On an annual basis every Australian property investor should sit down and review their property portfolio. Many people will do this around the end of the tax year – but I prefer to do it over the Christmas / New Year holiday’s when I have more time and also time to make any property investment changes and have them reflect in the current year’s tax return.
Hopefully, the new government in Greece may just provide the impetus that Cyprus needs to finally sort out the political morass that has soured relations in this corner of the Mediterranean. For too long, any social and economic progress on the island has been hampered by the division of Cyprus and by the dogged refusal of the two sides to shift position. The opening up of the dividing wall across Ledra Street, in 2008, was a start, but there has been no clear progress in deciding upon a long-term future. For those thinking of investing in property Northern Cyprus, finding an answer to the issue of property claims is essential before risking large sums of money.
What makes Australian property investors different from property investors in other parts of the world? Well a complete answer would take a lot more electrons than I have here but to me there are several characteristics that those down-under have which are distinct from property investors in other countries.
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For Northern Europeans seeking a holiday home in the sun, Greece has long been a favoured destination, offering the chance to mix beauty and solitude with a pulsating nightlife. Despite this attraction, the country has remained relatively untapped as far as Greek holiday homes are concerned, especially when compared to the traditional hotspots in Spain, Portugal and France.
It appears official – Australia’s government wants Australia to grow to a total population of around 35 million by 2049. Not exactly huge, compared to many other countries – but a little scary for some Australian’s who will tell you straight faced the country is running out of resources to support the 20 odd million people it has now. I say they need to get out more. And Australian property investors should take note.
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There have always been cowboy estate agents in Cyprus, parasites who will constantly lie and cheat in a attempt to deprive you of your hard-earned money. At best, some of them are simply underqualified, out of their depth and almost completely inept. At the other end of the scale are the professional sharks, who often work with lawyers and officials to make sure that you are doubly shafted.
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There seems to be a dearth of trustworthy property investment companies at the moment. Our email inbox has been inundated with spam recently as property investment companies go belly up and sell their mailing lists to the highest bidder. This seems particularly prevalent amongst the Dubai based companies where the level of desperation is high.
C5 Advisors announced the closing of the first proprietary C5 Asset Recovery Company (“ARC5(TM)”) for an $800 million commercial bank client which had no options for public sector assistance. This particular bank client will realize significant benefits not available in the current market via the private or public sector and expects to close additional follow-up ARCs over the next 6 months. C5 is currently structuring ARCs for 12 other banks nationwide (ranging in size from $20-300+ million per ARC5(TM)).
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The Western Australian government is so worried about the impact of the next boom on the state’s property prices that they are running an emergency meeting including State government officials and developers to consider how the state is going to avoid a repeat of the last property price bubble in Western Australia.
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The new Prime Minister of Greece, Georges Papandreou, made a powerful statement of intent when he announced that the Greek government would be seeking to push through its first green property development in Greece. Whilst visiting the Ilia prefecture, home of the site of Ancient Olympia and a region devastated by fires two years ago, the PM announced a scheme to completely redevelop the area and make it into a showpiece for sustainable development.
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