. Albania has had massive overseas investment which has resulted in a huge overhaul in transportation. For instance 100′s of km of new roads, new ports, overhaul of the rail network and expansion of the International airport of Tirana.

5. Environment – Having an overseas property near a beach is wonderful but that is not the be all and end all. By the time you have visited your property a few times you will want to explore further afield. Albania currently has two UNESCO World Heritage sites and there are a further three on the list waiting for approval. Albania is blessed with some of the most beautiful countryside and mountains in Europe and it would take a person a lifetime to explore all that it has to offer. How exciting to know that every time you visit your holiday home you can conquer climbing another mountain; go white water rafting, horse back riding or visiting a cultural site.

6. Reputable Sales Agent – Quite possibly the most terrifying bit of the entire procedure is getting this bit right. Here are some do’s and don’ts to help you:

• Do thoroughly check all the project details
• Do compare closely with other projects
• Do have the contract checked by a solicitor
• Don’t pay anything until a contract is in place
• Do visit the site for a look around
• Do insist on building progress updates regularly
• Do inspect the property for snags before making final payment

7. On-going Property Costs – A consideration that is often neglected on purchasing a property. It is no fun buying an affordable property and then discovering afterwards you cannot really afford the water or electricity. Labour costs in Albania are currently one of the lowest in Europe which is a great benefit when having work done. Albania has significant renewable energy resource potential from hydro, wind and solar energy.

8. What Else Is There To Do? - Often people buy properties and within a few years they have grown bored of the same view and beach. It is a good idea to chose somewhere with diversity. Albania offers 362km of mainly untouched coastline on the Ionian and Adriatic Seas. But is also offers skiing, trekking, caving, horse riding and much, much more. Tourism in Albania is still in its infancy but there is a great deal of almost untouched cultural sites which will develop as tourism develops within the country.

9. Economy and Tourism – Albania is well on the way to EU accession and has a target accession date of 2014, this will have a tremendous positive effect on property prices. The government is also pouring a lot of investment into the tourism sector which will further boost the economy in years to come. Government figures have estimated that the country will have received 3 million visitors in 2010 and The World Travel and Tourism Council expects this to grow by 5% every year until 2019.

10. Rental Opportunity – There are many countries in Europe that are currently flooded by oversupply of rental property – making it almost impossible to earn any rental income from an overseas investment. Emerging markets like the Central Baltic’s have the reverse and in fact suffer from a lack of accommodation that can offer luxury. Lalzit Bay Spa and Resort offers a completely unique opportunity that cannot currently be found anywhere in the emerging Baltic states.

Lalzit Bay Resort & Spa
Without a doubt one of the most exciting innovative developments underway in Albania is Lalzit Bay Spa Resort. Fully managed by an internationally renowned resort operator, Lalzit Bay Resort and Spa will provide 5 star amenities, service and unqualified luxury, making it one of the most desirable resort destinations in the Eastern Mediterranean.

According to Ravin Maharajah, Sales Director of Lalzit Bay & Spa Resort: “It is incredibly important to Albania that new developments being offered to foreign investors have the right international feel. It would be very easy to build mediocre developments but this is not going to attract long term investors and at Lalzit Bay Resort we feel that would be a very short term gain for the country” he goes onto say: “We are very proud of the development of Albania thus far and we are working very hard with tourism agencies to keep the positive momentum going.”

For more information contact Lalzit Bay on 0845 125 8600 or visit www.lalzitbay.com.

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The last year has been one of mixed fortunes with traditional second home destinations such as Spain, Italy and Greece still feeling the harsh effects of the economic downturn whilst other mostly non-Eurozone countries such as Brazil, Turkey and Egypt flourished.

Overall levels of property investment rose in 2010 compared to 2009 with savvy investors capitalising on the bargains available as the property cycle reached bottom. Below market value residential developments such as those in Florida sold quickly as did properties with rental guarantees and finance packages as buyers sought security and minimal monetary exposure.

This more cautious approach to purchasing property is set to remain throughout 2011 so where is the best place to invest in safe, secure and high yielding property in 2011? The experts at Experience International, leading property agents, offer their top locations to invest in 2011:

United Kingdom
“Familiarity with the domestic market and buying procedures should make many, especially first time buyers, confident about investing at home in 2011″ comments Steve Worboys, MD of Experience International.

