Dubai Top Holiday Hotspot for Brits
Data from hotel booking site Trivago identifies Dubai as the most popular overseas destination for holidaymakers in July and August this year.
Spain remains the top country for foreign holidays according to the report with Benidorm and Barcelona taking 2nd and 3rd place in the Trivago charts, but in terms of single destinations – Dubai holds pole position.
The Emirate has been working hard to develop its tourism infrastructure ahead of hosting the World Expo in 2020, with tremendous success. 2014 saw more than 5.8 million guests staying in Dubai’s hotels during the first six months of the year, marking the busiest six months for the sector ever.
A similar if not even better performance is expected this year and Dubai together with the wider UAE remain committed to demonstrating the emirate’s popularity among tourists as a world-class destination for both leisure and business.
During the course of 2015, Dubai is expected to attract more than 15 million visitors with a target of more than 20 million by 2020. The Emirate holds a great deal of appeal to both business and leisure travellers, largely due to its strategic location at the crossroads of Europe, Asia and Africa.
From Dubai, one-third of the world is just 4 hours flying-time away and the Emirate’s international airport is ranked second in the world for international passenger traffic. More than 7,000 weekly flights and 125 airlines reach 260 destinations daily from Dubai International Airport. Dubai’s tourism figures will be boosted further when the new Al Maktoum International Airport opens in Jebel Ali with a capacity to handle 160 million passengers once fully operational.
Dubai has a lot going for it as a tourist destination which is something that Brits are fast catching on to. Known as a global hotspot for leisure and recreation, Dubai has an enormous variety of attractions for holidaymakers to enjoy, stemming from more than 200 nationalities living in the Emirate, creating a wide mix of cultural experiences.
Article by +Roxanne James on behalf of Propertyshowrooms.com
US Buyers ‘Go Long’ in Ireland’s Euro Property Market
Ireland is turning out to be the darling of international property investors in 2015, particularly wealthy buyers from America.
With dollar strength and euro weakness combining to present significant value in Irish real estate, US buyers are investing heavily in distressed Irish property, both commercial and residential.
The most recent transaction in Ireland’s commercial market is the sale of Manor West Retail Park in Tralee, Co Kerry to New York based Marathon Asset Management . The firm, which has just over €11bn of capital under its management snapped up one of Ireland’s best-performing shopping centres in a deal worth €59m.
Marathon’s new investment will be held in an Irish-registered company called Bryant Park and is expected to show an initial yield of just over 7%. The retail park covers an overall floor area of around 32,515sqm and is tenanted by a strong mix of high-profile traders including Woodies, Next, Halfords, TK Maxx and Dixons.
American interest in Irish real estate is currently surging on the back of the euro being equal to just $1.1, its weakest position to the dollar in almost 12 years. Ireland is an increasingly popular retirement destination and is expected to grow as retirees enjoy more buying power in the Eurozone.
Americans seem set to continue buying up Irish property , particularly as domestic buyers struggle to afford homes in a rapidly inflating market. Shortage of residential stock and increased foreign buyer interest, particularly in Dublin drove prices up 13.8% in May amid concerns of a possible housing bubble.
Financial analysts believe that the dollar will continue in strength throughout the year although the outlook for the euro remains questionable. It is likely that the trend of American buying in Ireland’s value-laden property markets will increase considerably in the next few years.
Article by +Roxanne James on behalf of Propertyshowrooms.com
Foreign Investment Powering Spain’s Property Markets
It’s a situation mirrored throughout the world’s luxury real estate markets. Revenue inflows from foreign investors and buyers of Spanish real estate are at an all-time high, currently representing around 12.2% of residential property transactions in Q1 2015.
Large-scale real estate investors like London-based Europa Capital are building high-class residential units and selling them on completion to almost entirely foreign buyers. The firm’s latest project is being managed by local developers Bonavista Developments and is located in Barcelona, the focus of considerable interest from foreign buyers.
The big-ticket development which is expected to be completed this year comprises 14 luxury apartments with a rooftop pool. All units have been sold for prices between €600,000 and €1.85m with 12 going to foreigners, representing an 85% take-up from overseas buyers.
That is just one illustration showing the degree of foreign buying that is being duplicated across Spain’s most popular locations like Madrid, Barcelona and the Costa del Sol. According to Spain’s property registrars’ society , foreign nationals bought just over 12% of residential property in the first three months of the year, an increase of 9% for the same period in 2006.
Alex Vaughan, co-founder of Lucas Fox in Barcelona said: ” At the high end – €500,000 and up – it’s primarily being driven by international demand “. The luxury estate agent sold two-thirds of the Bonavista project and last year, 91% of their total 126 home sales were to foreigners looking for luxury bargains in Spain.
Developments in FOREX markets have shifted the buyer demographic in 2015 with more investors from the Middle East and America dipping their toes in Spanish real estate, taking advantage of dollar strength. Euro weakness has encouraged Brits and non-EU buyers, (particularly attracted to the benefits of Spain’s golden visa programme) and interest from Russian buyers has been soft due to the rouble’s collapse.
In Spain’s residential market s foreigners are making a big impact and its commercial markets are seeing even more action. According to CBRE Spain, out of €10.2bn invested in commercial real estate in the country through 2014, more than 50% came directly from foreign funds with a further €2.5bn coming from Socimis – real estate investments that are traded like shares on exchanges – largely funded by foreign investors.
Residential property has a tendency to follow in the steps of commercial real estate, with around 12 months lag in general. Commercial investors operate on different dynamics than buyers of residential in that they select areas that will best facilitate and support their own growth and expansion. Residential investors seek to reap the benefits of that growth and expansion in the commercial sector that drives up demand for homes in the residential areas.
Article by +Roxanne James on behalf of Propertyshowrooms.com
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