Tag Archives: turkey
CML says just 1.5% of mortgaged sales will pay more under new property tax rules
The Council of Mortgage Lenders has welcomed the stamp duty changes which have now come into place in the UK and revealed only a small number of mortgagees will be affected. CML director general Paul Smee said although there are losers as well as winners, the vast majority of mortgaged transactions will benefit from lower tax as a result of the change. CML data suggests that, among mortgaged transactions over the past year, 21.6% were for less than £125,000, 47.9% for £125,001 to £250,000, 29% for £250,001 to £925,000, 1.1% for £925,001 to £1.5 million, and 0.4% for over £1.5 million. The proportion of mortgaged transactions that would pay more tax under the new system is around 1.5%. He also talked about work that is being undertaken by the CML and consumer organisation Which? towards the creation of a new a set of measures that both organisations hope will aid transparency, understanding, and decision making for consumers when they are considering the overall costs of different mortgages. Smee explained that although the Financial Conduct Authority rules on the presentation and transparency of cost information are comprehensive, consumers do not always find the cost disclosure easy to understand. So this initiative is about looking at whether there are some practical steps, outside the scope of regulation, that can help. The CML and Which? have agreed to work together to consider practical steps on a number of issues including transparency and presentation of fees and charges to help improve consumer outcomes; standardisation of terminology around fees and charges; consumer education; and setting administrative charges so that they reflect the cost to the lender. The Treasury is taking an interest in this work. The CML and Which? have agreed to provide a progress report by the time of the Budget 2015. The overall project is expected to take up to six months to complete, and will produce a programme for future action, to be taken forward through industry guidance. ‘With the largest and most competitive mortgage market in Europe, UK customers are well-served for choice. We recognise that for this choice to bring the greatest benefit, consumers need to be able to understand and compare products confidently,’ said Smee. ‘We welcome the opportunity to work with Which? towards measures that can make this easier for them,’ he added. Continue reading
Real estate market in Turkey expected to be healthy in 2015
Rising foreign demand, record levels of tourism and healthy economic conditions throughout 2014 mean Turkey should expect further growth in its real estate market in 2015, it is claimed. House sales to foreigners in the first 10 months of 2014 increased 66% year on year to reach 15,417, according to the Turkish Statistical Agency (TurkStat). The province with the most foreign buyers between January and October was Antalya, home to the city of Antalya, as well as the resorts of Kalkan, Belek, Side and Alanya. Istanbul had the second highest number of non-Turkish buyers. ‘This rise in foreign interest is especially noteworthy as overall sales in Turkey, including those to Turks, fell slightly for the period compared to 2013,’ said Julian Walker, director at Spot Blue International Property. ‘By the end of September this year though, the number of foreign purchases in Turkey had already exceeded the total for the whole of 2013. This shows how important the foreign market is becoming to Turkey and will continue to be in 2015,’ he explained. Property prices have shown steady increases during 2014, with Turkey recording the highest house price growth of all G20 member countries between the second quarter of 2013 and the second quarter of 2014, up by 14%, according to an index by international property consultants Knight Frank. Meanwhile, Turkey's Reidin-GYODER New House Price index recorded a month on month rise of 1.33% in October and 7.3% rise compared with the same month last year. Revenue generated by tourism in Turkey hit a new record for the January to September period this year, generating $26.6 billion, according to TurkStat. The country welcomed more than 30 million visitors during this period, a 6.1% increase over the same period last year. These figures would suggest the country is on course to receiving 43 million tourists for the whole of 2014, hitting its revenue target of $36 billion, according to a forecast made by the Association of Turkish Travel Agencies. Turkey is now the sixth most popular holiday destination in the world, according to 2013 data from the United Nations World Tourism Organization (UNWTO). As well as attracting high numbers of foreign property sales, Antalya is also Turkey's most visited destination. ‘This year has seen ongoing improvement in air access to Turkey, which attracts more tourists as well as gives confidence to investors and the international business community. Significantly, new routes launched recently include to the Americas and Asia, with increased frequency to the Middle East,’ Walker said. He also pointed out that under pinning Turkey's bullish tourism and real estate markets in 2015 will be the country's economy. The IMF predicts GDP growth of 3% for 2014 after analysis done in September, while the European Economic Forecast published in November forecasts growth of 3.3% in 2015 and 3.7% by 2016. Continue reading
A property overseas still proving popular among British buyers
Buying property overseas is proving more popular this year than it was in 2013 although there is evidence of growth levelling off during the third quarter, according to new research. Spain, Portugal and France remain the most popular countries for British people to buy an overseas property, with Italy and Turkey the ones to watch, says the latest quarterly report from the Overseas Guides Company. The firm found that between January and September 2014, there was a 17% increase in enquiries compared to the same period last year, rising from 29,299 to 34,287. For the third quarter of 2014, enquiries were up by 4.1% year on year, from 10,518 to 10,957 in the third quarter of 2013. According to Angelos Koutsoudes, head of Overseas Guides Company, after a bullish first half of the year, there was a cooling off of enquiries during the third quarter compared to the previous two years, when the third quarter has always outperformed the first two quarters. The months of April to June continue to be the most popular months for would be homebuyers to view and complete on overseas properties, the firm has also found. Looking ahead, continued growth is expected in the key markets, with mortgage rates in the Eurozone remaining at historic lows and sterling likely to maintain a comparatively strong value against the euro. There is also a sentiment that the bargain prices of homes in popular parts of Spain, France and Portugal won't last forever, with signs that hotspots are already seeing slight price rises. The recent Overseas Guides Company reader’s survey showed that Spain, France and Portugal are the most popular countries for those considering buying property abroad and with those readers who already have a second property. Spain is still by far the most popular country, generating 2,710 enquiries in the third quarter, compared to 2,494 enquiries in the third quarter of 2013. Things are really looking up for Spain, both in terms of the property market and the economy as a whole. The International Monetary Fund recently announced that the southern European countries will lead the rest of the European Union in terms of economic growth over the next year and the economy is expected to grow at 1.3% in 2014 and continue by 1.7% in 2015. France remains a firm favourite in second place with 2,575 enquiries. Not only have house prices across the country remained stable over the last year, with average prices even falling in some areas, but France is also now offering interest-only mortgages to non-French residents. Star performers in the third quarter in terms of growth were Italy up 12.7%, Greece up 52% and Turkey up 8.5% in terms of enquiries compared to the previous quarter. Continue reading
