Turkish Property market is booming!

Turkish property market is booming!

The Turkish property market is booming in a way that is completely unheard of in the country’s history. Despite the state of the world’s economy, Turkey is still providing buyers with competitive real estate prices. A key part of this boom appears to be due to foreign investment, where investors are headed to the country to get their hands on  millions of pounds worth of property.

Non-Citizens can invest in property  thanks to a new law

As of a few months ago, non-Turkish citizens are able to buy property in Turkey due  to the passing of a new law. This legal change has come hand in hand with a boom in turkish property and mortgages in Turkey, the majority of which are happening in Istanbul.

Spanning Europe and Asia, Turkey is where East meets West in a blaze of glory. Influences of both cultures chart its epic journey across thousands of years to the developments shaping this sizeable country today. Ottoman mosques vie for attention next to Roman temples and eastern spice markets mix with trendy boutiques. Ancient cities resplendent with archaeological treasures now a short expedition from lively resorts and sun kissed beaches.

In the south its vast golden shoreline basks in the Mediterranean and Aegean heat while in the north the Black Sea sets the tone for its cooler climate. From its breathtaking waterfalls, historic rivers and tranquil countryside to the hustle and bustle of its vibrant cities, such as Istanbul, with their chaotic bazaars and busy ports. Turkey is crammed full of delights. As more and more people are discovering the tempting array it has to offer, its holiday home market has been flourishing. Combine these factors with the relative stability of the Turkish economy and it is clear to see why Turkey is considered ideal for investment.

Investors from Europe attracted to Turkish property

As mentioned earlier on, the new law was introduced, demolishing the barrier that previously prevented foreign investors from buying Turkish land. Predictably, investors started looking into property as well. Local real estate agents have mentioned that 2 big European firm owners are seriously considering property in Turkey.

Investment in turkish property is viewed as a positive thing, however, some local estate agents have concerns. They fear that investors hope to re sell to other individuals, which raises fears due to the speculation that may occur when they are not selling directly to the buyer.

Ripple effect?

As you can imagine, locals are generally excited by the prospect of foreign investment in turkish property and mortgages. There is a fear that the increase in interest will also cause an increase in prices, which in turn may create a ripple effect that would affect the entire property market in Turkey.

The large proportion (80%) of Turkish property sales and mortgages are due to local / non - prime real estate, leaving the other 20% for luxury property, according to Istanbul - based estate agents. The new law has been somewhat opposed by  competing  parties as they feel that some of its provisions are unfavourable.

Property sales reach $1 Billion in one month

In just one month, a record $1 Billion worth of property has been sold in Turkey. This is in stark contrast  when compared to figures from last year, since then there has been a fourfold increase. What make this all the more spectacular is that only $114 million worth of Turkish property had been sold in early 2012. This amount of foreign investment has been heralded as the largest since the republic of Turkey was forged in 1922.

Turkish mortgages and property sales are expected to shoot up in the coming months as an increasing number of foreign investors flock to the country. In the following  months the quantity of mortgages in Turkey  and property sales are being predicted to rise even further as more foreign investors flood in.

If you have an interest in the turkish property market, buying a home in Turkey or Turkish mortgages, please do get in contact with Conti - Overseas Mortgages by exploring our website (www.mortgagesoverseas.com)

Canadian Property Market Still Improving

Canadian Property Market still improving!

Many people are aware of, and criticise, the fact that there is scope for a ‘bubble’ in Canada, as prices will continue to grow. Another record price peak was reached in June despite a decreased rate (according to Teranet-National Bank Composite’s most recent House Price Index)

The index, in which single family homes are monitored for any change in value of repeated sales, demonstrated that for June there was a 1.2% general increase in price compared to May. Compare this to the previous year and the index has climbed up 5.4% (Montreal showing a 4.4% increase)  The only negative being that for 7 consecutive months, the year on year price has continued to grow at a decreased rate.  

Canadian micro strategist, from TD Securities, Mazen Issa, has said that  “The 11-city composite index has steadily decelerated on a year-ago basis since late 2011. We would have seen a sharper deceleration in the index if it were not for the Toronto market, which holds the greatest weight in the index.”