Rightly so, as property prices have indeed fallen quite considerably in recent times but the old adage of location, location, location still rings true. The capital cities of London and Edinburgh have seen prices remain stable and even grow by up to 9.9% in the last quarter (compared to Q3 2009) in line with positive quarter on quarter GDP growth nationally.

Alternative asset classes such as hotel rooms in these city centre locations will prove the most lucrative investments in 2011. London’s hotel market leads the way in Europe with an 8.5% growth in revPAR (revenue per available room) recorded in Q2 2010 according to Deloitte’s Hotel Market Outlook report.

With increasing numbers of Middle Eastern and Asian investors eying up prime London hotels, UK investors should move quickly to secure double digit returns such as those offered at the new Holiday Inn West India Dock Road. Available 19% below independent RICS valuations and fully managed & operated by global hotel brand, Holiday Inn, rooms in the 4* hotel are selling fast from £189,000.

Brazil
The South American BRIC nation secured its position as an economic success story in 2010 with ex-President Lula da Silva leaving a legacy of progressive fiscal policies, a rising middle class and a GDP growth rate forecast at an impressive 7.5% for 2010 according to the latest IMF World Economic Outlook report, considerably higher than the global average of 4.8%.

Entering 2011 in the hands of Da Silva’s successor, Dilma Rousseff, optimism remains high for continued economic prosperity and societal development. As Vince Cable, UK Secretary of State for Business remarked on a recent visit to Brazil, “The centre of gravity of the world economy is moving, and Brazil is at the heart of that.”

The future is happening now in Brazil with the rising middle classes driving demand for affordable social housing throughout the country as well as international buyers propelling the second home market, especially in the north eastern states. Leading holiday rental site, HomeAway.co.uk, reported a 71% increase in booking enquiries for Brazil during Q2 2010 and a number of new residential developments such as Tambaba Country Club Resort in Paraiba and Caponga Beach Village near Fortaleza are commencing construction in order to meet buyer demands.

Further south, Brazil’s second city, Rio de Janeiro, is tipped as a property hotspot in 2011. The R$8 billion regeneration project known as Morar Carioca, will see vast improvements in infrastructure and modernisation of housing by 2020 in the metropolitan regions of the city including Copacabana, Leblon and Maracanã. In addition the R$ 34 billion bullet train connecting Sao Paulo to Rio has been given the green light with the contractor expected to be announced shortly.

The discovery of the Libra oil field just off the coast of Rio also spells good news for investors as up to 15 billion barrels of oil could be extracted making Brazil’s one of the world’s top 10 oil producers.

Istanbul
From BRICS to CIVETS (Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa), Turkey has, despite not yet being an EU member, emerged as the shining star of Europe in 2010 – as tipped by the experts at Experience International twelve months ago.
Steve Worboys comments, “From an investment perspective, the economic powerhouse of Turkey, Istanbul, remains the best bet for 2011 with the city where east meets west presenting a rare window of real estate opportunity where demand vastly exceeds supply with over 250,000 housing units required each year.”

One of the fastest growing megacities in the world, the population of Istanbul is set to reach 15 million by 2023 (Turkish Statistics Institute) placing massive pressure on existing housing stocks. In response the “City of the Future” as Istanbul has been heralded by National Geographic, is seeing the development of modern western style homes in the burgeoning suburbs such as Beylikdüzü on the European side of the city.

Highly popular with Istanbulites, Beylikdüzü has seen rapid growth and infrastructure investment in recent years with the Tourium shopping centre opening in 2010 (expected to attract 1 million visitors per month), the new Metrobus line connecting the suburb to the city centre set for constructed in 2011 and Turkey’s largest airport at Silivri, in the next district, given the go ahead by the city’s Mayor.

Property prices in the city are steadily rising as the market establishes itself however high quality apartments in prime locations such as Crystal Heights in Beylikdüzü remain affordable from £68,000 with a 2 year 7% rental guarantee and 70% finance available.

Morocco
One of the hottest property markets of the last decade, not just in terms of climate but investment potential – Morocco – may well be one to watch in 2011.

As part of the Plan Azur, Morocco witnessed a significant property boom especially along the Atlantic and Mediterranean coasts which ticked many of the boxes as Spain in the early 1970′s namely year round sunshine and a low cost of living.

