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Spain, Cyprus and Portugal expect more sales to British buyers in 2016
Spain, Cyprus and Portugal could offer British buyers looking for a holiday home some bargains in 2016 with experts revealing that properties are starting at €50,000. Some parts in Spain in particular currently offer some low priced properties that are not the wrecks usually associated with the bottom end of the market, according to Martin Dell, director of Spanish property portal Kyero. ‘There are thousands of Spanish properties available for under €50,000. Nor are they just remote country houses in need of vast repairs, this kind of money gives you plenty of choice in Spain these days. You can pick up a three bedroom townhouse, a six bedroom country cottage or a city apartment with a shared pool,’ he pointed out. For buyers looking to spend closer to €100,000 Cyprus offers possibilities, according to Ideal Homes International. It has a two bedroom apartment in Paphos with a shared pool in this price range. ‘Cyprus has got some real bargains at the moment and the climate is perfect for those looking for a holiday retreat away from the rain and cold back home. The market is unlikely to move much over the next few months, which means UK buyers can take their time to research the area they would like to own in without fear of getting priced out of the market while they do,’ said the firm’s director Chris White. White, who runs boutique estate agency Ideal Homes Portugal, added that there are holiday homes in the country for around €150,000 in the Algarve which is popular with British buyers as there are flights available from across the UK. In this price range the possibilities include a two bedroom apartment with a terrace and garden in Portimão, or a three bedroom with a pool in Albufeira. Those with more to spend and looking for something a little more upmarket could find their dream holiday home on the Balearic Islands for as little as €200,000, according to Marc Pritchard, sales and marketing director of Taylor Wimpey España. ‘There's nothing like owning property in an island location for achieving ultimate relaxation, which is precisely what a holiday home should provide. For many people the sea has a calming effect and Mallorca's plentiful restaurants, shops, beaches, golf courses and marinas really do offer something to suit all tastes,’ he said. Two bedroom apartments with direct access to the beach start at €235,000 at Costa Beach but there are plenty of pricier properties such as a cliff top townhouse with a communal infinity pool for €625,000 at Cala Magrana Mar. After the warmest autumn on record, Mallorca’s real estate market has enjoyed a buoyant year of sales that has surpassed expectations according to the island's international real estate agent, Engel & Völkers. Sales towards the close of the year look set to close up by approximately 25% over 2014 and prices are starting to creep up for top locations by up to 15%. Hot spots have… Continue reading
Rents in Australian capital cities up just 0.3% in 2015
Last year was lackluster for residential property rental growth in cities in Australia with rents increasing by just 0.3%, the latest index data shows. Rents increased by 2.2% in Melbourne, by 1.9% in Sydney and Canberra, and by 0.6% in Hobart. They fell by 13.2% in Darwin, by 8% in Perth, by 0.3% in Brisbane and by 0.2% in Adelaide. ‘We’ve never seen rental growth as sluggish as it is at the moment. Furthermore, we’re expecting to see more of the same over the coming months due to increases in the supply of new housing, rental stock and a further slowdown in migration rates,’ said CoreLogic RP Data research analyst Cameron Kusher. The CoreLogic RP Data index also shows that combined capital city rental rates are at $483, an increase of just 0.3% over the past 12 months which is a record low rate of annual growth based on records back to December 1996. A comparison between December 2015 and December 2014 shows in 2014 annual rental growth was slowing but was tracking at a much higher 1.8% which highlights just how much the rental market eased throughout 2015. ‘The construction boom across the capital cities, coupled with slowing population growth, low mortgage rates and the recent heightened level of activity from investors are the major contributing factors to the slowing rental growth in 2015,’ said Kusher. ‘Although Sydney and Melbourne saw the largest ramp up in new housing supply, both cities still recorded rental increases over the year, although rental growth is slowing relative to 12 months earlier,’ he explained. ‘It is clear that the increase in investment stock continues to provide landlords with little scope to lift rental rates while the low mortgage rate environment provides little incentive to push yields higher,’ he added. The firm predicts that growth in rental rates is likely to remain weak or potentially slow even further over the coming months. The good news for those looking to rent is the possibility that rental rates will fall even further over the coming year. ‘While the news for renters will be welcomed, investors may be facing weaker capital gains coupled with little in the way of rental growth or yield. The large pipeline of residential construction activity and recent high levels of investment demand means that renters are likely to continue to have plenty of choice,’ added Kusher. Continue reading
£140 million to be spent on regenerating housing estates in the UK
Some of the UK’s most rundown housing estates will be replaced with attractive and safe homes with a new fund for regeneration projects, it has been announced. Prime Minister David Cameron released details of what he called a comprehensive approach to estate regeneration with the creation of a new £140 million fund. He said that the government will work with 100 housing estates across the country to either radically transform them or, in the worst cases, knock them down and replace them with high quality new homes. ‘Within these so-called sink estates, behind front doors, families build warm and welcoming homes. But step outside in the worst estates and you’re confronted by brutal high rise towers and dark alleyways that are a gift to criminals,’ Cameron explained. Secretary of State Greg Clark said that there is a belief that the worst estates offer huge potential to be revived so that they become thriving communities and places which people want to live and work in. ‘That’s why we’re so determined to kick-start work which will benefit the lives of thousands of people by providing high quality homes,’ he added. To help tackle the problem the nationwide strategy will be supported by a new Estate Regeneration Advisory Panel, which will be chaired by Lord Heseltine, the former Deputy Prime Minister who has long championed the regeneration of Britain’s inner cities. The Panel will report in detail by this year’s Autumn Statement. The Prime Minister’s announcement comes ahead of a report from property advisor Savills which will show the approach to regeneration could help catalyse the building of hundreds of thousands of new homes in London alone. ‘For decades, sink estates had been seen as something simply to be managed. It’s time to be more ambitious at every level. The mission here is nothing short of social turnaround, and with massive estate regeneration, tenants protected, and land unlocked for new housing all over Britain, I believe we can tear down anything that stands in our way,’ Cameron added. Yolande Barnes, Savills research director, explained that the research shows that housing estates can deliver more homes and be made into better neighbourhoods by re-integrating them into the wider street network and creating or repairing the streetscape. The British Property Federation (BPF) welcomed proposals and praised the Government for ensuring that binding guarantees will be put in place for tenants and homeowners, to ensure that that their right to a home is protected. ‘There are some very old council estates that are in need of regeneration, but that process must treat existing residents fairly,’ said Ian Fletcher, director of policy for real estate at the BPF. ‘The Government is therefore right to put some sorts of guarantees at the forefront of its policy and encourage a partnership approach. There are investors in our membership, pension funds and the like, who will be very interested in how they can contribute to those partnerships,’ he pointed out. ‘Communities need not only… Continue reading
