What Will Be A Property Hotspot For 2008???

[Home Buy Overseas]

calabria looks really nice good cheap airport links and nice area .

however, as i understand things, the area of calabria has a history of earthquakes ..

how is the land round there?? do you have to have special insurance?

[Aegean]

Originally Posted by awahee123

Egypt will continue as a property hotspot for at least a couple more years,also heard Libya will have some good value developments yes LIbya.

Keep it quite about Libya Jews have buying land there for past couple of years in large volume.

[ady1231]

Originally Posted by Aegean

Keep it quite about Libya Jews have buying land there for past couple of years in large volume.

Jews are not allowed to get in to Libya mate!

[Aegean]

Originally Posted by ady1231

Jews are not allowed to get in to Libya mate!

But they are buying and have been for past few years.

[jackfrench]

the risk of earthquakes strong enough to cause serious damage to property in calabria as a whole is relatively low the area where risk is graetest is in the farthest south towards reggio although still minimal.Earthquake cover through insurance companys can be obtained for futhur peace of mind.New developments are subject to seismic tests and generally speaking no developments are allowed over four stories.Many of the buildings built in precarious positions on hilltops have stood there for many hundreds of years and little has affected them. I have spoken to many surveyors overhere and as a whole there is very little to worry about.

[Home Buy Overseas]

Originally Posted by jackfrench

the risk of earthquakes strong enough to cause serious damage to property in calabria as a whole is relatively low the area where risk is graetest is in the farthest south towards reggio although still minimal.Earthquake cover through insurance companys can be obtained for futhur peace of mind.New developments are subject to seismic tests and generally speaking no developments are allowed over four stories.Many of the buildings built in precarious positions on hilltops have stood there for many hundreds of years and little has affected them. I have spoken to many surveyors overhere and as a whole there is very little to worry about.

cheers!! thanks for sharing that with us!!

i considered buying here but my meagre monetry offerings mean i cant afford to.. looks really nice ...

[mickthepropertyguru]

Beware of underhand Tactics.
I would like to give a couple of pointers especially to First time buyers which I feel is VERY relevant. My goal is to enlighten and not to offend.

1)The most important thing about any investment is an EXIT Strategy. (getting your money out of the investment) Lets talk about your money

2)Research is the key ingredient in any exit strategy

3)Every city is divided into districts and areas. Find out what is the price per square metre for each part of the city.

4)Its vital to get info on the reputation of developer you are interested in.
Talk is cheap, if an agent tells you ...”O we have dealt with this developer for a long time and they are excellent” This means nothing...they should have signed documentation to back it up.
They should have documentation on proven Rental Income. “You can expect 5% or 6% return...” means nothing if the agent can't prove it on paper which is difficult for agents to do but they should strive to prove it to you and also documentation on their fees. Some people buy properties and don't even know who the Developer is. Most Property companies are not the developer. Some may brand it as their own but have given the contract to another developer.
Signed Documentation is nothing unless you can take it home with you.

5)Property Companies can get between 10% and 20% as a middle man on the price of the unit they are selling. People never ask “HOW MUCH DO YOU CHARGE IF I WANT TO SELL THE PROPERTY THROUGH YOU !!!!!” This can be up to 10 % again. Companies can make up to 25 – 30% or more from you on the price of the unit...............(I would prefer to keep this in my pocket.) There are no laws on overseas property companies to stop them getting such huge profit where you are buying in a country where you don't reside in and few laws to protect you. Your Money again.

6)Even if a contract states you will be refunded if the developer goes bust......this cant be trusted.
Only in France are you usually safe if this happens because other developers take it over and finish it and are funded to do so i believe. There is no other country in the world that pertects the buyer more, apart from the USA which gives a cooling off period after purchase when you can actually change your mind and get your money back within a time period. Every buyer can get caught in the heat of the moment and should be allowed 72 hours to cool off and rethink their position but sadly this isn't the case. Outgoings ,Your money !!!!! Don't rush the decision

7)Capital Gains TAX !!!!!!!!!! Even if its only 3% - 5% like Cape Verdre you still have to pay the difference between that and the Capital Gains of the country you reside. Ie.. Ireland CGT 20% . So you pay a little in Cape Verde but the rest to your own government
Are there ways around it ?, no legal ones as far as i'm aware of. If an agent tells you “what the tax man doesn't know wont hurt him” This person is not looking after your best interest....only their commission. (The Irish Tax revenue is like a pissed off woman, she will have her vengeance. And thats if there is Dual Taxation! If there isn't Dual Taxation, that's another ball game! More of your money.

8)What ongoing fees are there in keeping a built apartment i.e. Local Tax, Maintenance, Community fees, utilities, house and content insurance, etc (very important for coastal complexes as spa's , gymnasiums, grounds and especially golf courses cost more than you may think and it will increase nearly every year) What about on rental management costs.? Some even charge you a yearly fee for the privilege of using them................Even more of your money.

