JUNE 2011 |
www.opp.org.uk
NEWS Turks delight in high growth By Geoff Hadwick
THE surging number of overseas property buyers in Turkey has pushed up prices there by at least 9% so far this year, and the volume of inspection trips has more than doubled. “In recent months the increase in
the number of inspection trips, and those walking into our offi ces seeking properties and advice, has more than doubled,” Oceanwide Properties managing director Suleyman Akbay told OPP this week. He is increasing the number of
offi ces that his agency has on Turkey’s Mediterranean coast as business booms. “In 2010 prices for villas and apartments in Fethiye rose around 6 %”, says Akbay. “And we have seen no dip in activity … from January to April 2011 prices have gone up already by 9 % on last year.” And, he adds, “it is important to note
is that there is very little overbuild here which helps buyers maintain value in their property, unlike other countries which went for massive urbanisation. Avarice brought a death-knell to whole swathes of what has become a concrete
INDUSTRY | 09
NEWS IN BRIEF Investors are confi dent
CONFIDENCE in property investment has reached eight-month high says the Worldwide Property Group. “With the commodities markets looking decidedly shaky, property is once again increasing in investment popularity,” the Worldwide Property Group told OPP this month. Results from the company’s April UK Confi dence Tracker Survey reveal that 80% of people rank property as their number one investment of choice. This is the highest fi gure since August 2010 and the second highest fi gure since the survey began in August 2009.
Turkey | is seeing a surge in inspection trips from potential property buyers
jungle and urban blight.” Oceanwide Propeties has offi ces covering Dalaman, Ovacik, Hisaronu, Oludeniz, Faralya, Calis beach, Fethiye town, Uzumlu village and Kemer village as well as an Antalya offi ce for the resorts of Side, Belek, Kemer. “These operations are a major commitment for Oceanwide Properties” adds Akbay, “but I feel it is important for clients to know that they can sit down face-to-face with someone, not just when they are buying but afterwards if they have a query. We are not just a
faceless web site.” Oceanwide’s prices start from £35,000 for a one-bedroom apartment in the resort region of Alanya and rise to four-bedroom, four-bathroom, villas in Kisla, Kalkan from £495,000 to £575,000. Right across Turkey, international
property sales increased by 40% in 2010, taking the total amount spent by foreigners in the country’s real estate market to $2.5 billion (£1.5 billion) according to recent fi gures from the Association of Real Estate Investment Companies (GYODER).
Land released for China houses
CHINA is planning to make far more land available for housing development as the government works hard to curb the country’s booming property market. In a press conference in Beijing last
week, China’s Ministry of Land and Resources (MOLAR) said that the government is aiming to free 218,000 hectares of land to be used for housing development in 2011, nearly doubling the number of available housing land in the last two years. MOLAR land use and
management director Liao Yonglin also said that the action is part of China’s grand plan of building 36 million affordable housing units for low-income families in the next fi ve years. House prices are continuing to rise
in 77 of China’s 100 leading cities that are currently being monitored by the government. In recent months, only Beijing and Tianjin have reported month- on-month declines. China’s leading statistics agency, the National Bureau
IRISH PRICES 40% DOWN
IRISH prices are down almost 40% below their peak in early 2007, according to the country’s Central Statistics Offi ce. Dublin experienced the largest decline between February 2007 and March 2010; a fall of 47%, while prices in the rest of Ireland fell at around 35%. Apartments in the capital posted a staggering 52% fall.
of Statistics (NBS), will continue to be responsible for feeding residential data into the Chinese government as the state monitors its anti-bubble measures.
Russians want Bulgaria
BULGARIA is fi rmly established as the most popular destination for Russian overseas property buyers says a recent piece of research conducted at a Moscow property show. Spain came second and Turkey third. International Residence magazine conducted a survey of 499 potential Russian overseas property buyers and discovered that 49% planned to buy in the next 12 months, that 66% were looking for apartments, and that 53% were buying for lifestyle reasons compared to 12% looking to make an investment. The survey also found that 40% of buyers were looking to spend between €100,000 and €250,000. International Residence also estimates that the Russian market is now worth $12 billion per year to the global overseas property industry.
$26bn oil fund in play
Oil-rich Azerbaijan has said that it wants to start investing in overseas property during 2011 with cash from its US $26 billion state oil fund. The state oil fund holds revenues from oil contracts, oil and gas sales, transit fees and other revenues. It has so far been used to fi nance social spending and infrastructure projects. “We would like to direct part of our funds into new, more risky opportunities,” says Shakhmar Movsumov, the fund’s executive director.“ He expects the fund’s assets to rise to $30bn by 2012.
China | makes new land available MIAMI Q1 SALES ROCKET
MIAMI sales rocketed in Q1 this year according to the latest figures from the MIAMI Association of REALTORS as the volume of existing single- family homes and condominiums in the Miami Metropolitan Statistical Area (MSA) leapt up by 71% year-on-year in Q1 2011, from 3,450 in 2010 to 5,910 this year.
SLOWDOWN IN AIR TRAVEL
INTERNATIONAL air passenger volumes are down, IATA (the International Air Transport Association) revealed this week. Scheduled international traffic results for March 2011 show that year-on-year growth in passenger demand has slowed to 3.8% … from the 5.8% annual rise recorded in February 2011.
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