As you may expect, there is continued speculation on where this growth in Canadian property prices will lead (especially when considering in combination with “overbuilding of |condos in Toronto”): A steady cooling or a dramatic crash?

Canada’s largest mortgage lender, The Royal Bank of Canada, is expecting a steady decline, rather than a crash, in Toronto’s property market, since supply continues to appear online.Capital Economics, however, disagree with the proposed cooling. David Madani, one of their economists had this to say “Admittedly, house prices haven’t actually started to fall more generally, which would seem to support the view that Canada’s housing market is enjoying a soft landing.. .we think a housing correction over the longer term is inevitable and still stand by our earlier view of house prices declining by 25 per cent.”

A parallel to this story is running on the other side of the world. In New Zealand, property value is continually powering on despite the global recession. If you are planning on investing in property or taking out a mortgage overseas, clearly it would be wise to do so in a market that is proven to be prosperous such as Canada or New Zealand . If you have any questions or concerns about overseas property or mortgages get in touch with Conti - the UK’s leading overseas mortgage specialist.

(Image by Tobias Alt, Tobi 87 (Own work) [GFDL (http://www.gnu.org/copyleft/fdl.html) or CC-BY-SA-3.0-2.5-2.0-1.0 (http://creativecommons.org/licenses/by-sa/3.0)], via Wikimedia Commons)

Dubai Property Market turns a corner!!

In new data released this week by CB Richard Ellis there are more and more signs that the Dubai property market has turned a corner. The stats show a 2% average growth in apartment rentals in the second quarter, and growth of up to 8% on well-located commuitys such as Emirates Living and Downtown Dubai.

It also showed that rents were only lower in a couple of locations, with rents in the Jumeriah Village down 5%, while those in Dubai Sports City, Motor City and Business Bay all remained unchanged in Q2 according to CBRE.

CBRE say that while the cost of renting a villa is expected to remain steady throughout the rest of the year, villa rentals have also risen by 2%, meaning that villa rents are now up by 5% in the first half of the year.

The report stated that “Although there are major villa projects in the pipeline expected to enter the market in phases during the coming months, it is unlikely that this new supply will have a significant impact on lease and occupancy rates in established locations”.

“However, new and emerging villa communities may initially see rise of competitive offers as investors look to avoid void periods amidst new supply,” it added.

According to Sheikh Ahmed bin Saeed Al Maktoum, chairman of the Dubai Supreme Fiscal Committee, Dubai was the prime example in the real estate crash, with prices plummeting by over 60% between 2008 and 2010, and it is only until very recently that there have been signs of an end to this decline. The recovering economy is fuelling the recovery in the property market, with the goal of reaching 4.5% GDP growth for the emirate this year, following growth of 3% last year.

Data from the Dubai Land Department stated that the number of residential real estate transactions increased in the second quarter by 15% with the total value reaching AED7.1bn!! The average transaction value during the three months ending June 30 was AED1.2m.

if you fancy moving to Dubai, or even if you are looking for buy-to-let property in Dubai, why not visit us today at www.mortgagesoverseas.com for all of your overseas mortgage enquirys.

OR if you are moving home and in need of conveyancing but are stuck on who to go to to get the best conveyancing at the cheapest price... then why not visit http://www.helpfulconveyancing.co.uk/ for all you conveyancing solutions TODAY!

Spanish bank bailout is approved by Germany’s parliament

The German Parliament, with a huge majority, has accepted a proposal to help bailout the banks of Spain, with the aim to stop the Spanish economy from spiralling downwards, as it has been for quite some time now. Great news for those interested in a mortgage or buying property in Spain.

Since Spain’s debt emergency started there have been ten votes on European crisis measures. In the most recent of these votes, the majority (473 to 97) voted to pass the proposed bailout [valued at around €100bn (£78bn)] to supply some desperately sought after cash to stimulate the spanish financial sector.

Only a couple of MPs across the parties opposed the bailout, probably due to the fact that they were dragged kicking and screaming from their Summer holidays for the vote. Or perhaps more likely, in opposition to the German economy, is yet again, taking responsibility for providing rescue packages for European countries in debt.

