Welcome to today’s news…
From 1 January, non-European buyers of property worth over €500,000 in Spain will be granted a residency visa; many pundits are suggesting that this will generate considerable interest amongst overseas buyers from Russia, China and the Middle East.
Michael Lovett of agency Fine & Country Spain believes this will act as something of a trigger not least because it will enable buyers to move freely between the different European nations. He likens the trigger to the similar visa offer made in Portugal where that drove up sales. In essence, ‘We hope to see a renewed interest from Asia with market analysts predicting a €100 million worth of property investment in Spain over the next 24 months.’
Watch Marbella, he suggests. ‘The high level of wealth and assets in Marbella set it apart from other Spanish towns. It is a real magnate for savvy investors. In Nueva Andalucía especially, where there is the biggest variety of residential nationalities, international culture has significantly boosted tourism and property sales in the last 12 months. It is clear confidence in the market place is growing. We expect luxury areas like Marbella, ideal for high end buyers, to profit from added migration.’ We have access to well-priced properties in Marbella for serious buyers.
One of the things we like the look of in the US market is that funds have been moving in with enthusiasm. Take the Australian fund, the US Masters Residential Property Fund It’s reported that, in the past year, it has bought ‘490 properties and more than 1500 units throughout New Jersey’s Hudson County and the New York boroughs of Brooklyn and Manhattan’.
Why? Their MD Alan Dixon explains, ‘The US housing market has reached a critical turning point. For the first time since 2006, US house prices have begun to increase steadily. Independent appraisals show the fund’s property values have appreciated on average around 10 per cent over the period (12 months)’. We are currently looking at where ‘the big boys are playing’ with a view to a short article or a four-page report).
Of interest to lifestyle buyers, Turkish property specialists Spot Blue report that Turkey has almost 400 beaches with Blue Flag status; that’s the highest number ever and puts the country third out of 48 participating countries.
‘While some countries are falling down the rankings, Turkey is raising its game and improving the quality of its beaches and marinas. The knock-on effect is positive for the property market. Being near a Blue Flag beach can only help a property hold value.’
Antalya is the place to be on that basis. It has 179 Blue Flag beaches. Mugla comes second, some way behind, with 76 flags. ‘The latest Blue Flag list highlights just how untapped much of Turkey’s coastline is. Away from the main resorts, there are dozens of stunning beaches and bays that many foreigners never encounter, real gems each with a selection of properties to choose from.’ Looking seriously at Turkey for a lifestyle buy? Drop us a line, we may have something for you soon.