Turkey’s second city and economic powerhouse, Istanbul, has become a honey pot for international investors with the number of foreign investors planning to establish businesses or expand their operations in Istanbul up by over 6% in the first half of 2010 (compared to the second half of 2009). The ITO released data also revealed a 27.16% increase in the total value of these investments for the same period.

Steven Worboys, MD of the UK based Istanbul property investment experts, Experience International, comments, “Istanbul has proved one of our most successful property investment opportunities of 2010. We have clients from not only the UK but Ireland, Scandinavia, South Africa, Australia, and the UAE capitalising on Istanbul’s significant housing shortage and investing in the domestic property market.”

In the first half of 2010 over 1,400 foreign investors established companies within Istanbul with the total value of capital investments made in this period up by a remarkable 44.68% compared to the last half of 2009.

As Worboys remarks, “International investor confidence in Turkey and more specifically Istanbul remains high. Being located outside the troubled euro zone is of great appeal and Turkey appears to have side-stepped the negative effects from neighbouring Greece.”

GDP forecasts for the remainder of 2010 currently sit at a healthy 6-7% and with additional support for candidacy from the British Prime Minister, David Cameron, on his recent visit, accession to the European Union looks ever more likely for Turkey.

For those considering investing in Istanbul then one particular real estate opportunity should not be missed. No1 Knightsbridge comprises 1, 2 and 3 bedroom luxury apartments located in the burgeoning suburb of Beylikduzu, on the European side of the city. Currently Istanbul has a housing shortage of some 250,000 units per annum and so rental demand is high. Only 20% of units are available to overseas buyers and can be purchased from as little as £23,250 with 70% finance available for EU members.

For more information please contact the experts at Experience International on +44 (0) 207 321 5858 or visit www.experience-international.co.uk.

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Covering some 930km, where the river Rhône meets the Mediterranean Sea, La Camargue occupies a coastal area between the Languedoc-Roussillon and Provence. Established as a national park and nature reserve in 1972, La Camargue contains exceptional bio-diversity with over 400 species of birds including the ubiquitous pink flamingos, the famous Camargue horses, unique breeds of bulls and now a new eco-friendly leaseback development.

Steven Worboys, MD of Experience International, the leaseback property experts, comments, “La Camargue remains one of the most unspoiled natural areas in the south of France. Already an established tourist destination with the French, the area is fast becoming popular with British holidaymakers and second property buyers not least due to the diverse fauna and flora, stunning vistas over the Rhône delta and ease of access from the UK and by air, rail and road.”

Due to its national park status, property development is limited in La Camargue with only a handful of truly eco-friendly properties available to purchase. One such development is the new Domaine des Flamants Roses leaseback residences. The 1, 2 and 3 bedroom cottage style properties are situated in the small charming village of Salin-de-Giraud, a stone’s throw from the chic coastal resort of Saintes-Marie-de-la-Mer and only 25 miles from historic Arles city centre.

Complimenting the natural landscape, Domaine des Flamants Roses is highly eco-friendly boasting an ecological rating of 145 out of 150 due to the use of recycled materials, natural building products, renewable energy and waste water recycling.

As Steve Worboys goes on to remark, “It’s not often that a property can truly be both eco-friendly and a good investment however Domaine des Flamants Roses ticks both boxes. As a leaseback property, owners can enjoy 4.08% guaranteed rental income for 18+ years as well as personal usage options.”

Prices start from €155,292 with a low deposit of only €1,000 required to secure a unit; in addition 100% finance is available, an attractive option which is becoming increasingly rare as French banks look to restrict lending.

For more information on buying property in La Camargue please contact Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.com.

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Amongst the sale are palaces, beaches, islands and forts estimated to be worth in the region of $6 billion. Italy’s current debt is around $2.3 trillion.

Some of the highlights of the sale include:

Villa Giulia Museum, Rome
Built on the outskirts of Rome by Pope Julius III in the 16th century, this beautiful museum will be up for sale although it is currently unclear as to whether the objects within the building will come with the sale or not. The National Etruscan Museum has an art and relic collection dating back to 600 BC and is famed for its frieze of ancient Greek boxer Kreugas eating his opponent’s brain.

Caprera Island, off Sardinia
Caprera Beach is a tourist hotspot that was named World’s Sexiest BEach in 2007. The 45 miles of coastline is home to a wide range of sea birds and wild goats called capra that give the beach it’s name.

Santo Stefano Island, The Pontine Islands
This deserted island houses an abandoned 18th century prison that closed it’s doors in 1965.

Other real estate up for sale includes a 900 year old Norman palace in Palermo, real estate along the Dolomite mountain chain, and a beach on Lake Como.

The Agenzia del Demanio, the government agency that controls the national treasures, will first offer the real estate to local and regional councils who will then be able to sell them over the internet.

