JULY 2009
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www.opp.org.uk International Property Reporter
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Stephen Harris & 0044 (0)208 439 9572 8 stephen.h@opp.org.uk
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5
UK
NEWS IN BRIEF
UK ‘main target’ for GCC property investors
INDUSTR
Malaysians keep buying in Oz
Malaysian interest in Australian property
Middle Eastern property buyers are
will continue to grow following rises over
looking for good value overseas
the last six months, according to agents.
investments but remain cautious with The weakness of the Australian dollar
Y
their money, according to wealth
against the Malaysian ringgit was the
managers. The UK is of particular
major factor in the increase, Ian Chen,
CEO of Singapore-based Jalin Realty
interest and OPP is aware of a number of
International, told the Malaysia Star. “It
investors from Saudi Arabia and the UAE
makes Australian residential properties
looking to take advantage of reduced
very attractive, especially in this current
prices and overall market stability in economic environment when property
London.
prices are depressed due to the
PEOPLE
“The UK is still our main focus,” said
downturn,” he said. Jalin has decided
to continue promoting Australian
David Swan (pictured), managing
property following the good response
director of advisory company WW
by Malaysian investors to the launch of a
Advisors, which was set up earlier this No bridge too far
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GCC investors are looking for commercial and residential deals
Melbourne development last year.
year to deal with funds of around $200
million from GCC states looking to invest market and as a holiday home,” he said. controlled by Qatar’s sovereign wealth
2008-09 ‘worst year ever’
in European property. “It has the largest Swan also stressed that investors were fund, last month announced a joint
International house price falls were the
“worst ever” during the 12 months up to
real estate market in Europe and it has still being cautious and were prepared venture with Cuba to build a luxury
March 2009, according to Global
the most transparency at the moment.” to wait for the right price rather than island resort hotel and spa.
Property Guide. The online property
DESTINA
Jonathan Bridges, mortgage manager buying for the sake of it. “Sovereign The FTSE Group recently launched a
research company said prices declined in
for Dubai-based IFA network Global wealth funds are well managed with Shariah-compliant index to encourage 27 out of the 32 countries included in its
Eye, reported a similar interest for both good corporate governance – it’s not Muslim investment in Thailand,
survey, based on figures from central
investment and lifestyle reasons. “Our easy capital,” he said. including those from the Middle
banks and national statistics institutes,
TION
adjusted for inflation. Twelve countries
investors are looking mainly at office East. “The index allows domestic and
saw falls of more than 10% – worse than
and retail developments in the UK but New markets international investors to invest in
the previous ‘worst ever’ year when eight
they are also buying residential property Emerging markets are also a target for accordance with Islamic principles,” said
countries saw a similar fall in the 12
in prime central London, which they see the region’s property investors. Qatari Jonathan Cooper, FTSE’s Middle East months up to December 2008. Latvia
as a safe investment to get a stake in the Diar, the property investment company managing director.
came bottom of the table based on
prices in the capital Riga, which saw a
price decline of 50% year-on-year.
Australian landlords migrate to the UK
BUSINESS
Data from the Office of National Statistics indicates coming buy-to-let landlords while figures from PR
Mature markets ‘still attractive’
that an increasing proportion of the 123,000 Austral- Data confirm that Australians are reducing prices
Mature Anglo-Saxon economies will
offer attractive real estate investment
ian nationals who have relocated to the UK are be- by 8% to shift property in their home country.
opportunities after the recession,
according to the Urban Land Institute
TURKEY
(ULI). The USA, Canada, UK, Ireland,
Australia and New Zealand are listed as
having good development prospects
Foreign buyers
in the ULI’s new report, Global
Demographics 2009: Shaping Real
saved from
Estate’s Future. China, India and the US
will experience the greatest population
DE
increases over the next forty years,
Turkish fines
VEL
while Africa, the Middle East, South
and Southeast Asia will be the fastest
OPER
growing regions. Europe’s population is
The Turkish government has ended Good deeds
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Government action has done much to allay fears among foreign owners expected to decline by 2030.
fear among foreign property owners
that they would be fined TL1,000 for A government statement last that those buyers who cannot obtain a
UK ex-pats favour New Zealand
Nine out of ten UK ex-pats are happy
not having full title deeds. The move month confirmed that those without certificate would be fined has caused
with their decision to move abroad,
is being seen as an indication that the a habitation certificate would not be great panic,” said Ishik Ahmet (pictured)
according to a new study. NatWest’s 2009
authorities are less likely to penalise liable for the fine, removing the threat of investment agent World Abodes.
Quality of Life Index revealed that 86%
buyers over the construction of from homeowners who bought from “But the fact that the government is not of those surveyed said their lives abroad
M
property without correct permits. developers that did not fulfil their penalising buyers will help to inspire
are better than expected, despite the
ARKE
The government had threatened to planning agreements. confidence later on.”
global recession. New Zealand was rated
as offering the highest quality of life,
fine homeowners who failed to obtain The government is expected to
knocking last year’s winner Canada into
TING
a full deed within a certain time. Many Buyers reassured announce further measures later
second place. The survey also showed
are unable to do this as they do not It is hoped the withdrawal of fines will this year to combat the problem of
that 64% of ex-pats have a net worth
have a habitation certificate confirming reassure property buyers that they will construction without correct permits, of between £250,000 and £1 million,
that the building meets agreed not be targeted for developers’ failure to according to Turkish newspaper Today’s
despite most leaving with less than
specifications. meet planning regulations. “The worry Zaman.
£5,000 in savings.
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