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10 | INDUSTRY


NEWS IN BRIEF Monaco gets law benefi ts


NEWS By Geoff Hadwick


NEW French property tax laws are pushing wealthy buyers away from the traditional Riviera resorts and into Monaco say local agency and accountancy experts. Ellisium Partners, which runs a network of specialist agencies for international poperty buyers looking for a luxury home on the Cote d’Azur and the surrounding region, believes that “the latest French tax reforms - which are applicable from 1st January 2012 – (have led to) additional tax advantages when buying a property in Monaco.”


Italian resort to open


ITALIAN developer Prime Investimenti announced this week that it is opening a 31-apartment vacation ownership resort called the “Hilton Grand Vacations Club at Borgo alle Vigne“ in Tuscany with Hilton Grand Vacations doing sales and marketing for the “weekly vacation ownership intervals at the resort “. Mirco Clementoni, President of Prime Investimenti, told OPP this week that “Hilton Grand Vacations will also be responsible for providing homeowners’ association management services and resort operations.”


France taking Euro boost


THE Euro exchange rate has led to a “mini-boom in the sale of French Alpine ski properties,” agency MGM French Properties told OPP. Company sales manager Richard Deans says the units sold in January were “more than three times the number achieved in the same month last year and the trend is continuing, despite the fact that the typical price of a two- bedroom apartment from MGM has doubled to around €400,000 in the past fi ve years.”


FILIPINO PROJECT


FILIPPINO developer Vista Land & Lifescapes is planning to start on eight condos worth P10bn this year. Good demand “encouraged us to develop additional phases of existing projects,” Manuel Paolo A. Villar, president and chief executive told OPP.


RESIDENTIAL property prices in Canada could soar by as much as 9.3% in 2012, says The Canadian Real Estate Association (CREA), as international buyers and a strong domestic economy keep the market busy. The news comes on the back of


several boom years for the Canadian home market. In the year to the end of June 2011, the National House Price Index rose by 4.52% according to the National Bank of Canada – Teranet. And there were similar price jumps


in 2009 and 2010. Richard Way, editor of www.OverseasGuidesCompany. com, told OPP that “compared to its nearest neighbour, the U.S., Canada has performed tremendously well over the last three years. Across the board house prices are increasing and rental yields are up with Montreal being by far the most successful with rental yields


www.opp.org.uk |MARCH 2012 Canada prices set to soar


Burning too brightly? | Market-calming measures are now appearing in Canada


averaging at 5.7%.” However, “market-calming


measures” are now starting to appear in Canada. One of the most significant is the country’s new “Harmonised Sales Tax” which has been implemented in Ontario and British Columbia. “New houses in Ontario are now subject to an additional 5% sales tax on top of


the existing provisional sales tax of 8% and British Columbia will also face an additional 5% on top of its current 7% standard tax,” explains Way. “Furthermore since April 2010 Canada


has had a far more stringent approach to mortgage-lending, making it harder for borrowers to qualify for what were once easily achieved mortgages.”


Ireland’s market is bottoming out


THE RESIDENTIAL property market in Ireland appears to be bottoming and overseas buyers from the USA and Russian have been making some high-profi le investment moves in recent weeks. Prices have more than halved since the


“Celtic Tiger” economy peaked in 2006, yields are looking up, NAMA (Ireland’s state-run National Asset Management Agency) and the Irish healthy service are providing secure tenants and, according to Joan Henry of agency Savills Ireland, now “is an excellent time to buy Irish property. All categories of housing have dropped in price by at least 55%.” Russian buyers hit the headlines in Dublin in the fi rst few weeks of 2012


MONTENEGRIN DEAL


Montenegrin agency ntRealty has signed a brokerage agreement with luxury marina development Porto Montenegro. ntRealty owner Peter Flynn said he felt the deal was a “compliment to his fi rm. “It’s great news,” he said.


with a series of well-publicised moves into the city’s luxury housing sector, and Ronan McMahon of property-investment site PathFinder International says many U.S. nationals are checking out Ireland as well.


“Americans generally like [Ireland’s]


old historic homes,” McMahon old OPP. “Now that prices are falling, more Americans, mostly with Irish ancestry, are looking.” One of the key drivers in making the


website, www.daft.ie, the number of properties available to rent nationwide has fallen by 5.7% year-on-year. This is primarily driven by Dublin, where there are almost 1,000 fewer properties available to rent now than a year ago. Ireland’s average monthly rent bill in


Q4 2011 was €821, down just under 1% year-on-year.


market feel more positive, is the fact that the number of Irish properties available to rent nationwide at the start of 2012 is at its lowest level in more than 3 years. According to the latest report published this week by Ireland’s largest property Green shoots | Is Ireland coming back?


LONDON 2ND HOMES


ONE in three homes in central London are now second-homes, often owned as investments by buyers from overseas, says new research out this week from the global agency Savills. About 48,000 residences are now being used in this manner.


PHUKET A HOTBED


Phuket properties are attracting growing numbers of wealthy Asian tourists according to Knight Frank. “Many hotels were fully booked by Korean or Chinese,” according to Knight Frank Phuket director Nattha Kahapana.


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