Property Life April May 2014

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ASIA’S NO. 1 PROPERTY & LIFESTYLE GUIDE • DISPLAY TO MAY 31st 2014

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M A N A G I N G E D I T O R ’ S N O T E

Over the last six months it has become increasingly clear that the global property investment market is changing. A new wave of investors from Mainland China and elsewhere in Asia are reinvigorating markets like Spain, Greece and Portugal where property investment for residency (in Portugal this is known as the “Golden Visa”, a term that is becoming more and more widely used to describe these types of programmes) has increased the attrac-tiveness of properties that are already at bargain basement prices.

Property Life has a close relationship with both developers and real estate agents both in Asia and across the globe and the consensus amongst these professionals is that Chinese property investment is on the verge of changing both the investment and leisure markets. These buyers are looking for value and a return on investment and they are finding it in regions where property values are expected to start a long journey towards normalisation within the short to medium term.

Countries like Greece, Portugal, Spain and even Cyprus have been badly buf-feted by the global financial crisis. However recent reports indicate that these countries are addressing long standing macroeconomic issues and that the governments concerned are taking the first tentative steps towards normalis-ing their economies – some even expect modest growth during 2014.

In addition, the traditional Mediterranean leisure destinations such as the Algarve and Costa del Sol are seeing a new wave of British property investors returning to their markets after long years of absence. British investors are the canary in the coalmine of property investment on mainland Europe – if they start to buy it might be the beginning of a global trend. The buyers from China, as well as interest in the ‘Golden Visa’ markets from Russia, the Middle East and even South Africa are at the vanguard of a property reawakening that will see 2014 become a watershed property year.

Singapore is by no means exempt from the excitement surrounding Golden Visa opportunities. In late February the first of many planned “Flavours of Portugal & Spain” seminars was hosted by Property Life and its partners and we are happy to announce that it was a resounding success with hundreds attending. We will continue to keep readers updated on the opportunities for property investment across that region and elsewhere as we roll out our planned seminars for the second and third quarter of 2014.

We hope that you enjoy this first 2014 edition of Property Life in which we examine the global opportunities for so-called “economic citizenship”, there will be plenty more quality content in the coming months. Happy reading.

Regards,

STEVE MALLACHMANAGING EDITOR

PROPERTYLIFE

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MICA: 165/04/2012 • ISSN 2251-3949KDN PERMIT NO.: PPS 1819/09/2013 (025545)

MTOWER AD ASIA_Daned OUTLINES.indd 1 2/4/14 6:39 PM

Economic citizenship, passports for payment or residence at a price – each of these titles can be applied to the practice of foreign citizens parting investing in a country to enjoy the rights and privileges of natural citizens. Increasingly these countries are offering these benefits in exchange for investment in property. Both Spain and Portugal require a minimum investment of 500,000 euros. In Australia the amount is 10 times as much. In this issue of Property Life we look closely at the countries offering the most attractive combination of property investment and residential or citizenship opportunity.

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IRELANDThe Irish residential investment visa program has not seen investors beating a path to the shores of the Emerald Isle. But there are those who are committing to the home of Guinness Stout. What has Ireland got that investors want?

CYPRUSCyprus offers the attractions of a Mediterranean lifestyle and a residential permit for a property investment of €300,000. We look at how this option stacks up against other competing European offers.

BULGARIABulgaria now offers citizenship to buyers who invest in Bulgarian real estate. Interest from Russian buyers in search of a Schengen Visa and rising tourism may see Bulgaria becoming a front runner in the race to offer the most attractive investment for citizenship option in Europe.

TURKEYTurkey sits squarely at the divide between Asia and Europe. Will this troubled but popular destination attract property investors who are being offered more by other countries in the region?

MALAYSIAThe minimum property investment by foreign nationals in Malaysia has been raised from RM500,000 to RM1m (USD $305,000) – but this is not deterring investors - especially retirees, from staking a claim to the benefits available through the Malaysia My Second Home (MM2H) programme.

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52 GREECEGreece offers residential status when the investor spends €250,000 on property. The beauty of the Greek mainland and its islands is a powerful lure. Add a Schengen Visa to the mix and Greece might be welcoming record numbers of property investors.

MALTAMalta's residential investment visa is one of the least expensive – but is it worth saving around €50k, rather than investing in Greece? Property Life has a closer look.

SPAINIn January 2014 Spain welcomed 3.1 million visitors and many of these visitors were interested in obtaining a residential permit when purchasing a property for €500,000.

PORTUGALFor €500,000 foreign investors in Portuguese property can obtain residential status and access a Schengen Visa. By marketing a a great climate, property with historically low prices, and this visa, Portugal may have found the recipe for success.

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NEW ZEALANDThe investment threshold for New Zealand’s basic Investor Visa is moderate, at least when compared to neighbour Australia and buyers flock to the Land of the Long White Cloud – what is it about New Zealand that continues to fascinate investors?

DUBAIDubai is attracting investors who are keen to cash in on the tax-free status of the city state. But doubts about its commitment to property investment as a path to residential status remain.

USAInvesting in property is no sure path to US residency, however there are ways that investors can make their properties work for them, including ensuring that the property is an “active investment” and that the amount invested is “substantial”. We take a closer look.

CARIBBEANThe Caribbean is more than just waving palm trees and lazy afternoon cocktails – it’s also a region that is a hotbed of property investment for citizenship. Do these islands offer a viable option for investors from Southeast Asia?

ContentsA P R I L – M A Y 2 0 1 4

88 AUSTRALIAAustralia’s Significant Investor Visa will set investors back AU$5 million (US$ 4,479,500). In return foreigners are able to fast-track their visa applications. This is pricey compared to other countries - so why is the Land Down Under still a firm favourite with Asian investors?

To receive our full no obligation brochure visit our website www.AbacusInvestorAsia.com

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8Property Life News April May 2014

NEWS

TOP 10 U.S. CITIES

Where Commercial Real Estate Are Booming

C E L E B R I T Y H O M E S

David Beckham eyes Matt Damon’s USD $19-million Miami mansion

CNY58Yuan

Homelink estimates that in 2013, the average rent in Beijing went up 12% to CNY 58 yuan (USD $9.56)

per square metre. The figure is significantly higher than the 7.4% rise calculation by Bacic & 5i5j, another

top agency, to CNY 3,738 yuan (USD $616.46) per home. The South China Morning Post reports that most of Chinese landlords hike their rents

after the Lunar New Year celebration in time for the return of tenants from their week-long holiday trips and the period when new graduates seek jobs

as well as flats or rooms to rent.

16MILLIONHomes

That is the number of housing units that Nigeria needs to accommodate

the country’s 168 million people, according to BGL Research. The task of providing shelter in this African country is daunting, considering

that more than half of its citizens are homeless or do not own the house where they are staying. But Nigeria, despite being one of the wealthier

African countries, is capable of building only about 1 million units annually for the next two decades

to partially reduce the huge backlog of homes. To worsen the situation,

Nigeria is also grappling with crippled infrastructure facilities, lack of

transparency in land policies and the unavailabily of favourable financing, resulting in the construction of only

30,000 homes a year.

BY THENUMBERS

Commercial real estate is consid-ered a good gauge of the health of the American economy. Data from the CoStar Group said that commercial real estate accounts

for USD $12 trillion of the US economy. The weakness of the US economy during

the global financial crisis was felt when com-mercial real estate market value went down 25% as companies closed, causing empty office spaces.

However, the US property market has shown signs of recovery the past few months as prices rise, particularly in big cities.

Below is CoStar Research’s list of top 10 American cities that are experiencing a boom in their commercial real estate. The basis of the

British soccer superstar David Beckman was re-ported by The Sun to be looking for real estate in the U.S. There are several properties that his advisers had lined up for his inspection.

One of them is Behind the Candelabra star Matt Damon’s seven-bedroom mansion in Miami valued at $19 million. The house has a movie theatre, wine cellar, swimming pool and rooftop terrace.

The search for another house, despite David’s recent purchase of a $51-million home in West London after re-locating from Los Angeles, is in order to provide the top athlete with a U.S. base big enough for him, wife Victoria and their kids.

However, the planned purchase of a US property does not mean that the Beckhams would move back to the Unit-ed States since he is not in favour of another cross-conti-nental move for his family. If ever he does buy another US home, the kids and the former Spice Girls singer won’t join him full-time in Miami, reported The Mirror.

list are square footage of office construction that will be delivered in the third and fourth quarters of 2014 as a percentage of market inventory.

1 Houston 11,378,479 (4%)2 New York 9,412,221 (1.2%)3 Boston 6,968,897 (2.1%)4 Washington-NoVA-MD 6,472,394 (1.4%)5 Dallas-Fort Worth 4,864,393 (1.4%)6 Minneapolis 2,491,700 (1.4%)7 Atlanta 1,815,750 (0.6%)8 Seattle 1,487,947 (0.8%)9 Orange County 1,360,171 (0.9%)10 Chicago 1,242,333 (0.3%)


NEWS

UK student property market attracting global interest

Most powerful businesswoman in Asia is in real estate

According to the latest Student Accommoda-tion Index from CBRE the sector has shown total returns of 9.95% in the 12 months to Sep-tember 2013, higher than IPD total returns on offices, industrial and retail property over the

same period. ‘International students spent over £10 billion USD

$16,486b) on tuition and living expenses in 2011/2012. We expect the number of international students in the UK will grow by 15 to 20% over the next five years, as the demand for English taught degrees continues to lure students from across the globe,’ said Jo Winchester, head of student hous-ing advisory at CBRE.

‘The result of this popularity is reliably high occupancy rates in student residences and stable income streams, mak-ing the sector an attractive prospect for small and large in-vestors alike,’ she added.

According to the index rental values for student ac-commodation in regional towns have increased by an aver-age 3.5% in 2012/2013, showing healthy growth across the UK. This is compared with a three-year average of 3.36%, albeit with quite wide variations between towns.

London’s rental growth was flat this year, at 0.61%. The report says that this was to be expected after an increase in stock and end of cycle rental reductions in 2012. However, London has shown three-year rental growth of over 20%.

London continues to attract the most overseas stu-dents. The report also shows that total returns have been supported by strong capital value growth, especially in re-gional towns and cities. The report says this has been partly a result of investment into, and the development of, higher quality purpose built accommodation in regional towns and cities. For the second year running, investment into the regions has reached £1.5 billion, with developers, investors and operators seeing growth potential outside of London, where limited stock is available to purchase.

More than £1.6 billion has been invested in UK student accommodation in just nine months, as investors seek to tap in to one of property’s most lucrative asset classes.

Two real estate moguls made it to Real Business’s list of powerful businesswomen in Asia. Topping the list is Zhang Xin, CEO of Soho China, the largest commercial real estate developer in Bei-jing. Forbes estimates her wealth at USD $3.6 billion, making her the seventh richest self-made woman in the world.

The other real estate executive on the list, on seventh spot, is Chan Laiwa, the chairwoman of Fu Wah International Group, Beijing’s biggest real estate developer. Her estimated net worth is $4.1 billion.

1 Zhang Xin CEO, Soho China Ltd

2 Solina Chau Founder, HS Chau Foundation & Director,Li Ka Shing Foundation

3 Chanda Kochhar Managing Director & CEO, Icici Bank

4 Sun YafangChairwoman of Board,Huawei Technologies

5 Sri Mulyani Indrawati Managing Director, World Bank

6 Ho ChingExecutive Director & CEO,Temasek Holdings

7 Chan LaiwaChairwoman,Fu Wah International Group

8 Cher Wang Co-founder & Chair, HTC

9 Chua Sock Koong CEO, SingTel

No. 1Zhang Xin, CEO of Soho China


NEWS

Chinese to double investment in overseas property assets in 2014

Potential Thaiproperty worries loom

As Asian investors exploit the big difference between prop-erty cycles in the US and Europe, to achieve greater yields and enjoy the strategic

benefits of diversification, they would likely double their investments on over-seas property assets this year compared to 2013.

Simon Lo, executive director of Re-search & Advisory Asia at Colliers Inter-national, said the Chinese would be the leader in this trend.

Gateway cities such as London, New York and Chicago will be their fa-vourite investment destinations. The Chinese would be followed by Taiwan-ese in response to recent easing of rules on overseas investments. The situation

will be similar among South Koreans too, Lo said.

Among Hong Kong investors, Lo continued, they will shift to non-core from core locations, particularly in the direction of Kowloon East. The move will be both by office occupiers and re-tailers as the latter refocus to sub-urban locations from high street zones.

Lo concluded, “As the number of same-day visitor arrivals increases, the market has observed a change of spend-ing pattern towards mid-sized products and daily necessities such as beauty and personal care products. These explain the growing demand in locations out of the traditional high streets that are mostly occupied by international brands and luxury retailers.”

While the Thai property pipeline is relatively full at the moment and new developments are reaching the market

on a regular basis, it remains to be seen whether the ongoing civil unrest in the country is going to dampen the enthusi-asm of investors. Developers of proper-ties such as the Serene Residence in Bang Saray may see effects on their sales sooner rather than later.

Thailand’s biggest bout of political unrest under the current government has increased economic risks, dampening a rebound from recession as protests put a lid on domestic consumption and invest-

ment while weakening the currency. “The current political environment

is a headwind to an already weak growth outlook,” said Euben Paracuelles, a Singa-pore-based economist at Nomura Hold-ings Inc. “This will not only hurt senti-ment but will also have a direct negative impact on real economic activity. The longer this persists, the higher the down-side risks to growth.”

Bang Saray is on Thailand’s famous eastern seaboard. Serene Residences is about 250 kilometres from the beach. The fishing village is known for its beauty, unspoilt beaches, great seafood and rural charm. The project offers 24-sqm studio units under a leasehold tenure.

EUR€710MILLION

As part of improving its risk profile, Commerzbank was able to unload that amount of bad Spanish property loans which has the equivalent of USD

$961 million. The bank, Germany’s second-largest lender, sold the non-performing loans to international buyers. After the sale, part of

Commerzbank’s restructuring as a condition to the EUR €18 billion (USD $24.4 billion) bailout fund it got from the government during the GFC in 2008, the company’s risk-weighted assets is down by EUR €600 million (USD $815.3 million) which created a positive net capital relief effect of about EUR €20

million (USD $27.2 million).

20MILLION

Square FootDubai Pearl, a real estate developer, sold USD $1.9

billion in property assets to the Chow Tai Fook Endowment Industry Investment Development

Group, a Hong Kong-based investor. The property is part of the Dubai Pearl complex currently under

development which would include a shopping mall, offices and residential space. The project is due to finish in 2017. It was originally launched in 2008 but was slowed for years when Dubai’s

property market crashed from 2008 to 2010. With the recovery of the market, the property venture is proceeding fuled by a 20% increase in residential

property prices in 2013. Victor Chu, chief executive of First Eastern Investment Group, another Hong

Kong-based investment company, said the project is the start of a major wave of investment interest for Chinese and other Asian investors in the property market of the United Arab Emirates, specifically in

Dubai.

BY THENUMBERS

P R I N T • T A B L E T • M O B I L E • W E B

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INTERNATIONAL NEWS

International Investors Ready to Run with the Pack

High-end residential apartments Ulan Bator, Ulaanbaatar, home to over 1 million people and cap-ital of Mongolia are offering sus-tained returns of 24% and capital appreciation of 300%.

The engine powering Mongolia’s move from a third world nomadic herding and ag-ricultural economy to rising star is its mining industry, with an estimated USD $1.5 trillion in mineral reserves. Given these reserves it is unsurprising that it is being dubbed the “Asian Wolf ” economy. Mineral investment propelled the economy forward at a world class 17% rate in 2011 and existing deposits are expected to keep the country growing at a double digit pace for decades. All of this mining activity has led to a number of multilateral institutions

forecasting that Mongolia will be the fastest growing economy in the world in 2014.

The population of Mongolia is becoming increasingly wealthy in part due to new Mon-golian Central Bank initiatives which have allowed local homeowners to re-mortgage to increase their loans from 5-20 years and re-duce their interest rates from 15-20% to 8%. With mortgage payments now being reduced by over 70% locals are set have much higher disposable incomes within the short term.

It is no surprise therefore that Global Management consultancy A.T.Karney has placed Mongolia at number 7 on its 2013 Global Retail Development Index and large international retailers are moving in from KFC Ltd to luxury brands such as Louis Vuitton, Burberry, Emporia Armani and Hugo Boss.

A steppe in the right directionThe Blue Sky Hotel, Ulaanbaatar is the first five star hotel in Mongolia.

328.5MILLION

Square FeetIn 2013, commercial real estate service

company Cushman & Wakefield logged its strongest performance since 2005

by handling 328.5 million square feet of industrial properties and 117.2 million

square feet of positive absorption. Besides the booming industrial real estate market,

the year end national market research data of Cushman & Wakefield showed

dropping level of vacancies, rising rental rates and construction levels. John

Morris, leader of industrial services for the Americas of Cushman & Wakefield said the higher real estate demand is

in response to the increase at a healthy pace of manufacturing production and

shipments as well as imports and exports, resulting in a very good year for the real

estate industry in the US.

10%-15%DBS Bank CEO Piyush Gupta projects

10% to 15% decline in Singapore property prices in 2013 due to the government cooling measures and

mortgage curbs that would dampen the market. He said high-end homes would take the bigger hit. But most

property analysts see a lower drop in property prices of 5% to 10%. Despite

his gloomy based outlook, Gupta emphasised that based on previous stress tests, Singapore could easily

withstand a 30% cut in property prices with no material impact on the bank’s

property portfolio.

BY THENUMBERS

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www.experienceinvest.com | +44 (0) 207 321 5858

www.experienceinvest.com | +44 (0) 207 321 5858


INTERNATIONAL NEWS

37% Boost in home sales in London’s plush communities in 2013

Due to recovery of property market, Dubai real estate now a seller’s market

UK-based buyers contributed significantly to home sales in Lon-don’s most expensive neighbourhoods last year. Sales increased by 37% in 2013, according to broker firm Knight Frank.

Sales of houses and flats worth GBP £4 million (USD $6.6 million) and up led the increases, rising by 88%. Sales of homes worth over GBP £10 million (USD $16.4 million) went up 42%.

The report said that the activity from overseas helped luxury home out-perform out UK real estate in London for the past four years. Global investors saw in these pricey units safe assets even if there was economic crises in their own countries.

Tom Bill, an associate at Knight Frank, added that the prime property market in England’s capital is “evolving as a safe-haven while signs of economic growth return to the U.K.” and as global economic threats recede.

During 2013, UK-based buyers’ proportion of purchases grew to 74% in 2013 from 72% in 2012 and 68% in 2011, while European buyers’ share de-clined to 11% in 2013 from 16 % in 2012.

Because of the property crash preceded by the 2008 global financial crisis, Dubai’s property market has shifted from a buyer’s market to a seller’s market.

Indicators of this change are tenants moving into less luxurious accommodations due to higher rental rates. One such less luxuri-ous place now popular among expats is the Jumeirah Lake Towers in

Palm Jumeirah Island where expats and locals have moved in despite the 30% rise in rental rates.

Elsewhere, rental rates went up at higher rates in 2013 by 75% and 14.64%, respectively, at Downtown Dubai for one- and two-bedroom flats.

As a result, apartment sales in Palm Jumeirah logged a 27.54% increase year-over-year, with the sharpest hike for studio apartments whose price tags jumped to AED 1.4 million dirham (USD $381,000) in December 2013 from AED 923,410 dirham (USD $251,000) at the start of the year.

The higher sales and rental rates, though favouring sellers, are indicators that Dubai’s real estate market has recovered, leading UK real estate consultancy Knight Franks to forecast that the emirate could become the top-performing property market for 2014, overtaking Asian cities as China continues its cooling measures to prevent a bubble in major global cities such as Shanghai and Beijing.

What’s up with major property projects?

Here are some interesting developments:

Shanghai ShinesAs the financial crisis fades developments in cities like Shanghai begin to resume at a frantic pace.

The core structure of the 632-metre Shanghai Tower in the city’s Lujiazui commercial district was completed in August 2013 and now has tenants for its office and retail spaces.

Capital Malls Asian, a property company based in Singapore, bought the Grand Canyon Mall in Beijing for USD $283 million. The shopping centre, which has 70,000 square metres of gross floor area and 93% leased, was sold by Chinese property firm Capital Airport Real Estate Group.

In Dubai, the Kleindienst Group resumed construction work on the Heart of Europe project which is made up of luxury hotels and villas across six small islands. The venture was postponed due to the GFC, but is expected to be finished by 2016. Located 15 kilometres off mainland Dubai, it will feature classic Italian, Spanish and German architecture with landscaped gardens, streets and even faux snow.

The global property market has entered 2014 with a renewed sense of purpose as work begins on projects stalled during the global financial crisis and other large projects near completion

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INTERNATIONAL NEWS

80% jump in Israel property prices alarms IMF

Jakarta maintains luxury real estate winning streak

Chinese developers flood Johor market with housing projects

Australians could pay rent through PayPal

The International Monetary Fund (IMF) is alarmed at rate property prices in Israel are skyrocketing - some 80% over the past 7 years. This is 26% above the coun-try’s historic average, which the IMF warned could re-sult in a downturn for the economy.

The situation is entirely different to that in the US and Europe where markets have been characterised by declining home prices since the start of the global financial crisis.

Despite ongoing efforts, the Israeli government appears help-less to find a solution to the worsening housing shortage, leading to further house price increases and risking a boom-bust cycle, the IMF said.

Prior to the IMF warning, Goldman Sachs, in a report on global housing markets, said Israel has a high probability of a drop in home prices. Amid warnings of a bubble, Israeli Finance Minis-ter Yair Lapid told Bloomberg TV, “I don’t think there is a housing bubble. I just think that housing is way, way too expensive.”

Of 30 global cities tracked by brokerage firm Knight Frank in its Prime Global Cities Index, the Indonesian capital of Jakarta topped the index for the second consecu-tive year for the luxury real estate market. In 2013 Jakarta saw a 37.7% improvement

in property prices for homes sold in the top five percentile (in terms of value).

Among the factors cited by Liam Bailey, global head of residential research of Knight Frank are a limited supply and very strong demand that continues to fuel the increase in the prices of luxury properties - despite the slowdown in the coun-try’s economy.

In 2012, Jakarta logged a 38% increase in prices for luxury properties. Its current 37.7% expansion is double that registered by runner-up city Dublin at 17.5%. Other cities in the top 5 are Beijing (17.1%), Dubai (17%) and Los Angeles (14%).

Previous contenders for the hottest luxury property mar-kets such as Singapore and Hong Kong had slight decreases in prices at 0.8% and 2.2% respectively because of cooling meas-ures such as higher stamp duties initiated by governments in order to restrict speculation and limit purchase by foreigners.

W ith PayPal’s new business relationship with Paycorp, Australians could soon pay their rent via the RentPay solution. Paycorp is the provider of Payment Card Industry Data Security Standards com-pliant services to more than 50,000 Aus-

tralian businesses.With the new business ties, PayPal payments will be in-

tegrated into some of Paycorp’s existing payment solutions, including RentPay which is used by many real estate agents to process rent payments.

Besides the real estate business, a wide range of Paycorp’s service portfolio such as credit card payments, BPAY and phone-based payment systems could be used by more Austral-ian enterprises, said John Caligun, chairman of Paycorp.

Iskandar Malaysia could become unsustainable because of the rash of housing projects by developers, particularly Chinese developers, Johor Real Estate and Housing Developers Associa-tion (Rehda) Chairman Koh Moo Hing warned.

He said there are already red flags in the state as launch-es of new projects come one after the other, including carpet

building by Chinese developers. As a result about 300,000 homes are being constructed or in

the planning stage, according to the latest data from the National Property Information Centre. That is almost 42% of the 702,101 house stock in Johor.

In Q3 2013 developers started to build 116,859 homes, while there are a further 162,579 houses in the pipeline. During the same quarter, an additional 16,168 homes were approved for con-struction.

The numbers exclude new launches by Iskandar Waterfront Holdings, expected to add over 4,000 units to the total. Building activity is expected to reman elevated until 2017.

“We welcome foreign developers including those from China, but flooding the market with massive supply of properties could create property overhang,” the Johor Rehda chairman said.

Investing for Retirement Planning or Long Term Residency in

Southeast AsiaWhen I started planning for retire-

ment, one of the key factors of consideration was to compare cost of living vs quality of life in each

country that I was considering. With afforda-bility during my retirement years being a key factor, my plan was to find suitable properties overseas to invest in that would help me grow my nest egg. I wanted to find a city that would allow me to stay on a long term basis without me having to plan for frequent visa runs, yet still a short distance by flight from my home country, allowing me the convenience and flex-ibility of getting home regularly to visit family and friends.

There has been a growing trend of more foreigners buying property in South East Asia in recent years and the growth of such invest-ments illustrate how there is a growing trend of individuals buying properties as part of a long term plan to settle down legally. With a tropical

Property Life News 16 April May 2014

By Ronnie Gan

climate and vibrant distinct cultures in each country. The appeal of living in South East Asia extends to even Europeans and Americans who can live comfortably with-out breaking the bank.

A snapshot of what’s available in South East Asia for retirement or long-term res-idency – The “Malaysia My Second Home” (MM2H) allows an investor the flexibility to stay in Malaysia or travel in and out of country with no minimum period of stay. What’s more attractive is remittances of income from overseas are TAX FREE

Philippines’ “Special Resident Retiree Visa” (SRRV) for foreigners is available to anyone above 35 years. With the “SRRV Classic,” who buys a ready-to-occupy condo costing USD $50,000 or more can enjoy most benefits offered to any citizen of the country and pensions remitted to the Philippines are tax free.

For foreigners seeking to acquire long term residency in Thailand, there is no requirement to invest in property. It is easy for those aged fifty years and above to qualify for a“Non-Immigrant Retirement Visa” on the condition that they have ceased to work in their home country.

Younger foreigners can stay in Thailand on a long-term basis if they can show a bank balance of 800,000 THB or a monthly income of 65,000 THB or more

Indonesia’s retirement visa is relatively difficult to apply for initially, requiring lots of paperwork and administrative effort. Ap-plicants for an Indonesian retirement visa must be at least fifty-five years old, need to submit their full work history and resume

and have to provide a statement from their pension fund or retirement investment in-dicating that they will receive at least USD $1,500 USD of income monthly or USD $18,000 per year. They will also need to employ an Indonesian maid or butler. One is required to re-apply after five years.

Vietnam, Laos and Cambodia current-ly offer no retirement visa scheme, and retirees living in are required to make use of long-term tourist visas. Myanmar announced earlier this year that it will introduce a permanent residence system for foreigners but details have yet to be announced.

In Singapore, the “Financial Investor Scheme” (FIS) that allowed high net worth individuals (HNWI) permanent residency in Singapore was cancelled at the end of April 2012. Presently, to obtain long-term residency in Singapore, an applicant can apply for a variety of entrepreneur or investor visas but must be able to show a clear and direct connection (physical pres-ence) and contribution to the economy.

The cancellation of Singapore’s FIS illustrates that countries are constant-ly evaluating their long term residency policies and investors should be aware of alternatives to property investment.

When buying overseas properties, besides the important factor of choosing a well-located property, it is important to understand the overall market situation. Iskandar property investment is all the rage – but the reality is that there can be challenges in finding tenants, inflated prices paid by speculators may dampen the resale market, and the risk that the

net capital gain may be affected by the declining currency exchange of the Malay-sian Ringgit. Also, it is important to buy only from reputable developers as this will mitigate the risk of having low quality or incomplete projects.

For myself, I have decided that it is more important to find a country to move to where I can feel safe on the streets and not worry about crime. Safety for my family, is much more important than the profit I stand to gain from property investment when planning for my retirement. PL


Ronnie Gan is an Overseas Property Consultant with Singapore-based Premiere Realty. Established in 1995, the company offers a full range of real estate and investment advisory services, with a focus on luxury homes, unique properties and commercial investments. With the help of Premiere Realty, clients have invested in Australia, New Zea-land, China, Philippines, and more recently in Europe, the UK and US.

FEATURE

Global Rising Stars

Alate February update from the developers of the Sungei Pung-gol RiverTrees Residences show strong sales for the development billed as having the widest reser-voir frontage in Singapore.

Developed by Frasers Cen-trepoint Limited, Far East Orchard Limited, and Sekisui House, Ltd. RiverTrees Resi-dences (with prices starting from S$950 per square foot) is expected to be completed in 2018. The development is situated on a scenic site along the Sungei Punggol Reservoir, and has around 150 metres of reservoir frontage.

