The Latest Spanish Property News from Kyero.com

France and Spain remain the most popular choice for overseas property buyers, according to a new survey.

This is because the majority of British overseas property buyers are ’traditionalists’ who see their overseas purchase either as a holiday home or somewhere to retire to.

Foreign currency specialist HIFX reports that France and Spain made up almost half (43 per cent) of all its currency transactions for buying property abroad in March.

Australia was in third place with 11 per cent of transactions, followed by Bulgaria (ten per cent), USA (four per cent), Canada (two per cent) and South Africa (one per cent).

The majority of Brits are looking for an overseas property that can be used for regular holidays, is easily rentable, with cheap flights, and offers a quick escape to the sun. Those considering retiring abroad are also looking for a well established expat community to help them feel at home.

But HIFX has identified a more adventurous group of Brits, the adventurers, who are buying overseas property in countries such as Australia, New Zealand and Canada.

This group does not mind travelling long distances in search of a more exotic location than the traditionalists, and often consider emigrating to their holiday home at some point.

For this reason they do not want the hassle of a language barrier and are seeking somewhere that is culturally similar to that of the UK.

A further group of Brits, hot spot investors, are buying overseas property primarily for financial gain.

They are looking to places like Bulgaria and Dubai, which could offer excellent investment returns because they are up and coming holiday destinations and have rising house prices.

HIFX marketing director Mark Bodega said: “People buy abroad for many different reasons but they tend to fall into three main categories.

“For some it’s an emotional decision based on a lifelong dream, for others it’s an exciting step into the unknown and for some it’s simply a financial investment.

Story from about property

Wondering how you are going to get to your holiday home without breaking the bank? A new website, Flycheapo.com, could have the answer. The idea is so simple that it is surprising that no one else thought of it before, especially, since, as a rule, these airlines do not feature on other sites such as Expedia. which tend to confine themselves to the traditional carriers.

All you do is punch in the place you want to go, and from where, and the site comes back with a list of the budget airlines that operate the route. All the obvious ones, like Ryanair, easyJet and Bmibaby are included, but there are also some more exotic names such as Geneva based Flybaboo, Barcelona’s Vueling and Sicilian Windjet. (There is also a handy list of now defunc, or deceased, as they put it, airlines such as EU Jet, Flying Finn and MyTravel Lite, which only goes to show what a perilous business the low cost industry is).

You cannot actually book off the site directly, presumably because it would be too complicated, technically. This can mean checking out various airlines to get the best price if you are flying somewhere obvious such as Prague or Barcelona. But it can still throw up some unexpected links. Just flicking through it, for example, I discovered that it possible to fly to Pula, in Croatia, a place I am extremely fond of, but which is not otherwise that well served, on an airline called Fly Globespan from Glasgow or Edinburgh. (Not terribly useful for me since I live in London, but convenient for Scots and people in Northern England.)

There is also a news section that flags up the latest new route announcements: Ryanair, I learnt, for example, is about to start flying from Doncaster to Pisa. So, all in all, a very useful tool and worth spending a few minutes flicking through, even if the net effect may be to encourage more people to fly and to add another degree or two to the temperature of the planet.

story from the times online

Catalonia to oblige estate agents to register

El Pais reported that there are still some instances of individuals who buy and sell properties in Spain without being affiliated to any professional institutions, or even officially registered. The Catalonian government is looking at changing this by focusing on the property industry and imposing a law which will require all agents to subscribe to an official register. This is expected to counter fraud and malpractice, as well as protecting all parties in the transaction: the seller, the buyer and the agent. The new law should satisfy the demands of the majority agents within the sector, who have since 2000 (when the industry was deregulated) been calling for the introduction of standards such as registration.


SIMA 06 set to be the biggest property show in the world

ABC ran a story about Salon Inmobiliario de Madrid (SIMA), a major property show which will take place 4-8 April, occupying more than 42,000 square metres.

According to Eloy Bohua, the Director of SIMA, it represents the biggest property show in the world, if you take you gauge it in terms of space occupied, in fact three times the size of the Barcelona show, Meeting Point. SIMA will occupy five pavilions in Ifema, including 432 stands with 750 companies participating. According to the organisers, this year’s event promises to be the most international ever, with more than 80 foreign companies attending.


Rental properties rise by 4.2%

La gaceta de los negocios stated this week that rental properties in Spain have increased by 4.2% during the past 12 months, 2 points more than the consumer price index (CPI) according to the National Institute of Statistics.

During February alone, rentals increased by 0.5%, 5 points above the CPI which itself didn’t vary during February but remained stable. During the first two months of 2006, rentals increased in price by 1%, 1.4 points above general inflation which instead decreased by 0.4%. During this period, maintenance costs also increased by 5.1%, the equivalent to 1.1 points above the CPI.

Almost 1 million dwellings sold in 2005

An article in ABC related the statistics of the College of Registrars, which cited 989,341 property sales and purchases during 2005. Focusing solely on the final quarter of the year, transactions totalled over 230,000, the majority being resales. The biggest percentage included mortgaged properties, in line with previous quarters and corresponding to the figures presented by financial institutions. Most of the mortgages undertaken were variable, based on the euroibor, and the average term of mortgages continued to increase, now lasting 25 years and 9 months.

Rising debts and poor pensions will lead to a new kind of “anthill” family, with many generations living and working together, a report said yesterday.

“Anthill” households will lead to parents and grown up children pooling mortgages, bills and even pensions so that everyone can retire with a comfortable income.

The report, by trend forecasters The Future Laboratory, suggests that families will deal with the pensions crisis by pooling their resources into “fractional pensions”, which would allow families to pay collectively into one pot and then benefit from larger rewards.

“As 30 somethings fail to invest in pensions and an ageing population spends its children’s inheritance, we are seeing families moving back in with each other and sharing the cost of home and mortgage,” the report said.

There is already evidence that, as house prices rise, children are delaying moving out of their parents’ homes and some are also being forced to move back in after years of independence.

Louise McRae, from Chelmsford, is a member of one of these new families. She is 28 and has returned to her parents’ home while she works in the voluntary sector, which should help her to get a good full time job. She does not pay any rent, but helps out in the house.

“My parents are lovely but it’s difficult not to regress to being a teenager,” she said. However, she says she is scared by rising house prices and the fact that she does not own her own home. “I am approaching 30 and really want to get settled. But living in south east England it just isn’t possible.”

The report said that current economic and social conditions would create new groups of people including “elder preneurs”, who would start businesses late in life because they are concerned about their lack of savings. Older people are already responsible for 50 per cent more business start ups than they were 10 years ago and the trend is likely to continue.

Another new group will be the “bridge careerists”, who are trying to find ways to avoid giving up work in their 60s, finding new careers to work into their 70s.

