Once a vibrant holiday resort and an overseas investment hot spot the resort of Costa Teguise in Lanzarote is starting to hit the buffers.
Whilst other sectors of the Lanzarote property market have remained relatively buoyant the island’s third largest resort, Costa Teguise, is displaying clear signs of a downturn. With major new developments now sitting unoccupied and a number of estate agents closing their doors for business altogether.
Ever since tourism first took off back in the 1970´s Puerto del Carmen has been the engine room that has driven demand for property in Lanzarote. Transforming a tiny fishing village known locally as La Tiñosa into the biggest resort on the island.
As property paralysis starts to grip the UK – with both home sales and new mortgage approvals falling by 60% plus in August – demand for property for sale in Lanzarote is showing signs of decline. Despite the fact that overseas visitor numbers to the eastern most Canary Island continue to rise.
More on British ‘Brickor Mortis’ Affecting Lanzarote Property
British visitor numbers to Lanzarote have jumped by 15.6% during the first half of 2008. According to figures recently released by the Spanish airport authority AENA. An unexpected upsurge that flouts fears that the credit crunch could kill off overseas travel and which is also helping to maintain buoyant demand for property in Lanzarote.
The number of British and Irish residents planning to relocate to Lanzarote has jumped by 35% in the second quarter of 2008. According to figures just released by leading Lanzarote property portal, Lanzarote Guidebook.
As a professional overseas property investor, I am only too aware that I am constantly one mistake away from bankruptcy – that’s all it takes – one investment gone awry, one condominium building that didn’t get built, a sudden unexpected drop in the market, a burst real estate bubble, and I am back to washing dishes. Well, maybe not quite that bad – I might have to sell one of the Bentleys, which would be almost as much of a disaster.
FACTS ABOUT BULGARIAN PROPERTIES
Two months after joining the European Union, Bulgaria began attracting increasing interest towards local real estates. Its strategic geographic location and the membership in EU and NATO turn it into an attractive destination for property buyers. For sure, you need to have more information before investing your money into a small country with a beautiful countryside and extremely low prices for Europe.More on Facts about real estates in Bulgaria – the latest European Union member
More on Facts about real estates in Bulgaria – the latest European Union member
Global real estate majors such as Dubai World, the Trump Organisation, Smart City of Dubai, Kishimoto Gordon Dalaya, Khuyool Investments, Bonyan Holding, Plus Properties, ABG Group and Al Fara’s Properties are descending on the Indian real estate market with an investment of around $20-25 billion in the next 12-18 months.
All property in Spain should be registered in the Registro de la Propiedad (the land registry), where you can obtain the full details of the owner, the exact size of the property and full details of any mortgages, debts or judgments against the property will normally be registered. Only the persons or company named on the Escritura Publica, the title deed, have the right to sell the property, unless a notarised power of attorney has been given to a third party.
Sun Microsystems co-founder Bill Joy, is selling the massive Manhattan apartment that he bought five years ago – but never moved into. The price? – $40 million.
The apartment, designed by Richard Meier overlooks the Hudson River. The asking price is likely the highest ever for a downtown Manhattan residence, once again proving that whatever happens on the ground floor of US real estate, rarely affects property further up the food chain. Should the Condo sell at this price, Mr. Joy will have more than doubled his investment.