Out of the 300 units at RiverTrees Resi-dences launched for sale in the initial phase, 220 units were sold over the weekend of 22 and 23 February 2014. These comprised units from across the spectrum of innovative unit

types available, with two-bedroom units and the unique ‘Cove Houses’ selling particularly well. ‘Cove Houses’ are the only waterfront landed houses in Singapore, apart from those at Sentosa Cove.

Mr Cheang Kok Kheong, Chief Execu-tive Officer, Development and Property, Sin-gapore, Frasers Centrepoint Limited, com-mented, “The strong sales bear testament to the beauty of RiverTrees Residences’ site and the attractiveness of the project’s excellent de-sign. This also validates our belief that there is still depth in the market, and that there is robust demand for high quality homes at the right prices."

Comprising two 22-storey and three 20-storey blocks of apartments, as well as eight ‘Cove Houses’, RiverTrees Residences has a total of 495 residential units. The resi-

dential units comprise a mix of one and two bedroom suites; three and four-bedroom units; ‘TRIO Homes’ (which have dual-key and intergeneration designs); as well as ‘Prive Homes’, which come with private lift lobbies.

This variety caters to different groups of homebuyers such as singles, young couples, and multi-generational families. Approxi-mately 92% of the units will have views of the Sungei Punggol Reservoir, and over 80% will have views of the development’s 50-metre swimming pool. Nestled between two im-portant areas in the Urban Redevelopment Authority’s 2013 Draft Master Plan – Pung-gol Waterfront City and Jalan Kayu, which has been earmarked as an ‘Identity Node’ given its strong character and unique setting – RiverTrees Residences offers prospective home buyers an opportunity to invest for the future. T.O.P is expected to be received on 13 June 2018. The expected date of legal comple-tion is 13 June 2021.

FLORIDAWith nitrogen dioxide levels in central Hong Kong recently reported as having reached toxic levels on the World Health Organisa-tion’s scale and the mainland experiencing

An insight into some of the hottest markets and new property developments across the world that are attracting the interest of property investors from the pan Asiatic region.


FEATURE

RiverTrees in Singapore RiverTrees Residences has the widest reservoir frontage in Singapore.

the worst air pollution for over half a century, it’s no wonder that a growing number of Chi-nese property purchasers are looking overseas.

From those considering moving abroad to cash-rich property investors seeking out foreign bargains, China has become one of the world’s most important property buying markets. Wealthy investors in particular are interested in property on foreign shores, with a recent report from Bain & Co finding that 30% of overseas investment from China’s high net worth individuals went into real estate. China’s uncertain economy and the possibility of making big profits through secure invest-ments overseas have turned heads across Asia. US real estate in particular has attracted atten-tion from Chinese investors looking to snap up bargains before the housing market fully recovers. As of 2011, according to the Center for China and Globalization and the Social Sciences Academic Press, China was the sec-ond largest overseas property buyer in the US.

While cities such as New York and Los Angeles remain popular with buyers from all countries, including from China, recent data has shown a new tier of middle wealth Chinese investors who are looking outside of these traditional hotspots. Florida is one of the new areas to have captured their interest, ac-cording to the Florida Realtors trade associa-tion. Having been one of the hardest hit areas during the property crash, its recovery created more exciting opportunities than could be found in many other states.

These modern Chinese buyers are be-coming increasingly comfortable with over-seas property investment and are looking for a combination of serious growth potential and good prices. The gated community of La Bella Vista in Poinciana, Florida, is the perfect ex-ample of the kind of development that is at-tracting Chinese interest.

Leading Florida property investment company Brookes & Co noticed strong de-mand from Chinese buyers when they pre-sented the development to the market. The company states that investors could make a gain of USD $34,500 in less than a year. With such strong returns, Chinese buyers have been quick to snap up the property land plots. Those who bought the initial plots are now selling less than a year later and doubling their money in the process.


FEATURE

A recent study from the National Asso-ciation of Realtors in association with Florida Realtors found that the total value of foreign sales in Florida rose 3.8% in 2012, reaching USD $6.43 billion in comparison with the 2011 figure of USD $6,20 billion. Asian buy-ers accounted for 11% of those purchases in the Fort Lauderdale area, 10% in the greater Orlando area and 5% in Miami. It seems that though Florida may be the furthest geo-graphical point in the US from China, dis-tance is no object when it comes to satisfy-ing the real estate dreams of the new breed of Chinese investors.

PHUKETThe developers of the new X2 Kamala devel-opment, newly launched in Phuket hope to bring something different to the saturated island villa market. The development speci-fications are significantly higher than many other projects on Phuket. Features include Marble exterior cladding, 3.2-6m high ceil-ings, 2.7m solid Teak doors and tempered windows/glass, Kohler sanitary ware and au-tomated shower systems.

Prices range from 9.9-19MTB (USD $306,5000 – USD $588,000), with full turn-key furniture packages and 30 years x 3 lease hold.

X2 Residences is the private homes divi-sion of the X2 Resorts chain. The X2 Kamala development will be the fourth residence site, following on from the in progress sites at Koh Kood, Kui Buri and Koh Samui. These X2 Ka-mala villa residences are available for acquisi-tion on a freehold or long-term lease basis, complete with the optional hotel rental and management programme run by X2 Resorts.

This programme not only ensures a steady high-yield return, but also promises to keep the services and maintenance of the property consistently at 5 star levels. All X2 resorts are members of ‘Tablet Hotels’, ‘Kiwi

Collection’ and ‘Best of Boutique’, giving own-ers further reassurance that X2 Resorts and Residences are of a high quality and interna-tionally recognised.

X2 Kamala will offer a variety of villa types and sizes in one, two and three bed-room formats. Just nine of these pool villas will be built and offered for sale.

The development aims at creating an ul-timate resort lifestyle experience, in part us-ing nature and its backdrop of Kamala Hills, and foreground of Kamala beach and the Andaman Sea. X2 Kamala is to be a low rise, gated luxury development with the support, management and services one would expect from a 5-star operator.

X2 Kamala is located close to Kamala beach, on the west coast of Phuket. Kamala Beach Resort town is just 30 minutes from Phuket International Airport and is known for its sweeping 2.5km of beautiful white sands and crystal clear blue waters.

The boutique pool villas will have 360-degree views over tropical jungle and mountain, some even catching glimpses of the Andaman Sea close by.

Owners at X2 Kamala will benefit from the use of some common areas and facilities, like those found within a 5-Star Resort. The areas and facilities will be maintained by the management company, just as a resort would be. These areas include the spaces such as walkways between each villa and facilities such as the Spa and restaurant. The range of resort facilities and services for owners and guests will include:

X2 SPA, restaurant & bar, gym & fitness activities, a library, vehicle rental services, full housekeeping, In-Villa dining, motor-cycle as well as tour and travel arrangement.

Each Residence owner at X2 Kamala has the option to participate in the rental program that will be managed by BHMA-sia under its luxury resort brand “X2 Re-sorts” as mentioned previously. This rental programme has been created for all those owners who wish to buy their property as a a lifestyle investment. Through such a pro-gram, each owner will give mandate to X2 Resorts to rent out their property (or part of it) to third parties. X2 Resorts will then manage the whole process.

Top leftThe gated community of La Bella Vista in Poinciana, Florida, is the perfect example is attracting Chinese interest.

Above and rightX2 Kamala has a structured rental program that will interest investors.


THE

GLOBALPROPERTY

Fast TrackF ast track economic citizenship,

citizenship by investment, resi-dency through investment or even the more lyrical ‘Golden Visa’ being offered by Portugal are attracting property investors

to global investment hot spots in greater num-bers than ever before.

These programs are, at least on the face of it simple. In essence the property buyer is making an investment into the coffers of some government, and they agree to give you citi-zenship, or a variety of privileges associated with a residency permit after conducting a background check.

In Europe these programmes are almost exclusively orientated towards residency, rath-er than the outright granting of citizenship – those programmes can be found on Islands

like St Kitts (which we cover in this issue). The European offerings like those in Spain and Portugal offer investors residential privi-leges including access to the Schengen Visa with their property purchase and a fast track

towards citizenship. However, many inves-tors are more interested in the Schengen Visa. This visa includes access to twenty-eight other countries in Europe – including work privi-leges, while neatly sidestepping the bureau-cracy of individual EU member countries - an extremely attractive incentive for investment. Some very attractive tax benefits and limited requirements for extended annual residency (annual requirement for these investors to stay in Spain is zero days) also play their part in at-tracting increasing numbers of Asian property investors.

In this feature Property Life will be look-ing at the requirements, the costs and the op-portunities for savvy investors looking to add value to their property investment, or alterna-tively simply in search of superior return on investment with added benefits.

There are now a number of countries

across the globe offering programmes

like this to foreign investors.

FEBRUARY • MARCH 2014FEATURE

CYPRUS

CARIBBEAN

USA

IRELAND

SPAIN

PROVIDES Visa

MINIMUM INVESTMENT€950.000 euro in a company and real estate

CITIZENSHIP After 5 years

PROVIDES VisaMINIMUM INVESTMENT €500,000

CITIZENSHIPAfter 5 years ofpermanent residency

ADVANTAGES Schengen Visa

PROVIDES Residency permitMINIMUM INVESTMENT €300,000

CITIZENSHIPDependant on investment Visa type


PROVIDES PassportMINIMUM INVESTMENT USD $400,000

CITIZENSHIPCan directly qualify for citizenship

PROVIDESConditional permanent residence

MINIMUM INVESTMENT USD $500,000CITIZENSHIP After 5 years.

PORTUGALPROVIDES Residency permitMINIMUM INVESTMENT over €500,000

CITIZENSHIPAfter 5 years permanent residence



NEW ZEALANDDUBAI

MALTA

GREECE

TURKEY

AUSTRALIA

PROVIDES VisaMINIMUM INVESTMENT €275.000CITIZENSHIP After 5 years.ADVANTAGES Schengen Visa

PROVIDES Residency permitMINIMUM INVESTMENT No MinimumCITIZENSHIP Dependant on investment

PROVIDES ResidencyMINIMUM INVESTMENT AUD $5,000,000 (USD $4,48m)CITIZENSHIP After 5 years

PROVIDES Permanent residence MINIMUM INVESTMENT NZD 1.5million (USD $1,28m)CITIZENSHIP After 5 years

PROVIDES Residency permitMINIMUM INVESTMENT AED 1 million (USD $272,000)CITIZENSHIP No

MALAYSIAPROVIDES ResidencyMINIMUM INVESTMENT RM 1 million (USD $302,000)CITIZENSHIP No

BULGARIAPROVIDES Residence PermitMINIMUM INVESTMENT BGN 500,000 (USD $350,000)CITIZENSHIP After 5 years

ADVANTAGESSchengen entry under discussion

PROVIDES VisaMINIMUM INVESTMENT €250,000CITIZENSHIP NoADVANTAGES Schengen Visa



European Golden Visa

A Perfect Stormof Opportunity

There are a number of countries in the European Union that are offering residential permits based

on varying levels of property investment.For both Portugal and Spain the investment threshold is €500,000, for other EU countries the minimum investment varies, as do the advantages, rights and obligations of the investor.

Given that many of these countries are amongst the most popular tourism destinations in the world and are attractive holi-day and second home investment destinations even without the added attraction of residential privilege, it is no wonder that the programs are attracting inter-est from as far afield as Beijing, Johannesburg, Singapore, Dubai, Delhi and Moscow.

According to Joanna Leverett, Head of International New De-velopments at Savills, properties that are selling well to Chinese investors are new projects that

have been specifically packaged for Golden Visa buyers.

For example Troia Resort on the Lisbon coast which offers new build apartments and town hous-es for €500,000 on a resort with hotels, a casino, golf membership and beaches is selling well to Asian investors.The apartments are packaged to be fully managed, hassle free and offer a guaranteed rental income of 5% for 5 years.

“Spain introduced its Golden Visa in December 2013 and as it is newer than the Portuguese visa it is less well established. We expect to see an increase in interest levels and transac-tions as the visa becomes more established, particularly in the cities, with Barcelona an inter-esting opportunity for buyers, offering good value property with a strong rental market,” said Leverett.

Many countries in Europe and especially those in the Mediterra-nean region are the perfect storm

of opportunity for property investors. The countries in the Eurozone have been pum-melled by the global financial crisis and country specific issues such as uninhibited and ill advised lending practices have contributed to property market woes.

Bank defaults and a credit crunch have resulted in an oversupply of properties -and governments are eager to tap into a supply of foreign currencies in order to help them meet their EU deficit obligations, as well as finance domestic programmes to deal with infrastructural issues, sky-rocketing unemployment and interest rates.

The bottom line is that prop-erties in many of these markets are selling at historically low levels. Some have called it the Great European Fire Sale; many property investors from around the globe are calling it the opportunity of a lifetime. PL

PROPERTIES INMANY OF THESEMARKETSARE SELLING ATHISTORICALLYLOW LEVELS.

UNIQUE LANDSCAPES AND EXTRAORDINARY

QUALITY OF LIFE

T. +351 213 838 940 T. +351 963 092 838

WWW.DOUROATLANTICGARDEN.COM

DEVELOPER

Located in Portugal in Oporto city near to a Nature Reserve and at a walking distance from the sea, with

the most beautiful sunset in Barra do Douro.

Covering an area of approximately 16 hectares, this development is mainly aimed for residences, such as apartments and detached or semi-detached homes, but it will also include areas for leisure activities, a traditional market-place and small commercial areas.

The 1st phase have on sale 30 plots of land for detached and semi-detached houses, with areas ranging from 381 to 708 sqm.

CONTACTS



The PortugalProperty Perspective

Property prices have hit at an all time low in Portugal due to a deep economic reces-sion that has lasted over three years and has resulted in excellent value for money investment opportunities. These low prices and the in-

troduction of a Residents Permit scheme to attract foreign investment to the country, makes now the ideal time to buy.

All purchases in excess of 500 000 euro in immovable assets will qualify an inves-tor for the Golden Visa scheme. Located on the West coast of the Iberian Penin-sula, Portugal has an extensive coastline along the North Atlantic Ocean and inland borders with their only neighbour, Spain. The Azores islands and Madeira archipela-go form part of Portuguese territory set in the North Atlantic Ocean and are desirable locations for second or holiday homes. The climate is often referred to as Mediterrane-an, warm and sunny most of the year, but temperatures begin to drop nearer to the mountainous interior.

Recipients of the Golden Residence Permit are provided the opportunity to travel and engage in business activities in Portugal as well as other Schengen Visa nations without the necessity of applying

for separate visas at each border crossing International investors from around the world are making the most of this oppor-tunity with an overwhelming amount of these investments coming from China, followed by Brazil, Russia and Angola.

Tourism is a mainstay of the Portuguese economy (worth 9 billion euros in 2013) with Lisbon, the Algarve and Madeira draw-ing the most international visitors. The government is developing newer regions to further attract travellers and holiday seekers in Douro Valley, Porto Santo Island and Alentejo. The Portuguese govern-ment is not relying on its typical tourism drawcards nor the newer regions to keep the hard currency flowing into its coffers. It has launched an aggressive marketing campaign that has also been established to introduce the lesser known regions of the country to the locals, foreign tourists and potential investors.

There are no restrictions whatsoever on property ownership in Portugal and in-vestors can purchase all types of property from commercial to residential. Popular residential properties include villas, apart-ments, vineyards and properties on golf es-tates. Resort properties on the Portuguese coast continue to perform well, especially when compared to the moribund property

markets of large inland cities in Portugal.

The Portuguese Golden Visa has been the model upon which many European economic visa offerings have been built and the reason is simple - it’s working. Large numbers of investors from countries like China, Russia, South Africa, Southeast Asia (including Singapore) have been adding their voice to the steadily in-creasing clamour for investment property from British buyers who are beginning to re-enter the market. It is the re-entry of the traditional investors like the British which will be most heartening to the Portuguese authorities.

The combination of the Golden Visa and an economy which, if not exactly firing on all cylinders is certainly starting to turn over may signal the beginning of a Portuguese property renaissance. Property values in the coastal areas are expected to show modest growth during 2014 and into 2015, as is the economy. For potential property investors this sort of growth may not signal the return of the superior rental incomes and short term returns that char-acterised the Portuguese market in the last decade of the 20th century - however there is at least reason for optimism. PL

By Elise Krause

Towns &CitiesLisbonLisbon is the Capital city of Portugal and like many other towns and cities across the country is characterised by an old world charm. Portu-guese authorities have maintained the city and launched a number of development projects intended to keep the old city beautiful. Modern businesses, restaurants and stores are faring well in the city, drawing younger citizens to live and work in Lisbon.

Lisbon is also one of the main tourist attractions in Portugal with thousands of visitors from around the world experiencing its charms annually. Prices for luxury homes in Lisbon have weathered the global financial crisis, dropping only 15 to 20 percent. Near the center of Lisbon, luxury apartments in upscale Chiado cost between 5,000 to 6,000 euros per square metre (USD $630 to USD $756 per square foot). In Amoreiras, older apartments cost 3,500 to 4,000 euros per square metre.

The Golden TriangleThere are many towns and villages in the Algarve to buy property both for lifestyle and investment. Towns such as Portimao, Lagos, Tavira all offer great opportunities. All have seen property prices fall in recent years.

One area, known as the Golden Triangle, which encom-passes, Almancil, Quinta Do Lago and Vale do Lobo (some also include Vilamoura) have seen a small fall in prices. This area has villas and condominiums, the through road, Ayrton Senna Drive is bordered by huge villas, set amongst the pine forests and close to some of Portugal’s best beaches. This is an area desired by tourists, with higher rental yields than the rest of the Algarve.

The Golden Triangle is an area where the rich and famous buy and a good area for investment for residential property investment at around 1,300 euros (USD $1,800) per square metre.

The nearby town of Faro provides easy access to this rural community via national and international flights through the local airport.

PortoPorto, is the second largest city in Portugal (after Lisbon) and is referred to locally as Oporto. Just like Lisbon, this smaller city is focused on maintaining its histori-cal standing and has been entered as a UNESCO World Heritage Site. Although the entire city has received this much desired status, many buildings and other land-marks within the borders of the city have also been registered as World Heritage Sites.

Port is also being redeveloped with both local and na-tional government injecting funds into creating a more vibrant and economically viable future for the city. Located on the Douro Valley Estuary which provides a continuous flow of water for the vineyards in Douro that produce Port wine that has gained Portugal fame from around the world. In fact, the wine is named after this very important historical city. PL


The perfect time to invest in Portugal - there has never been a more

investor friendly environment.

NDR is the leading Portuguese law firm advising on the Golden Visa schemeand advising on the investments of both individuals and companies. !

NDR would be very pleased to provide further information on the above and if you have any questions please contact: [email protected]

Avenida Casal Ribeiro, 50, 6th Floor, 1000-093 [email protected] | Fax: (+351) 213 527 619 | (+351) 213 191 290 www.nevillederougemont.com

Neville de Rougemont & Associados is an international law firm which has over 25 years experience in assisting international private and

corporate clients. NDR covers the areas of expertise on foreign investment, corporate and property matters in Portugal and Cape Verde.

2013 saw a growing optimism and interest in Portugal as a place to invest with a focus on the real estate market. !Properties in locations such as Lisbon, Porto, Algarve and the Silver Coast offer fantastic investment opportunities and good value for money. !The Golden Visa scheme facilitates the granting of a residence permit to investors who purchase real estate of a value of at least €500,000, make a

minimum capital investment of €1,000,000 or create a minimum of 10 job positions in Portugal.This permit allows free movement within Schengen Area and can, under certain conditions, lead to the obtaining of Portuguese nationality.The Portuguese Governments Non Habitual Resident Status tax regime (NHR) allows international investors who become tax resident in Portugal to enjoy an exemption or reduction on their personal income tax, arising in Portugal or overseas.


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due

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gion

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ar fu

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The

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to o

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to 8

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uro

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area

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cons

ider

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be

a to

uris

m

hots

pot,

it st

ill d

oes

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attr

act n

earl

y th

e sa

me

num

bers

of i

nter

natio

nal

trav

elle

rs a

s th

e Al

garv

e.

Ale

ntej

o

Port

ugal

•

• П

орту

гали

я

SECURE • HASSLE-FREE • ENJOYABLE • PROFITABLE

RENTAL RETURNGUARANTEEDBY PESTANA

SECURE • HASSLE-FREE • ENJOYABLE • PROFITABLE

RENTAL RETURNGUARANTEEDBY PESTANA

www.propertylifenews.com/pestana-alvor-atlantico

PANORAMIC SEA VIEWS

• On the ‘”Praia dos 3 irmãos” with golden sands reaching the Ria de Alvor.

• Along the pitoresque fishing village of Alvor.

• Studios and one bed apartments totally furnished.

• Luxury penthouse apartments with un-beatable views.

• Indoor heated pool, gym and spa facili-ties.

• Hospitality services with quality guaran-teed by Pestana group.

• Less than 10 km from 4 of the 6 Pestana golf courses in Portugal.

A GREAT INVESTMENT OR AN OPPORTUNITY TO OWN A BEACHSIDE APARTMENT

FOR MORE INFORMATIONwww.propertylifenews.com/pestana-alvor-atlantico


Food&Culture

Portuguese TraditionsPortugal, once ruled by the Moors, has mixed traditions, due to the centuries of Catholicism that has been the mainstay of Portugal.

The visitor will find many traditions dating back to Arabic times, including the Medieval Festivals held all over Portugal in Summertime and in the food, where the passion that the Portuguese have for life comes clearly through in the spices that are used in the local cuisine. There are many Catholic events including All Saints Festival, many holy days and in Fatima (an Arabic name) every year over 1 million Catholics from all over the world travel to see the place where in 1917, the Blessed Virgin Mary (Nossa Senhora de Fátima) purport-ed apparitions to three shepherd children.

Carnaval is a festival held before Lent every year and is considered one of the highlights of the Portuguese religious calendar.

As with the carnival in Rio de Janeiro (with which it shares the rich costumes and parades), it is a great tourist attraction and most towns and villages close for the day and enjoy parades, and street parties, often joined by revellers from around the world.

The Flavours of PortugalPort wine is the favourite and most well known export of Portugal with the first wines being shipped in the 17th century.

Today, the grapes that produce produce Port are mainly nurtured in the Douro valley and many different wine estates use the centuries old traditional methods of producing the tawny or ruby red versions of the famous wine.

The cuisine of Portugal is mainly Mediterranean in style with an added kick of flavour from the famous Peri-peri (Piri-piri) sauce, which enhances the renowned Portuguese dish of Piri Piri Chicken. Although the sauce originated in the Portuguese colony of Mozam-bique in Africa, it has become a globally recognised condiment.Bacalhau, a dried cod that hangs in all markets in Portugal is the base of any diet in Portugal, as well as the main dish at Christmas.

Another firm favourite is pastel de nata which can be found in every café in Portugal and every Portuguese “colony” including Brazil. You will also find this egg tart pastry wherever there are significant Portu-guese immigrant population.

Tróia is a paradise that combines charm and the preservation of nature in a sustainable balance with leisure activities for the family.

Less than one hour away from Lisbon, Tróia is a peninsula sur-rounded by three natural parks with the sea, beach and moun-tains enhanced in perfect combination.

With vast sandy shores and transparent sea, it enjoys the tran-quillity of a haven safeguarded from the pressure of tourism.

• On a site covering 100 hectares, with a seafront of 2 Km of virgin beach, in a private condominium

• 1 Km from the Tróia Resort Golf Course• 3 km from the Marina and from Tróia Resort Casino• 10 km from the future Comporta golf courses• 82 exclusive Detached Houses of 200 to 300m3 in plots with

1,000 to 2,500 m2• 35 Semi-Detached Houses / Townhouses• Beach Hotel & Suites with 150 apartments

FOR MORE INFORMATION PLEASE VISIT: propertylifenews.com/troia-property-portugal

Between Arrábida, the River Sado and the Atlantic, a unique project within the Sado Estuary Nature Reserve and the Tróia Dunes Botanical Reserve


Portugal’s traditional folk dance costumes are spec-tacularly colourful and normally include green, yellow and red components. These costumes are worn at most festivals throughout the year but reach a peak of full splendour during carnaval. Costume styles may vary greatly depending on traditions associated with a specif-ic region of Portugal.

Portugal has its own unique musical style known as Fado the origins of which can be traced back to the 1820’s but it has roots that go back even further. The music is characterised by its soulful, mournful sounds and melancholic lyrics infused with sentiments of hard luck, or hard times.

The Portuguese are famous for their hospitality and their great enjoyment of calm, family orientated life. On Sundays you will see whole families, from great Grandparents to babes in arms, all sat around café tables feasting and discussing family problems, politics and telling jokes.

It is possibly one of the only countries left in the world, where you can sit all day with a coffee in a café and read a daily paper, that costs more than the coffee

and yet never be hurried along by the café owner or waiter.

During the evenings the balmy Mediterannean air lures almost every adult and many of the younger generation into the open air. For many fam-ilies it is a time to be together and discuss the events of the day.

For others it is a time to relax and unwind with friends at the local wa-tering hole, where the famous Portuguese hospitality will be apparent to visitors from the moment they step through the door. Both restaurants and bars offer excellent value for money for visitors from abroad. At the local bar many friends will be sharing a carafe of Portuguese wine which costs in the region of two to four euros - a price which simply cannot be beaten even elsewhere on the Iberian Peninsula.

In summer most Portuguese from the Northern cities of Porto and Lisbon will be found on the Algarve beaches soaking up both the relaxed atmos-phere and the almost inexhaustible sunshine. In fact property investors will take heart from the fact that even the Portuguese themselves are prepared to pay the above average house prices for their place on the Algarve and many own second homes in the area.

As a foreigner in Portugal you will be welcomed with open arms, most Portuguese speak English and many are able to speak French, Spanish and German, all take great delight in practicing on tourists. PL

Food&CultureContinued.

REAL ESTATE8building will be completely renovated and rebuilt at the highest quality standards. The apartments are designed for a new family lifestyle in an area steeped in tradition and history. Due to its location and outstanding city and river views, 8building is an excellent investment, and a excellent option to make your home.

CONCEPTThe investment concept of the habitat invest portfolio involves urban properties located in lisbon’s historical centre. These buildings have undergone significant urban rehabilitation and refurbishment to bring about a construction of higher quality.

The apartments are designed to cater for a new family lifestyle in a historical and traditional atmosphere.

From another perspective, habitat invest real estate products can also represent an extraordinary investment opportunity with higher prospects for profit by adapting each unit to the concept of short-term rental (serviced apartments).

REQUEST MORE INFORMATION:www.propertylifenews.com/property-investment-lisbon


The popularity of the Portuguese ‘Golden Visa’ which was launched in October 2012 has had a direct impact on foreign property investment in the country. Increased numbers of inves-tors from China, the Middle East and Eastern Europe are finding the lure of the Schengen Visa, which is available to those who are granted Portuguese permanent residency almost irresistible.

The Schengen Area is a group of 26 European countries that have abolished passport and immigration controls at their com-mon borders. With a resident permit from Portugal, the investor is entitled to enter and travel freely throughout the Schengen area.

Aimed at attracting foreign investment to Portugal, the Golden Visa is a very straightforward and flexible programme, with simple and clear legal requirements. With reduced minimum stay re-quirements, the Golden Visa is one of the most attractive residen-cy programs for property investors in the world.

The following types of investment qualify for the Golden Visa programme:a. Acquisition of property in the amount of or greater than

€500,000.b. Transfer of funds above €1,000,000 or more.c. Creation of at least 10 (ten) jobs in Portugal.

It should be noted that only investments effectively made after 8th October 2012 are eligible for the Golden Visa programme, it is unfortunately not retrospective, which means that those who invested prior to this date will not be eligible.

Once issued, the Golden Visa will be valid for an initial period

of one year and then must be renewed for subsequent periods of two years.a. Keep the investment for a minimum period of 5 years.b. Funds for investment should come from abroad.c. Entry in Portugal with a valid Schengen Visa.d. Absence of references in the Portuguese Immigration and the

Schengen services.e. Absence of conviction of relevant crime.f. Minimum stay in Portugal: 7 days during the first year and 14

days during each subsequent period of two years.

For property acquisitions the core requirements are simple:• Minimum investment of €500,000.• Purchase of one or multiple properties.• All property types qualify.• Possibility of co-ownership.• Freedom to use, rent or lease.