Full story from the Telegraph

House Buyers ‘Making Sacrifices’

Britons are taking on extra jobs or cancelling holidays to be able to buy their first home, a survey suggests.

The research, carried out by broker Purely Mortgages, also claims more than a quarter of people are entering the property market without a deposit.

It said one-in-five first-time buyers cut back on holidays, 11% took on extra work and 5% delayed starting a family.
The survey of 2,232 people said almost two-thirds of first-time buyers made lifestyle changes to afford a home.

Purely Mortgages boss Mark Chilton said the UK had a “love affair” with home ownership.

“As house prices have continued to rise, people are adopting even more drastic cost cutting measures to get that first step on the ladder.”

He said people “need to be realistic” about what they can afford, and what sacrifices they are prepared to make.

Story from bbc news

Buying an average-priced property in London now requires an income of nearly 82,000 GBP’s, a sum earned by fewer than one in 10 Londoners, the London Housing Federation has revealed.

Responding to figures released this week by Rightmove.co.uk which show that in March 2006 the average house price in London broke the 300,000 GBP’s barrier for the first time, the Federation expressed serious concerns about the impact of high house prices on a huge swathe of Londoners.

London’s average house price,300,790 GBP’s, now stands at 11.5 times average individual earnings, which are 26,0002 GBP’s. Assuming that a couple both earned this amount, the largest mortgage they could reasonably afford would be 182,0001 GBP’s.

Berwyn Kinsey, head of the London Housing Federation, said: “Some Londoners will applaud the news that house prices have broken the 300,000 GBP’s barrier, but for many more this is evidence that the housing nightmare is getting worse.”

Story from the move channel

Expatriates considering transferring their pension rights from the UK to their country of residence should seek specialist advice as this is not a simple decision.

It may be possible to transfer pension arrangements built up in the UK. Whether it is wise to do so depends on the type of scheme, country you are living in and should be considered in light of your personal situation.

Advantages include having the pension paid in local currency and feeling more in control of your financial affairs.

Leaving your pension in sterling brings with it a currency risk which may be a worry to many seeking a secure retirement income.

Jonathan Spring-Rice of independent financial adviser (IFA) Towry Law, said: “A devalue in sterling against the local currency could have a negative impact on financial security. This may be a reason to consider pension transfers although doing so is often tricky.”

However, some companies are starting to pay pensions to ex-employees living abroad in euros, added Gordon Smith of IFA Siddalls, and currency fluctuations can be minimised by careful planning.

Keeping your pension in the UK brings with it the risk of inflation, added Tom McPhail of IFA Hargreaves Lansdown.

He said: “Your pension may be linked to UK inflation, and if your country of residence suffers high inflation this could eat into your income. This may be offset by a concurrent depreciation in their currency, which would offset the inflation effect, but you are also at risk of the currency moving in the wrong direction.”

If you know you are definitely not returning to the UK, Mr McPhail suggested investing your pension in an arrangement in your country of residence. It is simpler to do this before retiring, so it pays to plan ahead, he added.

Bear in mind, however, that if you transfer a final salary pension to your country of residence you will be giving up this gold-plated scheme for a money purchase arrangement. Depending on how you feel about the uncertainties in the UK final salary sector, this may not be a bad thing, but taking specialist advice is essential.

Full story from Expat Telegraph

It has been claimed that the UK’s property market is set to benefit from an explosion in interest from baby-boomers.

According to new research carried out by Prudential and Datamonitor, the post-war generation who were born and grew up in the aftermath of the Second World War are about to start looking for the best retirement packages, with second homes high on their list of priorities.

The study discovered that their homes are currently worth a combined 543 billion GBP’s across the UK and that figure is set to increase over the next 15 years to 1,425 billion GBP’s as the youngest of the baby-boomer generation reach retirement age.

An increasing number of people are considering investing in property as a way to supplement their income when they retire, with many believing that a pension will be inadequate for their needs. And it appears that the baby-boomer generation shares that sentiment, as many are preparing, or have already, invested in property to provide them with a regular income in their retirement.

“Property can form a great part of a retirement planning portfolio,” commented Ali Crossley, director of lifetime mortgages at Prudential UK.

“It may be too late for people approaching retirement to build up a supplementary source of income using a pension, savings or investments. However the equity tied up in their homes could be instrumental in boosting their funds.”

And it appears that a move to release that equity is exactly the move that many baby-boomers are planning over the coming years.

With the arrival of A-Day coming ever closer and the number of people who have invested in self invested personal pensions (Sipps) remaining high despite the chancellor’s announcement in the pre-Budget report at the end of 2005, it appears that many people approaching retirement age are about to free up the considerable amount of equity tied to their homes.

The number of people investing in second homes, both in the UK or investment hotspots across the globe such as Spain , is therefore likely to rise significantly over the months ahead.

Full story from Assetz news

GORDON BROWN is about to raise Britain’s tax burden to its highest ever level, raking in nearly 1m GBP’s a minute.

An analysis by the accountants Ernst & Young, based on the Treasury’s own figures, shows the chancellor will match the record high for the tax burden this year and rise above it next year.

That means it will be higher than in the 1970s under Denis Healey, when the top rate of income tax was 83%, and the early 1980s, when it was 60%.

Brown will unveil his 10th budget on Wednesday, which Treasury sources say will be an exercise in “consolidation”.

“It’s an all time high and we’re entering uncharted waters,” said Peter Spencer, economic adviser to the Ernst & Young Item Club, a forecasting group. “We know higher taxes help explain what is happening on Britain’s high streets.”

Treasury figures show tax revenues will total 490 billion GBP’s this year, up from 271 billion GBP’s when Brown took office. The 219 billion GBP’s rise is equivalent to 9,000 GBP’s for every household in Britain.

Under Brown the number of people paying higher rate tax has risen from just over 2m to 3.5m, according to Office for National Statistics data. By the end of this parliament it will have risen to 4m, experts say.

“If he stays at the Treasury, he’ll have doubled the number of higher rate taxpayers,” said Mike Warburton of Grant Thornton, the accountants.

The total number of income tax payers has risen by 3.5m to 29.2m since 1997, outstripping the rise in the number of people in jobs. The number of estates subject to inheritance tax has also risen from 15,000 to 35,000 a year.

“After nine years of Gordon Brown and 10 budgets this will be his legacy, the highest tax burden ever,” said George Osborne, shadow chancellor.

Calculations by Patrick Minford, of Cardiff Business School, show that,including Vat, excise duties, National Insurance and income tax, a basic rate taxpayer pays 48.50 GBP’s in tax on every 100 GBP’s earned. Among higher rate taxpayers the figure is 57.10 GBP’s.

“People are starting to wake up to the fact Britain is a high tax country,” said Matthew Elliott, chief executive of the Taxpayers’ Alliance.

