Turkey Launches Golden Visa Residency Scheme
Turkish Economy Minister Nihat Zeybekci says the country is set to follow in the footsteps of Spain, Portugal and Cyprus and launch its own Golden Visa scheme to grant citizenship to those foreigners who invest from €500,000-€1m in property.
Leading Istanbul agent, Universal21 , says the move could revolutionise the Turkish property market. Director Adil Yaman, says, ” Turkey, and the country’s biggest city of Istanbul, is widely lauded as a cultural melting pot and this is certainly – increasingly – the case in the property market. In recent years growing numbers of external buyers have looked to purchase property in this wonderful country, and the exciting new announcement by the Minister looks set to escalate this to impressive levels in 2016 “.
” Benefitting individuals looking to purchase in a growing market, providing welcome advantages alongside their property purchase, as well as the economic benefits for Turkey as a whole, this is a positive move from the government for a country open to, and welcoming of, foreign investment “.
The number of overseas buyers in Turkey rose 19% year-on–year from January to September 2015 and by 26.1% in Istanbul, according to data from the statistics office, Turkstat .
With the success of the Portuguese Golden Visa scheme, which has brought in €1.47billion of investment since its launch in 2012, €1.33billion of which was from property purchases, it is easy to see why this would be a welcome move for Turkey, says Universal21.
Compounding the notion that the nation is focused on expanding the already flourishing property market, the government says it wants to see overall foreign investment reach $10billion.
The knock-on effect of the proposed scheme to the sector and those who operate in it, as well as to the country’s coffers as a whole, is clear is welcomed by the agency.
September saw Turkey’s largest city of Istanbul overtake Antalya as the top Turkish location for house sales to foreigners, registering a growth of 26.1% from January to September 2015, compared to 2014 figures.
Universal21 are providing new projects in response to this growing demand in the city for high quality, affordable housing. Having just launched their new project, 7th Avenue, the agent is already seeing impressive interest levels. Situated in the middle class neighbourhood of Old Beylikdüzü, in close proximity to local amenities and restaurants, a 20 minute drive from Ataturk international airport, a short drive from the beach and a 10 minute walk from the area’s major shopping centre, Marmara Park, 7th Avenue is perfectly located.
Hotel investments have also increased considerably in 2015 with the Turkish government pouring investment into its hospitality sector to meet swelling visitor numbers, particularly in Istanbul. There has also been a rise in investment from the Middle East this year with buyers focusing on buy to let opportunities in Istanbul’s up and coming suburbs.
Despite geo-political tensions, Turkey’s real estate market has improved significantly this year, supported by rising tourism and increased affluence. The introduction of the golden visa scheme will further incentivise buyers from non-EU countries seeking the advantages of European residency.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Jamaica’s Hotel Sector Receives US$200m Boost from Investors
Around US$200m has been pumped into the tourism sector by international investors for the construction of two five-star hotels.
The hotels are to be located in the parish of Trelawny in Cornwall County, northwest Jamaica and will provide 800 additional rooms and 1,000 permanent jobs in the Caribbean country’s hospitality sector.
The investment has come from Ocean by H10 Hotels, a Spanish and Canadian joint venture group. Design work for the properties has commenced, and construction is slated to start in 2016, with the openings set for late 2018.
At a press conference at the Jamaica Tourist Board’s (JTB) New Kingston offices on Monday, November 16, where the announcement was made, Tourism and Entertainment Minister, Hon. Dr. Wykeham McNeill, said the investments in the sector will deliver over 10,000 spin-off jobs over the next two years.
” We are seeing a boom in the tourism sector now that is unprecedented. We are going to get new properties, we are creating linkages, so that Jamaicans, and Jamaican companies can benefit from the investments that are taking place, ” he said.
In October, the international hotel chain, Karisma Hotels and Resorts, announced an investment of over US$900 million to add some 4,000 more hotel rooms over the next decade.
By December 2015, some 2,694 new rooms will come on stream, as a result of upgrading and expansion of existing properties, as well as construction of new hotels, from an investment of US$500 million.
The Tourism Minister said with the jobs flowing, his Ministry is working with agencies such as the Housing Agency of Jamaica (HAJ) and the National Housing Trust (NHT), to ” ensure that the housing for the workers is all put in place “.
