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FEBRUARY 2010
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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
CROATIA
NEWS IN BRIEF
Croatia resort targets European drive-to buyers
Chinese explore US INDUSTR
Chinese buyers are visiting the US
looking for investment properties but
aren’t yet buying, according to agents
A new resort in Split hopes to take
in the country. “A lot of these buyers are
advantage of the European short-haul
Y
very cautious right now,” Kelvin Wong,
tourism market when it launches as one
owner of Californian agent Resource
of the few Croatian coastal projects to Real Estate Services told the New York
offer a form of foreign ownership.
Times. “They are coming over and
The as yet unnamed development
taking a look at what is going on to be
prepared for when opportunity comes.”
of 100 residences, attached to the
Some US companies are also reaching
Radisson Blu Hotel Split, has hired
out to China. Agent International Sales
Michael Huisman (pictured), former
Group conducted a roadshow in the PEOPLE
MD of REDS (Falkensteiner Hotels), to country towards the end of last year,
head up international sales. He hopes to
which attracted many visitors although
attract buyers from nearby Austria, Italy Rare chance
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Foreign ownership restrictions make Croatian coastal purchases unusual
few sales.
and Slovenia, as well as Croatia itself.
Asian bubbles shrink
authorities don’t want to have ‘cold many German buyers because of the
Property markets in Singapore and
Pure lifestyle beds’ along their fantastic coastline, extra driving distance – Split is further
Hong Kong appear to be slowing as
Croatia’s difficult zoning laws have however the personal usage will be away than somewhere like Istria, for government efforts to avoid a bubble
increased the cost of the development higher than normal,” he told OPP. The example,” said Huisman. “Germans also
start to take effect. Prices in Singapore
land and consequently the price of properties’ high prices would also make tend to buy more on the other side of
rose 7.3% in the fourth quarter of 2009,
less than half the growth of 15.8% seen in DESTINA
the units. Buyers will be offered a sales relatively slow, he added. “It will the Mediterranean.”
the third quarter, according to the Urban
co-ownership model but should not be probably take four years or more to sell Charles Weston-Baker, head of
Redevelopment Authority. Private home
looking for a high rental yield, Huisman out, rather than six months.” international at Savills and OPP Executive
sales fell 26% in November 2009, their
told OPP. Panel member, said: “Europeans are fourth consecutive monthly decrease,
TION
“The cost of the units makes it almost Driving buyers prepared to drive fantastic distances if
which took transaction levels to their
purely a lifestyle product for people In addition to regional buyers, Huisman the roads are good, and in Croatia the
lowest level since January 2009. In Hong
Kong, the Wall Street Journal noted
who live a few hours away by car and hopes to target Croatian expats living roads have only really been developed
that two prime residential sites sold at
can use it often. They’re obliged to in the US and UK, and expects some during the recession so now is a good
auction for $1 billion less than predicted,
put it into a rental pool because the Russian buyers. “But I don’t expect so time to market the country.”
indicating a possible end to the market
frenzy that has driven prices up 27% in
the last year.
PENSIONS
IPP’s sales, the company is selling
BUSINESS
Luxury markets ‘saturated’
development land in Brazil and Canada.
SIPP buyers put
Affordable housing offers the best
Brazil’s rapid economic growth is
potential for developers looking to
spurring a massive demand for new
expand their foreign operations,
millions into
housing, while Canada retains the according to a new report. The high-ends
highest per capita rate of immigration
of emerging markets such as China, India
land investment
in the world.
and the MENA region are now saturated
following years of developers catering
“Land investment is proving
to elite tastes, said the 2010 Real Estate
popular in the current climate as a lot
Global Opportunity Index, ‘Recovering
UK investors are putting millions of Massive demand
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SIPP buyers hope of people are nervous about where to
Markets, Revised Ambitions’, produced
pounds into land investment at home housing in Brazil will provide high returns put their money,” said IPP’s business by global management consultant A.T.
DE
and abroad using their Self-Invested development manager, Sharon Millard.
Kearney. Countries such as India, South
VEL
Personal Pensions (SIPPs), according to of development land since 2007, 95% of “Our land has already been approved for
Korea, Saudi Arabia and Brazil scored
highly in the company’s list of most
OPER
one investment company. which was bought with a SIPP. development but planning permission
attractive markets for developers, while
Innovative Products Partnership (IPP), As well as land that has been for specific projects hasn’t yet been
the clear leader China offered more than
which works with IFAs and introducers ‘identified’ for building by local councils granted so investors can get in while it’s
six times greater an opportunity than its
in the UK, has sold around £20 million in the UK, which makes up most of still cheap.” nearest competitors.
FRANCE CLOSES LOOPHOLE OZ WINTER BOOST EGYPT’S DEAL A DAY
M
French residents including British expats will no Harsh winter weather in the UK in recent months Pioneer Property, a master agent in Sharm el Sheikh, ARKE
longer be able to avoid paying tax on investment has led to an increase in searches for Alpine and Egypt, sold more than a property a day in the first half
properties in the UK. A tax treaty has closed the Australian property, according to Rightmove.co.uk. of January. “As at 15 January we have closed 17 sales
TING
capital gains loophole that allows exemption from Australia was the fourth most popular country on the this month, with buyers from the usual wide spread
French tax because the property is located abroad portal in December, rising above Portugal and Italy of buyer markets including the UK, Italy, Poland and
and from UK tax because the owner is non-resident. with 6.42% of all overseas searches. beyond,” said Pioneer’s MD, Jeff Dickinson.
FEB10_OPP_MAG.indd 5 28/01/2010 15:19
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