The Golden Visa Programme will provide investors with the fol-lowing advantages:

• No need to obtain a visa to enter Portugal.• No need to obtain a visa to travel in Europe (Schengen area). • Living and working in Portugal, even with residency in a differ-

ent country.• Residency extended to family members.• Extremely low minimum stay periods.

Investment Framework


The quality of life and cost of living in Portugal is one of the best in Europe. The weather varies across the small country, but even through several years of austerity, the Portuguese themselves have shown that they are a calm, well natured

people, with national pride, who welcome outside investment. With the addition of the Golden Residence Permit, which allows

international investors to travel and engage in business activities in Portugal along with other Schengen nations, without having to apply for separate visas to gain entry.

Other salient points that make Portugal a great place to invest and live are the following:

• Currency – Euro. Compared to other EU countries, the value for goods, assets and property that can be purchased in Portugal is relatively lower. When compared with the Singapore Dollar, the cost of living is much lower and results in a much higher quality of life. Over the last five years, the Singapore Dollar has gained strength against the Euro. In total, the cost of living is about 45% lower in Portugal than in Singapore.

• Inflation in Portugal is relatively low at 0.06% over the last year beginning January 2013 and ending January 2014.

• The GDP growth rate has averaged 0.4 over the last 25 years. Over the last 2 years, the country has experienced consistent negative growth that has been above average for EU countries. However, Q4 of 2013 showed an increase of 0.5% in the GDP.

• GDP per capita was €20,962.45 when last recorded in 2012 which is in the 95th percentile of the World’s average.

Why Buy inPortugal?

Port

ugal

•

• П

орту

гали

я

Portugal

Lisbon

Portuguese, Portuguese sign language

91.985 km square

10,53 million

Iberian Peninsula

Western Europe Time (WET)

+351

212.5 billion

Official Name:

Capital City:

Language(s):

Total Area:

Population (2013):

Region:

Time Zones:

Dialing Code:

GDP (nominal, 2013 est):

COUNTRY INFORMATION:

EuroCurrency:

• COST OF LIVING Expats dining out will find that alco-holic beverages and meats, fish, fruits, vegetables are relatively inexpensive.

• EDUCATION SYSTEM Education is compulsory from ages 6 to 18.

• HEALTH AND ENVIRONMENT EU nationals are entitled to free or reduced-cost healthcare. Portugal boasts an extensive healthcare system although the inconsistent standards of treatment make private care a preferred choice. However, private medical treatment is a bit pricey which is why private medical insurance is recom-mended.

• CONTENTMENT 71% of Portuguese claim to have a more positive experience in an average day than nega-tive ones. PL

Chiado district, Lisbon

Stylish Leonel Apartments• 10 min from the Lisbon International Airport • Located in city centre• Located in the most cosmopolitan area of Lisbon• In front of Armazens do Chiad• 1 km to Tejo River• Access to Metro and other public transports

Sao Bento, Lisbon

Luxury Sao Bento Apartments• Prime Location in Lisbon• Areas from 126m2 up to 162m2• T1 and T2• Fully Furnished• All maintenance included• 4% rental guarantee 5 years

PROPERTIES


PROPERTIES

€615k (USD $849k)

€600k (USD $828,5k)

Rua Nova da Trindade - Chiado, Lisbon

Central Nova Da Trindade• Walking distance to shops, restaurants, Metro• Areas from 77m2 up to 121m2• T1,T2 and T2 Duplex• Fully Furnished• All maintenance included• 4% rental guarantee 5 years

Chiado, Lisbon

Spacious Chiado Shop• 3.3% Yield• 46 sqm• Rent €1,550 per month• Price €550,000


€550k (USD $759,4k)

€615k (USD $849k)

A Claim in Spain.

The attractions of Spain are known by legions of sun worshipping tourists who flock to major cities and sun drenched beaches to get their

share of the world famous Mediterrane-an climate.

Recently investors in search of more than a holiday break from have joined these visitors. These are the property buyers for whom property is only part of a package consisting of a fixed asset and perhaps even more importantly, the chance to enjoy the privileges associ-ated with a Spanish Residency permit, which allows the real estate investor and his or her immediate family to live in Spain.

These residency visas are available to those buyers who are willing to invest a minimum of 500,000 euro, either for the purchase of a single property or spread across a number of properties.

The greatest attraction of the residency permit is that it entitles the holder access to the Schengen Visa. The Schengen Visa is particularly attractive to non-EU citizens who want to travel for both business and leisure between the 26 European Union member coun-tries, without the burden of applying for a separate visa at each port of entry to the individual EU countries.

There are other advantages to taking even the first step on the path to so-called ‘economic citizenship’. A 500,000 euro property in-vestment in Spain can lead to eventual citizenship – which for many investors is a desirable end state, not least because it allows children to attend some of the best schools and universities in the world in countries like the United Kingdom.

However, just as many investors are more than happy to maintain their residency permanent residency status – without ever applying for citizenship. The demands are hardly onerous.

There is no minimum stay require-ment – in effect it is entirely optional to live in Spain - and no minimum stay means no necessity to be a taxpayer in Spain.

So where, why and what are investors buying in Spain? Firstly, even a cursory glance at the Spanish property market indicates that there’s something for everyone.

Spain’s cities and countryside are

filled with state-of-the-art condo-minium developments, wineries and vineyards, golf estates, holiday homes and remote mountain retreats.

Prices are incredibly attractive as well due to the implosion of the Spanish Real Estate market caused by the global financial crisis and a healthy dose of financial mismanagement by develop-ers, shoddy construction and sub par lending practices by financial institu-tions. However if recent whispers in the marketplace are anything to go by the country is about to experience the influx of investors from Asia, Russia and the Middle East – not to mention the odd South African looking to settle into a Mediterranean lifestyle. PL


For an investment of €500k property buyers can own a home in Spain and a residency visa. This opens up a world of op-portunity for investors – as well as opening up Europe through access to the Schengen region.

Fore!Property on golf estates has become an increasinglypopular lifestyle investment in Spain. For Asian investors the opportunity to enjoy a lifestyle and pastime that is becoming prohibitively expensive in the Asian region is a lure that many cannot resist.

Vineyards Providing ValueThe range and quality of Spanish wine has made thecountry the third largest producer in the world. Sales of wine in China are expected to grow 47 percent from 2012 to 2016 and it’s safe to say that Asian investor interest in vineyards will track this growth .

This boutique hotel is located in the quiet town in Riu de Cerdanya, in the Catalan County of La Cerdanya. Price available on request.

Riu de Cerdanya has one of the most pristine mountain areas in the Catalan Pyrenees due to its natural mountain areas in the Catalan Pyrenees due to its due to its natural beauty, ski slopes, hiking trails and other beauty, ski slopes, hiking trails and other outdoor sporting activities.

Hotel

Hotel’s concept and the option for private and professional use

Embraces the concept of a boutique hotel that pays

exceptional attention to aesthetic details and interior designs

Hotel also operates as an interior design store where

furniture pieces can be purchased by interested guests.

Distance from Barcelona Airport: 144 km on the highway, (1h r 40m by car)Distance to Andorra: 48 km Distance to La Molina’s ski slopes: 15 kmDistance to the French border: 15 km

Year built: 2008Location: Riu de CerdanyaProvince: Lleida (on the border with province of Girona)Total built area: 740.82 m2No of rooms: 8 guest rooms, 5 rooms for private use

La Petit

For anyone interested to know more,they should contact me at +65 96911404 or [email protected]

CEA License No. L3009712B

Propertyhotspots

The Costa BlancaStretching up from the tip of the Mar Menor, through Torrevieja, via Alicante city, past Mo-raira and Javea up to Gandia in the north, the Costa Blanca is a large and diverse stretch of Mediterranean coastline that roughly coincides with the province of Alicante, one of three provinces located within the Community of Valencia.

The Costa Blanca is one of the most popular destinations for foreign property invest-ment. British, Scandinavian and European buyers have been investing there in large volumes over the past two decades. These investors are now joined by growing number of Middle Eastern and Asian investors.

A wide variety of properties are available from sophisticated condominium and landed villas in former fishing towns, to bustling resorts and affordable inland homes.

The Murcia CoastMurcia is one of Spain’s almost forgotten delights. Hidden in plain sight the small region is environmentally diverse and boasts an enviable reputation, and first-time visitors are often surprised by the diversity of this small region and the friendliness of its people, Murcianos.

The community of foreign property owners living in this re-gion has grown in recent years, lured by Murcia’s cuisine, climate, attractive mountain villages, an unspoiled coastline, and low prices compared to more expensive Spanish resorts. Despite its growing popularity, the region remains relatively unspoiled compared to the more crowded Costa del Sol and Costa Blanca.

Costa del Sol and Costa de AlmeríaCovering almost 300 km’s of superb Southern coastline in Spain, the Costas were traditionally the hunting ground of fishermen - today however the area has turned into a global tourism hotspot. The region attracts large numbers of investors in search of a permanent or holiday home and has consequently developed into a cosmopolitan region whilst retaining its Spanish charm and culture.

With its excellent beaches, superb infrastructure, friendly people and excellent amenities this region is for many their first choice when looking to re-locate or invest. Properties include Villas, Townhouses and Apartments lo-cated in some of the most desirable and prestigious locations including Mijas, Marbella and Sotogrande.

RiojaLocated in the north of the Iberian Peninsula the Rioja region stretches more than 100 kilometres down the Ebro valley and is divided into three sub-regions: Rioja Alta and Rioja Alavesa to the west, and Rioja Baja to the east. A region of highlands and canyons Rioja is now a household name throughout Spain and much of Europe due to the region’s vineyards.

Properties in Rioja include numerous farmhouses with vineyards. There are also plenty of villages that are steeped in history, such as Nájera and Ezcaray with tradi-tional style townhouses that are increasingly appealing to foreign buyers in search of a rural property.

The economic crisis may have caused Spaniards to engage in some belt tightening but this is a country that still welcomes visitors and investors with open arms. Although many travellers will visit for the beaches, or a tour of historical sights the beauty of the country and the unique nature of the regions that make up this fascinating country. The most popular property

investment destinations in the comunidades autonomías (autonomous regions) will offer opportunities for both lifestyle and investment property – and of course a chance to enjoy permanent residency and the valuable Schengen Visa. Here are the regions attracting the most interest at the moment: PL


The Costa BravaThe Costa Brava is a 160km stretch of coastline extending

from Blanes in the south, to the seaside town of Port Bou in the north. The region boasts typically Mediterranean scenery, including rocky coves and delightful beaches. Although built up in many areas the determined property hunter may still stumble across a secluded gem.

The area takes in the northeastern coast of the Catalan province of Girona, which includes the districts of Alt Emporda and Baix Emporda and the Pyrenees mountains.

The Costa Brava has a reputation for mass tourism, however a large area of the coast remains largely unspoiled and boasts stunning coastal scenery. The area has a Mediterranean climate with mild winters and warm dry summers. Its proximity to both Barcelona and Girona international airports means the Costa Brava is easily accessible for foreign property owners and holidaymakers making the Costa Brava a popular area for property investment.

Castile–La ManchaCastile-La Mancha, in the middle of the Iberian Peninsula, is the third-largest region in Spain, surpassed only by Andalucia and Castilla y Leon.

This is Spain’s most mountainous region, with some 70% of its terrain sitting more than 600 meters above sea level. The climate in Castile-La Mancha is typical of the Mediterranean dry regions. As in many areas of Spain, rainfall is tyically low.

Average property prices in the area are 53% less than the national average. The region has seen a dramatic decline in prices since 2006, when property prices were around 30% below the national average. The recession has hit Castile-La Mancha harder than many regions in Spain.

Its low population density makes it an ideal spot for people who like big open spaces, while those who prefer town or city life have more than 900 municipalities to choose from, including the popular cities of Albacete and Toledo.

Costa de la LuzPine and cork woods shelter some of the finest beaches in Spain along the Costa de la Luz which stretches in an arc from Ayamonte to Punta Umbria. This is the sundrenched coast of Western Andalucia. The Atlantic Costa de la Luz in the Huelva province is home to the aquamarine crystal clear Atlantic Ocean, sand dunes, golf courses and miles of beaches, as well as a scenic and attractive inland region where beautiful white-washed hill-top villages (pueblos blancos) await the savvy investor.

The countryside boasts wild mountain ranges, fertile farmlands and pasturelands, vineyards and secluded towns. Between Ayamonte and Punta Umbria the coast is flat with very long beaches where relatively modern towns have been set up. The capital, Huelva, is a little inland from the coast between the rivers Tinto and Odiel.

The Sierra NevadaThe Sierra Nevada (meaning “snowy range” in Spanish) is a mountain range in the Andalucian region of provinces of Granada and Almería in Spain. It contains the highest point of continental Spain, Mulhacénat at 3,478 metres (11,411 ft) above sea level.

This region is a popular tourist destination, as its high peaks make skiing possible in one of Europe’s most southerly ski resorts, in an area along the Mediterranean Sea predominantly known for its warm temperatures and abundant sunshine. At its foothills is found the city of Granada and, a little further, Almería and Málaga – all of which are prime investment destinations for investors looking at rural farmhouses, country estates and new developments.

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So where are Spain’s hottest propertyinvestment prospects?

There are plenty of Spain skeptics out there. Investors are told of low rental yields and the lack of quality tenants, an extremely laissez faire

attitude on lending practices by financial institutions and an admittedly sub par historical due diligence on the part of gov-ernment when it came to granting permits to developers.

The result was a slew of sub standard apartments and villas resulting in some very annoyed, even heartbroken buyers. However, the Spanish government has upped their game. Permits are no longer treated as party favours and the financial mismanagement on the part of institu-tions, finance providers and government has been realigned in as a result of new legislation in line with EU best practice. Even more encouragingly British inves-tors are returning to the Spanish market signalling that the tide of mistrust may very well be turning.

These observations are not based on some Sangria fuelled Property Life pipe dream of a resurgent Spanish market – there are some heavy hitters who see en-couraging signs that the property market may have bottomed out. Amongst the more recognisable names that are betting large amounts of money on this fact are hedge fund managers George Soros and John Paulson. These gentlemen are taking major stakes in the flotation of a Spanish property group, reflecting an increasing confidence among investors in the eurozone periph-ery’s economic recovery.

The two hedge fund managers – who were ranked first and fourth in the world for their total earnings in 2013 – have both taken €92m (USD $127,5m) stakes in Hispania Activos Inmobiliarios.

Hispania is seeking a listing on the Madrid Stock Exchange as a real estate in-

SpainHot Property Zones

BarcelonaThe Barcelona property market attracts interest from citizens from across the globe. According to a report in the New York Times, Rafael Rosendo, a sales executive for Lucas Fox International Properties in Barcelona “Spain is like Florida for Northern Europeans,” Mr. Rosendo said there are also buyers from North America, Russia, Britain, China and the Arab countries active in the Barcelona market. According to Christian de Meillac, head of the Spain desk for the real estate company Knight Frank, sales in the city were up 10 to 15 percent over the last year, a hopeful sign in a country where the real estate market has been moribund for so long. A few Barcelona districts even reported price gains in the first half of 2013.

*And they might very well deliver excellent rental returns if tourist num-bers continue to increase - from January to the end of November 2013 57.6 million international tourists had arrived Spain, a 5% increase over the same period in 2012.


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vestment trust (Reit), focusing on property with scope for value growth, primarily in key cities.

It seems that it is not only the tradition-al tourist cash fuelled Spanish coastline properties that will be offering superior returns on investment in the medium to long term* but the major Spanish cities as well (at least according to the smart mon-ey – and they don’t get much smarter than Soros). Further reassurance comes from PwC who state that Spanish real estate now a ‘good opportunity’ according to the company’s latest report on 2014 trends. PL

Mallorca:Currently, house prices in Mallorca are slightly lower than on the Balearic Islands (for more on the Balearic Islands visit the Property Life website www.Propertylifenews.com and view the December 2013 – January 2014 issue ‘Mediterranean Island Icons) as a whole. On average, property in Mallorca costs more than double the national average of Spain. The Mallorca property market appears to be more robust than elsewhere in Spain.

The outlook for 2014 is that price decreases on Mallorca will slow and even stop. The market appears stable with price levels now steady and even increasing for quality properties in the most desirable locations. Many pundits in fact believe that prices will continue to increase as demand outstrips supply.


Ibiza:Property prices in Ibiza have trended upwards in the last decade, showing increases of between 300-400%. The global financial crisis has not hit Ibiza like the rest of Spain, but there has been a stagnation in value for properties at price points of more than USD $2m. Valuations for less expensive properties have shown a slight downward trend. Family apartments have felt the crises most acute-ly, since the banks are more reluctant to give new mortgages. On the plus side recent months have seen the market showing definite signs of increased activity.Rental yields are very lucrative in the high season. A superior villa in a prime location (with pool) and 5 bedrooms can bring in around USD $11,000 per week in peak season.

Costa Blanca and Costa Brava:Sales in these two areas have remained robust and if 2013 is any indication many estate agents expect that 2014 will be another bumper year. There are several new developments in the pipeline, many aimed squarely at the overseas investors that are flooding the area. Golf and other lifestyle resort developments are attracting enormous interest from overseas buyers. During 2013 there was a surge of interest from foreign buyers outside the EU from countries such as China, Russia and the Middle East. Interest from Southeast Asian buyers is also on the increase.

Many agents believe that prices in prime locations across these areas have now bottomed out and will not fall any further – however it should be said that many independent analysts believe that the market will continue to fall until 2015. The influ-ence of Spain’s ‘Golden Visa’ is definitely a factor behind increased international interest in proper-ties in not only these regions, but across Spain.

“Golf is hugely popular sport and property on or next to courses combines a great lifestyle with good investment prospects.” Philip White - President of Sotheby’s International Real-ty. Golf estates on the Costa’s are proving very popular with overseas investors.

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Have a great time!

A Pasarlo Bien!S

pain has an ancient and incident filled history being oc-cupied at various stages by the Visigoths, the Romans and the Moors. The variety of influences brought by different cultures to

Spain has been instrumental in creating an almost obsessive regionalism across the country, a regional mindset that was further entrenched in the late 1970s with the creation of seventeen comunidades autonomías – autonomous regions – with their own governments, budgets and cul-tural ministries.

Wherever you go in Spain the locals will claim to be fiercely independent – pointing out regional differences in social attitudes, language, cuisine and culture. Outside of the capital city; Madrid the visitor is transported back to a land that is essen-tially feudal in nature – even the locals recognise that Spain is a country of distinct parts, each with their own individual character – the Spaniards themselves often speak of Las Españas (the Spains).

The result is a country that offers a cultural and culinary kaleidoscope. The food is as delicious as it is varied. From the light, healthy and typically Mediterranean cuisine of coastal Malaga, which highlights the fruits of the sea to the heartier meals like game sausage, a diet of delicious sea-food in Valencia or the refreshing varieties of cold soup (Gazpachos) in the mountain ranges only a few miles inland, there is something for everyone in Spain.

Even in the over-crowded and cliche rid-

den excess of brown ale, mushy peas and chips that is the Costa del Sol there still exists the chance of turning a street corner and being confronted by the authenticity of a neighbourhood bar, featuring locally produced wines from the world famous Rioja region or a small rustic restaurant where traditional foods are served. On the other hand a trip to Barcelona reveals a galaxy of Michelin stars.

A cultural exploration of Spain can be as rewarding as its cuisine. Spain’s cities are among the most vibrant in Europe. Intrigu-ing Barcelona entrances thanks to Gaudí’s extraordinary modernista architecture and the promenade of the Ramblas and five kilometres of sandy beach. Then there’s Seville, home of flamen-co; Valencia, the vibrant capital of the Levante, with a thriving arts scene and pulsating nightlife; and Bilbao, a not-to-miss stop on Spain’s cultural circuit, due to Frank Gehry’s astonishing Museo Guggenheim.

The country is filled with cavernous ca-thedrals and reconquista castles, while the university city of Salamanca touches all who visit. In the mountainous Asturias and the Pyrenees Romanesque churches are scattered across the hillsides and villages, while in Galicia visitors are drawn to the ancient cathe-dral city of Santiago de Compostela - the cultural and historic attractions are too

numerous to mention.Wherever you are in Spain you are gal-

vanized by the Spanish love of theatre and of throwing themselves energetically into the serious business of having fun. This is a country that will entrance and reward both visitors and those investing in property. PL

Left: Frank Gehry’s Museo Guggenheim in Bilbao The museum was completed in 1997. It was hailed by architect Philip Johnson as “the greatest building of our time”. The sensual titanium curves glimmer like running water in the sun, entrancing visitors and often outshining the artworks contained in the museum.

Above: Cochinillo Asado - roast suckling pigThe dish has been described as a sumptuous explo-ration of Spanish Cuisine. A crisply perfect exterior hides a tender and juicy interior. The Segovia region in Spain is famous for Cochinillo Asado and its inhabitants know it - restaurants in the area charge a premium for the dish.

Paella MarineraSeafood paella. Will usually contain prawns, mussels and calamares (squid). Paella Mixta - to get the best of both worlds try the mixta, which is a mixture of meat and seafood. For additional choice there is Pa-ella Arroz Negro - a Seafood paella cooked in squid ink, and finally Fideua - a paella-like dish made with noodles instead of rice.

RÉSIDENCE

TERRAZASCOSTA DEL SOL

Own a holiday home in Spain and earn rentalincome of 4% net per annum

www.propertylifenews.com/costa-del-sol-apartments

Excellent opportunity to invest in a leaseback inSpain - Andalusia The Pierre & Vacances Terrazas Costa del Sol resort is a new-build development offering a relaxing setting on the Costa del Sol with the most prestigious golf courses and commercial facilities nearby.

Just a few steps away from the beach and 5 minutes from Sotogrande, the resort enjoys a privileged location combining a seaside investment with a well-developed transportation network.

Built around a main square dominated by patios, fountains and palm trees, the villages offers many leisure activities for the family.

Terrazas Costa del Sol apartments

Inspired by the traditional Andalusian villages, the finely decorated and air-conditioned apartments are ranging from one to three bedrooms.

All feature a large private terrace where one can enjoy breath taking panoramic views of the Costa del Sol and the rock of Gibraltar.

Whether you want to plan for retirement, develop your investment portfolio or own a holiday home without any of the hassles associated to it, Pierre & Vacances offers solutions to all your needs.

CEA Licence No: L3009712B

Marketing Agent: Developed and Managed by:

36 AD Terracos Spain.indd 54 2/4/14 6:48 PM


Inspired by similar laws in fellow European Union member countries, Spain enacted the so-called Entrepreneur’s Law on the 27th of September 2013. It introduces, (amongst a wide array of measures) residency visas and permits for non-EU investors. Under the program any non-EU national spending more than €500,000 will automatically be granted a residency permit.

So, what are the most important regulatory and legal hur-dles that must be overcome by those in search of unfettered access to the Schengen region and a desire to secure their place in the sun?

The new law allows non-EU investors to qualify forthe highly coveted so-called Golden Visas (the term was actually first used to describe the similar Portuguese visa scheme, but is entering widespread use). To summarise, this new law ena-bles non-EU nationals to attain qualified residency permits in return for investing in Spanish real estate (and other assets), leading to permanent residency in Spain if certain conditions are fulfilled.Investors’ General Requirements:

• Non-EU national (art 61)• The investor applicant must be of legal age (18-years-old

or over)• The investor must not hold a criminal record whether in

Spain or in the previous five years where he has resided• Not be already in Spain irregularly• Have access to medical insurance whether private or public• Have sufficient financial means to support both himself

and his family whilst in Spain. This should not be an issue for those who have the socioeconomic profile to qualify for a Golden visa in the first place.

• Pay the relevant application fee

One may attain a residency visa through the acquisition of real estate located within Spanish territory of at least €500,000 per applicant or a ‘major’ business investment which fulfils at least one of the following three conditions:1. Meaningful job creation as a direct result of the investment2. Significant socioeconomic impact in the geographical loca-

tion where the activity will be carried out3. Technological or scientific impact

There are some other very important stipulations, includ-ing the fact that the €500,000 (USD $691k) investment is unencumbered, meaning that the investor can only apply for a mortgage for any amount above the €500,000 (USD $691k). Taxes are not included in the investment threshold – for example if you invest in a property for €460,000 (USD $636k) plus 10% IVA = €506,000 (USD $700k) the applicable VAT (€46,000 / USD $63,6k) would not count towards being above the €500,000 (USD $691k) threshold. PL


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Why Buy inSpain?

Kingdom of Spain (Rei-no de España

Madrid

Castillan (official), Basque, Catalan,Galician, Occitan

505,992 km2

46,704,314

Europe

UTC+1 (CET)UTC+2a (CEST)

+34

USD $1.394 trillion

USD $30, 315

0.885 (very high)

Official Name:

Capital City:

Language(s):

Total Area:

Population (2013):

Region:

Time Zones:

Dialing Code:


GDP per capita:

Human Development Index:

COUNTRY INFORMATION: By spending a minimum of €500,000 in Spanish property, non-EU nationals are eligible to apply for the highly coveted Golden Visas which would enable them to freely move within the Schengen area for a maximum period of

three months (90 days) per half-year from the date of first entry. Besides this, they are given residency permits, which also apply to their immediate family.

What’ s more is that they could also apply for permanent residency should certain conditions are fulfilled.

SAFETY AND SECURITYAlthough widely considered as a relatively safe place to live, still Spain is not a crime-free country. For one thing, the threat of terrorist activity remains a source of concern with securityservices on high alert though terrorists such as ETA and Islamic extremists have kept a low profile of late.

COST OF LIVINGThe average household net-adjusted disposable income in Spain stands at around USD $22,847 annually. When compared to the UK, the locales here spend less as most food is 13% cheaper and items such as eggs, tomatoes, oranges and rice are priced half as much.

When eating out, a three-course meal for two people usually costs EUR 5.85 or less.

EDUCATION SYSTEMThe school system is structured into pre-school education,primary education, compulsory secondary education and post-compulsory secondary education. Children aged 6 to 16 are required to attend school given that academic qualifications and training usually come into play when obtaining a good job.

HEALTH AND ENVIRONMENTBy contributing to Spanish social security (Seguridad Social), expats and their immediate family are given a free or subsidized medical care similar to that of locales.

However, EU citizens relocating to Spain are automatically given a free basic healthcare as per the reciprocal agreements among EU countries.

CONTENTMENTThough it fell short from the OECD average of 80%, still ma-jority of the populace claim to be contented with 73% of them saying they have more positive experiences in an average day (feelings of rest, pride in accomplishment, enjoyment, etc) than negative ones (pain, worry, sadness, boredom etc) PL

EuroCurrency:


As the overall European econ-omy has struggled, new finan-cial opportunities for expa-triate investors hoping to live within the European Union have increased greatly within

the last few years, chiefly due to individual national policies specifically designed to create an attractive atmosphere conducive to incoming foreign investments.

Although the particulars can differ slightly depending upon the country, the general intent is to ease residency requirements by issuing provisionary visas to persons making significant in-country investments in property, businesses, or bonds.

The success of Portugal’s Golden Visa has encouraged a number of other Med-iterranean countries to experiment with

their own versions of the Investment Visa. In short order, Cyprus, Greece,

and Spain have also launched their own comparable

initiatives. Acquiring these visas is

not a task achieva-

ble

by just anyone, because the qualifying initial investment is significant.

One of the best bargains of the lot seems to be in Greece, where the required real estate investment is only €250,000

(USD $340,000) for a five-year visa. For comparison purposes, that amount is half of what is required in Portugal or Spain, where €500,000 (USD $680,000) only grants a one-year residence visa, although

that visa can be renewed twice for two-year extension periods.

Because of its recent history of eco-nomic distress, Greece is keenly interested in wooing foreign investors, particularly the Chinese. Last year, the country’s Prime Minister, Antonis Samaras, led a group of business delegates to China and met per-sonally with both Premier Li Keqiang and President Xi Jinping.

While pitching for increased Chinese investment in Greek real estate, Prime Minister Samaras also extolled the virtues of everyday life and culture in Greece, and strongly suggested that his country could serve as an entry point for Chinese inves-tors into the greater whole of the European market. Besides a solicitous administration, Greece has one other strategic advantage that makes it a more attractive residential investment option. That is because of the country’s participation in the Schengen Agreement, which in effect creates a bor-derless area between the 26 participating European countries. For investors immi-grating to Greece, this is important because this agreement facilitates a freer move-ment and exchange of information, trade goods, currencies, and allows for easier travel. The United Kingdom has opted out of this agreement. PL

CombiningGreece’s advantages

and China’spenetration in

global trade as wellas its competitive

production costs, we can build a strong

partnership.