An investor with Ocean by H10 Hotels, Carlos Moleon, credited the measures being undertaken by the Government, which have made the country attractive for business, saying the Administration is doing a ” great job with their reform towards bringing in foreign investors. That is why H10 has decided to invest in Jamaica “.
For his part, Chairman of the JTB, Dennis Morrison, said the agency will ensure that subsectors such as manufacturing and agriculture can seize opportunities from the investments.
” The agriculture sector will feel the impact of that and we are coordinating the efforts, so that investors in the economy, such as furniture manufacturers, can benefit fully, ” he pointed out.
Jamaica remains a luxury property market and foreign investment has been consistent in 2015, particularly for properties value at USD$1m . As one of the most developed Caribbean countries, there is a wealth of opportunity for savvy investment in its property market and with the hospitality sector meeting rising demand from tourism, there are significant opportunities for high-yielding investment.
Article by +Roxanne James on behalf of Propertyshowrooms.com
UK House Prices Still Rising Despite Improving Supply
According to the Office for National Statistics this morning, UK property prices rose by 6.1% in the year to September 2015, up from 5.5% in August. The biggest jumps were seen in the east and southeast of England, and London, as usual.
Meanwhile, housebuilders have been reporting that business is booming. Taylor Wimpey’s chief executive has reported a record order book, boosted by wage growth starting to outpace inflation. It appears that construction is now rising to demand and supply of housing in the UK is increasing.
In the past year, more than 155,000 homes have been built, up by 25% year-on-year- significantly higher than previous estimates of just over 124,000 new homes. They feel they’re not getting enough credit for contributing to supply.
In addition, more than 20,000 new homes were created by converting commercial premises. That was up by 65% on last year. In some cases, established businesses have been evicted by landlords keen to benefit from the increase in their property’s value that comes from its conversion to residential use.
In London, more than 24,000 homes have been built, compared to earlier estimates of just over 18,000. Some of the capital’s most expensive areas saw their housing completions more than double in the most recently published statistics.
However, there is another major factor in the UK housing market, which explains affordability problems which is that it’s not just about the supply of houses – it’s about the supply of money.
With mortgages harder to come by and cash sales to investors an ever more important part of the market, it’s hard to see what will replace demand when interest from foreign buyers starts to wane. With interest rates still more likely to rise than to fall further, support is unlikely to come from the ordinary buyer in the street.
Estate agent Savills has published research highlighting the scale of the looming affordability crisis in UK housing, claiming 350,000 people will need financial assistance to rent or buy property by 2020. According to the figures, around 70,000 new households a year will be unable to afford the market rate for rental or mortgages each year for the next five years.
Houses for sale in the run up to Christmas are typically priced lower to attract buyers in a quieter market, but with low mortgage rates holding up demand at a time when supply remains low, asking prices have fallen by just 1.3 per cent, according to The Times .
Overall, the outlook for the UK property market in 2016 is generally bright, with conditions for homebuyers expected to ease, improving affordability and slowing price growth to more sustainable levels.
Article by +Roxanne James on behalf of Propertyshowrooms.com
UAE Investors Spend 4.3bn EUR on Overseas Property in H1 2015
High net worth individuals (HNWIs) and private investors in the UAE spent €4.3bn snapping up properties across the world in the first half 2015, according to CBRE.
” Despite low oil prices, Middle Eastern purchasers remain very active, collectively investing €10.8bn outside their home markets in first half 2015. Almost €4.9bn and €4.3bn flowed out of Qatar and UAE respectively into direct real estate globally during the period, ” the property consultancy said in a report.
Nick Maclean, Managing Director, CBRE Middle East, said: ” Data from H1 2015 shows a continuing acceleration in the flow of capital out of Middle East region by private offices and HNWIs. This, to some extent, is compensating for a decline in sovereign wealth capital going overseas, naturally perhaps as a consequence of reduced revenue allocations because of recent oil re-pricing. The interest in overseas investments, particularly from the UAE, is also being influenced by some uncertainties in local real estate markets “.
Global commercial real estate investment reached €3.8bn in the first half 2015, the strongest first half of a year since 2007, and up 14 per cent year-over-year.
