NEWS
Dubai’s Public Beaches among Best in World
Dubai’s government has been pouring capital into its tourist sector ahead of hosting World Expo 2020, spending almost €50m to develop the Emirate’s public beaches as part of its investment drive.
As an endorsement of Dubai’s success, The Telegraph recently listed the Emirate’s public beaches among the most popular in the world along with beaches in Paris, Sydney, Shanghai, Rio de Janeiro, Barcelona, Athens, Los Angeles and Cape Town.
Dubai ‘s public beaches are considered one of the most important landmarks in the Emirate and are visited by hundreds of thousands of residents and tourists throughout the year. Beaches from Al Mamzar Creek to Dubai Marina have been improved to provide first-class facilities, services and free internet access, scoring them high among the international beach resorts covered by the survey.
Alia Abdul Rahim Al Harmoudi, director of the environmental department of Dubai Municipality said: ” The effort and interest in improving the services in all the beaches has helped in the nomination of Dubai for the global accreditation “.
She added that the municipality is also working on strengthening the safety and rescue services in all the open beaches in the emirate and improving the quality of the coastal environment by launching educational campaigns on how to protect the environment and how to stay safe when visiting the Emirate’s beaches.
A good tourist infrastructure is vital when considering a property investment in a resort area and a strong government commitment to expand tourism further is a great growth opportunity.
Dubai’s hotel and hospitality sector has enjoyed significant growth since 2014, with many more large-scale luxury hotel projects in the pipeline over the next five years. Consequently, investment in Dubai hotel rooms is currently booming with the supply/demand dynamic spitting out high value opportunities for savvy buyers.
Britons are the third top investors in Dubai real estate, beaten only by Indians and Pakistanis. Statistics from the Dubai Land Department show there are around 19,000 Britons who have invested in the Emirate’s property so far, spending more than £1.6bn during 2014 alone.
Dubai’s tax-free status is one of the biggest attractions for property investors, with zero taxation on rental income and capital gains. Additionally, foreigners have been allowed to buy property with freehold rights since 2002 and mega-events such as 2020’s World Expo is enhancing the Emirate’s appeal to property investors even further.
 
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreNovotel Brand to Open First Hotel in Manila, Philippines
Tourism in the Philippines is expected to grow by an average of around 5% annually to 2020 and its hotel sector is just beginning to boom.
Novotel are the latest international brand to seize an opportunity in the Philippines main resort destination of Manila, with its four-star hotel set to rise as the sixth and last tower of Century Properties Group’s mega-development of luxury condominiums, Acqua Private Residences.
International real estate researchers Colliers have reported that growing interest in the Philippines as a tourist destination and a business investment option has been driving hotel rooms rates to consistently increase in Metro Manila.
President and chief executive officer of Century Properties Group (CPG) , Jose Antonio remarked on the potential of an ever-growing and booming Philippine tourism.
” We view tourism as one of the low-hanging fruits of the Philippine economy. The country has an abundance of tourist attractions, a rich culture and natural propensity for service and hospitality. We believe that the tourism industry still has a lot of potential to catch up with powerhouses such as Thailand, Singapore and Malaysia and Century Properties sees revenue doubling by 2020, ” he stated to The Manila Times, June 23.
Novotel Suites Manila will become part of the internationally renowned AccorHotels Group of companies with Novotel branding and will stand 41 storeys high with 149 residential units and 310 hotel suites when completed in 2019.
The hotel will be the first offering a fractional ownership programme (FOP) in the Philippines, allowing investors to purchase preferred shares and buy into Novotel Suites Manila from an entry point of around €40,000.
The benefits to the investor include a 28-day stay in the luxury Novotel Suites each year which can be traded for any of AccorHotel’s 400 properties around the world, together with a membership that carries bonus opportunities such as special accommodation or dining discounts.