Full story from Times Online

The couple who bought a piece of land that turned out to belong to someone else. The developer who vanished with the deposit. The builder who hadn’t got planning permission before building a dream villa.

For the thousands of success stories of new homes in the sun, there is a handful of horrors where buyers have been caught out. The opportunities for British investors are huge but with emerging markets come legal loopholes, fake title deeds - and dodgy characters.

Even in the established markets such as Spain, estate agents can operate without any type of licence, and a cottage industry of ‘search agents’ has mushroomed to feed the increasing hunger of investors. There is now more need than ever for accountability in the overseas home market.

A Barclays survey found 2.2 million people in the UK hesitating about buying abroad due to fear of being taken for a ride.

Although there are existing trade bodies that attempt to protect those who buy and sell abroad, they are relatively small in membership and financial clout.

The largest, FOPDAC (the Federation of Overseas Property Developers, Agents and Consultants) has 180 members, yet there are now 3,500 estate agents on the Costa del Sol alone.

But this week, the Association of International Property Professionals (AIPP) has been launched to provide a ‘kitemark’ for the entire overseas property market.

This is a similar idea to the Association of British Travel Agents (ABTA) which works so successfully with the travel industry, or the way the Financial Services Authority (FSA) regulates its industry.

The Daily Mail recognises the need for such transparency and is a founder member, along with 84 agents, developers, mortgages and currency companies who have signed up. Among these are the leading firms Coldwell Banker Realty, Travelex and Moneycorp.

As its new chief executive, Paul Owen, who has five years’ experience with the specialist French property agent VEF, says ‘I want the AIPP to be the voice of the overseas property industry, setting standards and practice. Our business will be not just to highlight the unscrupulous but to provide positive examples of good professional conduct.’

Graeme Grant, chairman of Premier Resorts, a founder member, adds: ‘The formation of AIPP should send out a signal to all property sales companies in the UK that the overseas property industry is not prepared to condone cowboys.’

The initial requirement for membership to AIPP will be three years’ experience but, for those who are operating in a brand new market, the vetting for entry will be much more vigorous.

Owen wants everyone involved in buying overseas property to be aware of AIPP within the next 12-18 months.

He says: ‘Ninety-five per cent of people buy through someone they know, word of mouth, small ads or Google. My ultimate goal is that people won’t buy a property abroad unless they see our logo on the advert or shopfront.

‘Buyers will know that an approved agent is properly trained, insured and bound by a code of practice. Twenty years ago, when Spain and France were the main markets, such a code would have been useful. Now, with the whole world opening up, it is vital. Eastern Europe’s emerging markets are an unknown quantity and no one knows the tax position. There is practically no regulation.’

Story from the Daily Mail - Visit the AIPP web site

The couple who bought a piece of land that turned out to belong to someone else. The developer who vanished with the deposit. The builder who hadn’t got planning permission before building a dream villa.

For the thousands of success stories of new homes in the sun, there is a handful of horrors where buyers have been caught out. The opportunities for British investors are huge but with emerging markets come legal loopholes, fake title deeds - and dodgy characters.

Even in the established markets such as Spain, estate agents can operate without any type of licence, and a cottage industry of ‘search agents’ has mushroomed to feed the increasing hunger of investors. There is now more need than ever for accountability in the overseas home market.

A Barclays survey found 2.2 million people in the UK hesitating about buying abroad due to fear of being taken for a ride.

Although there are existing trade bodies that attempt to protect those who buy and sell abroad, they are relatively small in membership and financial clout.

The largest, FOPDAC (the Federation of Overseas Property Developers, Agents and Consultants) has 180 members, yet there are now 3,500 estate agents on the Costa del Sol alone.

But this week, the Association of International Property Professionals (AIPP) has been launched to provide a ‘kitemark’ for the entire overseas property market.

This is a similar idea to the Association of British Travel Agents (ABTA) which works so successfully with the travel industry, or the way the Financial Services Authority (FSA) regulates its industry.

The Daily Mail recognises the need for such transparency and is a founder member, along with 84 agents, developers, mortgages and currency companies who have signed up. Among these are the leading firms Coldwell Banker Realty, Travelex and Moneycorp.

As its new chief executive, Paul Owen, who has five years’ experience with the specialist French property agent VEF, says ‘I want the AIPP to be the voice of the overseas property industry, setting standards and practice. Our business will be not just to highlight the unscrupulous but to provide positive examples of good professional conduct.’

Graeme Grant, chairman of Premier Resorts, a founder member, adds: ‘The formation of AIPP should send out a signal to all property sales companies in the UK that the overseas property industry is not prepared to condone cowboys.’

The initial requirement for membership to AIPP will be three years’ experience but, for those who are operating in a brand new market, the vetting for entry will be much more vigorous.

Owen wants everyone involved in buying overseas property to be aware of AIPP within the next 12-18 months.

He says: ‘Ninety-five per cent of people buy through someone they know, word of mouth, small ads or Google. My ultimate goal is that people won’t buy a property abroad unless they see our logo on the advert or shopfront.

‘Buyers will know that an approved agent is properly trained, insured and bound by a code of practice. Twenty years ago, when Spain and France were the main markets, such a code would have been useful. Now, with the whole world opening up, it is vital. Eastern Europe’s emerging markets are an unknown quantity and no one knows the tax position. There is practically no regulation.’

Story from the Daily Mail - Visit the AIPP web site

Britain has the highest rate of “guzumping” in Europe and nearly 3.3 million home buyers, constituting 37 per cent, had been victims of this practice, according to a study by life insurance firm Scottish Widows.

Guzumping is a practice where a seller of a house agrees to an offer by a prospective buyer, but sells the house subsequently to another offering a higher price.

The study also found that one in three buyers have seen the purchase of a new home fall through.

While Scotland has stricter rules making guzumping impossible, the 37 per cent puts Britain ahead of countries like Italy (30 per cent), France (29 per cent), Spain (25 per cent) and Germany (18 per cent), according to the study.

Murdo McHardy of Scottish Widows said people in the country are obsessed with property and guzumping is a problem that hits the people hard. Along with guzumping, there are other factors like financial problems or a change of plan following survey, which have all together contributed to 8.7 million Britons experiencing a deal falling through, the study said.

Nearly three out of 10 Britons told the survey they could not buy a property they had wanted because the seller took it off the market, 19 per cent said the seller pulled out after doing a survey and 5 said they lost as they could not get a pre arranged mortgage.

Scottish Widows said people in Britain spend less time in assessing a home before buying, nearly 66 per cent of the buyers spend less than 30 minutes evaluating the house and the deal on offer.

Around 35 per cent of buyers settled for a house after seeing it only once, while 11 per cent bought one without seeing it at all. Nearly 20 per cent of people bought the first property they looked at.