Although rapid growth has been maintained for several years, the rate of growth slowed during the said period and was vastly different at a regional and country level. The Americas experienced growth of 31% year-on-year, while a strong dollar impacted activity in EMEA (Europe, Middle East & Africa) and Asia Pacific (APAC). In dollar terms, EMEA was up just 5 per cent from H1 2014, with APAC down 19% year-on-year. When measured in local currency EMEA grew by 25%, while a decline in APAC was more muted at 9% year-on-year.
While recent activity was boosted by a few large sovereign wealth fund deals, the investor base is growing and so is their investment strategy towards greater geographic and sector diversification, with activity spreading beyond gateway markets to second-tier locations in Europe and the Americas, and more recently towards Asia Pacific.
Cross-border investors have grown in influence to become an important driver of commercial real estate investment globally, particularly in the last 24 months, and are changing the shape of the market. The world’s leading destinations, in terms of global capital flows, is a balanced mix of cities across all main regions—London was the most targeted city by cross-border investors in H1 2015, followed by New York and Paris.
This contrasts with the top destinations for overall investment where the bias is strongly on the US—New York was the leading city overall, followed by London and Los Angeles, the report said.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Iconic Utah Mountain Resorts Connect to Open as America’s Major Ski Hub
Following the acquisition of Park City Mountain Resort by Vail Resorts for $182.5m last year and significant development to connect it and the adjacent Canyons Resort, this Saturday will see the opening of what will be the largest ski area in the United States.
Since acquiring the site, Vail Resorts has spent a further $50 on renovations for the 7,300-acre mecca for skiers around the world. ” This is a historical year for us, ” said Bill Rock, Vail’s chief operating officer. ” People have been talking about connecting resorts in Utah for a long time, but we were able to make it happen. … Park City has all the ingredients to be one of the best ski resort destinations in the world “.
With the merger of the two iconic resorts, skiers and snowboarders can explore 17 peaks on more than 300 trails, ride 41 lifts and dine in 16 restaurants. ” It’s big, ” Rock said. ” It’s gotten a lot of attention from around the world – rightfully so because Utah’s got the greatest snow on Earth and now the biggest resort in the United States “.
The ” cornerstone centerpiece ” of the resort’s improvements, he said, is the new Quicksilver gondola, an eight-passenger, high-speed lift connecting Park City and Canyons resorts, which will be up and running by mid-December.
Halfway through the gondola’s nine-minute route, riders can unload at a new station at the top of Pine Cone Ridge, where they can ski to either Canyons or Park City areas on two brand new trails: The Highway for beginners and intermediate-level Blaise’s Way.
On the Park City side of the resort, the brand new Miners Camp restaurant replaces the Snow Hut with 500 indoor seats at the base of Silverlode Lift, next to the Park City terminal for the Quicksilver gondola.
The King Con lift’s capacity has also been increased from four to six people and the Motherlode lift has been upgraded from a fixed-grip, three-person lift to a four-person, high-speed detachable chairlift. In Canyons Village, the Summit House and Red Pine restaurants were renovated, Chicane trail was widened, and snowmaking was increased on Iron Mountain.
It was a massive project to complete in one summer, Rock said, but everything will be ready by Christmas. ” We’ve talked about this being transformational, ” he said. ” As the biggest resort in the U.S., people have big expectations, so we want to deliver “.
Utah is America ‘s principal ski resort area and property is very popular throughout the year both to investors and new residents in the area. At the beginning of this year, RealtyTrac named Hunstville, Utah as the best ski town for property investors, citing an average rental yield of 7.7% and an average price increase of 3% year-on-year.
The quaint town of Huntsville, Utah, located in the state’s Odgen Valley region, may only have about 600 people, but it has three ski resorts. Tourists and would-be residents flock to the Wasatch Mountains to hit the slopes at the Snowbasin, Powder Mountain and Nordic Valley resorts, and to take advantage of the 9,250-foot summit elevation. It has the lowest median home price on this list at about $170,000, and it was named the best ski town for real estate investors by RealtyTrac, all things considered.
Now there’s a huge new kid on the block in Utah’s ski-country at Park City Mountain Resort, property investment in the State is on the rise. Median prices for apartments are around $160,000 according to data from RealtyTrac and so there are many bargains to be had for savvy investors.
Article by +Roxanne James on behalf of Propertyshowrooms.com
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