The Novotel Suites Manila has an attractive riverside location in the city centre which is currently not served by any other hotels. While the Novotel Suites will operate mainly as a hotel, 149 of the total units will be allocated to luxurious residences taking over the topmost floors.
Both residences and hotel suites will enjoy the building’s well-designed amenities including a grand lobby, reception, restaurant bar and café, gym and fitness centre, swimming pool and deck, lounge, a business centre and a spa.
 
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreSouth Africa: Rand Investors’ Misfortune is Foreign Investors’ Gain
It’s a situation that has become unique to the 21st Century in recent years throughout the world’s property markets: Foreign investment increasing to the disadvantage of domestic homebuyers.
This situation has intensified in South African property markets in recent years with the sector dramatically undermined by the weakness of the rand, making investment in property an attractive proposition for overseas buyers.
After a prolonged decline South Africa’s housing market is showing signs of growth and is now performing well, despite being almost entirely driven by foreign capital. The rand’s continued slide has devalued ROI further for South African investors while offering attractive gains to foreign investors.
Although South Africa has shown house price growth of more than 20% annually over the last four years, in dollar terms the value of real estate in South Africa has declined by 23% over the same period due to 64% currency devaluation.
The investment dynamic in South African real estate is very much in favour of buyers from overseas while domestically many investors are looking for an international hedge.
And this is another side of the anomalous shift towards playing currency advantages in international property markets that we’ve witnessed elsewhere in the world: foreign buying drives growth in domestic markets while domestic buyers look overseas for affordable opportunities in real estate.
UK property markets are the focus of the majority of South African investors seeking the safe haven of sterling. As well as high capital appreciation and strong yields on offer across the UK’s private rented and student sectors, returns are sterling-based protecting them against FOREX volatility.
South African Standard Bank caution prospective home buyers in domestic markets to carefully assess affordability when buying property. A deposit of 20% of the property’s value is now required together with considerable legal costs and there is a strong possibility of rising interest rates in the country.
However, supply on the affordable side of South African real estate is dwindling as construction favours the high profit margins available at the luxury end. An affordable property is considered to be priced at around half a million rand, equal to €36,000 and competition is fierce on the few occasions new supply becomes available.
 
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreCaribbean Real Estate on Investors’ Radar
Both real estate and tourism have been experiencing significant growth in the Caribbean and Central America over the last 18 months. Savvy property investors are stepping up their search for bargain investment properties with increasingly more British buyers taking advantage of sterling strength.
The high quality of living, good value for money and political and economic stability are factors that reinforce the appeal of Caribbean real estate, particularly in the face of social, economic and political volatility in other regions of the world.
Walter Zephirin, managing director of London-based 7th Heaven Properties said : ” Many investment locations such as the Turks & Caicos, the Bahamas and the Cayman Islands experienced strong growth last year and we expect 2015 to be the year that the Caribbean real estate market as a whole turns a corner. A growth in enquiries from prospective buyers indicates a renewed confidence in the region and sales levels on many islands are returning to pre-crisis levels “.
He added, ” Locations across the Caribbean and Central America are benefiting from an upturn in the USA, Canada and the UK resulting in an increase in visitor arrivals, tourist spend and property sales. A growing pipeline of new projects, significant infrastructure investments and a thawing in relations between the USA and Cuba are also expected to provide an additional boost to the region. “
Tourism growth has encouraged further investment in the Caribbean’s real estate and with a pipeline of 167 hotel projects in development across the Caribbean and Mexico is likely to spur expansion in the tourism sector further.
Luxury residential developments are also in the pipeline in multiple locations including Antigua, Costa Rica, Honduras and Panama. With plenty of government programmes incentivising property buyers in Antigua & Barbuda, Granada and St Kitts & Nevis and retirement programmes in Belize and Panama, growth across the region’s real estate market looks set to soar.
 
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreTourists Switching from Tunisia to Spain in light of Terror Attacks
Spain looks set to be the biggest beneficiary from a mass move to switch holidays in Tunisia to safer destinations in the sun.