Full story at ABC Money

The housing market recovery gathered pace in February, with price rises the firmest since June 2004, according to the latest survey by the Royal Institution of Chartered Surveyors.

The surveyors report, out today, said buyer confidence has returned to the market with the number of new purchase enquiries rising yet again, despite diminished hopes that interest rates will fall again.

17% more of Rics estate agent members in England and Wales saw house prices rise last month, compared to those that reported a fall. This is the biggest positive balance surveyors have seen since June 2004.

New buyer enquires rose moderately in February, maintaining the steady gains recorded over the last few months. Purchaser interest has risen for nine consecutive months, a record for the survey.

Completed sales have stabilised over the past month or so, though are still up strongly over the past year, rising by 17%. The strengthening of the economy in recent months is helping to support growth in housing demand and prices, said the surveyors.

While demand and sales activity are generally improving, the stock of available properties for sales fell 4% from year ago levels. The decline reflects the fact that new sales activity is outstripping the amount of property being brought on to the market to sell, making for a balanced market compared to a buyers market in 2005.

Surveyors have commented that properties are beginning to sell more quickly than last year and that there is even the emergence of “sealed bids”. The improving market trend is also reflected in surveyor confidence, with expectations for price rises hitting close to a two year high.

House prices rose in London at the sharpest pace in almost 3.5 years, clearly outperforming the rest of the country for the first time since the late 1990s.

Other southern English regions have also noted a much firmer tone in recent months. For the northern English regions, modest price rises are evident except for Yorkshire & Humberside. In the Midlands, prices are still slipping slightly, but up a touch in Wales. Prices are up firmly in Scotland though the pace has slowed since the turn of the year.

Story from the move channel

Average Spanish mortgage rises to EUR 144,352

Figures from the National Institute of Statistics show that the average mortgage loan value rose to EUR 144,352 in November 2005, 15 percent higher than November 2004. Average property prices rose to EUR 130,761, up 15.9 percent on a year before.

Spanish investors turn to Coast of Death after Prestige disaster

The Spanish daily ‘El Periodico de Catalunya’ reports of an investment lead real estate boom on the Coast of Death (Costa de la Muerte), on Galicia’s northwest coast around Finisterre.

This coastline was devastated by oil spills from the tanker ‘Prestige’ that sank just off the coast of Galicia in November 2002. However the disaster and clean up operation, now complete, created an extra exposure to the area’s beauty that is now turning into real estate investments, including golf course developments.

Costa del Sol property speculators turn to renting

The Spanish daily ‘Sur’ reports that many of the people who speculated with property on the Costa del Sol are now trying to rent out the properties that they have been unable to sell.

Spanish tax authorities to blitz real estate fraud

Luis Pedroche, Director of Spain’s Inland Revenue (national agency responsible for tax collection and known as the Agencia Tributaria in Spain) has announced that a full third of the agency’s resources will be dedicated to preventing and controlling real estate fraud in 2006. A failure to declare or pay property related taxes is one of the biggest sources of tax evasion in Spain. This could have a significant impact on foreign buyers.

During a breakfast organised by the Association of Economic Journalists (APIE), Pedroche announced the creation of special fraud units dedicated to identifying all types of real estate fraud, such as failing to declare the full amount of a property transaction in the deeds of sale.

“Greater fiscal control of the real estate sector is justified by the economic size of the sector, by its social impact, and because of the prevalence of money laundering opportunities and tax evasion”, explained Pedroche.

Full stories from Expatica.com

People who buy a home abroad fall into categories,rich, poor, level headed, impulsive, plus a few in between, says Damian Barr

Once upon a time there were those who owned a second home abroad. They bought it for pre euro peanuts and did it up slowly. It was something lovely, a farmhouse somewhere predictable, like the Dordogne.

There they enjoyed long holidays with their children and their friends and their children. They were the fortunate few. Now, it seems, everyone is doing it. More than a quarter of a million Britons have turned the daydream into a reality, according to Caxton FX, an independent currency company. Almost half of those have snapped up homes in Spain and France. But, as Provence becomes provincial, we’re looking further afield with more than a third of homes now being bought outside Europe.

We now move quite comfortably between countries, not counties, and sometimes even between continents. A second home is a must have.

Some people even have two homes, or three or four or more. Others have a much,loved bolt hole in a tried and tested territory. For twentysomethings desperate to buy something, anything, anywhere, Bulgaria is better than nothing.

So are you an Intrepid Investor, a Level Headed Long Termer, a Jetsetting Bon Vivant, a Serial Buy to Letter or a Rampant Renovator? And will you all live happily after? Read on to find out.

Intrepid Investors

The Intrepid Investors are cash poor and time poor. They have “freelance projects” rather than jobs and have never even thought about a pension. They make lots, spend more and surf the bottom of their overdraft. Their busy lives are a series of deadlines and the next big one is finding a place to buy. Although they no longer live at home, their parents are piling on pressure to settle down.

Easier said than done when your natural habitat is edgy but expensive Shoreditch in East London. They’ve considered Glasgow but they’re not sure how good the sushi is up there, and it’s too cold. Despairing Mum and Dad are even offering a deposit of 50,000 GBP’s.

The Intrepid Investor hasn’t seen that much money since the last student loan. It seems a waste to put it straight into a property in Britain just as the market is levelling off. Why not buy abroad? At their local gastropub that night a group of Intrepid Investors discuss the possibility of finally getting on the property ladder and making some easy money. A friend freshly returned from travelling (again) believes Eastern Europe is a bargain. The beer is certainly good, and there are plenty of cheap flights.

Financed by their parents and fuelled by dreams of capital appreciation and potential rental income, the Intrepid Investors are off, scouring the internet for bargains on the eastern fringes of Europe.

Serial Buy to Letters

Such is their grasp of geography and global affairs, Serial Buy to Letters could well work for the UN. As it is, they are a lawyer or City worker with more money than time. They communicate by BlackBerry. When it comes to money and markets they know what’s what.

What’s more, they have the cash to take advantage of prevailing trends. They were among the first to buy off plan and they know their way around the most complex contract.

To spread the risk the SBTLs cast their nets wide. Yes, there are the corporate lets in big cities like Madrid and Frankfurt. But there are also the holiday apartments in countries such as Turkey and even Brazil. No single property costs more than 150,000 GBP’s.

These are not homes, they’re investments, each a carefully considered piece of a perfect portfolio. The SBTL hasn’t seen them all but can tell you about the square footage and what they’re worth.


Full story from Times Online

More people than ever, even expats, are opting to beat the winter blues with a second property overseas where it is warm all year round, but what is the best way to pay for it?

Britain’s biggest building society, Nationwide, reports an 85pc increase over the past decade in the number of Brits who own foreign property.

