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October Investment Property Watch
Friday, November 13, 2009
Portugal reigned supreme in October's Investment Property watch chart - which tracks the level of interest in certain properties and countries from visitors to the site - so lets take a closer look at what the country has to offer both investors and holidaymakers...
Portugal
Unlike neighboring Spain - which experienced a major property boom, and resulting bust - Portugal's property market has risen slowly and steadily for the past decade.
There is a strong market in Portugal for buy-to-let property. It is the third most popular European country after Spain and France for this kind of investment and the southern coastline of the Algarve is especially popular, attracting buyers from all over Europe.
The average (sq. m.) price of an apartment in the Algarve is €1,925. Villas average €2,581
The Estoril/Cascais area, the coast near Oporto and the west coast close to Obidos lagoon are also becoming more sought after by buy-to-letters.
Let's take a look at Lisbon. Apartments in Lisbon are relatively inexpensive by European standards at €2,393, and villas are even more attractively priced, with average per square metre (sq. m.) prices of €1,825.
But, as a buy to let destination, Lisbon has its problems. On average, an investment apartment here will bring a gross rental yield of 4.8 per cent, which is ok, but certainly nothing to write home about.
Foreign buyers must obtain a Portuguese tax number, which costs around £14, as well as setting aside an additional 7 per cent for purchase-side costs. These include a transfer tax - six per cent, for properties costing more than 534,700 euros, and a 0.8 per cent stamp tax, as well as registration and notary fees.
Panama
A spotlight is currently being shone on Panama due to the publicity surrounding the trial of the ‘missing' canoeist John Darwin who faked his own death and secretly emigrated to Panama.
As a result of this global news story, alongside the current expansion of the Panama Canal, the country has been pushed onto the world stage in terms of investment potential.
It is currently one of the hottest places in the world for investment of all kinds, particularly property. The expansion of the Panama Canal, one of the Southern Hemisphere's most important waterways, is slated for completion in 2014 and this will boost the country's economic growth massively.
The expansion of the Canal is going to triple its capacity, meaning that the revenues from free trade and exports are also likely to triple, sending GDP skyrocketing.
The International Monetary Fund has already predicted that the economy is going to boom, which in turn will lead to an increased demand for homes and holiday properties from both locals and foreigners.
American retirees are extremely keen on Panama and are snapping up second homes in the country, leading to a rise in overall property prices.
Other movers and shakers
Snapping at Portugal's heels was the mighty USA in second place, swiftly followed by Panama. The Ukraine made a solid appearance on October's chart in fourth place, another triumph after its appearance in September.
Italy took fifth place with Case Serafini- I've been to the development - it's beautiful - like a more affordable Tuscany with rolling hills and olive groves.
The USA was back again in sixth place, followed by South Africa in seventh. The final three places were snapped by up Turkey in eighth, far-flung paradise Thailand in ninth and - for its third appearance on October's chart - the USA took tenth place.
Table showing October's top investment properties
|
Rank |
Property |
Country |
Company |
|
1 |
Vilamoura Resort |
Portugal |
Armchair and Co |
|
2 |
Grande Oasis, Tampa, Florida |
USA |
Property Frontiers |
|
3 |
Panama |
Silva Tree SA |
|
|
4 |
Ukraine |
Dream Resorts |
|
|
5 |
Italy |
Property Frontiers |
|
|
6 |
Orland property |
USA |
American Dream Investments |
|
7 |
South Africa |
Key Universal |
|
|
8 |
Augustus Country Club |
Turkey |
Property Sun Turkey |
|
9 |
Thailand |
Property Frontiers |
|
|
10 |
Investment property |
USA |
American Dream Investments |
Follow the lead of our readers and get excited about Portugal - check out some Portugal properties for sale at http://portugal.themovechannel.com/
Picture of Portugal's coastline by Portuguese_eyes
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