Tourism in Tunisia was on its way to recovery after the Arab Spring unrest of 2011 with 2.8 million tourists visiting the country last year according to official statistics.
However, last month’s attack which saw 38 holidaymakers killed by an Islamist gunman – mostly Britons – has added to mounting security fears and heralded mass-avoidance of Tunisian resort areas.
Spain is expected to gain the most from this shift in destination because the country targets a similar type of tourist to those travelling to Tunisia – those seeking a value for money all-inclusive holiday in the sun.
Chairman of the Spanish Hotel Federation Juan Molas said: ” It’s clear that some tourists will now change Tunisia for continental Spain or the Canary Islands but they will have to pay more, ” commenting on the difficulty in finding last-minute flights and accommodation in Spanish resorts.
The biggest groups of European tourists to Tunisia come from France, Britain and Germany. The British Foreign Office advised all nationals to leave Tunisia on July 9th, forcing a mass evacuation of tourists and British expats in the country and have since advised against all non-essential travel to Tunisia.
For those British holidaymakers left stranded at the last minute with summer bookings in Tunisia, they have been forced to look elsewhere for their summer holiday. Spain is the natural second choice in this scenario because of the country’s perennial popularity with British holidaymakers.
Spain enjoyed a record-breaking year in its tourism sector in 2014 and looks set to break them all again in 2015. Availability of short-term accommodation has been difficult since around March this year as Brits book their holidays ahead of the crowds.
No doubt the dust will settle in Tunisia’s market and its popularity with British holidaymakers will return once again. The country’s enduring appeal can only be resisted by tourists for so long, after all.
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreForeign Investment in Turkey’s Property Market set to Double
Turkish real estate has been popular with international property investors for more than 10 years, recording around 25,000 sales to foreigners annually.
Turkey builds around 700,000 properties each year
Despite sounding like a very healthy figure, Turkey builds around 700,000 properties each year with just 3.5% of sales going to foreign investors. However, rising investor sentiment over the last two years has led to industry professionals predicting a potential increase in foreign property purchases to 60,000 annually.
Haluk Sur of Cushman & Wakefield Turkey said: ” There are no obstacles to Turkey reaching this volume. The country must however, act very carefully on the road to achieving this goal. The sector needs to focus on selling properties to foreigners who will use them with their families or for themselves, rather than potential buyers who make huge volumes of acquisitions in order to create big price fluctuations in the market “.
Concerns are mounting that Turkey may follow the same path as the UK where investment has inflated house prices to an extent that homes have become less affordable in the domestic market for those wishing to buy their principal residence.
Sur added: ” Turkey needs to develop solid policies to lure foreign buyers who want to use their potential homes in Turkey for several weeks or months rather than others who buy many properties just to sell on later or rent out. “
Parallels are also being drawn between Turkey and Dubai in 2008, when the Emirate experienced a boom/bust in its housing market as a result of huge levels of foreign investment.
Turkey will be a very attractive market for foreigners
” Dubai faced this boom effect in the housing sector in 2008 and is still trying to normalise conditions. Acquisitions should spread to a wider geographical location at different price scales. When such a market is created, Turkey will be a very attractive market for foreigners, ” he added. Istanbul has received most investor attention among Turkey’s property markets, particularly in the offices and hotels sectors although buyers are being urged to look further afield for value.
Mr Sur said: ” It is not right to concentrate on Istanbul too much for the sector. Other centres of attraction must be created. Actually some cities elsewhere in the country have been developing rapidly such as Bursa in the northwest, Antalya on the Mediterranean, Izmir on the Aegean, etc. There are other centres that have huge growth potential including Gaziantep in the southeast or Kayseri in Central Anatolia. With the required infrastructure projects and employment opportunities, more people will opt to live in these cities “.