Price is a great attraction, with properties that need refurbishment but with a good amount of land selling for less than 60,000 GBP’s in Spain. For 170,000 GBP’s it is possible to get a three bedroom property with two bathrooms, roof terrace and sea view on the Costa Blanca.

However, purchasers who do not have the cash to buy outright are faced with a tough decision. They must choose whether it is better to raise money in the UK against any existing property and pay cash for the overseas home, or take out a mortgage in the country where the holiday home is located.

Most people choose to have a mortgage in the UK. David Hollingworth of London & Country Mortgages said: “They know and understand the UK system and feel more comfortable with it.

“Generally I believe it is better to keep any loan in the same currency as your income. That way you do not have currency fluctuations to worry about.”

But Ray Boulger of the mortgage broker John Charcol takes the contrary view, that asset and loan should be in the same currency. “That way, if the currency moves against you, the value of the loan falls by the same amount as the value of the property.

“I also think people make too much of the possible exchange rate problems. Typically, you would pay an interest rate of about 3.5pc for a euro mortgage. Even if the exchange rate moved against you by a tenth, that would only raise your effective rate to 3.85pc, still well below the UK level.”

Full story from Expat telegraph

If you escape often to your second home in the Loire Valley or enjoy spending August sipping sherry at tapas bars off the Plaza Mayor, you might want to consider setting aside some euros ahead of time to finance your excursions.

The tough part is working out the best way to maximise the spending power of your hard earned sterling. One option is to open a current account with one of the local banks such as BBVA or Banco Santander in Spain or BNP Paribas and Credit Agricole in France.

A second and arguably more manageable option would be to open a UK based account denominated in euros. HSBC, Barclays, Lloyds and Citibank all offer this service. Which option you choose would depend on the length and purpose of your stay.

Euro and dollar dominated accounts are in vogue these days as more Britons flock to neighbouring countries on holiday. Often, people open an account in another currency with a UK bank because they are receiving payments from another country.

But another benefit is familiarity. Many customers who have an established account with a UK bank feel more comfortable taking out an account in euros with their family bank than with one outside the country.

However if you own a property abroad and have to pay utility and electric bills or make mortgage payments, in most cases it is advisable to take out an account with a local bank. Paying bills with a standard euro debit card is possible but the fees are usually quite high for international transfers. In addition, overseas banks have been expanding their services for Brits.

In France and Spain, mortgages can be arranged at far more favourable rates than at a UK bank and monthly payments can be debited automatically from your current account. But the disadvantage is that often money saved on rates is lost in fees when you transfer funds from a sterling account in the UK into one at a local bank. Also, French banks typically require a 15 per cent deposit to secure a mortgage and Spanish banks require around 20 per cent.

“In the UK, you can get away with a 5 per cent deposit on a property, so having to put more money down with a French or Spanish bank can be a deterrent. Also, the fees for estate agents and lawyers for handling the deal are very high,” says Peter Seymour, managing director at The Mortgage Shop Plus, an offshore mortgage broker.

Full story from FT.com

The cost of owning a home rose by more than three times the rate of inflation in the 2004/05 financial year, according to research published today by mortgage lender the Halifax.

The combined cost of mortgage payments, council tax and fuel bills was 7% higher than in the previous year, increasing at more than the rate of inflation for the second year running.

And over the three years to April 2005, housing costs rose by 14%, far outpacing the 4.6% rate of inflation over the period.

Running a home in the UK cost an average of 6,366 GBP’s over the year, the bank said, accounting for 17.5% of homeowners’ income and making up 23% of household expenditure.

This dwarfs the amount spent on food and drink, clothing, education and healthcare.

Homeowners in London faced the biggest outlay, spending 8,133 GBP’s on running a home, and only three regions, Wales, Northern Ireland and the north east of England, had housing costs below 5,500 GBP’s.

The Halifax said mortgage payments were the biggest cost faced by homeowners, with interest on home loans accounting for 34% of household expenses, or an average of 2,146 GBP’s a year. In London, mortgage interest averaged 3,134 GBP’s , or 39% of housing costs.

Across the UK, expenditure on council tax was up 8% on the previous year and made up 16% of the cost of running a house, or an average of 998 GBP’s a year, while utilitiy bills were up by 6% and accounted for 17% of housing costs.

The bank said that recent fuel price hikes, together with last year’s council tax rise meant that in the current financial year household bills were likely to outstrip mortgage payments, adding up to the biggest outlay for UK homeowners and pushing up the total cost of owning a property.

It said that in the 2006/07 tax year, these bills could represent 35 to 36% of housing costs.

“Further above inflation rises in fuel and council tax bills are expected to drive up further the costs of owning and running a home this year,” said Halifax’s chief economist, Martin Ellis.

“Council tax and utility bills will overtake mortgage payments as the largest cost for homeowners this year.”

Separate research published by the bank today revealed that the cost of buying a home had increased by 5.5% over the past year, with a 1.4% price jump in February alone.

The rise, which more than cancelled out the 0.4% price fall the lender recorded in January, brought the average price across the UK to 173,498 GBP’s.

The mixed pattern of rises and falls is, according to Martin Ellis, typical of a slower housing market, and the latest rise is not an indication that values are about to soar.

“A number of factors … should constrain housing demand and prevent a significant and sustained, acceleration in house price inflation in 2006.

“The continuing high level of house prices in relation to earnings will curb the ability of many potential first time buyers to enter the market,” he added.

The February price rise recorded by the lender will be noted by the Bank of England’s monetary policy committee which is meeting today and tomorrow to set interest rates.

Howard Archer, chief UK economist at Global Insight, said: “The Halifax data will reinforce Bank of England wariness that a trimming of interest rates could excessively stimulate the housing market and risk sending housing prices markedly higher.

“This not only further rules out an interest rate cut on Thursday, but reduces the prospects of any cut before the third quarter.”

Full story from the business Guardian

A strong February in the UK housing market has more than compensated for a minor setback in January, as increases to house prices point to a revived industry.

A survey from HBOS found that house values increased by an average of 1.4 per cent in February, as confidence continued to rise and buyers who had delayed last year started to return to the market.

It is the biggest monthly rise since August and it has been seen as a return to a more accurate reflection of the market after a minor slump in January. Experts are suggesting that the January slump was down to the traditional stresses of the Christmas period, while the figures in February point to a continuation of the market growth in the last few months.

In a separate piece of research, Halifax discovered that the cost of owning and running a house has increased at around three times the rate of inflation over the last three years, and it is testament to consumer confidence that this is clearly not deterring people from making a move.

It seems that people in London are currently facing the biggest burden in terms of owning a property, with the costs 28 per cent higher than the national average. Londoners pay around 8,133 GBO’s per year, which is 63 per cent higher than the 4,990 GBP’s paid by those residing in the north east.

