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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If you were starting to doubt the veracity of the press releases being issued by Dubai, the latest news should settle the matter once and for all. Back in March this year, the major developers in Dubai started canceling projects and refusing to repay deposits. Nakheel, which canceled the Trump Tower in Dubai offered – nay insisted – that investors accept a unit in other developments. This has been argued about since that time, but they are holding out against the suggestion that a unit in a different development is not the same thing – financially or otherwise. Apparently any protests have fallen on deaf ears, and Nakheel have been issuing credit notes on other canceled projects, rather than refund any money.
Thinking of investing in property in the UAE? The latest news from the region does not bode well – at least in the short term. Emirates business did a survey of real estate agents in the United Arab Emirates and discovered the consensus was “losses running into high double-digits,” for most agents. I am not quite sure what “losses in high double digits,” actually means, but it does not sound very good to me. Lost 99 dirhams?
Yes the title is correct, New Zealand, with one of the world’s most liberal and open regimes for overseas property investment may be planning on liberalizing still further.
New Zealand allows any overseas investor to buy most properties. Any existing or new build domestic property can be bought as an investor. Most investors will not have too much trouble getting local finance either, although with a significant deposit of 20% plus.
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Finding a Good Contractor for your Self-Build– The Final Part of your Overseas Property Investment.
With the help of your lawyer and architect, you have bought a plot, finalised your designs and can now move into the final stages of your overseas property investment. Some decide to save money and organise the building work themselves, others choose to use a contractor. Saving money is always a powerful motivator, but you must ask yourself if doing all of the site management is false economy. Unless you have some experience in the building trade, and knowledge of Greek, it can end up costing you much more money.
More on Finding a Good Contractor – The Final Part of your Overseas Property Investment.
Today, Limitless, owned by Dubai World has announced more cuts in it’s workforce and another delayed project in Dubai.
Dubai-based developer Limitless said today that it had cut 7% of its workforce and delayed its $61 billion Arabian Canal project thanks to the real estate collapse in the UAE.
Prices for investment properties in Bulgaria continue falling, with no end in sight at the moment. Particularly hard hit are the summer resorts of Sveti Vlas and Slunchev Briag (Sunny Beach), the largest summer resort on the Bulgarian Black Sea. In those luxury resorts, prices have fallen to such an extent that currently there are brand new three-bedroom “luxury” flats on offer for 70 000 euros. A similar fate has befallen the Alpine ski resort of Bansko, where new, completed modern apartments in ‘key locations’ are being offered for 70 000 euros.