However not all are happy about the property and real estate sale – in particular from environmentalists and opposition MPs who claim that much of the land, which is currently largely protected areas, will be developed on.

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The last couple of years have seen interest in second homes especially along the stunning Aegean and Mediterranean coastlines swell with foreign investors purchasing twice as much property than they did in total over the past 79 years since the founding of the Republic, the data reveals. European buyers in particular have been attracted to Turkey due to the affordable property prices, low cost of living and direct access from the UK.

Steven Worboys, MD of Experience International, the Turkish property experts, comments, “We have certainly seen the Turkish property market go from strength to strength. Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers.”

Over 63 million sqm of property, classed as ‘immovable assets’ by the Turkish Land Registry, is owned by foreigners with Britons possessing the largest amount at 6 million sqm, followed by the Germans at 3.5 million sqm and Greeks at 3 million sqm.

The province of Muğla, located in the south-western corner, on the sublime Aegean coast, has proved a particularly sought-after destination with almost 5.5 million sqm of immovable assets owned by foreign nationals.

As Worboys remarks, “Muğla province, home to the popular towns of Bodrum, Marmaris and Fethiye, encapsulates everything that foreign buyers desire; it’s no wonder that over 14,000 Britons own property here. Crystal clear waters, golden sandy beaches, international airports allowing easy access, solid infrastructure and plenty of amenities on hand, not to mention affordable, spacious properties built to the highest standards – it has something for everyone.”

One factor which has certainly positively affected the Turkish property market has been the increase in availability of finance. Up to 70% LTV mortgages are now commonly available throughout the country and this combined with Turkey’s location outside the euro zone means there is zero currency exposure as many property prices are fixed in Sterling.

Properties such as the luxury hilltop residences of Royal Heights in Bodrum can be purchased from as little as £97,592 or further up the coast, towards the tourist hotspot of Altinkum, completed studio, 1 and 2 bedroom apartments in the Seahorse Residence can be snapped up for £31,600 with only a 10% deposit required.

For more information about buying property in Turkey, download your free Turkey Today magazine at http://www.buy-turkey-property.com/ or contact Experience International on + 44 (0) 207 321 5858.

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Released this week, the expert report reviewed major global property markets, focusing on how much appreciation in value a property in a certain location is likely to see as well as the future earnings it will yield.

According to Global Property Guide data, gross rental yields are currently at 5.48% with significant potential for growth, especially in primary cities such as Istanbul where property remains affordable and demand high.

Steven Worboys, MD of Experience International, the Turkish investment property experts, comments,

“I believe that Turkey, and Istanbul in particular, presents one of the most attractive property investment opportunities available in Europe today and it’s pleasing to see that the latest Global Property Guide Recommendations report supports this.

“Rental yields are currently higher than many other traditional second property destinations in Europe including Italy (5.04%), France (3.85%), Spain (3.81%), Portugal (3.63%) and due to the significant shortage of housing, currently at 5.5 million housing units by 2015 (according to the Central Bank of the Republic of Turkey) rental yields and capital gain are forecast to increase further.”

In addition to robust rental yields, Global Property Guide recommends investing in markets where high GDP growth is expected. Turkey was not affected as greatly as many of its neighbours by the financial crisis with 6% economic growth recorded in Q4 2009, up to 12% forecast by the Turkish Finance Minister for Q1 2010 and 6.7% p.a. between 2011 – 2017 by the OECD, the highest growth forecast of all member countries.

Currently property can be purchased off-plan in Istanbul at up to 50% of completed prices. The sought-after No1 Knightsbridge development for example in Beylikduzu, on the European side of the city offers studio, 1, 2 and 3 bedroom luxury apartments from just £41,000 with a 2 year protected rental guarantee of 7.5% and up to 70% finance.

Further south, along the Aegean coast, completed properties such as the Capital Villas located in the tourism hotspot of Kusadasi, just 1 hour from Izmir international airport, can be purchased from just £105,000. These luxurious 3 to 6 bedroom properties are only 100m from the beach and afford stunning views across the Aegean Sea.

For more information about investing in the best property market in Europe, contact the experts, Experience International on + 44 (0) 207 321 5858 or visit www.experience-international.co.uk

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The French Alps are renowned as a top winter tourism destination attracting millions each year to its pristine pistes, exclusive resorts and charming villages.

But the area is not only to be enjoyed for a few months each winter, the French Alps offer a wealth of attractions in summer also and with latest reports from French mortgage specialist, Athena Mortgages, stating that May was the busiest month of the past 12 in terms of enquiries, it would seem that buyers are seeking Alpine homes that they can use all year round.

So what are the top 5 activities to enjoy in the French Alps this summer?

