WELCOME
This month we take a further look at Brazil, long tipped for the top and even the UK government is getting in on the act, ramping up trade relations with the South American giant. We pick some more of the most tax- efficient destinations to buy in and dip a toe in the Spanish property waters of the Costa Blanca.
Montenegro is a small country with big ambitions and even bigger boats on a stunning new marina resort. We crunch the numbers in the world of international finance, mortgages and currencies as well as giving you the latest property news from around the world. And as a companion on your search for that dream home abroad, why not uncork a bottle of Australian wine ahead of the Ashes cricket down under.
Enjoy the read and let us know any destinations you would like covered.
Rupert Bates
Overseas NEWS
STANDARD RETIREMENT THE
Standard Life has revealed the top retirement hotspots outside the UK, with Spain leading the way, followed by France and the USA. Canada is in fourth place, ahead of Ireland and New Zealand in fifth and sixth respectively. Andrew Tully, senior pensions policy manager at Standard Life, said: “Retiring abroad is a dream for many people but without careful planning and advice, things can potentially go wrong very quickly.” If an individual moves abroad
permanently, any increases in their UK
state pension will only apply if they are living in an EU country (including Gibraltar and Switzerland), or a country with a reciprocal social security agreement with the UK. Where the individual is living outside
these countries, the amount of UK state pension they will receive each year is frozen at the amount initially paid when first claimed (or if the pensioner emigrated more than one year after payment began, at the rate in force when emigrating). Popular retirement countries outside these reciprocal agreements include Australia, Canada,
Sustaining the world
Sustain, an invitation only membership organisation comprising the world’s leading sustainable and leisure tourism developers and professionals, launched to the public this month. The organisation’s prime objective is to raise awareness and create a benchmark for environmental and socially responsible residential development worldwide. Sustain founder members include Six Senses Resorts & Spas, Thailand, AlmaVerde Resort & Spa, Portugal, Pafilia, Cyprus and MGM, France. Anwar Harland-Khan, chief executive of Sustain, said: “Sustain will motivate the property buying public to consider eco-properties by providing a strong economic, environmental and social rationale, converting awareness and desire into sales for its members. It will simultaneously propel even more developers and industry professionals to develop and work sustainably as consumer demand increases.” Sustain currently has a combined real estate retail sales value (GDV) of founder members in excess of £3.5 billion.
Alma Verde, Portugal
New Zealand and South Africa. “One significant consideration before you move is to think about your state pension and what, if any, reciprocal agreement is in place. If not, then be very careful that your retirement income is sufficient to cover your living costs over a long period of time. Over a 20- year retirement, your basic state UK pension could halve in real terms if a reciprocal arrangement is not in place,” said Tully. Standard Life currently pays pensions to nearly 3,000 people using an overseas bank account.
www.getarealitycheck.co.uk
Homes SETTING
SPORTING PROPERTIES
The UK and Brazil is trying to cultivate business relationships. British homebuyers want a slice of the real estate action. RUPERT BATES reports.
Anglo-Brazilian relations are being fostered at a trade level, with UK Business Secretary Vince Cable having recently returned from visiting the South American economic giant. There are big investment opportunities for British property buyers too. The figures are compelling and the intent clear, coupled
with the opportunities provided by an Olympic handover with London 2012 passing the baton on to Rio 2016. UK exports to Brazil have doubled in the last five years to around £1.7 billion and there has been a huge increase in British business interest in Brazil. The country is expected to be the world’s fourth
largest economy by 2040 and currently has a GDP of £1 trillion and a 2.74 per cent GDP growth rate. “There are fewer people than in India and China and it is not as vast. But Brazil has a more diversified economy, strong agriculture and raw materials as well as manufacturing and services,” said Cable. Felipe Cavalcante (pictured right) is president of ADIT
Additionally, the founder members will alone save over 4,050 tonnes of CO2 annually and green jobs, created directly from the construction and operation of these resorts and communities, is around 35,000 people. Sustain co-founders are Gordon Miller of
www.whatgreenhome.com and Harland - Khan, managing director of MHK International, a property developer in Morocco.