Frank-Walter Steinmeier, the leader of the of the opposing SPD party revealed that a handful of MPs are "totally unconvinced." "How many rescue packages are we actually going to need?" asked Steinmeier. "It cannot go on like this." Thirteen deputies abstained in the vote. This is in contrast to the general support across the majority of the parties.

Due to the point that Madrid hoped to sign the agreement formally with eurozone finance ministers as quickly as possible, the vote was classed as “urgent”.

"In this exceptional situation, we are helping the Spanish state to battle against the overblown nervousness of the financial markets and we are therefore making our contribution to the overall financial stability of the eurozone."

The first chunk of the €30bn is expected to be received by Spain at the end of the month. This is return to the promise of adhering to a selection of EU inspections and reforms of the banking sector that aim to establish an efficient restructuring process.

If anyone was sceptical of the urgency of this bailout, earlier on a bond auction in Spain showed a lower demand and much larger borrowing costs, leading secondary market rates to increase close to the “unsustainable” 7pc level.

There is still conflict in Germany  (providing almost 30pc’s worth of the loan) over who should be accountable for guarantees

It was confirmed last month during a summit of EU leaders, that banks could be supplied straight from their permanent bailout fund, as long as an expansive European body, directed by the European Central Bank, is established.

Until that point, Berlin has requested that the responsibility for the loans and their repayment is to be in the hands of the spanish government.

Schaeuble stressed that "Spain makes the application, Spain gets the money to recapitalise its banks and Spain is liable as a country for the aid,"

On the whole, analysis specialists are pretty laid back about the vote by the Parliament and it has had little impact on the markets.

On September 12th the top court of Germany will be ruling on whether or not the Eurozone €500bn permanent rescue fund will become law, so at the moment economists are keeping an eye on how that is developing.

Judgment from the Federal Constitutional Court will be placed on the series of obstacles to the
EU's fiscal pact and the European Stability Mechanism after the president of Germany refused to write his signature, hindering progress.

It’s expected that the court will allow the key crisis tools to pass, and it’s also thought that the German Parliament will hold more influence over further bailout issues, suggesting that the chances of this being the last emergency vote are slim.


if you fancy moving to Spain, or even if you are looking for buy-to-let property in Spain, why not visit us today at www.mortgagesoverseas.com for all of your overseas mortgage enquirys.

OR if you are moving home and in need of conveyancing but are stuck on who to go to to get the best conveyancing at the cheapest price... then why not visit http://www.helpfulconveyancing.co.uk/ for all you conveyancing solutions TODAY!

As Spanish property prices fall, number of bargain-conscious Britons jumping on Spanish property ladder rises.

A specialist mortgage broker has reported that with Spanish house prices taking a turn for the worst, bargain-hunting Britons are leaping to get onto the Spanish propertyladder.

As Spanish properties are suffering their biggest decrease in value since the economic recession began in 2007, It has been reported that there has been an influx of interest in Spanish properties. The country’s economic downturn and continued banking problems have left properties desperately trying to sell in and across Spain with little outcome.

However, every cloud has a silver lining with overseas mortgage specialist Contihaving seen an increase of enquiries regarding taking out a Spanish mortgage. The rise in interest over May and June is up by 33% in comparison to previous monthly averages.

This is despite the fact that the monthly house price index from appraisal company Tinsa, is showing that Spanish property values were down by 10.8 % year-on-year. 

Director at Conti, Clare Nessling has said that there are a combination of factors which are playing a part in the boosted budgets of buyers. She said: ‘The Spanish market has reached a low point, so buyers are using it as an opportunity to shop for a bargain.’

In the meantime, the rising strength of the pound against the euro combined with interest rates being at an all time low, is making having a holiday home appealingly affordable. ‘It ticks a number of boxes that Britain doesn’t; including the weather,’ she added.

As a mortgage provider in over 40 countries, Conti says there is a healthy appetite for lending in Spain. It adds that figures from the Spanish National Statistics Institute, INE, show that the annual decline in property sales in May was only 9%, a lot less than the declines from January to March this year, which were between 21 and 33%.

If you fancy buying property in Spain, try to think long term...