The North African nation has seen resurgence in visitor interest over the last 12 months with HomeAway.co.uk recording a 55% increase in booking enquiries this year with average weekly rates for two and three bedroom properties at £452 and, respectively, £746.

10 million tourists are set to visit Morocco in 2010, an impressive 14% growth compared to 2009. Tourism revenues of 56 million dirhams are expected with the sector accounting for 10% of GDP which is forecast to increase by 4.5% by the end of 2010.

With BA announcing new thrice weekly flights from London Gatwick to Marrakech and the new Mandarin Oriental opening in 2011, a city centre purchase may well be a shrewd investment.

For more investment on investing in the UK, Brazil, Istanbul or indeed Morocco in 2011, contact the experts at Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk.

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The Silivri district on the European side of the city will house the site for the new airport which is expected to have a capacity several times that of the main airport Ataturk International. Ataturk International saw almost 30 million arrivals in 2009, and 2010 saw a 13% increase in this number in the first four months alone. On the other side of the city, Sabiha Gökçen airport is popular with budget airlines with over 11 milion passengers expected to pass through the airport this year.

The new airport means that Istanbul will become even more accessible to tourists from around the world. With an increase in tourism, there is also likely to be an increase in demand for rental properties, and this in turn should help keep property prices in the capital city stable. Many large hotel chains are already reportedly preparing to expand the number of hotel rooms they offer in anticipation of increased traveller numbers and many developers and contemplating building more buy-to-let developments in anticipation of increased property investor interest in Istanbul.

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Known as the land of the eagle, 2011 will be the year for Albania. Located in South Eastern Europe, just 45 miles across the Strait of Otranto from Italy, Albania looks set to spread its wings and realise its potential as an exciting, new and lucrative second home market say the real estate and financial experts of the Lalzit Bay Resort & Spa.

Over the past few years Albania and its people have worked hard to shake off their communist past. Members of the UN, WTO and since 2009, NATO, Albania, has become not only a European (EU accession is expected in 2014 and members of EU Schengen Visa-free zone expected to be confirmed during November 2010) but a global player.

This hidden gem of Europe, being located outside the euro zone, was not as badly affected as its Greek neighbours by the economic downturn boasting up to 5% economic growth for 2010, twice the 2.6% growth prediction of the IMF.

As Ravin Maharajah, experienced property developer and partner of Lalzit Bay in Albania, comments, “Albania in my opinion is bursting with great investment and lifestyle potential. It has all the hallmarks of a prosperous property market with robust economic growth, FDI in the region of $400 million per annum, sustained domestic and international demand for accommodation, mortgage finance available and a rapidly growing tourism sector. This is certainly one to watch in 2011.”

And Albania certainly has something for everyone. With 362km of stunning Adriatic and Ionian coastline and a rugged mountainous interior perfect for hiking and adventure sports, Albania is the perfect holiday destination. Direct flights from the UK to the capital Tirana operate daily by British Airways with a flight time of just 2.5 hours. The investment in infrastructure and new coastal roads make it even easier to reach stunning unpopulated beaches such as Djiri Lalzit, home of Lalzit Bay Resort & Spa, just 30 minutes north of Tirana.

The first half of 2009 saw a 36% increase in tourist arrivals to 1.5 million compared to the same period in 2008 and according to the Albanian Government arrivals in 2010 have already doubled once again to 3 million.

For those looking to invest wisely in property and real estate in 2011 then Albania’s dynamic property market should appeal greatly. With some of the lowest coastal property prices and taxes in Europe yet competitive rental yields of up to 6% per annum and 20% capital growth seen in the last 5 years, savvy investors are fast realising the appeal of Albania.

One development which is receiving significant attention is Lalzit Bay Resort & Spa. This upscale frontline development located in Lalzit Bay just north of Durres comprises 1 and 2 bedroom luxury apartments from only €50,400 and 3 and 4 bedroom villas from €234,000.

Designed by the world famous international architects, Woods Bagot, owners will be able to enjoy direct beach access as well as a wealth of first class on-site amenities including an internationally branded hotel, luxury spa, swimming pool, sports facilities, restaurants, bars and shops. Mortgage finance is available and investors can also take advantage of a 6% rental guarantee for the first 2 years.

A limited number of units have now been pre-released so contact Lalzit Bay today on 0845 125 8600 or visit www.lalzitbay.com for more information about investing in Albania – one to watch in 2011.

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