According to the price survey from Halifax, house prices showed a three month annual rate of increase of 5.5 per cent in February, which is the highest figure since May. The result is that the cost of the average British home is now 173,498 GBP’s and experts are predicting it is a sign of things to come.

Property investment in the UK is again proving lucrative and savvy investors are now enthusiastic about their prospects. For those already holding onto property portfolios, news that prices are climbing provides a huge boost, while new investors have been encouraged that the market only flirted with danger in 2005 before returning to good health.

Martin Ellis, chief economist at the Halifax, has said that the indications are that the property market is certainly in good shape, with February’s statistics reflecting a resilient economy.

“The combination of improving economic growth, low interest rates and high employment will continue to underpin a healthy level of housing demand over the next few months,” he said.

Mr Ellis retains a few concerns about the inability of first time buyers to gain a footing on the property ladder, but the general prognosis seems to be good. Investors are expecting to make good returns on their properties this year, with steady if unspectacular growth continuing into the winter months.

While the cost of keeping a home may be higher than ever, the ambitions of buyers to own a property mean that there is still encouraging demand across the country.

Story from news assetz

U.K. consumer confidence fell to a four month low in February as Britons became more pessimistic about the state of the economy and less willing to spend, a survey by Nationwide Building Society shows.

The sentiment index fell 4 points to 94, Britain’s third biggest mortgage lender, said today. Nationwide surveyed 1,000 people between Jan. 23 and Feb. 20.

Retail sales had their biggest drop in 13 months in January as consumers burdened by record debt and higher energy bills reined in spending, government figures show. The Bank of England is counting on a pickup in consumer spending to spur Europe’s second largest economy this year after growth slumped to a 13 year low in 2005.

“It is difficult to take any comfort from the latest figures,” Stuart Bernau, Nationwide’s executive director, said in a statement. “Bad news on jobs, retail sales, rising fuel and energy prices have all combined to undermine consumers’ confidence.”

A gauge measuring consumers’ perception of the current economic and jobs situation fell 6 points to 91, the lowest ever. The measure of their willingness to spend fell to 105 from 113. The reading of their expectations for the economy, jobs and household income over the next six months dropped 2 points to 91.

The findings reinforce other surveys published today suggesting flagging optimism among U.K. consumers, whose spending accounts for about two thirds of Britain’s 2 trillion economy.

Sales volumes at consumer services firms such as hotels, restaurants and cinemas fell for the first time since November 2003 in the quarter through February, the Confederation of British Industry, the U.K.’s largest employers’ group, said.

The Recruitment & Employment Confederation and accountants KPMG said jobs and wage growth slowed in February.

An index measuring the number of people placed in permanent jobs by recruitment consultancies fell to 53.7 from 55.2, the lowest in 31 months, while an index of wage growth among permanent staff fell to 56.4, from 57.9, the lowest since October. Readings above 50 still indicate expansion.

Story from Bloomberg.com

Comprising Costa Blanca’s most popular resorts and sandy beaches, Marina Alta is found in the north of Alicante province. This is the Costa Blanca’s most attractive region, and the towns and villages here have retained their original character.

Inland are the stunning Jalon and Orba valleys, which are home to the most traditional and peaceful villages. These are surrounded by verdant mountains and fertile farmland, where there’s an abundance of olive, almond and grape groves.

View properties for sale in Jalon

Why Buy There?
Set in a privileged position, the Jalon and Orba valleys are made up of a series of vales and hills, set against an impressive mountain backdrop. Only a 20 to 30 minute drive from the coast, these numerous small villages and hamlets all boast stunning views, and are steeped in tradition.

View properties for sale in Orba

Local produce includes oranges, almonds, grapes and olives, which grow in profusion and fill the air with a wonderful aroma. With a Mediterranean climate, temperatures average 10 degrees in winter and 25 to 30 degrees in the summer.

The valleys boast a good infrastructure, providing easy access to the coast, and Alicante airport is only one hour away. All amenities, such as hospitals, golf courses, beaches and sporting facilities, are close at hand, and there are a number of English run shops, bars and restaurants, many of which sell English products.

The Jalon and Orba areas are excellent for outdoor activities such as walking, climbing and cycling, while sun worshippers can enjoy the sandy white beaches and clear waters of the coast.

View properties for sale in Benidorm

The hedonistic need only travel 15 minutes to Benidorm, Javea or Denia to enjoy an active nightlife, while the more laid back can sample the bars and restaurants scattered throughout the valleys.

With a crime rate significantly lower than that of the UK, this is regarded as a safe and secure place to live. Orba offers a traditional lifestyle too, with deep-rooted customs and ancient agricultural traditions still in evidence, with Orba town itself being of Arabic origin. The Jalon valley also has a long history that has been strongly influenced by the Moors, who established the wine trade here in 1472.

Today Jalon is renowned for its wines, particularly the sweet Mistela, and there are a number of bodegas, wine cellars, in the town. Also famed for its cuisine, the town produces celebrated home-made sausages and almond-based desserts.

Where to Buy
The choice is almost endless, with a number of sun bleached villages scattered throughout the valleys. Orba is home to 1,600 residents, and decorated with Moorish architecture.
Benidoleig is located at the foot of the Sierra de Seguili, four kilometres off the A7 motorway to the west of Orba.

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A farming community with a population of 783, Benidoleig is famous for its Cueva de Calaveras, or cave of skulls. Clinging to the mountainside is the pretty Moorish village of Sagra. With three bars, two restaurants and a handful of shops. Benimeli is only two kilometres from Sagra, and located close to the summit of the Sierra de Seguili. This undiscovered village has a population of only 350 and is a maze of winding streets and whitewashed houses.

At the centre of the Valle de Pop (Jalon Valley) is the town of Jalon. Other villages include Benichembla, which is located next to the Gorgos river and has a population of 400. Property is slightly pricier here.

Backed by mountains, the tiny village of Murla has a population of 330. It’s fairly isolated - the nearest bus stop is a three-kilometre walk away.

Alcalali is situated in the heart of the Jalon valley. Originally a Moorish farmstead, many English people live here, and 30% of the school’s population are foreign nationals. It has a few small shops, plus an English pub and a German bar.

To the south is Parcent, known as ‘paradise between the mountains’. It claims to have the best paella restaurant in the area.

View properties for sale in Denia

Looking towards the coast, the heavily developed resort of Denia is popular with northern European tourists, particularly Germans, and enjoys a healthy expat community. With a population of 34,000, Denia has ample amenities, including shops, supermarkets, restaurants, bars, nightlife and medical facilities. Javea is also popular with expatriates, particularly pensioners, and boasts a number of English shops and businesses.