Greece is the word.

VILLA SERENE

This 5-star luxury designer villa will be built right on the seafront and overlooks the bay of Chania on the island of Crete. This exclu-sive address will not only boast an incredible location with spectac-ular sea and sunset views of natural beauty but equally a modern contemporary design

From the high quality of the construction to the modern interior design, this exclusive VIP villa will clearly be the ideal retreat for a demanding clientele!

The villa is 280m²and features 4 double bedrooms with en-suite bathrooms, 2 living areas (one of which is easily converted in to a fifth bedroom with a unique sound-proofed sliding wall)

NOTICIBLE FEATURES:

www.propertylifenews.com/luxury-property-crete

• Covered Parking• Direct Beach Access• Electric window shutters• Electronic entrance gates• Fitted bathrooms• Fitted designer kitchen• Fitted wardrobes• Full insulation• Fully landscaped gardens• Insect screen in every room• Italian/Spanish floor tiling• Large balcony

• Mountain View• Outdoor BBQ• Outdoor shower• Private parking area• Private swimming pool• Stone boundary walls• Sun terrace• Underfloor hot water heating

Luxury in Crete

€1.950.000


As an ancient country steeped in history and culture, Greece is rapidly becoming one of the preferred destinations for foreign investors.

When one also considers other factors, such as the country’s many beaches, the available leisure activities, the abundant places of ar-cheological interest, the local cuisine, and a climate that is considerably more agreeable than that of some of the other “Golden Visa” nations, it becomes quite clear why this country is so popular with investors.

Geographically, Greece consists of a very mountainous mainland, and depending on who is asked, approximately 200 inhabited Greek islands - each with their own unique personality and individual charm. For many incoming residential investors, the best way to find both the ideal place to live and the best place to prudently invest is to spend some time sampling what each region, in-cluding the mainland cities and the islands have to offer.

ImmigrantInvestors Get Grounded in Greece

ThesalonikiAfter Athens, the most populous city in the country is Thessaloniki, which has a total Metropolitan population of over 1 million

inhabitants.

The city is considered to be one of the most important transportation hubs for all of

southeastern Europe andhas become a major international

cruise port.Athens

On the mainland, much of the Grecian cul-ture and economy is driven by its capital and

largest city, Athens. With a population approach-ing 4 million, Athens is home to more than a third

of all Greek citizens.

In addition to its large population, the Athens Metropol sprawls across almost 3,000,000 km²,

and encompasses 58 separate principalities. This wide geographic dispersal provides ample room for real estate investment

and development opportunities

CreteAmong Greece’s many islands, the largest, most pop-

ulous, and most economically important is the island of Crete.

Located in the South Aegean Sea, Crete is more than twice as large as any other Greek island, with a total population of over

600,000 people. Almost a third of them live in the island’s principal city and capital, Heraklion.

Annually, an average of more than 2 million tourists visits Crete - considered to be one of the “must-see” destinations in Greece for

lovers of ancient history.

For more information on the Greek islands please visit the Property Life website www.propertylifenews.com where you

will find links to all of our issues online.

The December 2013 – January 2014 issue ‘The Mediterranean Island Icons’ has a complete

listing of Greek Island property investment hotspots.


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Primary IndustriesTourism is the engine that powers Greek growth and economic prosperity. The country welcomed over 17 and a half million visitors in 2013, accounting for approximately €10 billion in revenue. During 2013, the numbers showed a 12% increase in non resident tourism over the previous year, with an accompanying 20% increase in receipts from travel services. The general opinion among international tourists seems to be that although Greek is not the least expen-sive travel destination in Europe, it offers exceptional value for money in terms of amenities, services, and as an overall experience.

Panos Paleologos, the founder and CEO of HotelBrain, a company specialis-ing in hotel development, management, and consultation, is upbeat about the transformative power of tourism “I think that tourism is the vehicle for the Greek economy to recover. (2013) was fantastic. We are aiming higher next year.”

The revenue generated by tourism accounts for approximately 7% to 8% of the country’s Gross Domestic Product, With numbers like this there is signifi-cant opportunity for property investors to profit.

Opportunities For InvestorsAt no time has there been such a glut of property on the market, according to the Hellenic Property Federation (Pomida), which reckons more than 500,000 prop-erty owners want to sell. Across Greece, about 300,000 residences are believed to be empty.

The need for a revitalising injection of foreign capital is why the Greek govern-ment has improved upon the example of other countries with its relatively inexpensive Golden Visa programme. Whether the real estate investment takes the form of acquiring existing properties or investment in new construction, the overall environment provides lucrative opportunities for an aggressive yet pru-dent investor.

With about 500 properties on his books, Manolis Akalestos, who runs the Scopas estate agency on the island of Paros, confirms that view. In the past year he has been deluged with requests for holiday homes from foreigners, many en-couraged by the drop in prices and a new law granting non-EU citizens residence permits.

In an interview with UK’s Guardian newspaper Akalestos was upbeat about foreign investment in Greek property, “In 2013, I had my best year yet, with 90% of all sales being made to people overseas,” he said. “Before, property prices were incredibly inflated because every Greek was able to get a cheap loan after our entry into the eurozone,” he explained. “And foreigners took a step back. Now

that prices have calmed down and re-turned to natural levels, they are coming back with a vengeance.”

The Property MarketIn the most recent statistics, from July of 2013, the rental market in Greece does not appear to offer a particularly robust Return on Investment. Multiunit apart-ment complexes, for example, have a ROI of just 2.57% to 4.12%, even if fully rented out.

Specifically, in Athens proper, an apartment can be purchased for prices ranging from €2493 to €3748 (USD $3,400 – USD $5,140) per square meter, depending upon the size of the property. This means that a smallish property of perhaps 50 m² could be purchased for an average of €124,650 (USD $171,100) and realise a monthly rent of €428 (USD $587), while a larger property of perhaps 200 m² would cost €749,600 (USD $1,028m), with a monthly rent of €1750 (USD $2,400).

Unfortunately, the larger properties represent a considerably smaller ROI. While the increase in monthly rental fee per square meter between a small apart-ment and a large one is relatively insig-nificant, the ROI is significantly different. Although still poor, a smaller apartment will offer a much better return than a large one, 4.12% to a miniscule 2.8%.Athenian suburbs offer a slightly better average, even though monthly rental fees are less. Again, depending upon the size, a multiunit apartment complex can offer between a 3.11% to 3.92% ROI.

Outside of the capital, the ROI from apartments is not much different. On Crete, for example, the smaller apart-ments may offer the best return at 4.27%, but the largest apartments offer the worst return, only generating a 2.57% ROI.

On the positive side, however, purchase price per square meter is also consid-erably lower. For instance, a midsized apartment of perhaps 120 m² might be purchased on average for €424,320 (USD $582,400) in Athens, but that same sized apartment on Crete would only cost €227,040 (USD $311,650).

Overall, apartment prices dropped by approximately 10 to 13% across the board in 2013. For investors with the means, there are commercial opportuni-ties available. Properly placed water or beachfront hotel properties usually have high occupancy rates. Some properties advertise realistic projections of a ROI as high as17%.

Opportunities for Residential Prop-ertyAn immigrant investor hoping to relocate to Greece will find a large number of high-quality properties available, and as a happy juxtaposition, should be able to take advantage of the lowest average

property prices of the last six years.Because of the poor Greek economy of the last few years, there has been a steep decline in overall property values. According to the Bank of Greece, home values have dropped by 32% over the past four years.

The domestic Greek economy has put many Greek homeowners in a state of uncertainty as to whether they will be able to pay their property taxes or keep up with their mortgage. Consequently, many homeowners are looking to free themselves from the obligation.

According to the Hellenic Property Federation (Pomida), there may be as many as half a million homeowners around Greece who are keenly interested in selling. Many experts are viewing for-eign investors as the potential solution to Greece’s biggest problem - the econ-omy. Stratos Paravias, Pomida’s presi-dent says, “(for those) who want to buy a holiday home or a plot to develop a business, it’s a golden opportunity.” Some real estate investors have gone on record saying that up to 90% of their sales last year went to foreign interests.

In a nutshellBecause of the recent decrease in value of real estate in Greece, investors should be cautioned that a rapid return on investment is not at all likely. Rather, the long-term value of any property pur-chased will be tied to the larger issue of the recovery of the Greek economy. As is well and good, the purchase and development of properties and business-es in Greece is believed to be exactly the stimulus that the Greek economy needs.

With the ease of residency as an in-centive, a prudent and patient immigrant investor should be able to acquire qual-ity properties both for their own private residence and as investment properties for very reasonable prices. Over the long term, the value of those properties should increase significantly as the Greek economy recovers. PL


The first thing that is driving the influx of foreigners is the easing of restrictions to residency. As mentioned earlier the €250,000 (USD $340,000) investment is half that of some other countries within the European Union, for a longer grant of residency. There are fast-track procedures in place that can grant a residency

permit in as little as two months. The next thing that makes Greece so attractive is its very high quality of life.

Immediately upon in granted residency, individuals have the right to the healthcare and free education systems of Greece. The country has an international reputation of having low pollution levels and low crime rates. Compared to other countries within the European Union, Greece has a relatively low cost of living.

The climate in Greece is generally mild, with an average of 280 sunny days per year, and the Mediterranean diet adopted by many is considered to be among the healthiest on earth.

Certainly not least, Greece is considered one of the premier hol-iday destinations in the world, and its cultural and historic points of interest are unparalleled in all of Europe. Greece is considered the birthplace of Western civilization, with a history going back over 5000 years.

Safety and Security: Protests against recent economic and political developments in Greece continue to occur. Rioting can break out in Greek cities with little warning.

Strikes occur frequently in Greece. Air, sea and rail transport services and taxis can and have been disrupted by industrial action. As part of the EU Greece is a signatory to several standards governing public safety and security and, at least on paper is one of the safest countries in Europe – however the unrest that affects the day-to-day running of the country is worrying.

Cost of living: The cost of in Greece living is 30% lower com-pared to other European countries, but this is changing. Joining the EU increased prices initially and now the economic turmoil has increased the cost of living significantly. Shopping and eating with the locals, can mitigate costs.

Education System: In Greece, 65% of adults aged 25-64 have earned the equivalent of a high-school degree, less than the The Organisation for Economic Cooperation and Development (OECD) average of 74%. There are a number of private International schools in Athens, plus one in Thessaloniki, teaching the curricu-lum in English. There are also French and German schools in Ath-ens. On the islands, even on Crete (the largest island with many expats), there are no full time International schools and children must attend a Greek school or be tutored at home.

Health and Environment: In terms of health, life expectancy at birth in Greece is almost 81 years, one year higher than the OECD average of 80 years. Studies have shown that the Greek diet may contribute significantly to the longivity of the populace. Fresh seafood and other locally grown produce can have some surprisingly potent health benefits. There are many excellent private clinics in the main towns and on the islands. Private clinics are very expensive so unless you have private health insurance the cost can be prohibitive. There are many GPs and specialists who work privately. Most have their surgery/office in an apartment in a block in town.

Contentment: In general, Greeks are less satisfied with their lives than the OECD average, with 71% of people saying they have more positive experiences in an average day (feelings of rest, pride in accomplishment, enjoyment, etc) than negative ones (pain, worry, sadness, boredom, etc). This figure is lower than the OECD average of 80%. PL

Why buy inGreece?

Long Form - Hellenic Republic, short form: Greece

Athens

Greek (official) 99%, other (includes English and French) 1%

131,940 km²

10,772,967 (July 2013 est.)

Europe

UTC+2

+30

USD $266 billion (2013 est.)

USD 23,600 (2013 est.)

0.860 (Very High)

Official Name:

Capital City:

Language:

Total Area:

Population:

Region:

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All new residents visas

BYVittorioHernandez

Malta

Anotherreason to love living in Malta

is the country’s long history that dates hundreds

of years...

Because the old Maltese Permanent Residents (MPR) Scheme attracted only about 15,000 migrants over 20 years, Valletta scrapped it and rolled out

the High Net Worth Individuals Resi-dents (HNWIR) Scheme in September 2011. It replaced the MPR which required assets of EUR €350,000 (USD $485,000) or an annual income of EUR €23,500 (USD $32,000) from outside of Malta.

Under the HNWIR, applicants must live in Malta for at least 90 days a year and buy property worth at leastof at least €275,000 (USD $365,000) or enter a property rental contract for at least €9,600 (USD $13,200) per annum.

Those who meet these require-ments would enjoy a low tax rate of 15% with a minimum tax payable of

EUR €15,000 (USD$20,600) a year, while non-residents are taxed at 35% for income brought into Malta.

Of course, Malta’s attraction to for-eigners goes beyond the lower tax rate offered by the island authorities.

Malta, although a member of the European Union and geographically part of the continent, is Mediterranean in character, including its cuisine and culture. Add to that the unique Malta culinary approach and the different foreign influences that have shaped the history, culture and cuisine of the island and the result is an eclectic mix of Mediterranean dishes that will satisfy the gourmand and casual diner alike.For a taste of traditional Maltese food, have a bite of the Lampuki Pie a culinary artwork using the freshest of seafood, Rabbit Stew, Bragioli (beef olives), Kapunta (the Maltese version of ratatouille) and Widow’s Soup made with a small portion of Gbehniet (sheep or goat’s cheese).

After a hearty meal, for dessert, go for kannoli (tube of crispy, fried pastry filled with ricotta), Sicilian-style, semi-freddo desserts (a mixture of sponge, ice cream, candied fruits and cream) and Helwa tat-Tork (sweet sugary mix of crushed and whole almonds).

Another reason to love living in Malta is the country’s long history that dates hundreds of years, resulting in a very rich culture marked by festivals and tra-ditions such as the one-week Carnival in February, Lenten processions and sev-eral country harvests and folk festivals along with various religious holidays.

The festivals are not viewed as com-plete unless the village streets are filled with decorations, statues, flags, food stalls and bands, plus fireworks. PL


The Market in MaltaDown but not out If the rich cultural heritage, appetising cuisine and Mediterranean weather prove irresistable then the next step a potential HNWIR applicant must take is is to look deeper into the Maltese property market.

According to Global Property Guide, Malta wasn’t as badly affected by the euro crisis as countries on mainland Europe, especially those in the Med-iterranean region. On Malta property prices went down by only 0.6% in the 12 months ending March 2013. During the first quarter of 2013, prices even went up by 1.54% - a strong sign that the Maltese property market may be on the road to recovery and a result which inves-tors will want to see maintained when figures to the end March 2014 become available.

Prior to the global financial crisis in 2008, during the seven year period 2000 to 2007, the country’s property market registered a 78.9% increase in its overall house price index, felt especially by owners of terraced homes which logged a stupendous 105.3% hike, followed by apartments (83.3%), maisonettes (81.4%) and town houses and villas (71.9%).

However, after 2008, overall house price index declined 4.3% and residen-tial construction is still depressed, with the number of new permits granted plummeting 17.3% in 2012.Only 958 permits issued, the lowest level since 2003.

Given the slowdown and bottoming prices, now may be a good time to invest in Mal-tese property and secure both a potentially lucrative return on investment and a valuable resident’s visa.

Global Property Guide recommends that foreigners check out properties on the Valletta Waterfront and Tigne Point where large-scale construction and renovation projects a revital-ising property market.

The Valletta Waterfront is a baroque wharf in Floriana, built in the 18th century and thor-oughly renovated by a private consortium now running the Waterfront. It features bars, retail outlets and restaurants, which serve as venues for concerts and events such as the Malta Jazz Festival, the Fireworks Festival and the Perfect Wedding Fair.

Along with the commercial district, the Wa-terfront has centuries-old warehouses wheresailors moored their ships. It is also a transporthub with water taxis, boat tours on traditional Maltese dghajsa, sea-plane tours and cruise liners.

Tigne Point has Malta’s largest retail centre with an international-standard shopping cen-tre complex, offering 17,000 square metres of retail floor space with a wide variety of goodssold from milk to clothes, jewellery and devic-es. Anchor store is Debenhams departmentstore, while the centre has 55 other shops. PL

MagnificentThe attractions of Malta are more than a normal package tourism end destination in the middle of the Mediterranean.Malta’s history can be traced back into the fourth century BC and today it boasts some of the most intriguing architecture and cuisine in the Mediterranean region. Those fascinated by the history of the British Empire and Malta’s part in WWII will also find much of interest on the island.


Investors can also find modern luxurious apartments, SOHO options and modern office buildings, as well as fully serviced

apartments. Interestingly Tigne Point has a rich historical background, it was where the Turkish privateer and Ottoman Admiral Dragut ar-Rais placed cannons during the Great Siege of 1565 to capture Fort St. Elmo from the Knights of Malta. Besides these two locations, there are a wide variety of properties listed in the area, ranging from undeveloped land to apartments, bungalows and penthouses.

A scan through the various properties listed in the website yielded different choices for prospective homebuyers.

The 2- and 3-bedroom apartments and maisonettes in Xaghra (on Gozo, an island in the Maletese archipelago) range in price from €100, 000 (USD $137,060) up to €205,000 (USD $280,970).

Bungalows are priced from €570,000 (USD $781,240) in Pembroke all the way to €2.4 million (USD $3.3 million) in popular village Bahar ic-Caghaq.As far as upper end condo units is concerned, the lowest priced penthouse unit was on the market for €106,000 (USD $145,280) for a 1-bedroom penthouse in Mgarr, while the most expensive is a luxury studio penthouse unit in Sliema costing €4.497 million (USD $6.16 million).

However, while there are a substantial number of lower-priced homes in Malta, prospective buyers should be reminded that the minimum amount to gain an HNWIR visa is €275,000.With that benchmark in mind, investors should be looking carefully at their options in terms of their desired lifestyle and investment requirements. PL

Balluta Bay is a bay on the northeast coast of Malta within St. Julian’s. Visitors and prop-erty owners enjoy the clear waters and the triangular piazza surrounded by cafés. Even if the foreign property buyer cannot afford an apartment in the signature art nouveau Balluta Buildings there is still value to be had in the town.

Marina property remains extremely popular amongst foreign property investors on Malta. The properties have held their value well, even in the face of the ongoing depression of the Maltese market. It is anticipated that these properties will be amongst the first to recover value in the medium to long term.

Valletta boasts some of the most exclusive residential areas on Malta. Many luxurious developments come with hefty price tags, but they remain extremely popular with foreign investors from Europe.

Property owners in Mgarr are usually looking for a place to get away from the frenetic activity of major cities. With plenty of stock apartments remain extremely popular investment choices.

Start your application today for your membership by completing this form or visiting our members website at

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about investments?

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Property buyers wishing to take advantage of the Maltese incentives for property investment has been provided with even more reason to evaluate property purchase in the island nation. The reformulation of the rules governing investment by high net worth individuals is a welcome step for those wishing to obtain permanent residency. There are however regional differences to the Maltese visa offering as it stands today. The requirements for investment are less stringent and the tax burden on the inves-tor has been reduced. Under the new terms of the scheme, the purchaser / taxpayer must purchase immovable property worth at least €275,000 (USD $365,000) in Malta or €220,000 (USD $303,500) in Gozo or the south of Malta, where property prices are

generally lower. Alternatively, the indi-vidual may rent property for no less than €9,600 (USD $13,200) in Malta, or €8,750 (USD $12,000) in south Malta or Gozo (down from €20,000 / USD $27,500).In June 2013 Malta’s Parliamentary Sec-retary for Competitiveness and Economic Growth, Edward Zammit Lewis said that the Global Residence Programme would boost the housing market, generate additional revenues for Malta, and provide a boost to the financial services, leisure and hospital-ity industries.Zammit Lewis said: “The Government will support this scheme with all the necessary infrastructure to operate and work well. We will see that the procedures that operate this program are not bureaucratic and create the least possible disruption to ap-

plicants who want to invest and pay taxes in our country.” The Malta government has been quick to follow up the promise of support for the new legislation with concrete action, kick-ing off an international marketing cam-paign “to rebuild the country’s reputation” according to Zammit Lewis. Malta felt the impact of the global fi-nancial crisis keenly, leading to a drop in property values and the current situation of over supply of residential property as Maltese and other investors divested themselves of property assets. When questioned as to what type of mar-kets the government would target, Zammit Lewis responded that the marketing cam-paign will target previously unexplored markets such as South Africa and China. PL

For those investors who would like to take advantage of a Mediterranean climate and a unique culture sculpted by centuries of influence by diverse empires, as well as internationally acclaimed cuisine, Malta is simply one of

the best investment choices in the region. The recent slow-down in the granting of property development licenses and the lowest prices in around a decade mean that now might be the right time to invest in property on the island nation. Perhaps one of the most interesting aspects of property investment for residency in Malta is the rental option. For those evaluating economic investment on the island the following snapshot will be of interest:Standard of Living

• Education. Compulsory through age 16, offered by the state, church and private sector. Highest post-secondary institu-tion is the University of Malta which has been running since 1592.

• Healthcare. Ranked by the World Health Organisation as the 5th best in the world. Healthcare services are free for all Maltese.

• Weather. The average annual temperatures are 23°C during the day and 16°C at night.

• Leisure. A wide range of choices for entertainment, from Manoel – the national theatre which is the main venue for drama, concerts, opera, ballet and the Christmas pantomime – to the Casino di Venezia and various bars, pubs and night spots for the night owls.

• Culture. Besides the religious festivals, cultural events include the Notte Blanca of Valletta in September and the mid-autumn Mediterranea of Gozo, featuring music concerts,

walks and talks in ancient and historic places, field trips, culinery events and art exhibitions.

• Language. English and Maltese are the official languages. Maltese is a Semitic language made up of words rooted in Italian and Sicilian and some English.

• Sights. When in Malta, don’t miss the visit Valletta, a Unesco world heritage site and Mdina which is untouched by modern developments. The island’s various beaches are also worth a morning or afternoon.

• Safety and Security. Malta conforms to eurozone standards in terms of safety and security. On its official website The UK government pointed out that about 450,000 British tourists visit Malta yearly, and most visits are trouble-free. Moreover, it has a low threat of terrorism. PL

Mal

ta •

•

Мал

ьта

Why Buy inMalta?


Republic of Malta

Valletta

English, Maltese

316 sq. km.

452,515

Mediterranean

CET (UTC+1) Summer (DST) CEST (UTC+2)

+356

USD $8.689 billion

USD $20,852

0.847

Official Name:

Capital City:

Language(s):

Total Area:

Population:

Region:

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GDP (2012):

GDP per capita:




IrelandInvesting onthe Emerald Isle

Tourists flock to Ireland to take in rugged coastlines, quaint historical towns and a pint of ‘the black stuff’ (Guinness Stout- for those who

have not had the pleasure of enjoying it). But contemporary Ireland is no Leprechaun themed park. Knowledge-based world brands place their headquarters here, at-tracted by the business-friendly tax regime (corporate tax is as low as 12,5 %), the English-speaking workforce, and the fact that Dublin is a very pleasant place to live. Ireland’s visa scheme, the Immigrant Inves-tor Programme, is another enticement to foreign high-net-worth-investors. A number of investment options are available, and property features in two of them.

The first option requires a total invest-ment of €950,000 (USD $1.31m). €450,000 (USD $621,000) may be devoted to Irish residential property intended for the appli-cant’s own use; the rest should bevested in Immigrant Investor Bonds.An alternative is to invest €1,000,000 (USD $1,38m) in property of proven social or economic benefit to Ireland, or in an asset required as part of comprehensive business

plan.Successful applicants and their families can expect multi-entry visas and Irish residence permits for up to five years, after which they may apply for long-term resi-dence. A character statement is necessary to apply and funds used for the purchase must not be borrowed. Investors are required to visit the country every twelve months. Further application for citizenship follows the same route as for all other non-Irish applicants.

Considering just how the recent property crash affected an economy known as the ‘Celtic Tiger’ for many years, it is only fair to ask if the investments encouraged by the programme are sound. The boom and bust saga of Irish property still features in the pub craic (an Irish speciality and extremely difficult to translate - fun, spirited discus-sion and laughter are encapsulated in the term) and will burden the Irish investment landscape for a long time to come.

Between 1997 and 2007, house prices soared stratospherically, with used home sale prices increasing by an average of

268%. The runaway property prices came to Earth with an almighty bang. Today the Central Statistics Office in Ireland states that the current price index for residential property is 46,4 % lower than at its peak during 2007. But since the beginning of 2013, prices have risen. For the 12 months to December 2013 property was up an average of 6,4% across Ireland, with Dublin racing ahead at around 15%.

Ireland’s visa scheme has pulled no crowds; the number of visas issued since the programme’s start in 2012 is still in the double digits. And some disadvantages to Ireland’s offer are apparent, even to the casual observer. Ireland is not a Schengen visa country, so applicants accepted to the scheme will still require visas for travel to Schengen countries in the EU. And there is no guarantee of citizenship after the five years of residence. Buyers may find it an additional drawback that the programme does not accept investment for rental income. Investors interested in Irish visas should monitor changes to the programme, since the government has declared its intention to make it more attractive. PL


Harbour View, Kilbrittain, Cork • Price per sq ft: €163• Rooms: 5 bedrooms• Amenities: Panoramic views of harbour lighthouse and minutes

walk from beaches. Geothermal underfloor heating and solar panels.

A modern West Cork family home, set in a prime location facing sea and sun.

€650,000 (USD $899k)

Renvyl House Hotel Lodge, Co. Galway

• Price per sq ft: €222• Rooms: 4 bedrooms• Amenities: Sea views and nearby golf course. Access to hotel

facilities.

The lodges comprise of 2 double rooms, 1 twin room and 1 single room, two bathrooms, a sitting room and kitchen. Under floor cen-tral heating, double glazed windows and an open fireplace.

€275,000 (USD $380k)

DublinWith over a million at home in the urban area, Ireland’s capital is also its largest city.The demographics skew towards youth and the city ismore ethnically diverse than other parts of the country, and as global companies in finance, information andpharmaceutics have headquarters in Dub-lin this is definitely the place for business.Top universities like Trinity College supply local talent, but a large part of the workforce is internationally recruited. Dublin cherishes its literary heritage and everything from the quality of the street busking to the Dublin theatres illustrate this city’s particular relationship with the arts.

The city has more greenery than other European capitals, and most things can bereached on foot in this small metropolis, but residents of the developments thatmushroomed in the city’s outskirts during the boom years must drive, take the bus orone of the efficient commuter trains that connect the capital with its suburbs. Innercity townhouses with old world charm might be preferable, but here the limited supply keep prices out of reach for average income Dubliner.

A third of Irish property transactions in

2013 took place in Dublin. ClassicGeorgian, Victorian or Edwardian town-houses provide particularly stylish settings for life in Dublin’s city centre, and the capital boasts leafy south suburbs and attractive seaside villages close to town. But supply is scarce and competition for properties is tough.

Prices are rising at a pace that some fear may foreshadow a new property bubble.But average asking prices are still only half of what they were at the 2007 peak; Irishproperty site Daft.ie and Globalproperty.com report a property price average of€195,777 (USD $271,000) as average for Dublin’s City Centre, and €370,750 (USD$514,000) for the capital’s South County. Dublin City Centre is also the place forinvestment in property for rentals, since yields here can be as high as 8% or more.Note however, that only property intend-ed for the personal use of the investor is eligible under the Immigrant Investor Programme - so rental, at least initially is not an option.

Rural IrelandCork, in the south is a more intimate urban alternative to Dublin, and also the hub nearest to the rural attractions of West Cork and Kerry. Prices are lower and the

landscape wilder in the far northwest. The property supply in the Irish countryside caters for different tastes and budgets. Listings sport a fair number of extraordi-nary historical castles and residences and exquisite whitewashed period farmhouses.

At the lower end of the spectrum, plain but practical bungalows can be purchased at more reasonable prices.

While Dublin’s market speeds ahead, much of the country’s property market is just emerging from a decline or still sink-ing. After the crash, prices fell in the coun-tryside just as they did as much as they did in Dublin, and it appears that recovery will be slower outside of the metropolis. But asking prices are also lower outside the capital, averaging about €155,000 (USD $215,000) in Co. Cork and €130,000 (USD $180,000) in County Galway, and the charms of the countryside exert a strong pull on many of those who choose to relocate to Ireland. West Cork and its scenic Sheep’s Head Peninsula are popular with foreign buyers, most of them American or European. Galway has a more rugged charm and lower prices, and this relatively isolated county appears to have a particu-lar attraction for continental Europeans, enamoured with its rustic charm. PL

Regions attracting interestWith prices rising from rock bottom and the number of sales increasing, Irish property is worth con-sidering. Investors should note however that the Dublin market differs significantly from that of the smaller towns and the countryside, where business can at best can be described as sluggish. This divide between city and country effects most aspects of life. There are more options for business, work and study in Dublin than they are in Ireland’s rural towns. But for many who opt to relocate Ireland’s particular allure is the fresh sea air and the slower pace of life in the more intimate communities of villages and small towns. In both Dublin and the rest of the country, the number of property trans-actions are still relatively small compared to the total stock. But there is nevertheless a wealth of unique Irish properties out there, both for city and rural lifestyle investors.