It’s common knowledge that Spain’s economy, banking system and property market are suffering. Despite the fact that interest in buying Spanish property is on the up, this raises the question: “Is now the best time to invest in overseas mortgages and Spanish property?”

Ms Nessling of Conti - Overseas Mortgages, however, said: ‘If you are looking for the long term market, then it is [a good time to buy], for holiday and retirement homes.’
She added: ‘You should always go through the same process that you would follow if you were buying a property in the UK.
Take independent advice from an English-speaking lawyer who is not connected to your seller, estate agent or property developer. And ensure an independent valuation of the property is carried out, even if you’re buying in cash.’
Director of Conti - Overseas Mortgages, Clare Nessling makes this warning due to the increase in the number of British bargain hunters being taken advantage of by people selling property in Spain.

A week ago Money mail reported about how potential investors were being scammed out of their life savings by forceful spanish property sellers offloading cheap houses, apartments, villas and timeshares etc.
The property meltdown has provided a huge quantity of bargain Spanish properties, where in some instances, prices have been sliced in half.
These bargain basement prices have appeared as developers, or Spanish banks that repossessed them, are desperately trying to get rid of them from their systems.
A scarily large chunk of these Spanish properties (estimated at 300,000) are often missing gas, electricity, mains water or even planning permission.

Overseas mortgage broker Simon Conn says: ‘In many cases, people are seduced by the sea, sangria and relaxed Spanish lifestyle. They do not think straight about why a property is so cheap.
‘Before you buy, always ask yourself: Is the price low because the owner has fallen on hard times or just needs to sell? Or is it a property that should never have been built in the first place?’

Conti’s advice:

Conti, the UK’s leading overseas mortgage specialist gives the following advice to people interested in buying Spanish Property. 'It pays to be selective. Many so-called bargains are being offered at knock-down prices because they’re of poor quality and in undesirable locations.’

'It’s very easy to be pulled in by descriptions of ‘cheap’ or ‘knock down’ prices, but you really don’t want to end up with a toxic asset simply because you didn’t do your homework or take the right advice.

'It may be wise to look at re-sales, where you can get references from previous buyers and check any other re-sales being offered on the same development. As a result, you’ll get a much better idea of the property’s true market value.’

 if you are on the property market and in search of quality conveyancing visit us today for the best conveyancing prices at the highest quality.

www.helpfulconveyancing.co.uk

Plans for futuristic tower in Venice causing a sharp divide!

 Plans for a brand new, futuristic skyscraper, to be designed by Pierre Cardin, have divided critics and residents, with many taking the view that it will intrude on the traditional architecture of the historic city.

Cardin,  90, who emigrated from Veneto to France as a young man, has set his sights on building the 800ft tall modern skyscraper, which will be able to be seen from the heart of the World Heritage-listed city thanks to its unusual design - three shard-like towers connected by six interlocking, horizontal discs and 60 storey height. The project is predicted to cost £1.25 billion (1.5 billion euro).

While many are up in arms about the construction of this tower, that would be more suited to the Emirates, the positive aspects of the build must also be weighed up. For instance, the project itself will create thousands of jobs for those in Porto Marghera, which used to be sustained by oil refineries and chemical plants that closed in recent years having a negative effect on the community.

Due to his advancing years, he recently said that it would be his “last great project” and that numerous cities around the world would be happy with such a big development project, but he chose Venice for sentimental reasons as it is close to the village where he was born.

Cardin has collaborated with his nephew Rodrigo Basilicati, an architect, on designing the tower. When questioned on their plans Mr Basilicati told the Corriere del Veneto newspaper "We chose this apparently ugly and difficult location because we hope that it will convince other people that Porto Marghera can enter a new chapter…We'll create four to five thousand jobs, maybe even 7,000, and we want to give employment to people who have been out of work."

The skyscraper, which will feature apartments, hotels, restaurants, offices, nearly 60 lifts, a cinema complex AND a helicopter landing pad, has the backing of local politicians.

Politicians gave the go-ahead for the development earlier this year, but it has since become suffocated with the controversy surrounding such a grandiose project. However there are concerns that because the tower is so high, that it may interfere with planes flying into Marco Polo airport, the

primary serving airport to Venice with millions of foreign tourists flying in every year.

