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Portugal strikes gold in April's Investment Property Watch
Tuesday, May 12, 2009
Portugal nabbed the top spot on TheMoveChannel.com's Investment Property Watch list for April, which charts the level of interest in certain properties and countries from visitors to the site...
Gold: Portugal
Portugal has no shortage of fans right now. It nabbed second place in our Top of the Props chart and first place in our Investment Property Watch chart for April.
Investors who want a safe bet but don't want to jump on the France or Spain bandwagon often turn to Portugal.
Whilst the country has been hit hard by the global financial crisis,
property prices have risen dramatically over the last five years and such is
its popularity with tourists, that rental potential should be strong.
As a general rule, properties in the east of Portugal remain slightly cheaper
than the west. Affluent areas such as the Golden Triangle of Quinta do Lago,
Vale do Lobo and Almancil as well as Estoril and Cascais Riviera and Quinta da Marinha will weather
the economic storm better than most.
Other good reasons to invest include the current historically low interest rates and the fact that banks in Portugal are still lending up to 75 to 80 per cent of loan to value for residential properties.
The expansion of Faro airport in the Algarve region could also be good news for property investors. Once the airport is completed in 2013, it will be able to handle eight million passengers each year instead of the six million it currently handles.
The upgrade and expansion is being carried out at a cost of £114 million.
Silver: Dominican Republic
Prices remain low in the Dominican Republic and tourism remains high. Tourist numbers grew by over one million in 2008, and are forecast to grow again, if by less in 2009.
In a bid to attract more luxury buyers, some Caribbean islands are easing restrictions for foreign property investors and introducing incentives to buy.
The British Virgin Islands is to ease some restrictions for foreign real-estate buyers including a new 90 day automatic approval for a landholder license.
The Government is also expanding the airport and providing better mobile phone services and high speed internet access for smart phone users.
As the Caribbean islands rely so heavily on tourism and on foreign investment, it is vital to keep on attracting high numbers each year.
In the Cayman Islands the Government has temporarily lowered rates on real estate transfer taxes including a reduction on waterfront property from 7.5 per cent to five per cent.
The country's real estate brokers group, Cayman Islands Real Estate Brokers Association, has announced a 20 per cent discount on commission that will continue until the end of September this year.
Dan Johnson, Director of TheMoveChannel.com said, "People are increasingly investing in Caribbean property with a view to using it as a holiday rentals.
"The returns from Caribbean real estate investments are good and the prices remain attractive.
"If you do decide to invest in property on an island such as the Dominican Republic or Anguilla, it is advisable to get the property title checked at the Lands and Surveys to ascertain who owns the land and equally important to ensure that there is road access to the property.
"Hire a surveyor who knows the ins and outs of the law of the land and before you make any payments, ensure that you have gone through the Alien Land Holders License," added Mr Johnson.
Other movers and shakers
Egypt took the bronze medal in April's Investment Property Watch chart, followed by Italy in fourth and Turkey in fifth.
The United Arab Emirates came in at number six. Despite being a winner in April's Top of the Props chart, the USA could only scrap into lucky number seven in our Investment Property Watch chart.
Number three Egypt made another appearance in the chart at number eight, followed by Greece and Barbados which took ninth and tenth places respectively, rounding off April's chart.
Table showing April's top investment properties:
|
Rank |
Property |
Country |
Company |
|
1 |
Portugal |
Dream Resorts Ltd |
|
|
2 |
The Courtyard |
Dom. Rep |
Saffron Worldwide Ltd |
|
3 |
Egypt |
Key Universal |
|
|
4 |
Eucalyptus Beach Village Apartments |
Italy |
Property Index.com |
|
5 |
Turkey |
Castlewood Investment Properties |
|
|
6 |
UAE |
Most Properties Ltd |
|
|
7 |
A principal no risk purchase |
USA |
Saffron Worldwide Ltd |
|
8 |
Egypt |
NoMoreHotels Ltd |
|
|
9 |
Greece |
Gascoignes International |
|
|
10 |
Barbados |
Principal Choice Ltd |
*Results are based on number of sales enquiries generated per month.
Picture of Azenhas do Mar in Portugal by Portuguese _eyes
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