08 | NEWS ANALYSIS WORDS | Adrian Bishop Bring on the new year
Our new OPP Connect editor, Adrian Bishop, analyses the news from the last few months as we start 2013. Reports from around the globe suggest this year will be a positive one, despite some countries (Spain in particular) still struggling with their property markets and economies in general. Only time will tell!
W
ith the New Year now well underway, developers and agents
have been carefully peering into their crystal balls to see what 2013 will bring for the international property sector. A common theme among news
releases sent to OPP Connect and OPP Magazine over the last few months has been predictions about the property market for the year ahead – and many suggest it could be more positive. UK-based website Property
Frontiers is bullish. “Who said 13 was an unlucky number? The year 2013 could be all about new opportunities and for many a lucky time to invest - as long as it is in the right area,” they state. But finding the “right area”
is often the tricky bit, of course, with different agents tipping various markets for success (often depending upon where their properties are located!). Unsurprisingly, many plump
for America as the place to invest on the basis that as the country’s economy strengthens, so will property prices. Florida is a hot tip for strong
property price increases by several agents, followed by the northern cities of Detroit, Baltimore and Buffalo. Another popular choice is the
so-called BRIC countries – Brazil, Russia, India and China. Other industry commentators plump for the ‘safer’ European cities of Paris and London or Istanbul in Turkey. Then there is up-and-coming Cape Verde, off West Africa. For the more adventurous,
Angola and Uganda have also been suggested, due to their fast-growing economies and natural resources. One nation that is making moves to court Russian and Chinese property investors is Spain. Spain has hardly been out of the
real estate headlines over the past few months, thanks to the on-going Bad Bank saga, the start-of-the-year VAT rise on new-build properties from 4-10% and the new Living
Crystal ball | We can’t predict what will happen next, but news can give us hints Of course, Spain is by no
means the only country dangling the prospect of investment for residency. Neighbours Portugal, Cyprus, Malta, Ireland and others all have similar schemes. But what is different about Spain’s proposal is the relatively low €160,000 (£128,500/US$204,000) entry point – which may be a reflection of the desperation of its construction industry to revive sales in any way possible. Another issue with the scheme
is that some in Spain worry that possible social consequences could
A bill to legalise the programme
has been passed by Antigua and Barbuda’s House of Representatives and now awaits approval from the Senate. OPP made the news itself with
its first developer and agent tour of China, which was led by our own John Howell. December’s eight- day tour, which provided seminars, talks, discussions and face-to-face meetings with local agents on how to sell international property securely and profitably, took in Beijing, Shanghai, Chongqing and Guangzhou.
Costa del Sol scheme, aimed at giving extra security to buyers in Malaga and Costa del Sol by providing reassurance on planning and legal issues. But perhaps the most surprising
news story coming out of Spain was a proposed change in legislation offering some form of residency for buyers of homes over €160,000. The proposal, outlined Spanish
by Spanish Trade Secretary Jaime Garcia-Legaz, is specifically aimed at the Chinese and Russian market and would help reduce the country’s huge vacant housing stock.
follow. However, at this stage the idea is
simply a proposal – so we shall see if it is ratified and what effect it has on the market and society. Even tiny Antigua and Barbuda
is planning to get in on the act of offering residency in return for property investment. OPP Connect exclusively
revealed the islands kingdom may offer citizenship in return for buying a property of at least US$400,000/£250,000/€310,000 – almost double the value of the Spanish scheme.
The delegates came back
delighted with the results. Garrett Kenny, of Feltrim Developments, Florida, even managed to sign up three China agents to represent the business within a week of returning. For those who wanted to go on the tour, there is no need to worry - OPP is planning a similar follow-up trip in March/April. As always, there have been a
few news stories about celebrities buying homes. Perhaps the most glamorous is the multi-talented actress and singer Jennifer Lopez, who is the proud owner of a luxury
“A common theme among news releases has been predictions for the property market’s next year”
apartment at Metropol Istanbul in Ataşehir Finance Centre. J-Lo is not only impressed by the flat – but she looks forward to shopping in its luxury Metropol Catwalk shopping street – Istanbul’s longest. Within an ace of J-Lo comes
tennis star Maria Sharapova, who has endorsed the new Maria Sharapova Tower Gurgaon, near New Delhi, India. Details are yet to be finalised, but it will be a boutique property containing a world-class sporting facility, say developers Homestead. Another of its developments,
endorsed by a sports star is The Michael Schumacher World Tower in Sector 109. It features 90 luxury apartments, including 3,750 square feet four- bed properties and 5,500 square feet five-bed properties that will each have their own swimming pool and gym. The 34-storey tower will be one of the tallest buildings in the area. The floors will be called ‘laps’. So, 2013 could, indeed, turn out
to be a lucky year for the international property market. Now, where did I put that four-leaf clover?
NEWS
www.opp-connect.com | DEC 2012/JAN 2013
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