Why Buy inIreland?

Ireland’s Immigrant Investor Visa requires a minimum in-vestment of €950,000 (USD $1.310m), with €450,000 (USD $621,000) to spend on residential property for the use of the applicant. Actual residence in Ireland is not compulsory, but

the holders and their families can expect to receive residential permits for five years, during which time they are free to work, run a business or study.

Recently changes to the scheme involve the attractive pos-sibility of recognising university fees paid for educating family members as part of the total investment. It should be noted that since Ireland is not a member of the Schengen group of coun-tries, the Immigrant Investor Visa does not grant rights to travel or residence in the rest of the EU.

• Educational opportunities. Primary and secondary education for Irish and EU citizens is free, except for service charges. The number of Irish adults with the equivalent of a high-school diploma is 73%, near the OECD average.

• Infrastructure. Dublin international airport was recently upgraded with a brand new state of the art terminal. Rail services are generally efficient but most personal transport depends on cars. Existing motorways are well maintained, but other roads are often inadequate during peak demand periods.

• Healthcare. All residents have the benefit of public health care supplied by highly trained medical professionals. The 2012 European Health Consumer Index ranked Irish health-care as number 13 out of 34 participating countries.

• Climate. Ireland’s climate is mild and temperate, rarely exceeding 26 °C in summertime or −5 °C in the winter. Rain keeps this island green, with brief showers expected year round.

• Leisure. ‘The local’, where you meet and greet and have a pint is still a favourite for Irish social interaction. Irish football and hurling are amateur sports with a huge following, but soccer and rugby are also very popular.

• Culture. Ireland punches far above its weight in the world of arts and letters and nurtures world-class musical talent, both popular and traditional.

• Language. English is the dominant language. Irish has official status, is widely spoken in the Gaeltacht areas in the west and also featured on public TV and radio.

• Scenery. With a rugged coastline, rolling hills and emerald green pastures, there is something pleasing to the eye in most parts of Ireland.

• Safety and Security. Assault and homicide is less common in Ireland than in the OECD at large. Ireland also earns healthy scores in the international rankings of civil liberties and freedom of the press. PL

Èire, Republic of Ireland

Dublin

Irish, English

70,273 km2

4,600,000

Europe

WET (UTC+0)

+353

$210.4bn

$43,300

0,916

Official Name:

Capital City:

Language(s):

Total Area:

Population:

Region:

Time Zones:

Dialing Code:

GDP (2012):

GDP per capita (2011):



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Serious About

CyprusBy Biörn Tjällén

Golden beaches and crystal clear waters pull close to 2,5 million visitors annually to the Mediterranean paradise of Cyprus. It is a fair guess that, once or twice during their trip, some of these holiday-makers consider cancelling their return tickets and staying.

At least 24,000 Britons have in fact made the move, followed by Russians and more recently, Chinese. Most who relocate here probably come for the climate and lifestyle. However, with Europe’s lowest corporate tax (10%), Cyprus also provides in centives for business.

But sunshine, Mediterranean food and a busi-ness-friendly tax regime cannot conceal the fact that there is trouble in this paradise. Cyprus continues to suffer in the wake of the 2012 financial crisis that exposed endemic problems with the country’s banks and overleveraged property companies. Cyprus is still in recession, but the country currently performs better than predicted in the face of gloomy forecasts. Recent finds of offshore natural gas might also give the island a much-needed boost.

Independent of these developments, the attractive features that always have charmed visitors to this island remain.

The Cyprus Residence Programme is engineered to bring capital into the country and buoy a stressed property market. The requirements for the scheme are reasonable and suited to investors who consider the possibilities of a Mediterranean second home.

Applicants are required to invest €300,000 (USD $414,000) in residential property intended for their own use (some allowances are also made for long-term rental). Investors are expected to deposit €30,000 (USD $41,300) in a Cyprus bank. Additional requirements are clean criminal records and a secure annual income of €30,000 (USD $41,300). This sum is considered sufficient for the needs of applicant and spouse, but for each dependent child an additional €5000 (USD $6,900) is required. Successful applicants are grant-ed indefinite residence and may own businesses, but cannot work in the country. Holders of the permit must visit Cyprus at least once every two years. Since 2013 requirements specify that the property investments must be in new developments and not resale proper-ties.

When Cyprus gained independence in 1960, it had been under British administration since 1878, and English is still widely spoken on the Island. Tensions between the nation’s Greek and Turkish ethnicities spiralled post independence, and since the Turkish in-vasion of 1974, Cyprus is partitioned in a Greek-Cypriot southern part and a Turk-Cypriot northern part, recog-nised only by Turkey. The problem still awaits a political


Cypr

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Κύπ

ρος

• •

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solution, but popular attitudes seem to be changing, and projects involving par-ticipants from both sides of the border signal that the grassroots members of the communities are ready to move on.

Cyprus’s financial crisis and reputation for complex bureaucracy suggests that foreign investors should proceed with caution, due diligence and the advice of independent professionals are both absolutely essential when purchasing property in Cyprus.

While the investment requirements for the Residence Programme are afforda-ble and suited to those who intend to move to Cyprus – basically covering the price of their new home – some appli-cants may be put off by the fact that the scheme does not allow them to work on the island.

Also note that while Cyprus expects to soon put its Schengen membership into effect, the residence permit does not yet allow visa free travel within the rest of the Schengen countries in the EU.

Investment RegionsDevelopment of residential property, mostly geared to meet the demand of sun-seeking visitors has for a long time characterised Cyprus’s property market. Buyers are understandably cautious after prices tumbled during the financial crisis, but investment costs have also come down significantly due to the global re-cession and the market is therefore well worth looking into, not least since the numbers of tourists continue to increase making it almost inevitable that the rental sector will benefit in the long run.

The discovery of natural gas in Cyprus’s offshore Aphrodite area might also have long-term positive effects, as foreign professionals arrive to work on Cyprus based on the discovery. Nicosia - the centre of Cypriot professional life and finance, is another option for those

who relocate for business. Coastal towns like Paphos or Limassol with smaller developments, are better suited to those who have come to Cyprus for leisure. In-vestors with a serious interest in Cyprus should monitor developments that affect the Turk-Cypriot north, where political changes might open untapped potential.

NicosiaCyprus’s capital is also its most popu-lous city, with over 300,000 residents in the urban centre. Nicosia is set against the beautiful backdrop of the Kyrenia Mountains, and offers an appealing mix of historical charm and modern, urban sophistication. The towns on the coast may be more important for tourism, but this is undoubtedly the beating heart of Cyprus’s economy.

International business set up their Cypriot headquarters here, and Nicosia is one of the wealthier places in the East-ern Mediterranean. The historical centre is encircled by star-shaped fortifications built to ward off the Ottoman threat to the city.

Unfortunately, a more modern divide can also be seen here, separating the Turk Cypriot enclave from the rest of the city. But currently the tense standoff is calming, and there is hope that the city will not stay divided for long. Most residential property is found outside of the historical centre, but a lucky few might find pe-riod houses of great charm with elegant courtyards set within the old walls.

An alternative for those who prefer the cooler air of

the mountains is to travel out of town and look for property in hilltop villages like Platres, where the scent of pine and orchards is a welcome break from urban life.

PaphosNumerous ancient and romantic land-marks, such as a medieval harbour and Roman remains put Pathos on UNESCO’s World Culture Heritage List and the town enjoys a steady stream of visi-tors. Paphos is also the capital of the wider district of the same name, which contains traditional villages and appears to epitomise everything associated with a life of leisure on the shores ofthe Mediterranean.

Tourism is naturally important, and huge investments have been made in infrastructure (Paphos has its own inter-national airport) and also in residential developments to meet the demands of visitors. Property can be purchased in many of these developments - near the sea on Coral Beach or closer to the golf course in the Aphrodite hills. PL

Why Buy inCyprus?

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рCyprus’s Residence Programme is affordable, requiring a modest €300,000 (USD $413,800) investment in residen-tial property for personal use and a one time €30,000 (USD $41,380) deposit in a Cyprus Bank. An annual yearly

income of €30,000 (USD $41,380) is also required. Permit holders are granted an indefinite residential permit, but

must visit the country every second year, a feasible alternative in view of the possibility within the scheme to let the property for long-term rent. Since successful applicants are not allowed to work in the country, the scheme might be best suited to retirees. Cyprus has still not implemented its membership in the Schen-gen group of countries. Until then, third country nationals must still apply for visas to travel to other parts of the EU.

When adjusted for inflation, nationwide house prices dropped by 6.9%. On a quarterly basis, house prices in Cyprus fell by 1.1% (-2.2% inflation-adjusted) in the latest quarter for which statistics are available, Q4 2012. This is the fifth year of house price declines in Cyprus. Rental income in Cyprus is not high at the moment, the economy continues to contract and a sharp turnaround is not expected anytime soon. For buyers in search of a lifestyle investment Cyprus offers a great deal, however those in search of medium term return on investment may have to be patient.

• Educational opportunities. Public spending on primary and secondary education is high. For university education, Cypriots often go abroad.

• Infrastructure. Larnaca has Cyprus’s main international airport, fitted with a new terminal in 2009. Motorways connect the country ’s largest cities.

• Healthcare. Cyprus’s government hospitals and other health providers are of a high standard and generally inexpensive and free of charge for the elderly. There are also a number of private hospitals throughout Cyprus

• Climate. Mediterranean and semi-arid, with hot summers but also possibility of snowfall (and skiing) in the highest moun-tains.

• Leisure. Cyprus’s climate is conducive to outdoor activities either by the sea in the mountains. Eating out is another favourite pastime and Cypriot’s know how to get the best out of their fresh produce.

• Culture. Greek and Turk Cypriots share some traditions and foods but are culturally distinct.

• Language. Greek and Turkish are official languages in Cyprus, but both are distinct from their mainland varieties. English is commonly spoken and features on many signs.

• Scenery. Golden beaches, picturesque historical towns and snow capped winter mountains - it is hard to grow tired of the scenery in Cyprus.

• Safety and Security. The crime rate is relatively low in Cyprus, though petty theft is not uncommon in tourist areas. PL

Republic of Cyprus

Nicosia

Greek, Turkish

9251 km2

1,117,000

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Nestled at the heart of the Balkan Peninsula is Europe’s best-kept secret, Bulgaria, which not too long ago was an unfamil-iar name to uninitiated globetrotters who were

not privy to the secret treasures of this fascinating and largely untouched country. But by 2013, this little European paradise was increasingly showing up on the mass tourism radar. The attentions of the travel media resulted to the influx of 1.3 million tourists and adventure seekers arriving from all parts of the globe during the summer season.

Although never as popular as the Greek Isles or Spanish Costa’s, Bulgaria does have a very loyal following. It is one of the Old World’s most prized possessions in terms of sheer natural beauty, historical wealth and a unique heritage. For a small state it punches way above its weight class in terms of the potential for aggressively growing tourist numbers.

Whether you want to go for a drive through the heart of the Balkan ranges, take a walk around the picturesque seaside town of Obzor or the UNESCO-protected ancient town of Nessebar, explore Veliko

Tarnovo, the old Tsarist capital, get a tan on the famed golden shores or indulge in some great ski action and off piste party-ing at Pamporovo and Bankso (which are noted for their first-class ski slopes), Bul-garia has something for both the leisure traveller and the property investor alike.

For the gourmet, Bulgaria is a treat, with its simple, varied and delicious cuisine. The food on offer reflects the country’s rich and well preserved cultural heritage. Influenced by the many different civilisations that have either passed through or attempted to rule the country, the Bulgarian cuisine has become an eclectic mix of local and foreign influences, offering an incompara-ble taste filled with unique flavours and proving an exceptionally varied eating experience.

Bulgaria’s ability to charm while at the same time offering great value for money has enabled the country to elevate its status as one of the most desirable tourist destinations in the eurozone, satisfying le-gions of foreign travellers but also attract-ing the interest of real estate investors in search of investment property that would provide rental income, as well as a base for leisure activities. And as the country opens its border further following its accession

to the European Union, property investors are today provided with extra motivation in the form of the Bulgarian Immigrant In-vestor Programme. This programme allows investors to obtain a renewable residen-cy visa and eventual second citizenship through property investment.

Under the programme, investors are eligible to apply for permanent residen-tial status for five years if they purchase a Bulgarian property worth BGN 600,000 (USD $418,994) or make an investment of at least BGN 500,000 (USD $349,162) that leads to job creation. After which, they can then apply for Bulgarian citizenship which once approved, entitles them to a num-ber of benefits such as quality education, accessible healthcare and other privileg-es granted to a resident of EU member country.

Property investors are charmed by the investment potential of a country boasting growing tourist numbers and a market recovery as characterised by increases in property prices, sales and approved mort-gage loans. Investors will also be glad to know that popular properties such as ski holiday apartments, traditional country-side villa and beachfront development are available at bargain prices. PL

BulgariaEurope’s hidden gem

By Jonalyn Fulo Fortuno

Despite being hit hard by the global recession, the Bulgarian market is on the cusp of recovery, thanks to an increasingly active local market, stabilising prices, record-low interest rates and continued interest from overseas buyers, particularly Russians and Britons.

Another indication of an impending recovery is the positive outlook from property experts, as well as a renewed optimism from individual property owners. In the opinion of many pundits 2014 will see the Bulgarian market maintain its momentum with increasing sales of residential and holiday properties leading to the growth of new residential projects in prime locations. As the Bulgarian economic outlook strengthens and the property market enters a new stage of development, investors should consider looking into both cities, as well as some of the opportunties that exist along the coastline of the country, where property prices still allow for the astute investors to pick up bargains. PL

Propertyhotspots

SofiaBulgaria’s largest city is also noted for a youthful attitude and a lively vibe. True to its motto “Ever growing, never aging,” the property market in Sofia remains dynamic and in rude health, showing a 10% annualincrease in transaction volumes during 2013. But what makes Sofia an attractive property destination is its value for money property prices which average by about USD $1,028 per square metre.

Property investors often opt to buy apartments in Sofia’s gated communities—with one-bedroom units being the most popular. This form of property has several advantages for international investors who may not be familiar with the city, such as enhanced security, quality of construction, built in amenities, large green areas, professional maintenance and above all a track record of price appreciation. Average price of apartments sold in 2013 stood at USD$1,007/square metre.

Sunny BeachArguably the most popular seaside beach resort on the country’s Black Sea

Coast. Sunny Beach is also the liveliest thanks to the casinos, restaurants, bars and thriving nightclubs that keep tourists partying till the wee of hours.

But that’s not all there is in this modern, purpose-built resort; its property market has also been attracting strong interest.

Beach resorts are currently the most active segment of the Bulgarian property market and Sunny Beach epitomises both the attractions of this

type of property and its potential Return on Investment. With property prices averaging USD $781 per square metre, sales volume reportedly bulked up

by 20% in the third quarter of 2013 due to exceptionally strong demand for coastal properties, particularly holiday apartments and villas. However, the

most popular choice for investors remained the one-bedroom apartment because of its strong rental yield potential. Average price of apartments

in the year was USD $46,194, with buyers mainly coming from Russia and former Soviet republics, including Ukraine, Belarus and Moldova.

BanskoAs the country’s top mountain resort destination, it’s hardly surprising that Bansko has not entirely lost its appeal even after feeling the chill of the global housing crash. Although property prices posted a 6% year-on-year drop in 2013 to USD $514 per square metre, sales volume did not reflect a similar drop as more properties were reportedly purchased last summer. The destination is predicted to draw more interest from both local and foreign buyers as its ski properties have gotten more affordable.According to Bansko-based international property service agency Sun Homes BG Ltd, among the benefits that buyers enjoy include:

• An established ski & summer resort.• Prices are currently low and there is potential for capital growth.• Minimum risk –the development has been completed.



Why Buy inBulgaria?

To give a boost to slumping foreign investment and lackadaisical business investment, Bulgaria stepped up a visa programme which grants immediate citizenship to foreigners who make a substantial contribution to

the country’s growth. Under the ruling, investors are required to either make an investment of at least BGN 500,000 (USD $ 351,518) that generates 10 jobs or purchase a property worth BGN 600,000 (USD$ 421,822). Once the transaction is ap-proved they are able to apply for permanent residence, which can eventually lead to Bulgarian citizenship.Quick facts about Bulgaria:

• Bulgaria offers a temperate climate with dry and hot sum-mer, mild springs and damp winters, often with heavy snow. Its average yearly temperature is 14.7 °C.

• The country won’t disappoint in terms of entertainment. Investors will be able to enjoy a long list of options such as rock music venues, opera and classical music concerts, nightclubs, bars, cinemas and theaters.

• Given that Bulgaria is noted for its rich and colorful herit-age, it is only to be expected that this heritage would be celebrated. Bulgaria hosts numerous festivals accompanied by folk music, dancing and costumed finery.

• As most signage in Bulgaria is written in Cyrillic alphabet, foreigners often find it hard to get around the country. Nevertheless, younger Bulgarians can usually understand English as it forms part in the Bulgarian educational sylla-bus; Requests for help are very rarely ignored.

• Although a relatively small territory, Bulgaria has a surpris-ing collection of natural and historical attractions. Among the must see include Rila National Park, Sofia, Shiroka Laka and Melnik,

• Also worth some time are Belogradchik, Varna Tsarevets and

Nessebar which is commonly known as Pearl of the Black Sea.

Safety and Security: Bulgaria is today a much safer destina-tion for tourists and business travelers due to the fact that it has recently joined the European Union which has led to the improvement of the country’s security environment.Cost of Living: 2009 estimate from National Statistical Insti-tute showed that average income per household stands at BGN 789.28 (USD $552) per month and BGN 321.421(USD $225) per person. The average household spending is BGN 732.52 (USD $513) per month, with food and beverages accounting for the largest share.Education System: State and public schools in Bulgaria offer free education. School attendance is compulsory for children aged between 7 and 16. The Ministry of Education and Science closely monitors all grades to ensure that students are with an internationally acceptable education.Health and Environment: The National Health Insurance Fund provides the healthcare coverage in Bulgaria through compul-sory health insurance. A variety of private medical care givers operate in the country. All residents are mandated to contrib-ute to the national health fund in order to obtain a National Health Insurance card, which entitles them to insurance coverage.Contentment: A recent survey from Gallup International re-vealed that 90% of Bulgarians are pretty much satisfied with their lot in life. They feel satisfied about their standard of living and their children’s futures. Thanks to recent EU membership, the citizens have also become more positive and optimistic about their own and Bulgaria’s future. PL

Veliko Tarnova, a city in north central Bulgaria is not just a popular destina-tion for tourists seeking to experience

a romantic and quiethideaway, but is also for buyers who

are actively searching for lucrative property returns. For USD $777,591

investors can expect a luxury four-bed-room home complete with landscaped

garden and swimming pool.

To make the most of Bulgaria’s premier summer holiday destination, buyers could take the opportunity to pur-chase properties in Varna, a delightful seaside town. A two-bedroom beach-front property at Varna South Bay Beach Residence - a five star luxury development equipped with indoor and outdoor swimming pools, a fitness center, spa-pool, shopping areas and restaurants costs USD $291,943.

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Takes FlightTurkey

New rules governing property ownership in Turkey which were promulgated during 2013 have made the country increasingly attractive to foreign buyers and

many analysts expect that the property market will continue to grow during 2014. The streamlining of the process of issuing approval for title deeds is only one of the changes that are attracting more foreign buyers to the shores of Turkey.

The revision grants foreign nationals a year-long residency permit when they buy property in Turkey. This residency can be extended indefinitely if the individual remains in the possession of the proper-ty acquired in Turkey. Foreign nationals were previously allowed to stay for 90 days without a residency permit. The rules

governing those holding work permits have also changed signif-

icantly. Now foreigners who obtain a work permit in Turkey will be granted a residence permit automatically.

Turkey’s property market is benefiting from these changes. The latest moves by the Turkish government have encouraged buyers outside of Europe to enter the market. A new wave of property investors includes Middle Eastern, Russian and Chinese buyers entering the market in significant numbers.

Property values are also on the in-

crease, seeing a 14.18% rise year-on-year to third quarter 2013. Russians were the largest group of property buyers in Turkey, purchasing 2,313 properties in the last 12 months. A total of 14,599 foreigners from different countries have bought 13,495 properties across Turkey since the changes to the rules governing property ownership came into effect according to data from the Turkish Environment and Urban Plan-ning Ministry. Buyers from Britain, Germany, Norway, Sweden, Belgium, and the Nether-

lands have also been investing in Turkey. The southern province of Mersin was the most favorable destination during 2013.

The country has also been praised in a number of industry reports and analysis. The Emerging Trends in Real Estate Europe 2013 report by PricewaterhouseCoopers (PwC) and the Urban Land Institute (ULI), points to Istanbul’s potential for new investments in developments, ranking the city first in ‘Development Prospects’. Another recent report, “The “European Real Estate Assets Investment Trend Indicator 2013” from the consultancy company Ernst & Young, ranked Turkey the second most attractive market in Europe for real estate investors.

Turkey is ranked sixth in the world in

the latest Global House Price Index for the third quarter of 2013, according to international property consultancy Knight Frank. The report shows that house prices in Turkey increased 12.5% in the 2 months predating that report, proving the country’s vibrant performance in real estate in 2013. Istanbul led the property market in Turkey during 2013, where demand for new-build residential properties is growing, from the country’s young population and global investors. PL

“Turkey’s property market is benefiting from these changes that have encouraged buyers outside of Europe to enter the market.“

exploits from great civilizations including Greek, Roman, Byzatine and Ottoman and you have a treat for those in search of both sun and a smidgeon of cerebral exercise. Warm winters especially at the Antalya end of the vast coastline are also an attraction for those from more wintry climes. The low cost of living is making Turkey a very at-tractive destination for those wishing to stretch the value of their Euro or British pounds. It’s also getting easier to find a direct flight from the UK in the off-season (including new winter flights to Bodrum, for example).

Indeed the number of flights has increased rapidly, with Monarch joining BA, EasyJet, Jet2, Turkish and Pegasus Airlines, as well as all the many charter operators making Turkey an easy destination to reach. PL

Twin town attractionsDidim and Altinkum are experiencing enormous growth. In the last decade the area has changed from a small backwater resort with basic amenities to a large cosmopolitan town.

The resale market shows properties retaining value, particu-larly among Turk ish buyers who are taking advantage of local mortgage rates.

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Regions to focus on: Leisure options:Plans for new marinas and a golf course are underway, increasing the attractive-ness of Dalaman as a property invest-ment destination, especially for Europe-an investors. The areas natural beauty is also a great draw card.

CesmeWorking your way North the first property hotspot is the penin-sula of Cesme, featuring traditional seaside villages which see plenty of weekend visitors from Izmir, which is only 50km away.

Sturdy traditional houses with bright blue shutters give the villages a Greek feel. Buyers should be aware that prices are on the high side, around USD $170,000 for a new apartment, a third less for an older unit.

KusadasiFurther south and considerably cheaper is Kusadasi, with prices that are attractive to property investors no matter their country of orgin. Kusadasi is a port town of around 65,000 people and has a distinctly family friendly atmosphere.

The nearby Ephesus ruins make this a popular stop over destination for cruise liners. USD $50,000 will get you an apartment, while USD $200,000 will secure a scenic and spacious villa with your own private pool.

Didim and AltinkumTwo towns that have garnered a reputation for cheap and cheerful attractions aimed at the large numbers of British tourists that frequent the area. Although there are a wealth of archeological and historical sites to enjoy (including the ruins of an-cient Didyma) the seafront is characterised by bars and cafes aimed at lightening the wallets of British tourists.

However, move inland and the area soon regains its Turkish charm. Both towns offer extremely good value for money, but deals should be treated with caution – don’t skimp on legal advice.Marina and golf course properties can be had for less than USD $150,000.


Turkey’s low property prices, helped by being outside the Euro-zone and a lengthy, albeit underdeveloped (at least in certain are-as) coastline means that there is massive investment potential for overseas buyers. British and German investors have traditionally been the driving force behind foreign based property investment, however since the Turkish government relaxed the property own-ership rules in 2012 buyers from Russia and the Middle East have been flooding the market in areas such as Bodrum and Istanbul.

But Turkey has not fallen victim to the ‘cheap and cheerful’ development frenzy that has turned other parts of the Mediterra-nean coast into a vision of tourist purgatory.

The country’s great natural beauty, the friendliness of the locals and efficient service industry is attracting buyers from all over the world. Add a history on the popular south-west coast filled with


BodrumBodrum is a drawcard for the Turkish elite and many visitors will find the area the highlight of their trip. The area is changing fast with new 5 star resort developments beginning to spring up, names like the Kem-pinski and Aman Resorts have changed the traditional nature of Bodrum.

The Bodrum peninsula is around 40 kilometres in length and mixes upper class resorts and marinas such as Turkbuku andYalikavik with the more affordable Gumbet, and the lively town of Bodrum itself.

The airport nearby makes access easy, and the variety of prices goes from two-bedroom flats from USD $70,000 to villas overlooking the bay at Turkbuku costing anything from USD $1,5m upwards.

DalamanDalaman is the next major property investment area, followed by Fethiye a short distance away - a city and district that, with near by Calis, Ovacik and Hisaronu, has traditionally attracted British buyers.

Olu Deniz, one of the most photographed beaches in the world is found in the area. A short distance away from this national trea sure, studio apartments are available from USD $50,000 and good quality villas with private pools from around USD $230,000.

Kalkan and KasKalkan and Kas are some way down the coast. These are the haunt of old Turkish and new European money and have a more sedate style and pace than some of the other seaside destinations in Turkey. Investors tend to be older, wealthier, and looking for a more authentic Turkish experience . Apartments are more expensive than Fethiye (but still start at around USD $80,000) while villas can hit strato-spheric levels (at least for Turkey).

Hidden charmsKalkan’s exceptional natural beauty, the fact it is not as commercialized like Bod-rum and the town’s omission from the package tour itinerary (it’s too far from the local airport - around 90 minutes), as well as some great restaurant options make it a prime property investment destination.

SideProtected by mountains and a little further West, Side is cheaper than Kalkan, with ad-venture sports available inland and golf courses near the town.


The new softening of the rules governing property ownership in Turkey mean that the coun-try is more open than even before to property investors

who want to seek permanent residency in Turkey. The country is increasingly attractive to foreign buyers and many analysts expect that the property market will continue to grow during 2014. The more travelled parts of the country may be falling prey to the pressures caused by large tourists numbers and a constant barrage of cruise liners. For this reason Turkey can be in turn charming and claustrophobic. However, intentionally straying from the beaten path will lead

curious visitors to places that have been touched only lightly

by the tourist trade.. For those property

investors in search of a more tourist

orientated experi-ence Turkey has a large number of suitable prop-erties along its lengthy coast

which compliment those in the interior

Standard of Living According to The Organisation for Economic Cooperation and Development (OECD) Turkey has made considerable progress in improving the quality of lifeof its citizens over the last two dec-ades. However Turkey still ranks low in alarge number of topics relative to most other countries in the OECD’s Better Life Index.

Safety and SecurityTurkey is generally considered a safe destination and many expats relocate to Turkey without problems. Nevertheless, an ongoing risk of terrorism has raised concerns of safety in Turkey. Road safety is also a concern, and foreign nationals should take to the roads with caution.

Cost of livingExpats will find the cost of living in Tur-key more reasonable than in neighbour-ing European destinations. The country has yet to be admitted into the EU and those with foreign purchasing power can enjoy a good quality of life, even in the popular expat areas or in the coastal resort towns.

EducationMost private international schools are based in Ankara and Istanbul, with these schools covering various international education curricula. The Istanbul International Community School, which has two campuses in Istanbul, is the oldest and most recog-nised in the city. The British International School is also a popular choice with expats in Istanbul. There is also an InternationalFrench school and a German School in the older part of Istanbul.

