Tag Archives: german
Property prices creeping up on Spanish island of Mallorca
Property prices in the Spanish island of Mallorca are creeping up for the most sought after locations and sales are also rising, including at the lower end of the market. The latest real estate analysis of the island’s property markets shows that the recovery is well underway with prices up by an average of 10% for the best quality homes in the top destinations. Indeed, Engel & Völkers, which has 16 offices around the island, reports that sales increased by 27% in the first half of 2015 compared to the same period in 2014. The firm says that confidence in the market and a flux of foreign buyers, mainly German speaking, British and Scandinavian, have fuelled the initial price increases of 10% to 15% for top quality properties in high demand prime locations. Hot spots tend to be coastal locations such as Andratx in the south west of the island where, according to the latest Spanish land registry figures for 2014, Engel & Völkers dominated the market in Andratx and accounted for 70% of all transaction volume. In Palma the historic old town and the fashionable port areas of Portixol and Molinar apartments with outdoor space are at a premium and for these type of properties prices have increased by approximately 10% over this time last year. Son Vida is experiencing a boom with demand for contemporary style properties with sea views. The sale of plots has trebled since this time last year and in the South West, where over 40% of all sales are made to foreigners, prices have increased by approximately 10% over this time last year. The report says that buyers in the region are demanding top quality, sea views and Mediterranean design and new trends include concierge serviced apartments. It is predicting a further 10% increase in prices for top properties. Prices are stable in the West of the island with no significant increases recorded over last year while in the centre and South sales up by over 120% over this time last year. Prices are stable with increases of up to 10% for top locations. Hot spots in the North include Pollensa Town and the Port with increasing interest for the coastal areas of Mal Pas and Alcanada. Buyers want quality and frontline positions and prices predicated to increase by 10% in 2016. In the North East prices are stable here the lower end of the market selling well for properties under €500,000. The report says buyers are looking for bargains and specifically for fincas and townhouses which are less expensive here in comparison to other areas closer to Palma. In the South East the sales picture is similar to this time last year with prices remaining stable. The area continues to represent good value and investors are currently buying a range of properties from €300,000 to €3 million. Continue reading
Older second home buyers attracted by mountainside property in Turkey
Mountainside villages within a short drive of the beach but away from the hustle and bustle are emerging as popular spots for second homes in Turkey, it is claimed. Older foreign buyers in particular are opting for areas away from busier coastal resorts and increasingly looking inland, according to Spot Blue International Property. ‘Turkey has built a name for itself as a quality beach resort destination. However, buyers searching for more peaceful, scenic surroundings are heading a few miles inland, where they can choose between a house or plot with permission to build. Once a few foreign people have homes in these spots, more like minded buyers follow,’ said the firm’s director Julian Walker. He pointed out that the village of Beycik near Kemer in Antalya province has attracted a small group of international home owners who are attracted by it its tranquil setting 700 metres up the pine clad foothills of Mount Olympos within a national park. The village is home to Beykent Villas, a small development of predominantly semi-detached villas set around a large pool and boasting sea, mountain and forest views. More than half of the owners at Beykent Villas are Turkish, with the remainder being English, Scottish, Irish, Welsh, German and Russian. One couple who have owned a two-bedroom villa there since 2007, after buying through Spot Blue International Property, are Danuta and Jan Stanczyk from Buckinghamshire. ‘We knew the area from family holidays and find the coastline around Kemer where the mountains run down to the sea stunning. We were looking for a place near the coast but not on it, as we prefer calm, natural surroundings, and Beykent Villas offered exactly what we were looking for, as well as great value for money,’ said Danuta. ‘It’s also less humid than down by the sea, which helps you to stay cool in the summer months, and you can smell the pine trees. Eight years later we have befriended other British owners, some of whom are resident there all year,’ added Danuta. The Stanczyks’ semi-detached villa includes balconies facing the sea, a large basement room that could be a third bedroom and a small terraced garden. There are also communal garden areas which, like the pool, are maintained to a high standard by a management firm. The centre of Beycik is within walking distance, where there are two stores, and a handful of restaurants and bars. However, for a better choice of amenities, the small resort of Tekirova is a 15 minute drive and the larger town of Kemer is 30 minutes away. ‘We usually go out to Beycik twice a year, in the spring and autumn, when we spend a lot of time by the pool. We do go to the beach too and one of our favourites is Adrasan, but closer ones include Tekirova, Phaselis and Cirali, from where you can also visit the ruins of Olympos and the amazing eternal fires of Chimaera. And we enjoy… Continue reading
New controls on the UK’s private rental market hailed is a flawed idea
Home seekers would face higher rents and restricted choice if tenancy rent controls were introduced in the UK, it is claimed. The Labour Party’s proposal to bring down the cost of renting and improving tenant security through the introduction of rental controls would actually result in higher rents initially, according to new research In the report, The Flaws in Rent Ceilings by Ryan Bourne for the Institute of Economic Affairs, argues that policymakers should instead look to radically shake up planning laws in order to facilitate more private rented accommodation and improve individual wellbeing through increased affordability. The study also claims that the Labour plan would lead to a misallocation of housing and a reduction in the supply of homes to rent without improving affordability and it questions claims that individuals suffer from a lack of security of tenure in the private rented sector. Secure tenancies are provided by the market for those willing to pay for them. The report says that the private rented sector’s share of the total housing stock has rebounded from a severe collapse having been subject to draconian rent controls between 1915 and 1989. Only since its liberalisation has the industry improved, with private rental accounting for over 16% of the housing stock in 2013, up from 10% in the late 1980s and early 90s. It argues that the success of the German rental market, where similar restrictions exist, cannot be used to justify the implementation of tenancy rent controls in the UK as while Germany’s ability to meet rising demand through the building of new homes has meant rents have become increasingly affordable since 1980, the same cannot be said for the UK. ‘With 1.3 million households in the UK renting from private landlords, the sector is in desperate need of policies that will stimulate desirable rentable accommodation at an affordable price. A lack of new property development continues to push up the cost of rent and Labour’s plans will only make things worse. Liberalising planning laws, in contrast, would enable the supply of rentable property to catch up with increasing demand, bringing down the cost of rent,’ said Bourne. ‘Despite claims from politicians, controls such as these will not improve the affordability of renting, other than in the very short term. These controls are likely to push up rents, due to greater uncertainty over future regulation and the risk to landlords associated with increased security of tenure. New tenants would face high initial rents as landlords insure against within-tenancy risks and compensate for future losses,’ he explained. He also pointed out that security of tenure is not a major consideration for the majority of those groups dominating the private rental market, namely young people, students and more mobile households.’ Over 35% of private renters remained in residencies for less than a year in 2013. Because rents will be initially higher, fixed term tenancies would allow less mobile households to enjoy low rents at the expense of the more mobile, harming labour… Continue reading