The Property Market
Costa Blanca has always been a popular destination among overseas buyers, and 60,000 foreigners live here permanently, with 100,000 British owning homes. Property in Marina Alta is good value for money, and huge demand within the area has seen prices rise. Prices doubled during the property boom of 2001-2004, but the market has now plateaued.

2005 saw an increase of 15%, and the same growth is predicted for 2006. The expansion of cheaper markets in Eastern Europe, along with the bad press given to Costa Blanca over recent land-grab scandals, has had a negative impact on the market, but sales are improving. Those who bought a property in 2000-2001 will have seen it double in price by the start of 2006. Resale properties purchased from 2002-2004 and bought during the market boom have seen a 10-15% increase in value, while newly built homes have seen an increase of 20-25%.

As prices are more expensive on the coast, inland destinations are proving increasingly popular with today’s cost-conscious buyer. Property in the Jalon and Orba Valleys sells above the province average of 237,000 euros, but coastal Javea is retailing at 86% more than Alicante’s average, while average property prices in Alcalali are only 30 per cent more; in Lliber they’re 90% higher; in Orba old town a property will cost an average 24% more; and in Jalon, a mere 8% more than the average of 237,000 euros.

Typical Properties
The range of property available in the Marina Alta area is massive. It’s popular with those wishing to live here permanently, as well as those seeking a holiday home. Most buyers are looking for detached villas, and there are many available. However, there’s also a broad range of village houses, apartments and bungalows. In Denia and Javea, you can find everything from small city centre apartments to renovation projects, while the Jalon and Orba valleys offer a number of traditional whitewashed homes and fincas.

The Lettings Market
There aren’t many hotels in the Costa Blanca area, so landlords experience high demand. The main rental period runs from Easter through to September and you can normally guarantee good rental income and a high percentage of occupation. Many people who are looking to buy in the area rent for 12 months first, so long term rentals are very popular.

Search rental property in Alicante

Living There
A growing trend that doesn’t show signs of stopping, moving to Spain remains the number one choice for many families keen to leave the ‘rat race’. With rising utility costs, rising crime rates and most significantly rising debt, many choose to opt for a sunnier climate and a simpler way of life.

The Jalon and Orba valley areas can offer a fabulous lifestyle, with a low cost of living and many amenities at hand. English is widely spoken, with a number of dentists and doctors conversing easily with the large number of expats in the area. The local language can be harder to learn as the natives of the villages speak Valenciano rather than Spanish.

In terms of nationalities, Marina Alta is a cosmopolitan mix. There are many British people buying here, but also Germans, Belgians, Dutch and French, and the last five years have seen an influx of expats into Jalon and Orba, Lliber’s population is now 75% foreign.

There’s also a vast age range, with everyone from young couples with families to retirees, all keen to take advantage of the relaxed and peaceful environment.

Amenities are close at hand, Jalon and Orba act as the main towns within the valleys and they’re home to banks, supermarkets and post offices. Most of the smaller villages have at least one shop that offers all the basic amenities, while Denia and Javea are only 20 minutes away.

Jalon has a number of speciality food shops, restaurants and cafes, while there’s a ‘rastro’ (flea market) every Sunday, and a food market on a Wednesday. In August, Jalon hosts a fiesta, accompanied by live music, bullfights and fireworks.

Education facilities are close at hand, with two English schools in Javea and a number of local schools throughout the region.

Parcent is the main medical centre for the Jalon and Orba valleys, and there are large hospitals in Denia, Gandia and Alicante. There are English language theatres, radio, newspapers and clubs in Marina Alta, and several English churches. For those seeking to work here, employment opportunities are mostly centred on the services and tourism industry, and a grasp of the language is beneficial.

With an excellent infrastructure, easy access, stunning surroundings and amenities nearby, life in this peaceful, rural enclave can offer a decidedly Spanish flavour, with all the comforts of home close at hand.

Special thanks to Juan Carlos of Pereto for his help with this article.

While Spain has long been a favourite destination for UK residents looking to invest in property, there have always been reservations about some of the less reasonable land laws.

While capital appreciation on Spanish property has been essentially unrivalled across Europe for ten years or more, individual cases seem to emerge sporadically in which investors are found to have lost money on the basis of unclear legislation or underhand negotiation.

It is testament to the general appeal of popular investment regions such as Murcia and the Costa del Sol, however, that recent figures from the Office for National Statistics indicate that Spain continues to top the list of European favourites among UK investors.

Around 23 EURO’s billion was spent on property investment abroad last year, with 27 per cent of this going on Spanish property. It is a situation that is set to continue as prospective property buyers find they have more confidence in the general market in Spain.

For one thing, the European Commission is applying strong pressure over a tax discrepancy by which Spanish residents pay 15 per cent tax on profits from property sales but foreign investors pay 35 per cent.

There are also rumbles of discontent in the UK over a forthcoming Planning Gain Supplement, after consultation on the issue came to an end this week. It is a tax that was proposed by the Treasury and the Office of the Deputy Prime Minister, but it is so far unclear how it would affect the average property investor.

The Royal Institution of Chartered Surveyors has suggested that property developers may have to pay as much as 20 per cent of the increase in a property’s value, although it may be some time before this issue is resolved.

Returning to Spain, the Telegraph has reported this week that the Spanish government is trying to stamp out the “black money” property deals that have become increasingly common in the country.

Yet again, it is a move that will be crucial in assuring investors that everything is above board, a fundamental prerequisite for the vast majority.

Previously, sellers have been known to request that buyers declare a buying price that is in fact much lower than the price that was advertised, before demanding the difference in cash.

It is a dubious strategy that benefits sellers with capital gains tax liabilities and buyers in terms of stamp duty. The new laws will seemingly be in force at the end of the year, according to the report, and they will put an obligation on both the seller and buyer to reveal their tax identification numbers before completing a property transaction.

Investing abroad is always more daunting than putting money into property within the UK, purely because of language barriers and subtle differences in legal requirements. For this reason alone, any grey areas involving legal obligations merely add unnecessary strain to the transaction and so most investors will be pleased with the proposed amendment.

It seems almost certain that Spain will retain its position as the favourite investment spot for Brits and the clarification of the taxation issue will make the process much more comfortable for the vast majority.

Story from Asstz News

A huge demand for homes in the sun has seen Britons’ spending on properties overseas increase by 45 per cent in four years.

The number of Britons owning second homes abroad now exceeds a quarter of a million people, at 257,000.

An official report today says British families have invested more than 23 GBP billion in overseas property, with most of that invested in Spain and France although increasing numbers are turning to Canada, the Caribbean and New Zealand.

But people buying villas and apartments have been blamed for soaring house prices in areas of France, Spain and Italy.