9)Furniture Pack: How much will it cost to kit out your place. Get an exact signed quote for a package before you sign on the dotted line. eg: If your told “It will only set you back 5 – 7 thousand ”........it will cost a hell of a lot more than that usually. Double or triple. Again signed documentation here is critical is showing exact prices. This has stung countless people.

10)What happens if some owners don't pay their maintenance/community fees, (sometimes the other apartment owners have to cough up extra money to keep complex open) some terrible examples in Spain of complexes falling into disrepair. It has happened, it will happen again! More of your money.

[jackfrench]

Its still possible to get something for meagre money be it a ski lodge in the silla national park currently around 1100 euros a square meter this offers good value in a enviroment of astonishing natural beauty.The cost of developments along the coast can vary considerably according to the popularity of the area but there are still bargains to be had one just has to search a little harder for them than a year ago,but i do believe as a whole that calabria will not be so accesible for so many investors in the future and i am predicting a very significant jump in prices over the next three to four years.

[Home Buy Overseas]

Originally Posted by mickthepropertyguru

Beware of underhand Tactics.
I would like to give a couple of pointers especially to First time buyers which I feel is VERY relevant. My goal is to enlighten and not to offend.

1)The most important thing about any investment is an EXIT Strategy. (getting your money out of the investment) Lets talk about your money

2)Research is the key ingredient in any exit strategy

3)Every city is divided into districts and areas. Find out what is the price per square metre for each part of the city.

4)Its vital to get info on the reputation of developer you are interested in.
Talk is cheap, if an agent tells you ...”O we have dealt with this developer for a long time and they are excellent” This means nothing...they should have signed documentation to back it up.
They should have documentation on proven Rental Income. “You can expect 5% or 6% return...” means nothing if the agent can't prove it on paper which is difficult for agents to do but they should strive to prove it to you and also documentation on their fees. Some people buy properties and don't even know who the Developer is. Most Property companies are not the developer. Some may brand it as their own but have given the contract to another developer.
Signed Documentation is nothing unless you can take it home with you.

5)Property Companies can get between 10% and 20% as a middle man on the price of the unit they are selling. People never ask “HOW MUCH DO YOU CHARGE IF I WANT TO SELL THE PROPERTY THROUGH YOU !!!!!” This can be up to 10 % again. Companies can make up to 25 – 30% or more from you on the price of the unit...............(I would prefer to keep this in my pocket.) There are no laws on overseas property companies to stop them getting such huge profit where you are buying in a country where you don't reside in and few laws to protect you. Your Money again.

6)Even if a contract states you will be refunded if the developer goes bust......this cant be trusted.
Only in France are you usually safe if this happens because other developers take it over and finish it and are funded to do so i believe. There is no other country in the world that pertects the buyer more, apart from the USA which gives a cooling off period after purchase when you can actually change your mind and get your money back within a time period. Every buyer can get caught in the heat of the moment and should be allowed 72 hours to cool off and rethink their position but sadly this isn't the case. Outgoings ,Your money !!!!! Don't rush the decision

7)Capital Gains TAX !!!!!!!!!! Even if its only 3% - 5% like Cape Verdre you still have to pay the difference between that and the Capital Gains of the country you reside. Ie.. Ireland CGT 20% . So you pay a little in Cape Verde but the rest to your own government
Are there ways around it ?, no legal ones as far as i'm aware of. If an agent tells you “what the tax man doesn't know wont hurt him” This person is not looking after your best interest....only their commission. (The Irish Tax revenue is like a pissed off woman, she will have her vengeance. And thats if there is Dual Taxation! If there isn't Dual Taxation, that's another ball game! More of your money.

8)What ongoing fees are there in keeping a built apartment i.e. Local Tax, Maintenance, Community fees, utilities, house and content insurance, etc (very important for coastal complexes as spa's , gymnasiums, grounds and especially golf courses cost more than you may think and it will increase nearly every year) What about on rental management costs.? Some even charge you a yearly fee for the privilege of using them................Even more of your money.

9)Furniture Pack: How much will it cost to kit out your place. Get an exact signed quote for a package before you sign on the dotted line. eg: If your told “It will only set you back 5 – 7 thousand ”........it will cost a hell of a lot more than that usually. Double or triple. Again signed documentation here is critical is showing exact prices. This has stung countless people.

10)What happens if some owners don't pay their maintenance/community fees, (sometimes the other apartment owners have to cough up extra money to keep complex open) some terrible examples in Spain of complexes falling into disrepair. It has happened, it will happen again! More of your money.

your advice is on board .. lets see the glass half full though .

[mickthepropertyguru]

The glass is always half full Its more so aimed at the novice who attends property exhibitions for the first time and who can get carried away. A grounding if you will.
These are things just to keep in mind. Hopefully it may help somebody.
Thank you for you response.