Historians and cultural heritage figures say it is too large – and too vulgar – to be built anywhere near Venice.

The first symbolic stone of the project is due to be laid in September by Pierre Cardin himself, however the controversy has put a spanner in the works, and there are speculations over whether that will happen.

He is apparently getting very impatient with the delays and has said that if Venetians cannot sort out their disagreements, he will take his vision elsewhere, perhaps to China or Dubai.

If you are tempted by the Italian way of life and are thinking of taking out a mortgage in Italy or any other country for that matter, pay us a visit at www.mortgagesoverseas.com

Alternatively, if you have already found a property and are well into the transaction but are confused byconveyancing, visit www.helpfulconveyancing.co.uk for your conveyancing solutions TODAY

Lady Gaga: plans to build Grecian, floating dream home!

Lady Gaga, having brought land in the Greek island of Crete last year, is now building her dream house that will seemingly float in the sea at a measly cost of £10million!

The Daily Star newspaper reported that an insider had said: ''It's going to be absolutely phenomenal when she's finished with it…It's right on the water and appears to be floating, so anyone wanting a gander will only be able to see it if they go by boat.''

Reports state that within the plans they are planning to build both a church and a palace as well as two pools and a tennis court.

The source added: ''It has ended up costing over £10m for the whole development and that's only so far. Extra costs are sure to mount up.''

 If you are planning on moving abroad and are in need of an overseas mortgage visit us at www.mortgagesoverseas.com

If you have already taken out a mortgage and are in need of conveyancing, visit us at www.helpfulconveyamcing.co.uk

The world's top 20 cities to buy-to-let property, by The Telegraph

No. 20: Jakarta, Indonesia

No.19: Chisinau, Moldova

No.18: Amsterdam, Netherlands

No.17: Istanbul, Turkey

No.16: Auckland, NewZealand

No.15: Grand Cayman, Cayman Island

No.14: Managua, Nicaragua

No.13: Bangkok, Thailand

No.12: Marrakesh, Morocco

No.11 Kuala Lumpur, Malaysia

No.10: Bahamas

No.9: Santiago, Chile

No.8: Budapest, Hungary

No.7: Sao Paulo, Brazil

No.6: Skopje, Macedonia

No.5: Montevideo, Uruguay

No.4: Bogota, Colombia

No.3: Amman, Jordan

No.2: Panama City, Panama

No.1: Lima, Peru

sourced at http://www.telegraph.co.uk/property/propertypicturegalleries/ on 23/07/12

if you are looking to buy-to-let abroad, and are in need of an overseas mortgage or just want to enquire, visit us!! www.mortgagesoverseas.com

My First Blog Post - 6th July 2012

My First Blog Post - 6th July 2012

So, here I am... my first blog post. Potentially a significant historic event in the making, or perhaps not. Anyway I tend to get nervous speaking in front of crowds so please bear with me...

I'm Peter Ryan ( That's me in the picture!) .Hello :). I work for a company called Conti (www.mortgagesoverseas.com) who specialise in overseas mortgages, providing new mortgage rates countries as well as friendly an helpful advice. Off the record I'm a bloke that like to keep himself busy. I love to travel and I have the Bucket List objective of stepping foot on all the continents as well as sampling the cultures of as many different countries as possible. I mean, it's all well and good saying "I've been to Asia" but China, Japan and India are all completely different socially, culturally and cuisine-ally (You know what I mean :D). So far I've been lucky enough to visit South Africa, Namibia, India, Spain, France, Turkey, Portugal, Scotland, Italy, Ireland, Wales and Bulgaria.Chances are I've missed some countries out, but I'll amend that as I go along. It's a goodish sized list and I'm incredibly grateful for it, but I need more! So I suppose this blog can act as a to-do list as well as a diary. Please let me know of your adventures and recommendations!

My blog is entitled DreamHomeAbroad so what I hope to achieve in the future is an active and frequently updated blog all about the world beyond the UK. I'll be talking about things I've done, things I'd like to do, places I've been, I'll ponder about my goal of living abroad someday, try and get some information from those who have and even give you guys clues on how you can get closer to achieving your DreamHomeAbroad.

Thanks for reading.

Peter Ryan