Figures released by the Office for National Statistics show that more than a million families in England own a second home, the vast majority of which (72 per cent) are in England, with five per cent in Wales and Scotland, and the remainder overseas.

“In recent years the increasing affordability and accessibility of foreign property markets has contributed to a rise in the number of UK households that own second homes abroad,” the report, Social Trends, says.

“Between 1999-2000 and 2003-4 the number increased by 45 per cent.”

Spain accounted for 27 per cent of all second homes abroad, followed by France at 20 per cent.

But in 2003-4 over a third of all homes owned abroad were outside Europe with almost 154,000 in the United States.

Property ownership was also increasingly common in countries such as Australia, Canada, the Caribbean, India, New Zealand, Pakistan, South Africa and Sri Lanka.

Alex Wright, director of currency specialist HIFX, which assists Britons buying property abroad, said there was strong demand in more adventurous locations.

“Spain and France are still the most popular destinations, but we have seen increased interest for investment property in Bulgaria and Dubai. Even Canada and Switzerland have seen their fortunes rise and new locations pop up all the time, including Egypt, Brazil and central Europe - Poland, Hungary and the Czech Republic.”

The Association of British Travel Agents estimates that home ownership abroad will double over the next five to seven years.

The Spanish Ministry of Tourism predicts that more than one million foreigners will set up home on the Spanish coast in the next six years, a figure expected to treble by 2025.

Sarah Vaughan, a property specialist and director of a public relations firm based in Spain, said estate agents still received inquiries from British people who thought £100,000 would buy them a four-bedroom property on the Costa del Sol.

“Realistically the minimum you can spend is 145,000 GBP for a two bed apartment, or 210,000 GBP if it is in Marbella.

“The Costa del Sol is going through a bit of a wobble and is not the place to buy if you are looking for a good investment.

“You can still buy places for a song in northern Spain, and inland, but northern Spain tends to be rainy, and without the bars and restaurants, and if you are inland you might not be near the airport, or have a phone connection, or the property might need a lot of work.”

Recent research suggested some young Britons were looking abroad to take their first step on the property ladder because house prices were too high in Britain.

A poll of more than 4,600 adults, conducted by YouGov, found that nearly half of the 18- to 29-year-olds questioned planned to buy abroad, with two thirds of those stating that their foreign investment would be their first property purchase.

More than 80 per cent of those first time buyers said they would rent out their property.

The new breed of first time buyers, dubbed the “jet to let generation”, said they would spend an average of 101,000 GBP to buy abroad, nearly 80,000 GBP less than the average house price in Britain.

Simon Burgess, a director at Oceanico Developments, a property development company, said: “More than two in five want to live in foreign climes because it’s more affordable than the UK.

Story from the telegraph

The property markets across the EU have been boosted by news that economic growth is expected to pick up pace this year.

A report from the European Commission has found that conditions are now ripe for development and investors considering buying property in a number of the key European markets will be delighted with the news.

Earlier this week, the Office for National Statistics reported that the majority of UK property investors continue to look to Spain as the first choice for foreign property investment.

The European Commission has suggested that this might be a sensible move in that Spain is set to enjoy the most impressive growth of all EU countries this year, with the economy expanding by 3.1 per cent.

Areas including Murcia and Alicante continue to draw in property investors from the UK, with capital appreciation still extraordinarily high. Buy to let projects are also proving popular, however, with rental yields in Spain traditionally high because of the favourable climate and all year popularity with tourists.

The UK should not be forgotten in terms of property investment either, with the economy expecting growth of around 2.4 per cent this year. As in Spain, investors need to be well informed before making a decision on a property investment in the UK, with capital gains and rental yields varying widely from place to place.

The same is true of France, where the economy is expected to expand by 1.9 per cent this year. Stuart Law, managing director of Assetz, has isolated Languedoc as a key area for house price increases, while the leaseback scheme across France remains popular with many investors.

In recent weeks, a number of property experts have turned their attention to Cyprus with many anticipating a property boom. It is a prospect that now seems more feasible after the European Commission announced that the country “seems to have corrected its excessive deficit in 2005”.

Another country that is looking for improvements to the basic health of its economy is Bulgaria and EU accession in the next couple of years is likely to have a huge impact on this.

The success of the Winter Olympics in Turin has inevitably sparked discussion about the 2014 Games and Bulgaria is gradually emerging as one of the favourites to clinch it. Bansko has proved an extremely popular ski resort in the last few years and investment opportunities in the area have been bringing considerable returns to astute investors.

Commercial property investment in Sofia is also attracting interest, with office space tipped for a big future in accordance with EU accession and an influx of business ventures.

With the future looking rosy for the majority of economies across the EU and a number of Eastern European countries expecting to join in the next few years, property investment for UK residents is becoming an increasingly complex issue.

The need for expert advice is perhaps greater than ever, although the rewards for those who invest smartly have also never been so impressive.

Story from News Assetz

If you’re tired of looking for Spanish property, you’ll definitely want to check out some exciting new features on Kyero, designed to make your life easier.

Now you can keep a copy of properties that interest you most, keep track of which ones you have enquired about and make faster, easier enquiries. You can also save your favourite search parameters and receive a weekly email update when there are new properties that match your requirements.

It’s simple to make use of these new features - all you have to do is register for an account with Kyero - it’s quick, easy and free.

So, how does all this new stuff work? You’ll notice four differences on our property results page:

1. Click on save property underneath each property photo to keep a record of properties you like.
2. At the top of each page of search results, you can also click on save search options to record your search parameters (not the properties currently matching the search). You can save as many different search combinations as you like - it works for holiday rentals, long term lets as well as properties for sale.
3. From the green user bar you can instantly see the number of properties and searches you have saved - go wild, there’s no limit! From here you can also login if you already have an account or register if this is your first time
4. If you’re in another section of the Kyero web site, you can always login or register by clicking the My Account tab or the white login / register text at the very top of each page.

When you login to your account you can make quicker enquiries about your saved properties. You save time because you don’t need to enter your contact information and you can send the same enquiry about multiple properties at the same time. You can also see, at glance, which properties you have already enquired about.

You can also view your saved search parameters and get faster access to the results of those searches. If there are any new properties that match your search parameters, we’ll send you an update each Friday morning with quick links to the new properties. (You can switch-off email updates whenever you want).

The My Account area also gives you full control of your saved properties and searches so you can chop and change as often as you like. It also makes it easy for you to manage your contact details, give us feedback and get help in case you get stuck.

I hope you’re all fired up to register now and take these new features for a spin. Of course, we respect your privacy - your contact details are held securely and are only used to make these new features work.

This is just the first wave of some exciting stuff we’ve been working on recently. I would be really interested in your feedback and suggestions about how we can make them even better and easier to use - just use the Contact us tab from within your Kyero account.