TSI
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
UK stamp duty changes set to save buyers an average of almost £1,600
Some 69% of home buyers across the UK are likely to benefit from the new Stamp Duty regime that was announced in December, according to new research. It is likely that 29% will experience no change and just 2% will pay more, overall in the UK, says data produced by the Nationwide Building Society, the mutual which campaigned for changes to be made. Based on 2013/2014 transactions data from the Land Registry, HMRC and the Council of Mortgage Lenders Regulated Mortgage Survey there will be an average saving of around £1,580 across a total of 647,000 sales. Overall home buyers in the UK could save £1 billion as a result of the Stamp Duty changes. For home buyers in England, Wales and Northern Ireland, the introduction of a progressive Stamp Duty Land Tax system came into force on 04 December 2014, while for Scottish buyers the Land and Buildings Transaction Tax changes are to be implemented on 01 April 2015. As a result, the average tax payable on the purchase of a home is likely to fall across the UK, with the average saving for each country, based on Nationwide’s analysis of Land Registry and Regulated Mortgage Survey data, is projected to total £912 million in England, £24 million in Wales, £82 million in Scotland and £6 million in Northern Ireland. ‘It’s gratifying to see the changes that Nationwide campaigned so long for, making such a substantial difference to the pockets of home buyers across the UK,’ said Graham Beale, Nationwide’s chief executive. ‘With the implementation of the new progressive approach in Scotland just around the corner, buyers across the UK will now only pay for the amount of their property value over each new threshold, a victory for fairness and another encouraging step for all those considering a move on to or further up the housing ladder,’ he added. For both England and Scotland, most likely to benefit from the changes are those looking to move up the housing ladder although duty payable on properties over £330,000 will be more expensive in Scotland than in England. It is expected that 2% in England will pay more, for 27% there will be no change and 72% will benefit. In Wales no one will pay more, 47% will see no change and 53% will be better off. In Scotland 5% will pay more, the highest in the country, 38% will see no change and 57% will benefit. While in Northern Ireland again none will pay more, 61% will see no change and just 39% will benefit. Continue reading
Africa’s growth cities attract increased foreign real estate investment
An increased numbers of international investors are investigating opportunities in African real estate markets, attracted by the continent’s startling economic and demographic growth prospects, it is claimed. According to a new Africa Report 2015 from international real estate firm Knight Frank, the population of Africa will quadruple to over four billion by 2100, with nearly one billion of these people in Nigeria alone. It argues that could be the single most important demographic trend that will shape the world over the course of this century and by 2100 nearly 40% of the world’s population will live in Africa, with the large majority of these being in the continent’s fast growing cities. Nigeria is now the largest economy in Africa with GDP estimated at $594.3 billion, followed by South Africa at $341.2 billion and overall Sub-Saharan Africa is one of the world’s most rapidly developing economic regions, and it is projected that 13 of 20 fastest growing global economies over the next five years will be in Africa. According to the report Luanda in Angola has one of the highest prime office rents in the world at US$150 per square meter per month, driven by demand from the oil and gas sector, and an extreme lack of availability. Luanda’s population is forecast to increase by more than 70% from 2010 to 2025 period, while Dar es Salaam, Kampala and Lusaka are expected to double. ‘Allied to strong economic growth, this is creating increased demand for good quality real estate of all types,’ the report says. It also points out that the retail sector has seen a huge increase in activity as a result of the rise of the urban middle class and the expansion of South African retailers such as Shoprite and Pick n Pay into the rest of Africa. Modern shopping malls are a relatively new concept in much of Africa, but a spate of new malls has been developed in key cities such as Accra and Nairobi. ‘The growth of Africa’s cities and economies will do much to define the global socio-economic landscape over the coming decades,’ said Matthew Colbourne, Knight Frank international research associate. ‘These major long term trends are driving the construction of high quality real estate across the continent. The most visible demonstration of this is the rise of the modern shopping centre concept in cities such as Nairobi, Lagos and Accra, but there are development opportunities in all property sectors,’ he explained. ‘Large volumes of good quality commercial and residential property are needed to support the continuing African growth story, presenting excellent opportunities for global funds looking to diversify or enter into African markets,’ he added. The report also points out that Africa’s growth potential has led to a notable increase in activity involving overseas investors and South African funds over the last two years. For example, Chinese investors’ involvement in large scale development and infrastructure projects across Africa has been particularly eye-catching…. Continue reading