Economically, Turkey has achieved relative stability in the last 2 years and annual GDP expansion of 4% is expected in 2016, creating a nice dynamic for investment. However, investment returns in Istanbul are unlikely to rival those found elsewhere in Turkey where prices are set to experience more gradual growth, presenting better margin opportunities for investors.
Article by +Roxanne James on behalf of Propertyshowrooms.com
read moreKL shares ease on bearish sentiments
KUALA LUMPUR, July 8 — Shares on Bursa Malaysia closed lower today dampened by bearish sentiments amid weaker crude oil prices, dealers said.
At 5pm, the FTSE Bursa Malaysia KLCI finished at 1,695.83, down 16.47 points, after moving between…
read moreRinggit ends marginally higher against US dollar
KUALA LUMPUR, July 8 — The ringgit ended marginally higher against the US dollar but barely moved throughout the trading session, dealers said.
At 5pm, the ringgit was quoted at 3.8050/8080 from 3.8060/8080 on Tuesday.
A dealer said the…
read moreHong Kong stocks plunge on China rout, Greece fears
HONG KONG, July 8 — Hong Kong equities plunged almost six per cent today to a seven-month low as contagion from a rout in China spread into regional markets while traders are also buffeted by fears for Greece’s future in the eurozone.
It came as…
read moreGreece PM addresses Europe after ‘final deadline’ issued
BRUSSELS, July 8 — Greek Prime Minister Alexis Tsipras will address the European Parliament today after European leaders gave his debt-stricken country a final deadline to reach a new bailout deal and avoid crashing out of the euro.
Greek…
read moreBNM expected to keep policy interest rate unchanged amid political chaos
KUALA LUMPUR, July 8 ― Bank Negara Malaysia (BNM) is expected to keep its policy interest rate unchanged at a meeting tomorrow, holding a steady course amid market turbulence as corruption allegations swirled around Prime Minister Datuk Seri Najib…
read moreThailand’s baht sinks to six-year low
BANGKOK, July 8 — Thailand’s baht plunged to its weakest level since September 2009 amid sustained outflows from local assets and a selloff in Chinese equities.
Global funds have withdrawn a net US$199 million (RM758.329 million) from Thailand’s…
read moreMalaysia’s second-largest IPO of the year: Sunway Construction raises RM550m
KUALA LUMPUR, July 8 — Sunway Construction Group Bhd raised RM550 million in Malaysia’s second-largest IPO of the year after final pricing came in at the top of its indicative range.
The construction arm of conglomerate Sunway Bhd said in a…
read moreNYT: Microsoft plans major job cuts
NEW YORK, July 8 — Microsoft Corp plans to announce a new round of layoffs as early as today to cut costs further, the New York Times reported.
The latest job cuts are in addition to the 18,000 jobs that Microsoft said it planned to cut a year…
read moreShanghai stock market slump — how did it all happen?
SHANGHAI, July 8 — Chinese stocks plunged again today even as the government announced more measures to try to boost the flagging market after a spectacular bull-run reversed course in June.
Why did the market surge?
China’s stock market surge…
read moreAs Shanghai stock market tumbles, China freezes trading in 1,300 companies (VIDEO)
SHANGHAI, July 8 — A wave of Chinese companies halted trading in their shares and regulators unveiled new measures to prop up the value of small-cap stocks in the latest attempts to stem a rout that’s wiped more than US$3.5 trillion (RM13.357…
read moreDespite government moves, Shanghai stocks extend slump
SHANGHAI, July 8 — China’s benchmark Shanghai stock index was down nearly four per cent by midday today, with additional government moves failing to shore up the tumbling market as contagion spread globally.
Chinese sentiment was hurt as trading…
read moreOil under US$60 beyond 2016, market rethinking shale
NEW YORK, July 8 — The almost 10 per cent nosedive in headline oil prices this week has many hallmarks of a shocking but short-lived slump, triggered by a confluence of external events and exacerbated by safety-seeking investors and…
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