HealthcareThe quality of healthcare in Turkey varies from region to region. Those considering investing in property for residency in Turkey will have access to healthcare that is generally cheaper than elsewhere in Europe, and there are many private and public hospitals across the country, most with easy reach of the major oberseas investment hot zones. Expats moving to one of the major urban centres in Turkey, such as Istanbul, Izmir or Antalya, as well as a few others, will have access to good quality private hospitals. PL

Why buy inTurkey?

Türkiye Cumhuriyeti Int’l long form: Republic of Turkey

Ankara

Turkish (official), Kurd-ish, and Arabic.

783,562 km²

75 million

southeastern Europe and southwestern Asia

UTC+2 Daylight Saving Time (DST) March - Oc-tober (UTC +3)

+90

USD $789.30 billion

USD $15,200

0.722

Official Name:

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Turkish New Lira (TRY)Currency:

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There are a limited number of options for foreigners wishing to invest in property as an entre to permanent residency

in Southeast Asia. One of the most widely lauded is the ‘Malaysia My Second Home’ programme offered by the Malaysian government.

Until recently Singapore was an option for foreign investors interested in permanent residency, however that option has been taken off the table by the Singapore authorities after a steady influx of wealthy foreigners contributed to a run-up in the city-state’s real-estate prices. The Singa-porean government discontinued the visa program last year to “reduce the upward pressure on local property prices from foreign investors,” accord-ing to a report from Pricewaterhouse-Coopers.

Until 2010 Hong Kong was still a viable option, but although obtain-ing residency through investment (a minimum investment of not less than HK$ 10 million, about USD $1.2 mil-lion) property is no longer one of the permitted investment classes.

The Malaysia My Second Home (MM2H) programme is popular due to the fact that it offers a significant-ly lower investment requirements than Hong King and the now defunct Singapore option. It offers non Malay-sians an attractive ten year renewable visa leveraging what the Malaysian authorities believe to be the unique selling points of the country; the low cost of living, a rapidly developing in-frastructure, friendly locals, attractive tourist destinations and a generally excellent quality of life.

Malaysia is one of the top three retirement destinations in the world and boasts an abundance of space, stunning natural scenery, excellent pricing and a rapidly developing infrastructure. It is a country of varied cultures and climates and its capital city Kuala Lumpur is second only to Singapore in regional economic clout. Its suburbs and streets are a combi-nation of opulent shopping districts, excellent restaurants, great cultural experiences and on a rainy day the or-ganisation and charm of an upturned anthill. This is a city that can entrance and frustrate during the course of a single afternoon. Other countries in the region such as Thailand and the Philippines offer property ownership, but due to national legislative vagar-ies are not yet in a position to offer foreign property investors a structured path to residency based on property investment. There has been talk that the situation may change in the medi-um term. PL

Asian Options

73 AD Hideaways copy.indd 73 2/5/14 10:36 AM


of MalaysiaMaking the Most

Malaysia’s‘My Second Home’initiative is being touted as a model for attracting foreign investment to coun-tries across South East Asia - and a core component is prop-erty investment

‘Malaysia My Second Home’ or MM2H as it is known is creating a stir amongst property investors looking for a home in the region. Already one of the top three retirement destinations in the world, the country seems to be making an all-out effort to leverage stunning natural scen-ery, highly competitive pricing, a rapidly developing infrastructure and a low cost of living to secure its place as a choice destination for those in search of landed property in South East Asia.

The MM2H programme offers non Ma-laysians an attractive ten year renewable visa and other privileges in return for their commitment to the country. The programme is primarily attracting people who wish to spend their retirement years in Malaysia or who want to make Malay-sia their home base for extended periods of time. More than 12,000 people have been approved so far, and the numbers are expected to grow exponentially as more property becomes available in sought after areas of the country. Ongo-ing development of regions such as Johor in Iskandar, which is only a 30 minute drive (barring rush hour congestion) across the causeway spanning the Johor Strait and Singapore is increasing the attractiveness of Malaysia.

Investors who are considering taking advantage of the enlightened attitude and largesse of the Malaysian govern-ment will be pleasantly surprised at the variety of landed properties for sale throughout the country. There are several hot spots for foreign investment in land-ed property throughout Malaysia.

Many of these desirable locations are clustered around Kuala Lumpur, Ma-laysia’s national capital. Kuala Lumpur is also the country’s primary cultural, business and financial centre. However, the lure of Malaysia’s lengthy coastline (a total 4,538 km), diverse cultures, varied scenery and vast offshore island archipel-ago possessions all sound siren calls for those who want to experience the many moods of the region.

Taking advantage of this growth comes with a caveat for foreign buyers; you’re going to have to spend a minimum of RM 1m (USD $303,000) on a property to en-ter the market. Given that the Malaysian Ringgit is trading at around 2.6 to the Singapore Dollar and that different bar-riers (including cost) to entry for foreign property ownership in the two countries exist, Malaysian property is worthy of serious consideration. PL


Kuala Lumpur/Klang ValleyThe capital city of Malaysia is often the destination of choice for expats. Kuala Lumpur has a vibrant night life and a deli-ciously eclectic culinary scene, great shopping opportunities and access to all the amenities, including private schools and clubs. Factor in a rapidly developing urban rail system and the popularity of the capital city and its environs is no surprise.

Landed property in or near the city centre is an expensive option and the ever improving public transport network aside, you’re going to need a car if you live some distance from your place of work. Traffic can be an absolute killer. It’s a testament to the foregiving nature of the Malaysian populace that road rage is not the national sport. The Klang Valley near KL has also become increasingly popular with foreign investors.

Klang Valley neighbourhoods range from lush green suburbs set in rolling hills to vibrant townships to villas in gated com-munities.Landed homes in the area remain popular with prices for dou-ble-storey units hovering around the RM1M (US $319,5k) mark in KL suburbs such as Petaling Jaya, Damansara and Bangsar. Scarcity of land in these prime locations and pent-up demand is expected to drive prices higher.

PenangThis island is a world away from the bustle of the capital. As a popular choice for weekenders and retirees, Penang offers a more laid back lifestyle and some of the best food in Malaysia.

The expat community is small but growing and housing is cheaper than in Kuala Lumpur and surrounding areas (but this is changing fast). There are a wide range of houses, bungalows and new developments to choose from.

MalaccaThe port of Malacca with its historic waterfront is widely rec-ognised as a gem in Malaysia’s crown. The expat community in Malacca is quite small but growing as educational options be-come more varied and infrastructure development takes place.

Although the entry prices for landed property in Malacca remain reasonable, especially in relation to property prices in neighbouring Singapore, rapid development is driving prices higher.

Kota KinabaluKota Kinabalu in East Malaysia faces the South China Sea in the shadow of South East Asia’s largest mountain, Mount Kinabalu. As the capital of Sabah (one of the two states on the island of Borneo), this city is gradually attaining a cosmopoli-tan air, while retaining a reputation for the laid back lifestyle. KK has a growing expat population. Landed property prices in KK have more than doubled in the last 5 years, putting many properties beyond the reach of lower to middle income earners in Malaysia.

Johor / Iskandar MalaysiaWorthy of inclusion into the most sought after areas for landed property investment is the main southern development corri-dor, Iskandar Malaysia, which is only 30 minutes from Singa-pore.

The classic hockey stick graph would best describe the prices of Iskandar Malaysia properties, but new measures aimed at heading off a potential property bubble may slow rampant in-vestment. Rules governing real capital gains tax and minimum investments by foreigners may go some way to curbing the unbridled excitement surrounding investment in the region.It is easy to fall in love with Malaysia. A bubbly melting-pot of races and religions it is a festive and sometimes dangerously flirtatious younger niece of the staid but safe and squeaky clean aunt across the Singapore Strait. It is a country that can reward a variety of investors, as well as those in search of a South East Asian home base. It is definitely worth exploring, especially given the attractiveness of the Malaysia My Second Home programme. PL

MalaysiaRegional Analysis

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Malaysia

What Can You Buy For...Malaysia is one of the most popular re-

tirement destinations in Southeast Asia, however increasing numbers of investors

are also making their home base in the country, as well as purchasing property in various regions. When compared to other countries in South East

Riverbank at Fernvale (Singapore )

At this price point one of the best options is an Executive Con-dominium (EC). This is a hybrid between private property and a Housing Development Board (HDB) flat. New units come with ownership and resale restrictions such as a Minimum Occupation Period (MOP) of five years. During the 6th to 10th year after com-pletion, units can be sold to Singaporeans or PRs. After 10 years, all restrictions are lifted. A good example is 495 sq ft condominium in Riverbank at Fernvale.

USD $377,000

The View - Penang (Malaysia)

The View (Twin Towers) is an exclusive condominium development located along Jalan Sultan Azlan Shah in Gelugor, Penang. There are three floor plan options measuring between 2,068 sq. ft. and a sprawling 5,300 sq. ft. (used in this example) in size. The View offers dwellers a spectacular view of the sea and surrounding greenery.

USD $304.000

1 Tanjong - Penang (Malaysia)

1 Tanjong, a luxurious super condominium is located along the coastline beach of Tanjung Bungah at the former Tanjung Country Club site. The condo delivers exclusive luxurious living with unob-structed sea and hill view, low density and privacy. The penthouse unit is 18,600 sq ft (built-up) and has a 360 degree view encom-passing the city and the ocean.

Approx. USD $2.2m

Andaman at Quayside - Penang (Malaysia)

This fully furnished 2,501 sq ft freehold RM1,950,00 (USD $594k) unit boasts spectacular views and three bedrooms plus maids room. The development is situated on a 240-acre seafront plot at the northern most cape of Penang Island. It has the Penang’s first international retail festive marina as its neighbour. Andaman at Quayside offers a 4.5acres private waterpark, 6.9 acres of greenery, and a 270 ° view of Gurney Drive and the Andaman Sea.

USD $594,000

Condo Market

There is a marked difference between the properties available at different price points in Singapore and Malaysia. Except for some specific areas, such as Penang - which boasts a large number of holiday homes belonging to high net worth individuals, the prices in Malaysia are considerably lower.

Head to Head

PROPERTIES

Canary Residence (Malaysia)

OCR’s Canary Residence @ Cheras Hartamas is the only gated and guarded terrace house development complete with facilities at Jalan Cemara1, Cheras Hartamas. The project features 75 units of town villas, comprising 41 four-storey and 34 three-storey homes priced from RM1.2 million to RM1.6 million. The leasehold proper-ty is slated to be completed by the middle of 2015.

Up to USD $500,000

Fenix Villa, Setia Tropica (Malaysia)

Exclusive Low Density Bungalows - only 4 units are available. 5,863 sq ft (built-up), 8,400 sq ft land featuring 7 bedrooms and 7 bathrooms. Signature features include gated and 24 hour guarded security patrol. Club house with facilities including swimming pool, gym, tennis court, badminton court, function room, jogging track etc. Established community with leisure and retail establishments on site. Close to Singapore causeway.

USD $1,035,000

One Alam Jaya (Malaysia)

Modern Living A Serene Sanctuary - ONE ALAM JAYA at Bandar Puncak Alam offers a freehold 3-storey Bungalow. New unfur-nished release. Land area is 50’ x 80’ and the built-up area is 4,399 sq ft 6+1 Rooms / 8 Baths. Priced at RM1,668,000 (USD $509,000).

USD $509,000

The Marina Collection, (Singapore )

Perched on the edge of the pristine cruising grounds of Sento-sa, the Marina Collection offers you 124 exclusive, spacious and utterly luxurious units on a beautiful waterfront setting. Bedrooms: 4 Interior: 3,369 sq ft. Residents also enjoy a complimentary mem-bership to ONE ° 15 Marina Club, located right next door. Beside having a world class Marina, Sentosa is also home to 2 Interna-tional world class golf courses.

USD $630,500

Landed Property


Asia, such as Singapore, the prices of Malaysian property represent excellent value – especially when one moves away from the urban areas of Kuala Lumpur. The increase in price in areas like

Penang, which is under an hour from Singapore by air is noteworthy. So just what can the savvy Property investor expect at various price points – Property Life has a look at the Malaysian market.

Head to HeadFor the same amount of money as a smaller unit in Singapore the Malaysian property will certainly offer a greater number of rooms and more land area. However there are many investors who believe that the quali-ty of life as well as safety and security in Singapore are far better than those of its bigger neighbour.

Why Buy inMalaysia?


Malaysian property is worthy of serious consideration. The most obvious is the fact that buying a property worth USD $303,000 provides a ten-year renewable visa and a host of other residential rights.

Under the Malaysia My Second Home programme, investors are given a permanent residence status which is renewable in 10 yearly cycles.

Investors are free to leave the country at any time - there is no minimum residency. Spouse and children (under the age of 21) are welcome and are granted the same rights as the holder.Foreign buyers looking to settle in the country will enjoy:

• A tropical climate with an average temperature of 86°F (30°C).• A welcome array of leisure activities, entertainment options and

fantastic foods.• Tourist hotspots that include, LEGOLAND and Hello Kitty Town,

El Centro (for foodies), Zouk Club Malaysia (for partygoers), Chinatown’s Petaling Street (for endless entertainment and shopping opportunities). Malaysia also boasts wonderful scenic attractions such as Cameron Highlands, Taman Negara, Perhen-tian Islands, Sungai Kinabatangan and Mount Kinabalu

• Malaysia has numerous festivals and events during the year. The most popular are Chinese New Year, Deepavali, Hari Raya

Puasa, Thaipusam, Wesak• Although Bahasa Melayu is the national language, English is

widely used on information signs and in public spaces.

SAFETY AND SECURITYViolent crimes against expats are infrequent and the overall crime rate could be classified as ‘medium’. It’s best to take precautions as foreigners can be the victims of petty theft, purse snatching and credit card fraud.

COST OF LIVINGIn the 2012 Household Income Survey, figures revealed that the average monthly income of Malaysian households is pegged at RM5000. When eating out, an average meal costs about RM8 toRM10 per head and RM600 or more per month. On the other hand, basic items at an outdoor market such as a loaf of bread, a litre of milk and a kilogram of imported steak generally stand at about RM3, RM6 and RM50, respectively. One Malaysian Ringgat is about 30 US cents.

EDUCATION SYSTEMMalaysian education is structured into five levels: optional kinder-garten (age 3-6, obligatory primary school (age 7-12), secondary education (age 13-17), post-secondary education (age 17-18) and university education. These stages are under the supervision of two ministries; the Ministry of Education (for primary and second-ary) and the Ministry of Higher Education (for tertiary).

HEALTH AND ENVIRONMENTEveryone has universal access to Malaysian healthcare, which is divided into two systems: the public and private sector. As one of Asia’s top health destinations, Malaysian hospitals are equipped with high-quality facilities and well-trained physicians.

CONTENTMENTMalaysia is hailed as the world’s 51st Happiest Country in theUnited Nations World Happiness Report released last year. Factors, which were taken into consideration, include materialistic prosper-ity, a person’s general disposition, level of contentment with basic aspirations and wealth. PL

Persekutuan Malaysia

Kuala Lumpur

Malaysian language

329,847 km2

29.24 million

UTC +8

+60

USD $367.712 billion

USD $12,243

0.769 (very high)

Official Name:

Capital City:

Language(s):

Total Area:

Population (2012:

Time Zones:

Dialing Code:





Malaysian Ringgit (MYR)Currency:


One of sports greatest rivalries is between the Rugby Un-ion teams of Australia (The

Wallabies) and New Zealand (The All Blacks). During each rugby season titanic struggles take place between these two powerhouses on fields across the globe.There is another struggle taking place between Austral-ia and New Zealand and this is for the hearts, minds and wallets of property investors. Increasingly these investors are being lured to these neigh-bouring countries through the positioning of the quality of life offered by both nations, as well as the value inherent in the properties themselves. Each of these countries is also promoting residency and even-tual citizenship - for a hefty sum of money.

The purpose of the Aus-tralian Significant Investment Visa is to provide a boost to the Australian economy and in particular to attract Chinese investors.

Australia’s (and in particu-lar Sydney’s) main obstacle to growth as a world prop-erty player has always been the restrictions on foreign purchasers buying homes. The relatively new investment visa may well mean that real estate values outperform many other world cities over coming years, many investors are taking a wait and see approach.

Tony Leon, Head of Asia Desk, Savills Australia said, “Buyers from South East Asia are quite sophisticated when it comes to the Australian market as there is a complex strong integration of business, family and education, therefore we have a broad range of buyers. We see a number of mums and

dads investing in properties to accommodate their children whilst attending university, to lifestyle investors purchasing prime property opportunities for both investment returns and capital growth.“

The New Zealand property market has its own attractions. Many cities such as Auckland have begun showing a pleas-ing upward trend in property values over the last twelve months. Some pundits are bullish about the investment potential on both the North and South islands.

For those who call Asia home, especially investors from Mainland China, reaching the shores of either New Zea-land or Australia still involves a considerable expenditure of time and effort, but the allure of property in Australasia is proving almost irresistible. PL

A Great Rivalry

New Zealand vsAustralia let the games begin

The latest holiday lifestyle concept, Anantara Vacation Club, a unique Shared Ownership concept, has kicked off in Asia with Resort Living in Phuket on Thailand’s Andaman coast, Koh Samui in the Gulf of Thailand, Bali in Seminyak and China on Sanya’s peninsula.

Anantara Vacation Club offers a points based multiple destination fl exible Shared Holiday Ownership option for discerning consumers wishing to holiday in Asia and beyond. The Club Resort Collection initially comprises luxury private villas and apart-ments on the islands of Koh Samui and Phuket, Bali As the Club grows, addirional

Today the regulations involving vaca-tion clubs and real estate trusts are quite sophisticated. The Anantara Vacation Club (AVC) plan was designed for ultimate con-sumer protection and fl exibility. The AVC Points Club’s legal structure is similar to a

real estate trust, in that Club Points Own-ers are held by a Trustee for the Club and its Club Points Owners. AVC Club Points Owners benefi t from being able to trans-fer their Club Points to heirs of third party purhcasers. According to Michael Kosmas,

VP Marketing Alliances, “AVC Points Own-ers’ use and enjoyment of the Club Resorts are protected by the trust structure. How-ever AVC Points Club is not designed to be a fi nancial investment. It’s a vacation life-style investment!”

resort locations will be added to the Club Resort Collection. Over the next three years, it is projected to add more than 200 holiday apartments and villas into the Club and to expand its marketing reach to more places in Asia and the Middle East.

In Addition to utilising the Club Resorts our Elite Club Points Owners will enjoy the opportunity to stay at Anantara Hotels, Re-sorts & Spas worldwide under the Club Es-capes fl exible use arrangements. The Club Points Owners’ holiday options are further enhanced by an affi liation to Resort Condo-miniums International (RCI) which opens up access to over 4000 resorts worldwide.

Harold Derrah, CEO of Anantara Vaca-tion Club said, “The Shared Ownership in-dustry is relatively underdeveloped in the Asia Pacifi c region. During the past 11 years, it is estimated that more than US $2.1 billion in the Asia Pacifi c region. There are almost seven million existing Shared Ownership consumers on a global basis, with approxi-mately 250,000 owning in the Asia Pacifi c region. Anantara Vacation Club is posi-tioned to take the lead in providing a luxury brand with an affordable ownership model, to accommodate the more fl exible holiday habits of demanded by today’s consumers,” said Mr. Derrah.

22 AD Anantara.indd 54 2/4/14 4:33 PM


The Investor Visa Down Under

By Theo Kruger

Australia’s property mar-ket has shown great resilience in recent years, avoiding the

financial crisis contagion that affected many other global property markets. The buoyant nature of the market Down Under surprised many analysts who had foreseen tough times for developers and buyers alike due to perceived property price over-evaluation. For a country where property is often consid-ered as brutally unaffordable, the buoyancy of the market is due to a number of factors, including a general shortage of residential property in a number of regional markets – including the fast growing outlying suburbs of Australia’s major cities. There can be no doubt that Chinese interest in Australian property is also fuelling the upward price trend and keeping the residential market ticking over.

Residency investmentAlthough the property investor

is not able to obtain residency in Australia through residential property purchase there are other options open to those who wish to make Australia their home.

The Significant Investor Visa is one of these options. For a AU$5 million (USD $4,48m) in-vestment in specified Austral-ian assets, foreigners are now able to fast-track their visa ap-plications (first temporary, then permanent migrant status) by investing in Australia.

Reports indicate that approximately AU$2 billion USD $4,6b) has already been generated by this plan since its inception in 2012.Investors are required to main-tain their AU$5 million (USD $4,48m) investment for four years, during which time they are only obligated to spend 160 days within the country. Investors can then apply for a permanent visa.

Despite the fact that the Chi-nese Yuan is moderately weak

in comparison to the AU$, the number

of billionaires in China has sky-rocketed in recent

years – and these investors are finding the lure of perma-nent residency in a safe, secure and multicultural country particularly appealing.

Investors from other Asian countries like China, Japan and Korea have also been active in taking advantage of the Signifi-cant Investor Visa.

Excellent return on invest-ments, an effective education system and low crime statis-tics make Australia appealing to migrants from elsewhere, including Europe, the United Kingdom and the US.

The incentive to buyWith immense deserts, both tropical and temperate rainfor-ests, world-renowned saltwater flora and fauna and ample space to explore, the country is both geographically diverse and rewarding to both the lei-sure traveller and the investor setting up a more permanent arrangement.

The magnificent beaches, fringing reefs and long scenic roads skirting the 50,000 km of coastline have brought the Australian exchequer a steady and significant tourism income. Queensland (home to the Great Barrier Reef) generates AU$4 billion in tourism income annually.

The agreeable climate and the natural attractions of Aus-tralia mean that a significant number of property investors will find a property that suits their unique requirements, and the possibilities for rental income are significant in both

Australia’s large cites and smaller towns.In a country as vast as Australia, road transport is heavily relied upon. Intricate road networks spread across the country, connecting cities, towns and rural areas. The rail network is also extensively developed and used for the transportation of goods, services and resources.

As is to be expected from a developed country, there is an airport in every major city and many of the smaller towns. Air transport is used extensively in Australia and compliments the high quality road and rail networks. All of these count in favour of the property investor interested in obtaining rental income from the tourism trade.

Popular InvestmentsResort Property - Coastal re-sorts in Western Australia and North Queensland are extreme-ly popular.

Golf Estates - Victoria is home to more golf estates than any other state or territory and these investments are proving extremely popular with Asia property buyers.

Wineries and Vineyards – in-vestors are showing increased interest in these properties. Interestingly vineyards of a certain size would qualify as commercial operations and may be attractive to those who wish to take advantage of the Significant Investor Visa. Look at areas such as The Yarra Valley in Victoria, and Margaret River in Western Australia.Apartments, Townhouses and Villas are popular in urban are-as. Price points vary - the nearer the ocean, the higher the price per square foot. PL

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Disclaimer: * As per price list dated 21/03/14. As per purchasing contracts. Data supplied by Real Estate Institute of Australia & Residex. This document has been prepared by All Property Solutions Singapore Pte Ltd, The information including all materials, estimates, calculations, opinions or recommendations contained in this document have been provided in good faith and have been based on information received from sources All Property Solutions Singapore Pte Ltd has accepted in good faith. No warranty is made as to the accuracy or reliability of any information contained in this document and neither All Property Solutions Singapore Pte Ltd nor any persons involved in the preparation of this document accept any form of liability for its content. Building Plan Subdivision Number MCU Approval A003657045

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The Mode development is located in chic Newstead, only 2kms to the Brisbane CBD. Restaurants, cafes, bars, ferry’s, Brisbane river walking tracks and waterfront are all on the buyer’s doorstep. Properties have a capital growth of 11.9%pa over last 10 years. One bedroom units with parking spaces start from A$440,000 (USD $399,500), which is considered cheap by Brisbane stand-ards. Each apartment features high-end finishes. Bris-bane river or city views. Launched at the end of March in Singapore and expected to sell out fast.

in the sun

Australia is an internationally significant country with an economy that is flourishing and stable. Many consider

the ‘Land Down Under’ to be one of the most desirable places to both settle and engage in investment activity. This vast, spacious country, with all its diverse territories and unique landscapes is an industrial and agricultural powerhouse. Natural resources are plentiful in most areas, which helps sustain industries like the world leading mining and energy sec-tors, agriculture (meat / poultry farms, vegetable farms and even vineyards) as well as business and finance (and of course the tourism industry).The Australian continent is made up of various States, Territories and regions, each with its own unique blend of landscapes, diverse population

groups, and distinguishing property investment opportunities.

States:New South Wales (capital Sydney), Queensland (capital Brisbane), South Australia (capital Adelaide), Tasma-nia (capital Hobart), Victoria (capital Melbourne), and Western Australia (capital Perth).

Territories:Australian Capital Territory (capital Canberra), Jervis Bay Territory (capital Jervis Bay Village), and NorthernTerritory (capital Darwin).

Island/External Territories:Ashmore and Cartier Islands, Austral-ian Antarctic Territory, Christmas Is-land, Cocos Islands, Coral Sea Islands,Heard Island and McDonalds Islands, and Norfolk Island.

Perth (Capital of Western Australia):Hot, dry summers and over 3,000 hours of sunshine annually appeal to overseas house hunters. Expats from Europe and other continents populate the area, increasing the number of employment opportunities within the service sector. Perth is also considered to be one of the most liveable cities in the world! The population is a mix of Australi-an born inhabitants (69%) and other nationalities from the United Kingdom, New Zealand, Vietnam, Italy and India (Top 5). The property market in Perth experienced sluggish growth between 2006 through 2010, followed by an up-ward growth in property prices during 2013. The perception is that 2014 will show even more growth and stability.

Sydney (Largest city in Australia, and the financial hub):A growing services industry and pictur-esque beaches lure both tourists and immigrants alike. Investors would do well to evaluate areas such as Chat-swood, Hurstville and Ashfield. Austral-ian nationals living in this city make up 61% of the total population, with the rest of the population split between various foreigner groups from countries like Indonesia, China, United Kingdom,

Which areas are of particular interest to investors in search of a balance between lifestyle and return on investment?

Places


Hong Kong and New Zealand (Top 5). Trends indicate that three most popular types of properties sold in Sydney are (in order of top performers): Flats, terrace/semi-terrace and separate houses. During the 2013 period, property prices rose by a wild 15%, and in some of the surrounding suburbs, prices rose by an even wilder 27%. This market trend is expected to continue during the 2014 period.

Melbourne (Commonly considered as the cultural capital of the country):Hot summers, masses of green space and growing demand for housing has earned this city the reputation of boasting the highest quality of life on earth. One of the more promising locations for investors. Melbourne showed great growth in market value during 2013, and this trend is set to continue during 2014 (some predic-tions also show that this market in particular might show even more robust growth during 2014).

Adelaide (Fifth largest city in Australia):An uncluttered environment and older buildings offer a more relaxed lifestyle for residents when compared to other Australian cities. Fewer employment opportunities make for more affordable housing costs. Australian nationals living in Adelaide make up 72% of the popula-tion, with the rest of the population being split between other foreign nationals from the United Kingdom, New Zealand, Malaysia, Italy

and Germany (Top 5). Trends indicate that the three most popular properties sold in Adelaide are semi/terrace, flats and separate houses (Top 3). However, it is important to note that Adelaide has not shown robust growth in property values in recent years. If you really need to invest in Ade-laide, look at suburbs like Whyalla where median prices have increased by about 15% since 2003.

Brisbane (Third most populous city in Australia):A climate that assures hotter summers and warmer winters attract both tourists and expats alike. The majority of the population living in Brisbane is made up of Australian-born nationals, while the rest of the city’s population is made up of other foreigners from countries like the United Kingdom, New Zealand, Singapore, Korea and Hong Kong (Top 5). Trends indicate that the three most popular properties sold in Brisbane are separate houses, flats and semi/terraces. The Queensland economy has had a slight negative impact on the Brisbane property market’s growth (predictions show that the market will only grow at about 5% during the year ahead). However, there is some good news: Strong yields of between 4.7% and 5.8% for Brisbane units and houses respectively (better than both Melbourne and Sydney).More good news may be on the way. Greville Pabst, CEO of WBP Property Group said in a recent interview with Real Estate Business that “The 2018 Commonwealth Games, to be hosted on the Gold Coast, is expected to boost the local economy to the tune of $2 billion. These factors will assist in improving the level of confidence in the property invest-ment market throughout Australia (especially the Gold Coast area). The resilience of the Australian market has stood the test of a global financial crisis, as well as a downturn in the fortunes of the mining sector. Only time will tell whether the influx of Asian investment will drive property prices to levels where the local buyers begin to agitate for a more equitable share of the market. Grumbles of discontent over the prices being paid for properties by overseas investors are already a com-mon feature of dinner table conversation. PL

80 Regent is boutique Melbourne residential housingdevelopment located in one of Australia’s fastestgrowing corridors. These Freehold bungalows com-prise of a mix of 3 & 4 bedroom homes with single/double garage, all fully landscaped and fenced. Priced from only A$355,000 (USD $322,000) with a 6% 2 year rental guarantee and a 5 year 100% price protection guarantee.

