10 | INDUSTRY News
INDUSTRY By Amit Katwala
NEW research out this week from the Worldwide Property Group reveals that most people agree that property, especially overseas, is currently the best place to invest. Results from the company’s latest
confi dence tracker survey show that 72% of respondents believe property to be the best investment, ahead of gold in second place with 16% of the vote and equities in third place with 11% of the vote. And 64% of those polled consider this
to be a great time to invest in overseas property, a market which they see as “a great opportunity right now.” In fact, just over half of the people who
took the survey are currently considering an overseas property purchase with the USA and Caribbean by far the most
www.opp.org.uk | FEBRUARY 2011 Investing overseas is the best option
with some incredible bargains, especially for those who can afford a cash purchase. With property often selling at below build cost, this is a market that deserves an investor’s attention. My tip for 2011 is invest. Don’t leave it too late and miss out on some of the best opportunities we have seen in decades.” On the subject of interest rates, 59% of
Fly away | Sending your money overseas is best option, says confi dence survey
popular regions reports Worldwide. Spain and France also ranked highly. Kevin Wilkes, managing director of
the Worldwide Property Group old OPP that, in his opinion, “it’s no surprise that so many people feel that property offers
them the best investment potential. It has consistently produced strong returns for investors over the longer term and during a downturn there is even more potential to achieve great returns. The United States is currently a very appealing market
those polled said that they are expecting a rise in the base rate at some point during 2011. Two thirds of respondents said that they are feeling the benefi t of low interest rates. The UK-based Worldwide Property
Group surveys its 65,000-strong investor database every month to compile the confi dence survey. In addition newly registered contacts are directed to the survey and anyone visiting the company website can also complete the survey online.
Bulgarian taxes battle Information overload
A major row has broken out between overseas property owners and local authorities in the Bulgarian ski resort of Pamporovo where many investors have not paid their real estate taxes for the past two years. OPP understands that many of these property purchasers are British nationals. The Pamporovo town mayor is seeking
to defuse the tension. Local offi cials argue that the foreign owners are withholding the money deliberately, but others think that the unpaid taxes were a result of “misunderstanding.” More than 600 UK-based property
owners have now been sent tax request letters to their home addresses says Georgi Pepelanov, deputy mayor of the town. Buyers from other countries such as
Russia and Spain are reported to have already paid their taxes. On the other hand, British owners of a resort local hotel still have 600,000 leva of taxes remaining unpaid. Pepelanov told OPP that the continued non-payment was not deliberate evasion but a simple misunderstanding between the property owners and the property managers in Bulgaria. The argument is happening as Bulgaria’s
banks begin to open up again to foreign investors. Credit consultant Tihomir Toshev,
Executive Director of Credit Center, told OPP that “by focusing on potential property investors from specifi c countries – mainly Russia – Bulgaria’s banks are opening up the market to recovery. The specifi c investors targeted are the Russians as they have begun purchasing properties along the Black Sea coast resorts.” One of the fi rst banks to make a move
is Unicredit Bulbank, which is offering new loan products to Bulgarians working abroad as well as other foreigners. Funding is only available so far for projects being fi nanced by the bank itself. “Many Russians are seeking to
buy single family homes facing the seafront or fl ats in the cities, as many of them have decided to outsource their business to Bulgaria and move here permanently,” says Black Sea agent Stefan Atanassov. More than 100,000 Russians have now purchased properties along the Bulgarian coast.
VISITORS to the next A Place in the Sun Live exhibition should leave the show as “better-informed buyers,” say the organisers, “thanks to the event’s enhanced feature content.” A series of areas will be dedicated to
specifi c individual countries allowing them to spend a whole day promoting themselves. In the past, each country would just have had a one-hour slot. “This year, more than ever, it’s all
about content,” Andy Bridge, MD of show organiser APITS Ltd told OPP. “We’re focusing on education and information to help create a better- informed buyer. Today’s overseas property buyers are understandably more cautious, and need better information before committing to a purchase.” “Specialist areas include a new
feature - The Florida Pavilion” say the organisers.
And “it will be joined by: • The French Village featuring a mix
Red fl ag | Tax avoiding Brits on thin ice
of agents and developers specialising in French properties, with thousands of homes for sale alongside a detailed seminar programme covering all aspects of buying and living in France; • The Spanish Village offering a huge selection of bargain properties from across the Spanish Costa; and
• The Portuguese Pavilion, in association
with the Portuguese Chamber of Commerce, bringing together developers, agents and legal experts to give an insight into all that Portugal has to offer.” Based at Earl’s Court in west
London from 10.00 to 18.00 on Friday 11th March, and from 10.00 to 17.00 on Saturday 12th March and Sunday 13th March, the show will host more than 150 stands from exhibitors representing more than 40 countries worldwide and featuring properties to suit all pockets – from less than £20,000 to more than £1million. 6,127 visitors attended the show
in 2010, and this year it will repeat its popular seminar programme hosted by overseas property experts, including special appearances by the UK Channel 4 TV show’s celebrity hosts Amanda Lamb, Jonnie Irwin and Jasmine Harman. Visitors purchasing tickets in advance
can take advantage of an exclusive early booking offer of 2 tickets for £15, including a free six-month subscription to A Place in the Sun magazine. Single tickets are £10 and also
include a magazine subscription offer. Tickets can also be bought on the door for £12 each.
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