www.SustainWorldwide.com
Homes Overseas .09
Brazil, the association for inward investment in Brazilian real estate and tourism. With around 300,000 British visitors expected in Brazil this year, the country is emerging as a genuine world powerhouse. “A Reuters report claims that although the global credit crunch caused property prices to fall in developed markets such as the US, UK and Spain, it has done little to slow the real estate sector in emerging economies such as Brazil, which is doing well from a commodities
14. Homes Overseas HO .047 Homes Overseas .23
boom and increased access to mortgage financing for locals,” said Cavalcante. “Accessibility is also a key to growth. For Brazil to sustain
such growth the government is investing heavily in infrastructure. The state-run Banco do Brasil forecasts that £57 billion is needed to improve the country’s infrastructure over the next decade. New bridges and roads are being built and an increasing number of national and international flights are being added to most airports. Brazil’s winning bids for the football World Cup in 2014 and the 2016 Olympics are contributing substantially,” added Calvacante. The result is more property buyers investing in Brazil. A
study by HVS Consulting & Valuation and Newmark Knight Frank, says by 2014 more than 7,200 new units will be built as second residences in the Northeast region of Brazil alone. ADIT Brasil, (
www.aditbrasil.org.br) was created in 2006
to encourage sustainable quality development in tourism and real estate. It now represents all 27 states of Brazil and ensures that foreign investors can find the most reputable Brazilian companies to do business with. Each state has its own identity and attractions, with fresh tourism hot spots, like Natal and Forteleza, now sharing the
Rancale in Italy is a collection of Umbrian farm buildings turned into eight properties, combining reclaimed local materials with contemporary fittings. For 50 years the buildings in the Upper Tiber Valley lay derelict until discovered by Paul Belcher, managing director of developer Ultissimo. Belcher offers prospective buyers the opportunity to stay at an unsold Rancale property - to try before you buy. “When you buy a car you would insist on a test drive. So why not ‘test live’ your potential new home?” said Belcher, who has three properties left from £300,000. “We would only offer it to seriously interested buyers at a market rent, refunded if they buy. It gives buyers another degree of certainty. They can touch and feel the house; see how the property maintenance works and the services and amenities on offer. They also get to meet the neighbours.” This is a gentle, ‘absorb the Italian culture and wine’ world away from the high pressure inspection trips offered by some sales agents, who will never let you out of their sight, only show you properties where they take the biggest commissions and put blinkers on you, usually marinated in Sangria, to ensure your eyes do not stray to rival real estate. Belcher makes sure the ‘test drivers’ get to vet the neighbours, and vice-versa, with Belcher, who owns the farmhouse at Rancale, one of them. A visit will be tailored to the prospective purchaser’s interests, be it food, golf, art or antiques, but giving them space and time on their own.
www.ultissimo.com - To read a feature on ‘Try before you Buy’ go to
http://www.telegraph.co.uk/property/overseaspropert y/7964567/
Try-before-you-buy-a-home-overseas.html.
www.twitter.com/rupertbates BRAZIL EDITOR’S CHOICE
Pierre & Vacances is selling properties on the French beach resort of Courseulles-sur-Mer on the Normandy coast. Less well-known than coastal neighbours such as Deauville, this resort, divided by the River Seulles, is popular as a summer retreat for Parisians. The nearby Juno Beach is where Canadian troops landed on D-Day. Courseulles-sur-Mer is two and a half hours by car from Paris. The Residence Chant des Oiseaux, beside the marina, will be 75 one- and two-bedroom apartments and 25 two- and three-bedroom houses, all with terraces or loggias. The development will have a private car park, a pool and a children’s playground. Prices start from 190,000 euros excluding VAT for a one-bedroom apartment. These are available at leaseback properties with a 3.64 percent guaranteed net rental income. Leaseback allows freehold investors to lease back the property to a management company for a minimum nine-year period, saving on 19.6 per cent VAT and receiving guaranteed annual rental returns, with options for personal use of the properties.
www.pierreetvacances-immobilier.com
Editorial Director Rupert Bates
rb@globespanmedia.com, Sales Cheryl Ezra
ce@globespanmedia.com, Commercial Director Ian Cunningham
ic@globespanmedia.com, Art Editor Kelly Bates
kb@globespanmedia.com Published by Globespan Media Ltd Tel:+44(0)20 7324 2800 Front Cover image: Muscat Hills Golf & Country Club, Muscat Hills, Oman (
www.sav-oman.com)
All rights reserved. Except for normal review purposes, no part of this magazine may be reproduced without the written permission of the publishers. Every care is taken in the
preparation of this magazine, but the contents are only meant as a guide to readers. The proprietors of this magazine are publishers and not agents, or sub-agents of those who advertise therein. They cannot be held liable for any loss suffered as a result of information gained from this publication. Publishers’ Statement The publishers of Homes
Overseas recognise that the security of the reader’s financial investment is of the greatest concern when buying a property abroad. Great care is therefore taken in the preparation of this magazine. However, it must be accepted that there is a degree of risk in undertaking overseas commercial transactions. We therefore strongly advise readers to obtain reliable professional advice before signing any documents or making payments to somebody hitherto unknown to themselves. Copyright 2010 Globespan Media Limited .
Homes Overseas .05
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