Aust

ralia

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• А

встр

алия


Commonwealth of Australia

Canberra

Australian Dollar (AUD)

English

7,692,024 sq km

23,385,023 (2013 estimates)

Asia Pacific

AWST; UTC+08:00 | ACST; UTC +09:30 | AEST; UTC +10:00

+61

USD $998,265 billion (2013 est)

USD $ 42, 640

0.938 (Very High)

Official Name:

Capital City:

Currency:

Language:

Total Area:

Population:

Region:

Time Zones:

Dialing Code:

GDP:

GDP Per Capita:



The “Golden Visa” requires in-vestors (specifically from the Asian countries like China) to invest AUS$5 million in

Australia. This grants migrants the prospect of obtaining permanent residency much quicker than before. English tests are no longer required, and there is no age limit. You are only required live in Australia fora period of no less than 40 days annually during your four-year long visa qualification. At the end of that term, you need simply apply again for a permanent visa.

Standard of Living The country is extremely well-de-veloped, with a flourishing economy. In 2012 Australia was chosen as the “World’s Happiest Industrialized Nation” for the third year in a row (OECD Better Life Survey, 2012), and the country competes very well with other nations in terms of measures of wellbeing. The “lucky ones” whoreside here, seem to have much happier lives.

The Majority of the Population is Employed: More than 74% of Australians aged 15 – 64 have paying jobs (well over the 66% average survey indications). They also only work about 1693 hours a year (compared with the average

of 1,963 average hours worked by other countries, Australians basically have 187 hours more free time to spend as they see fit)!

Higher Levels of Disposable Income: The average household net-adjusted disposable income is US$ 28,884 a year which is well above the aver-age of US$ 23,047 of other countries listed in the index. Interestingly, the gap between the affluent and less privileged is extraordinary (the top 20% of the population earns six times as much as the bottom 20 %).

First-rate Education System: In Australia, 73% of the population aged 25 – 64 have the equivalent of a high school degree. The country is also considered a top-performer with regards to the quality of its education system.

Health and Environment: Life expectancy at birth in Australia is almost 82 years (two years higher the average of 80 years). Women are expected to live longer than men (84 years and 80 years respectively). Air pollution in Australia is also considerably less than most other

countries where pollution levels are so high that it could cause dam-age to lungs. Water quality (and access to running water) is considered to be top-class.

Community and Public Engagement: There is a strong sense of community and civic participation where 94% of people believe that they know someone that they can rely on in a time of need. This also helps increase feelings of safety and security throughout the country. The Austral-ian Government also seems to have proven itself to its people, with a strong presence of democratic involvement throughout all population groups.

Content and Satisfied Living: A whopping 84% of Australi-ans feel that they have more upbeat experiences than depressing ones on any given day.

However, it is interesting to know that some of the Australian cities do not compare well with those of other countries in terms of cost of living. An online comparison between Sydney and Beijing indicates that Sydney is about 71% more expensive than Beijing (www.expatistan.com). This comparison includes the prices of for instance food, housing, clothing, transportation, personal care and entertainment. PL

Alone of all the races on earth, they seem to be free from the ‘Grass is Greener on the other side of the fence’ syn-drome, and roundly

proclaim that Australia is in fact, the other side

of that fence. Douglas Adams

Why Buy inAustralia?

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Australia has been a target residen-cy nation for many of our Asian neighbours for a number of years.

The stability of Australia’s eco-nomic and political framework in this part of the world is desire in itself, let alone the abundance of natural resources and desira-ble lifestyle that all Australians can enjoy.

In this article we look at the most pop-ular current business visa class available, and the benefits for business migrants to invest in property assets in Australia. With a number of States, Territories and Capital Cities to choose from in Australia, we also focus on the desirability of the State of South Australia as an investment destina-tion.

The Subclass 188 VisaAt present there is no “property visa” as such. Business migrants seeking to invest in properly apply for their Visa from within a stream of general business visas.

The most popular Visa for migrants who want to own and manage a new or existing business in Australia or to invest in Aus-tralia is the Subclass 188 Visa.Once a migrant has obtained a Subclass 188 Visa, they are permitted to do the following:

• Travel in and out of Australia for the life of the visa

• Bring family members to Australia

• Seek permanent residence by applying for a Permanent Visa Subclass 888

The Subclass 188 Visa includes three streams:

• Business Innovation stream which is for people with business skills who want to establish, develop and manage a new or existing business in Australia; or

• Investor stream which is for people who want to make a designated investment of at least $1.5 million AUD in an Aus-tralian State or Territory and maintain business and investment activity in Australia; or

• Significant Investor Stream which is for people who are willing to invest at least $5 million AUD into complying investments in Australia a nd want to maintain business and investment activ-ity in Australia.

Significant Investor VisaThe ‘Significant Investor Stream’ has received the most attention in recent times since its introduction by the Australian Government on 24 November 2012. To date it is estimated to have received approx-

imately 600 applicants, of which around 90% have been Chinese nationals.

• Compared to the other visa streams, the Significant Investor visa has fewer crite-rions to meet and may be better suited for the pure property investor. The main criteria include:

• Investment of at least $5 million AUD within a prescribed group of invest-ments (which includes property) and hold investment for 4 years

• Live in Australia for at least 160 days over 4 years

• Have combined net assets (including your partner) of at least $5 million AUD that are unencumbered and available to be used in Australia

• In South Australia, as from 1 July 2013 the nomination requirements were broadened in order to give applicants more options for the $5 million invest-ment.

Why Australia?Australia is known to be a robust, resilient, knowledge based economy that offers aworld-class education system, is a leader

An In Depth look

AustraliaInvesting for ResidencyBYEliasFarahIn each edition of Property Life we invite specialists to contribute their thoughts on a par-ticular topic. In many cases these insights provide valuable additional information which supplements an area covered by our staff writers. Given that Australia has been seeing unprecedented interest from Asian buyers over the last 12 months we are glad to have the opportunity to enjoy some regional insight from Elias Farah of Commercial and Legal.

Commercial and Legal are an Adelaide based property law specialists with particular ex-pertise in business sales and purchases, leases, building and construction law, residential conveyancing, including sales and purchases of homes, vacant land, strata title apartments, retirement village units and investment properties.


in research and development, and

has a flexible and skilled workforce.

Australia’s political environ-ment and legal system is stable

and open providing investors with a high degree of certainty and confidence. Even the World Bank ranks Australia as the second easiest country to start a business.

Australia has also enjoyed two dec-ades of uninterrupted economic growth and is linked to fast growing Chinese, and other Asian economies. In fact, Australia in general was determined as having the most resilient economy for the 5 year period from 2008 to 2012 ac-cording to the Institute for Management Development.Focus on South AustraliaResearch conducted by HSBC Bank sug-gests that more than one -third of Asians own overseas property, and that the Australian market is the #1 destination for further investment.

HSBC surveyed their wealthy cli-ents to get some insight into property investment and found that the following nationalities owned property in Austral-ia: 9% of Chinese, 19% of Singaporeans and Indonesians, 10% of Hong Kong;

26% of Malaysians; 5% of Taiwanese and 18% of Indians. According to the Australian Bureau of Statistics, the weighted average price index for Resi-dential Properties in Australia across our eight capital cities rose by 9.3% for the year to December 2013. The last quarter ending December 2013 experienced an average increase of 3.4%. Most capital cities performed well, with Adelaide placed at 2.5% for the December 2013 quarter, compared to Sydney leading the group at 4.7%.

With most of Australia capital cities experiencing such positive growth, the appeal of South Australia is that Adelaide’s residential, commercial and industry property prices are amongst the lowest of Australia’s capital cities. Adelaide property also provides some of the best rental yields in the country.Adelaide has been rated as follows:

• 1st most livable city in Australia in March 2013 according to the Property Council of Australia people survey

• 1st most livable city in Australia ac-cording to report on State of Australi-an Cities 2012

• 5th most livable city in the

world for 2 years run-ning in 2012 and 2013

according to The Economist Intelligence Unit (Melbourne

was voted the 1st in 2013). South Australia is poised for unprecedent-ed growth. Currently the State has projects in mining, infrastructure development and defence. More than $100 billion AUD worth of major pro-jects are underway and with it is the creation of new jobs, opportunities and wealth across the State of South Australia. PL

Elias Farah is a Partner at Com-mercial & Legal. Elias has focused on the practice of property and commercial law in Australia for over 12 years. His main areas of focus include property acquisitions and disposals (residential and commercial), large and small scale property developments, strata and community title, due diligenc-es, leasing transactions and advice, property related banking and finance transactions.

Aust

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42 Wyandra Street, Newstead, Brisbane

Brisbane blue-chip Apartments• 157 stunning apartments over 12 levels• A range of one and two bedroom floorplans• One of Brisbane’s most desirable & established suburbs• Just 2kms from Brisbane’s CBD• $1.1 billion master-planned precinct• Queensland set to surge 20% in value by 2015 - ANZ Bank

As per availability 21 March 2014

from A$428k

Tel: + 65 6238 0881Email: [email protected] Licence No. L3010404H

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Melbourne turn-key landed house packages• Luxury 4 bedroom, 2 bathroom house with internal access garages• Freehold land titles with completion (approximately) mid 2015 • Up to 80% finance available - low cash outlay• 6% rental guarantee for 2 years*• 100% 5-year price protection guarantee*• $5,000 mortgage contribution (to offset interest expenses during the build)*• $1,200 fligh contribution*• *Benefits are as stated in the purchasing contract


from A$355k

PROPERTIES


PROPERTIES



Singapore

35 Albert Street, Auckland Central

Iconic Central Auckland Tower• 29 levels of luxurious living with stunning Auckland City & Harbour Views • Compromises 225 Residential apartments and 32 Retail shops!• Off plan with completion in 2016• Choice of studios, 1, and 2 Bedrooms, and high-yielding Dual-Key units• Surrounded by major international corporations• Two minutes walk to Auckland harbour and the Viaduct


from NZ$335k

Queen Street, Auckland Central

Central Auckland Tower - Launching in April




Singapore



Singapore

• Prestigous CBD location — Auckland Central’s main street • Residential & Retail freehold opportunities• Up to 8% gross rental yields (based on current market conditions)• Wide range of apartment configurations to suit all budgets• A stunning world-class city at your doorstep


Price TBA

KiwiInvestmentVisas

With breath-taking scenery, business-friendly policies and a visa scheme for foreign buyers, New Zealand charms property investors

worldwide. The investment threshold for New Zealand’s basic Investor Visa is mod-erate, set at NZD 1.5 million (USD $1,28m) over four years, but the scheme also re-quires that investors reside in the country for 146 days in each of the last three years of the period. Holders of Investor Visas and their families gain permanent residence, are entitled to most public benefits, and may apply for citizenship after five years.

Investment advantagesThough natural beauty might be what sparks the idea of relocating to this island nation, Kiwi realtors are quick to add that there also are financial advantages to in-vestment. New Zealand does not have the stamp duty tax found in Australia for one thing. And few investors will lament New Zealand’s lack of property purchase tax, land tax or capital gains tax. High yields for rental property and housing demand that continues to rise with the steady pace of population growth are other factors that attract overseas investors, who primarily

arrive from North America, Europe and to a lesser extent, Asia.

North and SouthNorth Island and South Island, scattered in an arch across the Tasman Sea, some 1500 km southeast of Australia, make up the bulk of the New Zealand landmass. With its snow-capped mountains, the more rural South Island attracts hordes of nature lovers. The North Island has volcanic fields, though only one area, Taupo, is still active. The North island also holds the largest cities, comfortable Auckland and beau-tiful Wellington, while the largest city in the South, Christchurch – damaged in the earthquakes of 2011 – is now being rebuilt.

New Zealand’s climate is temperate and English is spoken. The majority of popula-tion descend from European settlers, but a revitalisation of the native Māori traditions adds to the cultural vibrancy. Originally a British colony and still a part of the Com-monwealth, cultural ties with Great Britain are strong. Kiwis excel in British sports, and rugby aficionados could be advised to move here, just for the chance to claim the invincible All Blacks as their home team. For visitors who are not here for the rugby, the great outdoors is the real drawcard.

Few destinations could rival the highlights of New Zealand’s tourist trail: the Can-terbury whale cruises, beach trekking in Nelson or volcano climbs of Mt Eden.New Zealand realty is as diverse as its geography and demographics. Closer to job opportunities, the greater cities of Auck-land and Wellington offer apartments, con-dos and town houses, with homes in the waterfront ‘Blue Ribbon’ offering excellent resale value.

Rural possibilitiesDevelopment is less intense in rural areas, but smallholdings and estates abound, including prime golf resort properties in Queenstown and Marlborough vineyards. While New Zealand is known for being well governed, politically stable and protective of investors, the environmental impact of the Christchurch earthquake is difficult to assess. Professional advice should be sought to guarantee that investments fall within desired visa brackets and that prop-erty purchases are above board in terms of legislation and regulatory guidelines.

Cautionary notes aside, the beneficial taxes, high rental yields and a growing population make New Zealand property a promising investment. PL


New Zealandcharms property

investorsworldwide.

Geographically diverse and split between rural and urban, the New Zealand property market consists of several sub-markets each with unique selling propositions which will allow even the most picky of investors to find a property suitable to their unique requirements. Property prices are generally higher for

the more urban and professional North Island, and the larger cities feature a number of markets with noteworthy supply and demand ratios, where rents and values are showing a steady upward trend. Property prices are also outstripping rental returns on certain areas, limiting positive returns. With prices of rural property on the rise a case can be made for investment outside of traditional urban enclaves. New

Zealand farmland attracts the attention of foreign investors and also offers spectacular settings for the development of prime lifestyle property or alternatively an investment in a working agricultural concern. PL


New ZealandRegional Analysis

AucklandBeaches and business seem in perfect harmony in Auckland, and the city

frequently appears among the top five in international rankings of the most liveable cities (settling as third in the 2011 Mercer survey). The key

reason to invest here, however, is the fast paced increase of the population, resulting both from immigration and natural growth. Add the fact that

land for development is limited in the ‘City of Sails’, not least in the rapidly developing Central Business District, which is surrounded on two sides by the sea. Aready the largest city in New Zealand (1.5 million and counting),

the population of dynamic Auckland is expected to rise above 2 million by 2031 and to double by mid century. Demand for rental property already exceeds supply, and rentals will also need to meet the needs of the future residents who are flooding the desirable real estate market. Families who have put off purchasing properties during the lean times of the financial

crisis are now entering the market with a vengeance.

Christchurch10.000 homes were lost and another 25.000 damaged in the earthquakes that devastated Christchurch in 2011. Naturally, the event had a huge impact on the city’s property market. Supply is still low and demand is still high here in the largest city on the South Island, and this situation will continue as long as the painfully slow rebuilding drags on. A significant in-vestment trend has emerged after the disaster focussing on buying up and renovating earthquake-damaged homes. Banks are not inclined to provide mortgages for this type of property - so the potential buyers are limited to investors with a ready amount of cash who renovate and rent out. The ‘Garden City’ – traditionally the favourite haunt of migrating Brits – has a peculiar charm and much to offer residents. 15 minutes from the city centre to the surf is a powerful investment argument for some buyers.

WellingtonSituated on the North Island’s southern edge, New Zealand’s capital Welling-ton is the most visually appealing and culturally confident of the country’s major cities. The presence of government agencies, a bustling business district and universities has provided the city with large numbers of profes-sionals. As can be expected, the average wage and education is higher here than elsewhere in New Zealand. Wellington is considered undersupplied with residential property, which combined with the relative prosperity of the population and its continued growth provides high rental yields. Government departments in the city and thriving business have given the Wellington property market a history of relative stability, with encouraging growth rates over the years. But people do not settle here only for work. Wellington boasts a cultural scene that punches above the modest size of the population (460.000). And this might be the urban capital of New Zealand - but as is com-mon recreational activities in natural surroundings are never far away.


IL CASINO, Wellington

Luxury apartment development in Wellington, NZ. 1,2 & 3 bed-room apartments. Completed December 2013.

Most apartments come with large chef kitchens, floor to ceiling windows, heated bathroom floors, weather-proof outdoor terraces with natural timber decks and lanai’s, tiled bathrooms and a state-of-the-art, fully automated car stacking system.

Starting at NZD 350,000 (USD $299k)

Ponsonby Road, New Zealand

• Just a stones throw from Ponsonby Road, this home is an enter-tainer’s dream house.

• With three double-sized bedrooms and a fourth bedroom or of-fice, two fully tiled bathrooms and a large open plan living area.

Truly modernised family villa.

NZD 1,750,000 (USD $1,496m)

HINAMOKI - One hour outside Auckland

Hinamoki is an exclusive gated lifestyle community - marketed specifically at oberseas investors.

Coastal farm park subdivision comprising 110 lots. Average lot size 3 acres each. Comprising 110 substantial lifestyle blocks over two stages, plots vary in aspect from outstanding views across the harbour, to expansive native bush, streams and farmland.

Plots from NZD 300,000 (USD $256k)

Alex Residences, Singapore

• Price per sq/f: SGD1,650 / USD $1,300• 429 - unit condominium located in one of the most sought after

residential districts – the Alexandra Road/River Valley

Alex Residences offers a panoramic view of Singapore’s Northern Botanical Gardens, the Southern coastline and the city skyline.

From SGD 760,000 (USD $599k)

PATENT, Wellington

Luxury waterfront development in Wellington. Completed January 2011.

Patent 326 was built near the new Cog Park redevelopment, over-looking Evans Bay. Designed by award winning architects Warren and Mahoney it includes single and dual level apartments, pent-houses and townhouses – all with private balconies facing the sea.

Starting at NZD 550,000 (USD $470k)

KINGFISHER, Great Lake Taupo

Lakefront gated community on the shores of Lake Taupo. 75 lot residential development, with hotel and multi-unit development sites.

Kingfisher at Great Lake Taupo is a premier waterfront residen-tial development that provides investors a chance for attractive investment returns and allows them to directly own land in New Zealand.

Holiday Villas from NZD 340k (USD $291k)

Comparison shopping, New Zealand – Singapore



Foreigners are not restricted from buying property in New Zealand. However, your status as owner does not auto-matically provide right of residence in the country. New Zealand is relatively protective when it comes to migra-tion, but property developers with a vision of making

investments beyond a home of their own will find an accessible path to residency , and eventually citizenship through the attrac-tive Investor Visa scheme.

Investor Visas come in two categories. Category 2 requires a relatively modest investment (NZD 1,5 million, around USD $1,28m over the course of four years), but also the fulfilment of an additional a set of criteria, such as being under the age of 65, a minimum of three years business experience, proficiency in English and a requirement that the successful applicant actually reside in the country for 146 days during each of the last three years of the investment period. Bigger investments (NZD 10 million, around USD $8,53m) are required to obtain a Category 1 (Investor Plus) visa but within this bracket the other criteria are less exacting. A holder of Investor Plus must only stay in the country for 44 days during the last two years of the three year investment period, and there are no questions asked about his or her age or level of English. Health and character requirements apply to all applicants. After five years as holder of a permanent residence visa, it is possible to apply for New Zealand citizenship, though the visa already entitles holders to most of New Zealand’s

public services and benefits, including health care and primary, secondary and tertiary education. Partners and dependent children that are included in the residence application must meet the same language requirements as the applicant (though for the children, this requirement is valid only for those above 16).

Several types of investment qualify for New Zealand ’s visa scheme, and development of new residential property is only one of them. And it is important to note that the property must not be intended for the personal use of the investor or for members of his family, a requirement that differentiates New Zealand’s visa scheme from that of Portugal, for instance. This is a sticking point that might prove decisive for investors who would then have to seek alternative lodging for the mandatory periods they are re-quired to spend in New Zealand. However, since investments must not necessarily be residential property it is possible to play it safe and diversify; equity in NZ firms or bonds issued by the govern-ment are equally acceptable investments.

Besides investments of the type required for the Investor Visa, running a successful business used to be an alternative route for foreigners, who applied for a Long Term Business Visa and then gained a residency visa in their capacity of entrepreneurs. But the rules for this type of business migration are currently changing and possibilities are unclear at this moment. PL

Kiwi PropertyInvestment


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яNew Zealand’s Investor Visa encourages foreign invest-ment in new residential property developments. The Category 2 requires NZD 1,5 million (USD $1,28m)spent over four years and Category 1 NZD 10 million

(USD $8,53m) over a three year period. Both schemes grant investors indefinite residential visas, with the possibility to apply for citizenship after five years, but the lower threshold Category 2 includes additional requirements of the investor.Partners and children can be included in the application, but the property must not be intended for the use of the investor or by his family. Holders of the Investor Visas have access to most public services.

• Educational opportunities. Citizens and permanent res-idents attend state schools for free between ages 5 and 19. Half of the population under 29 also hold a tertiary education, and the OECD’s programme for international student assessment rank the NZ educational system as 7th in the world.

• Infrastructure. New Zealand’s network of road and rail and air and sea ports is well developed, though the need to improve its resilience has been discussed in the wake of the Christchurch earthquake in 2011.

• Healthcare. New Zealand’s healthcare relies on both public and private institutions. Public hospitals treat citizens and permanent residents free of charge, but critique of delays and costly or complicated treatments have promoted the growth of private providers.

• Climate. The sea ensures generally mild temperatures, with an annual mean of 16 degrees in the south and 10 degrees in the north. The amount of rainfall varies significantly, with the South Island’s West coast the wettest, and snow appearing from June in the South. Snowfall is rare in the North.

• Leisure. Free time in New Zealand is not just about the great outdoors. When eating out in the larger cities there is usually an abundance of alternatives, with local meats and seafood and Asian foods of unusually high quality. Gentle beaches and picturesque farmland also abound, much to the delight of visiting nature lovers

• Language. The vast majority of New Zealanders are English speaking, but Māori also has official status. New Zealand English has much in common with Australian English and foreigners frequently have difficulty telling them apart.

• Safety. New Zealand is generally a safe destination, with a low crime rate, few endemic diseases and good healthcare. New Zealand is considered one of the world’s least corrupt nations.

• Scenery. The natural beauty and drama of New Zealand’s landscape is simply stunning, a look at Peter Jackson’s production of Lord of the Rings gives some indication of the scale of the grandeur. There are (fortunately or unfor-tunately depending on your perspective) no Orcs. There are however Kiwis, small flightless birds which are New Zea-land’s national symbol (New Zealander’s are often referred to as Kiwi’s). PL

Why buy inNew Zealand?

New Zealand

Wellington

English, Māori, NZ Sign Language

268,021 km2

4,500,000

Asia-Pacific

NZT (UTC+12)

+64

122,193 billion

30804

0,919 (6th)

Official Name:

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Language(s):

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As 2014 heads towards the second quarter the Dubai property market seems to be emerging from the doldrums

and agents are cautiously optimistic that the city is going to deliver a su-perior return on investment within the short to medium term.

When deteriorating global condi-tions caused a property bubble to burst in Dubai five years ago home prices fell off a fiscal cliff, losing more than 50 percent of their value. The knock-on effects immediately sent a shockwave through the entire region. The United Arab Emirates nearly defaulted on its debt and emerging markets felt the effects.

Today a more levelheaded policy by Dubai authorities has steadied the desert’s economic ship. Today new developments are subject to more scrutiny prior to the granting of licens-es to break ground or begin marketing activities. The days of frenzied devel-opment seem to be over.

There are other factors that are driving the recovery of the real estate sector in the United Arab Emirates (UAE) including quality new property developments, the instability of the wider Middle East and Dubai bidding to host the World Expo 2020.

According to a recent Fitch report “The sector continues to benefit from local, regional and international investors and healthy tourism. This is

partly due to the turmoil affecting the main Middle East tourist destinations and the positive impact this has had on Dubai as a major Middle Eastern preferred destination.”

This upbeat opinion is a relief to in-vestors. Travel only a few miles outside of Dubai’s glittering marina district and boarded up developments are a highly visible sign of just how close the Kingdom came to disaster only 5 years ago.

But the new vibrancy buoying the market is undeniable. The renewed inflow of money from abroad is also playing its part in providing Dubai’s residential real estate with a shot in the arm. Prices jumped more than 20 per cent last year and analysts estimate they may return to pre-crisis levels next year.

The International Monetary Fund has repeatedly warned that another property bubble may form in Dubai if authorities are not careful. It estimates about USD $78-billion of debt held by Dubai and related entities will come due between 2014 and 2017, an amount which the United Arab Emirates will find challenging to set-tle. However, positive news continues on the property front and if foreign interest in the Dubai market continues at the current fever pitch, then the country may finally bury the memories of a economic close call in the rapidly developing desert sands. PL

A Desert Rose


As one of the world’s most attractive real estate invest-ment markets, Dubai has seen phenomenal improvements in the recent years, attracting global interest through its

offer of world-class infrastructure, a safe investment haven and tax free returns on the back of increasingly favourable market conditions.Indeed, its current condition shows little of the devastating blow that it experienced between 2008 and 2011 which put off hundreds of megaprojects, weakened the market sentiment and slashed property prices by as much as 60%. During the last two years, Dubai has been able to recover, plotting a strong growth trajectory which is predicted to continue through to 2020, thanks in part to the desert city securing the rights to Expo 2020, one of the largest expos in the world

But as with any other booming markets, certain analysts are claiming that the spiralling prices could fuel another prop-erty bubble similar to that of 2008. Other analysts believe that it is highly unlikely as Dubai is now a “smarter” market, thanks to the much-improved economic funda-mentals, stricter regulatory measures and a number of market factors such as subdued mortgage growth, low-off plan sales and a more balanced supply and demand ratio for property.

Taking the above into account now could be a good time to own a home and

take advantage of the freehold rights granted to foreign buyers. Should they purchase a property worth AED 1 million (USD $272,242), they are also eligible to a three-year renewable residency visa. Or at least they used to. It appears (the availa-ble information is contradictory) that the government of the United Arab Emirates recently suspended the three-year property investment residency visa and reverted back to the 6-month renewable residency visa. However, there are still agents who are guaranteeing the three-year version through some supposed documentary, reg-ulatory and process sleight of hand. This is one of the instances where the services of a reputable legal advisor or visa specialist is an absolute necessity.

The fact is that the property visa holder would be able to bring their families in Dubai and live there for a much longer period of time than is the case with a tourist visa, making the real estate market even more appealing. There is always the prospect of earning good returns given the emirate’s potential for capital appreciation and tax-free rental yields which range from 7%-12%.

But aside from the promising returns, the sheer popularity of Dubai either as a busi-ness or holiday destination combined with its tax free status, low crime rate, excellent services and high-society lifestyle are all part of an equation that equals investment potential. Other noteworthy reasons to

buy include a sub-tropical climate and accessibility. The city is only four hours away from over 2.5 billion people via air travel. Not surprisingly, the emirate is home to large expat population which is made up of people from around 200 nationali-ties who have opted to leave their home country in exchange of high quality of life and cosmopolitan culture offered by this rapidly developing city.

Where do these foreign buyers usually purchase? Palm Jumeriah and Dubai Mari-na remain the most popular destinations for holiday homes though they come with high price tags. In Palm Jumeriah, prices start at AED 1.4 million (USD $381,139) for a one-bedroom unit to AED 2 million (USD $544,484) and AED 2.8million (USD $762,278) for two- and three-bedroom units. On the other hand, Dubai Marina is a bit pricier as duplex apartments on a pent-house level could go as high as AED 40 million (USD $10.88 million) though stu-dios worth AED 650,000 (USD $176,957) are also on offer. Although among the most luxurious cities in the world, property in Dubai is still cheap when compared to other global hubs. The average price per square foot is USD $264, significantly less than London or New York. Investors from across the globe, particularly from Russia, India, China, Britain and Arab countries have been the mianstay of sales activity thanks to wide selection of properties including luxury apartments, beachfront villas to land ultra lux high security gated communities. PL

By Jonalyn Fortuno

DubaiHigh Rise Hotspot


As part of the government’s strategy to stimulate the influx of foreign money, Dubai introduced the residency program which proves to be effective in draw-ing global attention as foreign buyers/investors are only required to own a property with a minimum of AED 1 million 1,000,000 (USD $272,242) to be able to stay in Dubai for three-years, along with their immediate family members. Holders of a three-year renewable residency visa are also entitled to various services which Dubai citizens enjoy such as applying for a local driving license and utilities account, personal loans, school admission and the like.Besides these, there are several factors that make Dubai an attractive place to live:

• As it is located within the Northern desert belt, Dubai has a tropical desert climate with 365 days of sunshine per year. Average temperature from Decem-ber through March is at 24ºC and 35 ºC from March through November.