1. Walking in the Vanoise National Park – located between the Tarentaise and the Maurienne, the Parc de la Vanoise is one of Europe’s oldest and largest protected areas. The park is rich in flora and home to herds of ibex; it also offers 500km of marked walking paths and trails for all abilities.

2. Mountain biking – From two skis to two wheels, mountain biking is one of the most popular summer activities in the Alps. The Sainte Foy en Tarentaise area, just 15 minutes from Val d’Isere and Les Arcs offer some of the finest natural trails with mountain descents and long cross-country roads running through alpine meadows and forests as well as unspoiled mountain villages with stunning views of the glaciers.

3. Mountaineering - Summer is the perfect time to explore the mountains of the Alps, from the Mont Blanc massif in the west to the imposing Dolomites in the east, this region offers some of the most challenging climbs available. Increasing popular is “via ferrata”, Italian for “iron road”. Originally built in the Dolomites as routes for WW1 soldiers to transverse, these footpaths follow the contours of the mountain face featuring ladders and rope swings to add extra excitement.

4. Rafting and Canyoning - as the glaciers undergo their natural summer melt, the rivers of the French Alps come alive with the sounds of canoeists and white-water rafting thrill seekers. The river d’Isere near Sainte Foy provides one of the longest and most exhilarating white water rafting experiences as well as the opportunity to try canyoning.

5. Get a taste of local culture – the Alps are home to some of the most traditional charming towns and villages in all of France. Wander through quaint streets, admire the Savoyard architecture, visit museums and historical centres and sample the local culinary delights. La Plagne, located in the heart of the Paradiski, is one of the most popular summer destinations hosting numerous music and cultural festivals.
Getting to the French Alps couldn’t be easier with daily direct flights to Lyon, Geneva or Chambery from the UK; high speed trains also connect the Alps to Paris and then on in turn to the UK or it is possible to drive in around 9 hours.

It is also straight-forward to purchase property in the French Alps with leaseback developments proving popular as they offer guaranteed rental income as well as personal usage. One development which is particularly sought-after is La Chapelle in Sainte Foy as investors can enjoy free usage of the property in June and September as well as guaranteed & index-linked returns for 18+ years. A limited number of 1 – 4 bedroom luxury properties remain with prices starting from £170,000 and up to 100% finance available.

Alternatively, the completed 4* apartments of Le Centaure, located in La Plagne comprise studio, 1, 2 and 3 bedroom modern and spacious properties with superb on-site amenities. Prices are from €148,000 and up to 95% finance is available.

For more information about purchasing in the French Alps pick up your FREE COPY of Focus on France magazine, your essential guide to French leasebacks, by calling + 44 (0) 207 321 5858 or visiting www.frenchleaseback.org.

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The potential capital gains windfall for British expats who sold property in Spain before 2007 comes after the scrapping of a discriminatory Spanish tax law.

Now with the pound weak against the euro, and the clock ticking on securing refunds, all claims must be filed by 21st November this year. The Currencies Direct experts say there is no time like the present for expats to get their refund and repatriate the money.

Mark O’Sullivan, director of dealing at leading currency exchange firm Currencies Direct, said: “With a weakening pound and a steady euro, this welcome tax refund can be maximised by British expats who can make a claim and exchange their money as soon as possible.

“When yearly interest is taken into consideration on property sold as long ago as 1997, we are talking about considerable sums of money. It will be great for expats to get their cash back, but even better if they can use the current exchange rate to their advantage and get the most from their unexpected windfall.”

Capital gains tax paid by British expats who sold Spanish property before 31st December 2006 was charged at a ‘non-residents’ rate of 35%, compared to just 15% for Spanish residents.

The Spanish government changed the law in 2007, after the EU declared it discriminatory, but an estimated ten thousand British expats had already overpaid. Now they are entitled to a refund.

The claims deadline for those who sold property between 1st Jan 1997 and 31st December 2006 has been set for 21st November 2010, under a one year statute of limitation.

Dimas Cuesta from Lexland, a law firm that has already secured rebates for British expats, added: “The legal process requires expert advice, which is fundamentally important to the chances of a successful claim. British expats looking to be reimbursed should act now, before the claims deadline.”

Expats who think they have paid too much tax on their Spanish property sale should visit www.spanishpropertytaxrefund.com and use the online tax rebate calculator to see how much they may be owed.

About
Currencies Direct is one of Europe’s leading non-bank providers of foreign exchange payment services. Since it’s formation in 1996 Currencies Direct has evolved and positioned from being an innovative service provider of foreign exchange for consumers and high net worth individuals into a dynamic and pioneering ‘business to business’ fully integrated treasury solution service provider. Head quartered in the City of London (United Kingdom) with operations in Europe, Africa, Asia and the United States, Currencies Direct is part of the Azibo Group, a privately owned investment company.