• One of the best things about Dubai is that it’s a wealth of entertainment and leisure activities with numerous bars, restaurants, clubs and cinemas to choose from. Try visiting Madinat Jumei-rah at Jumeirah Beach or the Barasti Bar

and you’ll see why Dubai could easily rival other modern cities when it comes to world-class entertainment.

• With its year round festivals and events, Dubai never runs out of something to celebrate. The most popular, however, is the Dubai Shopping Festival which is said to showcase the city’s hospitality at its best. It’s also a shopping extravagan-za given the huge sales, discounts and raffles being rolled out.

• As English is also widely spoken in Dubai, expatriates and tourists would not have trouble socialising with the locales. Likewise, road signs, boards, di-rections and the like are also written in both English and Arabic for every one’s convenience.

• Among the most popular places, which one should never miss, when holidaying in the city include Burj Khalifa, Burj Al Arab, Dubai Museum, Dubai Mall, Ski Dubai, Gold Souk, Dubai Creek, Palm Island Dubai, Dubai Marina and the Desert Safari.

Safety and SecurityDubai has long been considered as one of the safest places to live due to its relatively low crime rate which can be attributed to the severe punishment being

implemented by authorities. Nevertheless, visitors are still advised to take safety precautions and guard valuables as Dubai is after all a foreign country.

Cost of LivingAccording to the Economist Intelligence Unit’s 2014 Worldwide Cost of Living sur-vey report, Dubai has become a tad more expensive than a year ago as its cost of living jumped from 96 to 94 in 2014. Nev-ertheless, it’s still in the bottom one-third among 131 metropolitan cities as far as cost of living is concerned.

Education SystemDubai offers numerous public and private schools, which Emiratis and expatriates could choose from. In terms of education, Dubai follows the education structure of United Arab Emirates, which is a four-tier system, covering 14 years of schooling.

Health and EnvironmentWith the government’s huge investment in the health sector, it’s hardly surprising that Dubai provides all types of advanced medical treatment, thanks to its excellent health care system and state-of-the-art medical technology. Excellent medical care isalso given to everyone including visitors and expats. PL

Arabian Ranches is one of the most exclusive lifestyle com-munities in Dubai and owning a property here guarantees prestige and upscale living. For a price of AED 8.5 million (USD $2.31 million) one can enjoy the luxury, comfort and excellent facilities of a stylish five-bedroom villa.

Another most-sought after area to own a home is Dubai Marina, an artificial city nestling in Dubai shoreline, which promises a classy and rewarding life-style. To experience what it has tooffer, this particular three-bedroom waterside property is available in the market for AED 3.7 million (USD $1 million).

Dubai

Dubai (city of Dubai)

Arabic (official) and Eng-lish (second language)

Arab Emirate Dirham (AED)

2,106,177

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+971(UTC+4)

USD $46 billion (2006)

0,919 (6th)

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INFORMATION:

4,114 km² Total area:

ADs.indd 1 4/9/12 4:10 PM


Although the people interest-ed in property investment in the United States for resi-dential purposes are certain-

ly not ‘the homeless’ as the famous words on the base of the Statue of Liberty states, they are interested in making their home in the most powerful country in the world. Ironically many of these property in-vestors are citizens of America’s great economic rival – China.

Singaporeans have also been at-tracted by the possibilities of passive income returns in the region of 10% – 15% through investment in United States property. Not all of these investments will deliver that sort of return on investment, although it must be said that some do – the trick

is finding advisors or agents that practice full disclosure to investors. Hidden costs and management fees can eat into returns very quickly.

For those wishing to take up residency in the United States based on a property investment the process can be convoluted – in actual fact property investment is not a recom-mended route to residency and the purchase of residential property will not get you immediate access to the American Dream. That said, there are ways to make investment property count when applying for residency in the U.S. In this part of our feature we take a closer look at property investment as a path to residency in the United States. PL

Golden Visa

United States

Give me yourtired, your poor, Your

huddled massesyearning to breathe free, The wretched

refuse of your teeming shore. Send these, the

homeless, tem-pest-tossed, to me:

I lift my lamp besidethe golden door.

"The New Colossus" by American poet Emma Lazarus (1849–87), written in 1883. In 1903, the poem was engraved on a bronze plaque and mounted inside the lower level of the pedestal of the Statue of Liberty.

VILLA ETRUSCA

A luxury villa of unique modern design, making an ideal permanent residence or holiday home. This villa can be built on multiple locations in the area of Chania on the island of Crete.

The Etrusca villa comprises spacious living areas on three floors and a total of 240sqm. It has 4 double bedrooms and 4 bathrooms, one with an oval spa bath and also features a walk-in wardrobe, games room/gym, an office, a utility room and storage area.

The villa design incorporates a distinctive curved frontal aspect featuring natural stone, which adds unique charm.

Adjacent to the villa is a large private swimming pool with extensive sundecks, complete with shower, BBQ and shady gazebo/pergola.

NOTICIBLE FEATURES:

www.propertylifenews.com/luxury-property-crete

• Beach nearby• Electric underfloor heating• Fitted designer kitchen• Fitted wardrobes in bedrooms• Full insulation• Fully landscaped gardens• Garage• Grass lawns• Insect screen in every room• Internal Light Fixtures• Italian/Spanish floor tiling• Large balcony

• Marble-capped terraces• Mountain View• Outdoor BBQ• Outdoor shower• Private parking area• Private swimming pool• Solar water heating panel• Storage Room• Sun terrace

Luxury in Crete

€1.350.000



U.S.A.Green Card Opportunity

For the last decade, the world’s largest economy has been in a state of turmoil, embroiled in a global recession which triggered the downturn in stock markets, a decline in consumer wealth and the collapse of large financial

institutions and key businesses, resulting to record-level rate of unemployment. Given the gloomy situation, many investors opted to retreat from the US and seek refuge elsewhere in other global economies where they could safely make more profit-able investments (although the spread of the fallout from the financial crisis soon made flight a limited option.

The US government decided to offer an extremely attractive option for investors: the opportunity to earn US residency that would put them on a fast-track to US citizenship. And to make the deal even more attractive, holders of such visa are entitled to string of benefits which apply to their immediate family, such as children’s admission to any public or private school, employment in the US sans employment visa, and sponsorship of close relatives for US permanent residence.

But aside from these benefits, living in

the US is very desirable, not least because its standard of living is one of the highest in the world and citizens are offered the opportunity to participate in an econo-my that, even in the face of an economic downturn is a revered global economic icon.

The “Land of Opportunity” offers the opportunity to enjoy material prosperity, access to global markets and a well-organ-ised and efficient infrastructure.

Another factor that makes America a popular choice is that it is an ethnically diverse nation, meaning integration would not be much of a problem as it might be in more monocultural nations. As such, many expats from around the world who are seeking upward mobility or simply a more dynamic environment tend to flock in this diverse country.

Investors can enjoy these advantages in exchange for a USD $500,000 investment in an American business. Such investment should also generate at least 10 full-time jobs within 2 years to qualify foreign investors for a Green Card, entitling them to live and work anywhere in the country’s 50 states.

Nevertheless, there may be another path which investors could take towards citi-

zenship. In 2011, Senators Chuck Schumer and Mike Lee proposed a homebuyer visa programme which would offer visas to foreigners who invest USD $500,000 in cash in a residential property. Should this proposal be approved, investors who opt to gain residency through property invest-ment would have to renew their homeown-er visa every three years.

This initiative was intended to revive the then flagging real estate market and encourage the sale of the numerous homes that were left unsold after the 2008 global recession. As the number of distressed properties continued to pile up after the crisis, the two senators got concerned that these could further drag down the already sluggish economy, thus the proposal to allow the foreign buyers to live in the country so long as they’d inject money in the property market.

But even without the homeowner visa, foreigners have already been queuing up to enter the country and invest in the prop-erty market, following the much-awaited recovery. And because most of the prop-erties remain affordable for everyone, the market is seeing a tough competition as more buyers come in to find great deals and attractively priced American homes. PL

By Jonalyn Fulo Fortuno


San Jose, CaliforniaThe largest city in Northern California reportedly saw median home values increasing by 15.6% to USD $741,500 in 2013, out-performing the other US metro areas with a population of over 1 million. Interestingly, a significant portion of demand came from young entrepreneurs, engineers and businessmen attracted to the bright lights and humming economy of Silicon Valley.

Although residential investment comes with a high price tag, buying a home in this area is a safe bet especially if a secure environment is high on your checklist. In 2012, Forbes voted San Jose as the 6th safest US city, which sums up why it is viewed as the perfect place to raise a family.

While safety is a major draw for foreign buyers, San Jose has a lot more to offer, including fine accommodation, world class restaurants, shops, the SoFA (South First Area) nightclub district, art galleries, museums, theatres and parks.

Salt Lake CityAlthough Salt Lake City is Utah’s most populous city, there’s plen-ty of room for expansion. Foreigners buying can expect to spend at least USD$239,900 on a landed property. The good thing about relocating in the state capital is that it’s very accessible. It’s just two-and-a-half hours away by air for half of the nation’s populace.

Aside from its accessibility, among the major drawcards that keep both travellers and buyers entranced with Salt Lake City are its rich history, the warm hospitality of its people, great food and culture, live sports, a thriving performance arts scene, fun-filled entertainment and numerous outdoor activities. the city is also surrounded by mountain peaks that any ski enthusiast would enjoy.Market forecasters have a very bullish outlook on the state capital’s real estate market. According to experts, Salt Lake City is poised to become the hottest housing market in the US in 2014 partly due to accelerating job growth, price recovery and improv-ing economic conditions which are set to lift pent-up demand for housing.

With 50 states and a diverse geographical environ-ment, as well as rural and urban options it would seem impossible that the property investor would not find a dream property somewhere in this vast country. Whether the investor requires a home in

a sprawling suburb within the confines of a densely populated metropolitan area or in a rustic environment, removed from the urban environment, there will likely be something to fit their requirements.

And with the real estate market making a comeback, many investors are quietly reevaluating their stance on U.S. property.

For these investors the fact that property values remain well be-low the 2008 peak presents a significant opportunity for medium and long term rewards, just how long these bargain basement prices will last remains to be seen. Figures from the US Census Bureau showed that in 2013 the median sales price of new homes stoodat USD $265,800 due (in part) to the steady uptick in housing demand driven by buyers from China and Canada. Buyers can expect tough competition from these foreign nationals at auction.Here are five housing markets which are currently setting the pace of property investment across the United States. PL

U.S. PropertyHotspots


MiamiIt’s not just the throbbing beach scene that makes this a highly attractive home base; the Miami metro’s resurgent real estate market is creating a buzz of late. According to property website Zillow, Miami home values increased by roughly 17.5% to a me-dian USD $183,400 during 2013, thanks to healthy population growth, a rapidly recovering local market and strong demand from Latin American and Asian investors.

But why is Miami a desirable place to buy a home? Christie’s International Real Estate’s Atlantic Insights report cited several factors that contribute to its allure. The report mentions eco-nomic stability, ease of doing business, transportation options, cultural and lifestyle services and its famed tourist attractions as contributing towards to surge in property value.

The metro area also has an abundance of recreational opportunities; from the dynamic nightlife of South Beach and the party block Calle Ocho to the historic hideaways of Coral Gables and the natural wonders of Everglades National Park.

Austin, TexasWhile San Jose capitalises on its being one of the safest places to live in the US, Austin, Texas attracts expats and foreign buyers through its winning combination of fun, education and culture.

What’s more it also boasts a low unemployment rate as well as an attractive median home value which stood at USD $197,600 last year.

“Austin is growing in popularity as word spreads of its hip music scene and emerging tech cluster,” said Zillow economist Krishna Rao. In fact Austin has long been noted for its “eclectic pick-and-mix of retro funk and internet millionaires” which makes it one of the coolest US cities to be a young profession-al.

Anyone who plans to settle here will enjoy the city’s rich culture, diverse landscape and numerous attractions including water parks and historical sites. The famous wide open spaces of Texas are only minutes away, adding to property values.

SeattleCoffee, rain, magnificent setting and a modern skyline ofglass skyscrapers - these are the usual highlights where Seattle is concerned. But make no mistake, this is a city with hidden depths.

Seattle boasts world-famous wineries and restaurants, a thriving music and art scene, breathtaking mountain scenery and, of course, the popular Waterfront and Pike Place Market.

When it comes to the real estate market, it boasts a good ar-ray of offerings for buyers including modern condos in Belltown, landed property in Capitol Hill and houseboats (or floating homes) on Lake Union and Portgage Bay.

However properties here are about to get pricier as according to Zillow, median home values in the Seattle is set to increase by another 5.9% in the short to medium term. This increase is due to the strong Seattle market recovery propped up by “bet-ter-than-average 6.1% jobless rate and 3.3% 2010-12 popula-tion growth.” Home values were up 10.3% to reachUSD $309,100 last year.

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Why Buy inU.S.A.?

The United States of America

Washington, D.C.

English

9,826,675 km2

313.9 million

Eastern Standard time (GMT - 5); Central time (GMT - 6); MountainTime (GMT - 7); Pacific Time (GMT - 8); Hawaiian Time (GMT – 10); Alaskan Time (GMT – 9)

+1

USD $16.724 trillion

USD $52, 839

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Official Name:

Capital City:

Language(s):

Total Area:

Population (2012):

Time Zones:

Dialing Code:


GDP per capita:

Human Dev. Index:

COUNTRY INFORMATION:Economic Fundamentals and Quality of Life.Through the US Investor Program (EB-5 programme), foreign in-vestors who will invest a minimum of USD $500,000 in a business or commercial venture are granted a Green Card which extends to their spouse and children under the age of 21. Business invest-ment should create 10 jobs within two years to recoup 100% of the invested amount after five years.SAFETY AND SECURITYCrime rate declined since 1993, but murder rate remains higher than in any other developed countries which, presumably, could be attributed to its being the world’s most heavily-armed nation with one-half of its populace owning guns.COST OF LIVINGThe average household net-adjusted disposable income in the country is significantly higher than the OECD average valued at USD $23,047 per year. Accordingly, the American households receive an average of USD $38, 001 annually. The employment rate in the country is also one notch higher than the OECD average as 67% of Americans aged 15 to 64 have a paid job.EDUCATION SYSTEMEducation, which is mandatory until the age of 16, is divided into the following stages: five years of primary school, three years of middle school, four years of high school. After which, students could then advance to university study.HEALTH AND ENVIRONMENTThe US does not have universal healthcare system, but there exists different organisations and programmes such as Medicare, Medic-aid, Tricare and the Veterans Health Administrations that oversee healthcare provision.CONTENTMENTThe Americans’ level of satisfaction is higher than the OECD aver-age of 80%. As it turns out, 83% of the total populace leads a satis-fying life as they claim to have more positive experiences (feelings of rest, pride in accomplishment, enjoyment, etc) than negative ones in an average day. PL

www.AbacusInvestorAsia.com

The Corran Resort & Spa is defined by simple principles. Visitors and guests can enjoy fine food, wine and hospitality in a luxurious and relaxing atmosphere with inviting personal touches. The resort has been such a success with both guests and investors that 21 new suites were added and fully sold out in January 2013, over £850,000 has been paid to investors to date.

The developer is now launching a second phase where investors can take part in hotel room ownership which offers immediate returns. These 28 new suites will be createdfrom a fully renovated set of buildings awayfrom the main house. The opportunity is toinvest in the new phase of this fully operational resort where suites will match the highcalibre of decoration and character set by thefirst phase of this very successful hotel.

Invest from £17,000

Rental Return up to

10%for 15 years

• Opportunity to invest in a fully operational UK hotel

• Returns start immediatly paying up to 10% for 15 years in addition to a 150% assured buyback in year 15.

• Units priced at £17,000 & £33,000

• Assured Resale - 100% in years 4 - 14

• Assured Resale - 150% in year 15

• Over £850,000 paid to investors already

• Deeded property ownership

AI- The Coran Resort & Spa A4 #2 - approved.indd 2 03/02/2014 13:15109 IBC Coran.indd 54 2/4/14 6:51 AM

TheCaribbean

The Caribbeanislands have beena backdrop to talesof swashbucklingadventure

The Caribbean islands have been a backdrop to tales of swashbuckling adventure and the larger than life charac-ters like Blackbeard and Horatio Nelson who sailed the seas surrounding the islands and laid claim to some of the

most awe inspiring real estate on the planet. The Caribbean may well hold secrets in the form of buried treasure stashed away by privateers on the run from authorities. Today that buried treasure may still be secreted on many of the islands that dot the Caribbean archipelago, but the real wealth is in real estate and the possibility of earning economic citizenship on one of the island nations.Take for example two of the most well known of the Caribbean is-lands - Nevis and St Kitts, which make up a single island nation that combines a rich history with pristine beaches and the scenic beauty of verdant mountains and converted sugar plantations which today boast a pleasant and stately charm.

The Citizenship by Investment Program in St. Kitts and Nevis is the longest established economic citizenship program in the world hav-ing been established in 1984. The minimum required investment of USD $400,000, excluding government and third party fees. But for this investment you are not only gaining residency (as is the case with the Golden Visa in both Spain and Portugal for example) – you are immediately becoming a fully fledged citizen of one of the most secure tax havens on the planet, with all the rights and obligations that citizinship entails.

A truly golden opportunityIt’s not just wealthy Americans who are interested in the Caribbean islands - Asian investment in the region is rapidly increasing beyond the traditional trade and commerce. According to a Inter AmericanDialogue brief released in 2012 Chinese investors are on the look-out for new opportunities, amongst them real estate.

Property Life has selected three of the most attractive island options for those with money to invest in both property and other investment classes.


Antigua and Barbuda:Antigua and Barbuda’s Economic Citizenship Pro-gramme Act of 2012 opened the door of citizenship to foreign investors who purchase USD $400,000 in real estate, contribute USD $250,000 to the National De-velopment Fund, donate USD$250,000 to an approved charity or invest USD $1.5 million in a local business. It became the third sovereign state in the Caribbean to grant citizenship-by-investment after Dominica and St Kitts & Nevis. It is similar to the offering of its two neighbours, except applicants must submit to an interview and be required to spend at least 70 days in the country during a five-year period upon acquiring Antiguan nationality.

According to Global Property Guide, house prices have remained static despite a slight economic recovery that began in 2010. A two-bedroom house costs an average of USD $350,000 and a three-bedroom unit USD $600,000.

Property Life readers who are considering investing in Antigua and Barbuda could consider these develop-ments.

Nelson’s Retreat:• Located within English Harbour.• Offers postcard views of the historic Nelson Dock-

yard on the South East.• Boutique style development has 6 modern apart-

ments.• Unparalled dockyard views• Each apartment has indoor/outdoor living spaces, an

infinity pool and sun terrace can be found between the six luxury flats.

• Unit sizes are from 1,200 sq ft. to 1,500 sq ft.• Prices start at USD $695,000.


South Point:• Situated next to the Antigua Yacht Club

marina.• 23-room condo hotel offers seclusion

and privacy, but is very near two famous harbours.

• Located at Falmouth Harbour, minutes away from bars, restaurants, coffee houses, ice cream parlors, shopping centres and sports facilities.

• Rooms feature Italian designs with an open-plan that has a kitchen, living area, terrace and European furnishings.

• Prices for one-bedroom units begin at USD $695,000. Two-bedroom units are available.

Dominica:Dominica’s Economic Citizenship Programme provides four investments options which are all non-refundable, these are:

• Package A (Single Applicant) – USD $100,000

• Package B (Family Application One [appli-cant and spouse]) – USD$175,000.

• Package C (Family Application Two [appli-cant plus spouse and 2 children below 18]) – USD$200,000.

• Package D (Family Application (applicant plus spouse and more than 2 children be-low 18) – USD $200,000 and USD $50,000 for every additional person below 18.

• In addition, there are four more applicable fees per applicant - USD $1,000 application fee, USD $200 processing fee, USD $500 naturalisation fee and a USD $15 stamp fee.

Dominica offers the lowest house prices in the region, averaging USD $1,220 per sqm. The best places to buy residential property are at Canefield, Morne Daniel, Castle Comfort and Belfast, according to Global Property Guide.Some illustrative options:Roseau House:

• Three-bedroom unit and 2 bathrooms.• Security system and cameras.• Open-fitted kitchen separated from living

room by a breakfast bar.• Priced at USD $232,498 Calibishie Hotel

and Villa.

• Originally designed to be a hotel with 14 rooms, 3 suites.

• Atop a hillside with sea view of Atlantic Ocean.

• Built to Canadian standards, hurri-cane-proof

• Priced at USD $350,000.

St. Kitts & Nevis:With a promise of providing applicants with an international passport in only 4 months, while other nations offer 5 years, St. Kitts and Nevis’s Citizenship Investment Programme offers a significantly different value propo-sition when compared to other golden visa offers. Established in 1984 this is the world’s oldest economic investment based program. The government promises no revocation of citizenship irrespective of future changes in administration. It is obtained via a minimum investment in real estate of USD $400,000 in a government-approved project or through a financial contribution to the island’s Sugar Industry Diversification Foundation. The passport, which is valid for ten years opens the door to 125 countries.

Prior to the global real estate crisis, St. Kitts enjoyed 5-10% increases in home values, but in 2010, the country suffered from an average 20% drop in home prices for units worth between USD $600,000 and USD$1.2 million. Current home prices range from USD $550,000) to USD $850,000, according to the Global Property Guide.A sampling of available properties include:Kittitian Hills St. Kitts:

• A luxury resort featuring an Ian Woos-nam-designed 18-hole championship golf course and luxury facilities such as day spa.

• Listed as a Citizenship by Investment Ap-proved Project.

• Choice of condos and villas.• Prices start at USD $400,000.

Carpe Diem:• The villa comes with a speed boat and

motor vehicle.• Located at Fern Hill, elevation 500 feet

above sea level and provides panoramic sea views from the pool deck.

• Two-bedroom unit, priced at USD $750,000.


Dominica• Acquiring an education is compulsory for Dominican resi-

dents ages 5 to 16.• Health care provided by network of 52 health centres and 2

district hospitals. Nurses Association comments that primary health care services are very comprehensive.

• Daytime temperature from 26°C in January to 32°C in June.• Beaches are the most common destination for leisure activties

in Dominica. Luxury resorts are also popular - try Iberostar Hacienda Dominicus and Casa Colonial Beach & Spa.

• English is the official languages, but natives also speak a French-based Creole.• When in Dominica, visit the Boiling Lake and the Victoria Waterfall and Trafalgar Falls.• The country is one of the safest places in the region, with no poisonous snakes or insects, avoid drinking the water after heavy

rainfall as it turns brown and may cause illness. PL

Antigua and Barbuda• Education, funded by a levy is compulsory and free for chil-

dren between 5 and 16 years old. There are 3 colleges – The University of Health Sciences Antigua, University of West In-dies School of Continuing Studies and Antigua State College

• A network of 26 community health clinics, 1 public hospital in Antigua and an 8-bed medical facility in Barbuda provide health care.

• Daytime temperate ranges between 27 and 31 Celsius; dry months are from November through April.

• Must-visit places for entertainment are Abracadabra on the South Coast for dance lovers, Bumpkins on Pigeon Point Beach for great food and Kings Casino.

• Official language and language of instruction is English, but majority of Antiguans and Barbudans speak Antiguan Creole.• Must-visit places when in Antigua include the Half Moon Bay, capital city St. John’s, Dockyard National Park and Dickenson Bay.• Considered one of the safest developed islands in the region.

St Kitts and Nevis• Education is compulsory between 5 and 16 years old.• Has initiated processes to study the feasibility of a national

health insurance scheme to make affordable, basic health care available to all.

• Average temperature during winter is 27°C, while in summer it is 30°C

• When in St. Kitts, be sure to try the conch fritters at Turtle Beach Bar & Grille, the four different bars and casinos at St. Kitts Marriott and the rum based cocktails on offer at Sun-shine’s Beach Bar

• English is the primary language, but Saint Kitts Creole, also called Nevisian or Nevis Creole, which is based on French is also spoken.

• Hands-down winner as the top scenic attraction is the St. Kitts Railway. • Things to watch out for include: strong currents, local scammers, spiders and fruit tossing monkeys.

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Why buy in the Caribbean?

Federation of Saint Christo-pher and Nevis

Basseterre

East Caribbean dollar

English, St Kitts Creole

53,000

Official Name:

Capital City:

Currency

Language(s):

Population: COU

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261 sq. km. Total Area:

Antigua and Barbuda

Saint John’s

Official Name:

Capital City:


English, Antiguan Creole

81,799

Currency

Language(s):

Population:

440 sq. km.Total Area:

COU

NTR

Y IN

FO

Commonwealth of Dominica

Roseau

Official Name:

Capital City:


English

72,660

Currency

Language(s):

Population:

750 sq. km.Total Area:

The first quarter of 2014 has seen a lot of changes at Prop-erty Life. As they say out with the old and in with the new. Change can be empowering –

it shakes up old ways of thinking and clears the cobwebs.

The magazine that you are reading features a new look and feel, only one of the tangible examples of the changes that are underway to reinvigorate not only this Panashco Media title, but also the way in which we reach property investors through our other channels.

We’ve always been dedicated to pro-viding readers with informative and useful insights that makes a real difference in the way they go about investing in property. We have a variety of online tools that we use to get timeous and relevant informa-tion to investors, including newsletters, websites and social media platforms. 2014 is going to see Panashco Media take the next step in focusing our channels and

adding some new tools that will assist in-vestors in getting real time information de-livered across multiple operating systems and platforms.

We’ve also committed ourselves to reaching investors in person – we have an exciting lineup of Property Life seminars and exhibitions planned for 2014 and if the current levels of involvement in our recent seminars are any indication Singapore is more than ready for a breath of fresh air and a departure from the traditional ‘hard sell’ approach that has characterised prop-erty investment functions in recent years.

We've seen some very interesting shifts in property investment trends in Q1: 2014 – amongst these being the Phoenix-like rise of European properties from the ashes of the global financial crisis. We have a feeling that this trend is the harbinger of a sizzling year for property and we’ll be bringing you useful, actionable information that will make a real difference to your property in-vestment decisions in the months to come.

TREVOR WATLINGManaging DirectorPanashco Media

COMMENT FROM MANAGING DIRECTORI N S I G H T

Regards,

C

M

Y

CM

MY

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2014_Portugal(A4).pdf 1 19/3/14 4:48 pm

“The only freehold mixed development

in Sukhumvit 24, Bangkok that offersan opulent lifestyle not found anywhere else.”

• Mega freehold mixed development with land area of 19, 744 sqm.• Developed by leading developer in Thailand.• Located in prime central Bangkok.• Short walk to Emporium, EmQuartier mixed development comprising offices and 650,000 sqm of retail space & the upcoming Emporium 3.

• Quality interior finishing.• Easy access to BTS Phrom Phong and Rama 4 Road.• One stop from Asoke BTS (Terminal 21) and few stops away from Four Face Buddha Temple, Central World & Siam Paragon.• High rise development with full length windows for optimal view.• Ample green landscape for harmonious city living.• Each building has its own set of lifestyle facilities.

Please Contact Us For More Information:

+65 6100 8589 [email protected]

While every reasonable care has been taken in preparing this document, neither Trillion Property nor its sales representatives/agents are responsible for any inaccuracies. The information contained herein is subjected to changes, modifications and/or substitutions in accordance with the Developer’s guidelines.

Project: Park 24. Developed by Proud Residences Co., Ltd. Co. Registration Number: 0105556037981. Freehold Condominium Project located at No. 70, Sukhumvit Soi 24, Klongton Sub-District, Klongtoey District Bangkok. Registered Capital 800,000,000 THB(701,000,000 THB paid up). High-rise development of comprises of 51 Storey & 29 Storey for Phase 1. Title Deed Number 1497, 2611 & 127874; Survey Number 1139, 1170 & 14917, Plot Number 425, 5727 & 598. Combined Area is approximately 5 Rai, 0 Ngan & 80 Square Wah. Expected Date of Completion: July 2018.

CEA License No: L3010387D

1 Bedroom price from

SGD 183K

Documents

Property Life April May 2014