Lexland provides legal services to English citizens living in Spain and for Spanish firms in the UK. Legal services for private clients and corporations covering practically all areas of the Law are also available.

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Broadly speaking, there are three main types of benefits that UK citizens moving to Spain need to think about: benefits that must be applied for whilst still in the UK, benefits that should be applied for after they have moved to Spain, and benefits that they are not entitled to.

Benefits to apply for before moving to Spain
The Foreign & Commonwealth Office (FCO) recommends that there are a number of different benefits that should be applied for before emigration.

These benefits include statutory maternity pay, contribution-based jobseekers’ allowance, statutory sick pay and severe disablement allowance.

Winter Fuel Allowance is also available if you apply before you move however in order to claim this, you must have been a resident of Great Britain or Northern Ireland during a specific week in September of that year.

Benefits to apply for after moving to Spain
UK child benefit will still be paid however you should be paying contrinutions by being employed or self-employed. However people who were on other benefits before they moved may find they are still entitled to child benefit even without being in UK-based employment.

Maternity allowance will still be paid provided 26 of the 66 weeks leading up to the due date were spent living in the UK.

Benefits for disablement due to industrial injuries and the Disability Living Allowance, contribution-based incapacity support and bereavement benefits are all also usually paid to emigrating Britons.

However there may be restrictions on the type of benefit and how much is paid therefore it is advisable to seek professional guidance before emigrating to find out what benefits you are entitled to. The FCO is a good place to start.

Benefits that stop on emigration to Spain
Benefits such as income support, housing benefit and council tax benefit will not be available to anyone who has emigrated to Spain. Spain has a contribution-based healthcare system which means that you usually must have paid into the social security system before you can claim medical treatment. Thus, it may be a good idea to take out medical insurance.

However, if you are on bereavement benefits, you may still qualify.

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However many investors are now looking to buy again although many are looking to buy properties in established markets which appear to be relatively stable – and France, with it’s fairly stable property market and solid financial system appears to be heading up the list.

British buyers in particular appear to be quite keen on French property, however instead of mortgaging their own homes, they are looking for Euro mortgages. This is partly because many are hoping to stretch their cash further as, if expected, the pound starts to strengthen against the Euro in the long-term. At present, the Euro/sterling exchange rate is fluctuating however many financial experts believe that the sterling is undervalued and will rise again in the medium-term.

Overseas property investors are still able to take out Euro mortgages in France where banks are happy to lend to foreign investors – unlike their counterparts in Spain and Greece who have been hit hard by defaulting customers. It is still possible to borrow 100% of the property price, although a LTV ratio of 85% will generally see a much better rate of interest.

Despite having a relatively stable property market, prices have fallen across France by around 15% from their peak so there are plenty of excellent properties to choose from. Properties away from hotspots such as in the Riviera offer great value for money however they may take a lot more marketing and drive to rent out on a regular basis.Properties in hotspots are, of course, higher however they will be easier to rent out on a regular basis.

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The Office of the Mayor of Paris has stringent rules that now demands that property investors who let out their Parisian properties pay for affordable housing equal in size and similar in location and style to that which they are renting out. These rules have led many buy-to-letters to keep their buy-to-let propeties unofficial – any holiday property which is let out should be given government permission ahead of the start of the property’s lettings.

Many foreign property investors have recently become interested in Paris as a potential investment destination as prices in central arrondissements have doubled in the past five years and property was cheap compared to other capital cities. Rental yields tend to be good with most netting around 5%, although some owners have reported yields of up to 9% on their portfolio.

It is unsurprisng that Paris remains a popular choice with it’s beautiful architectural charm. Many Paris properties have immense wooden doors opening onto stone courtyards, with winding stairways and tiled passageways, and these give off an air of romance and mystery. There is very little in the way of new building going on in Paris as space for new projects is at a premium, however some derelict sites on the edge of the city are being torn down to make way for modern apartment blocks. However older properties still drive the market thanks to their quaint charm and history.

Many property owners – both local and foreign – have tended to ignore the requirement to register the change of use on their properties and the issue was rarely enforced unless local residents compalinged. However the new rules, which follow concernts about the affordability of properties in locations which are favoured by the wealthy, and the scale of the penalties, has worried many property investors.

To get around the rules, some investors are trying to think out of the box – some properties are now empty, no longer rented to anyone, foreign or local; other property investors are looking to set up co-operatives to provide social housing nearby; some property investors are looking into renting their property investments to students, which would satisfy the affordable housing rules.

So in short, if you own a holiday let in Paris, it’s time to revisit your property and decide what you want to do with it – ensure that you are fully compliant with local laws, or perhaps try another option and see whether the enforcements really do come into practice or not.

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