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Thursday, October 28, 2010

Green Cards For Free

Developers eLan Group are offering Green Cards in a bid to attract investors to its Holywood Circle project in Florida.

Under the offer, anyone who invests $540,000 in a share of eLan group will receive/be offered a green card under the government's EB-5 visa program. A program open to anyone investing over $500,000 in certain US regions where that investment creates at least 10 jobs.

This is one of the clearest signs of the times we have seen. The US has fought for decades trying to make it harder to get a green card, now they are practically letting people buy one in a bid to bring in outsiders who can create much needed jobs in the US economy.

Holywood Circle is a new build 27 storey development located halfway between Miami and Fort Lauderdale. The development houses 397 residential housing units with luxury facilities including: 24 hour security, pool, concierge, fitness centre, and private parking. There is also to be 68,000 square feet of retail space and a four star hotel, which is why the development is mixed-use and will provide jobs to meet the EB-5 Criteria.

"This investment is perfect for young families who are looking for a fresh start in the US, or astute businessmen looking for a solid foreign investment," said eLan Group CEO Mark Taylor.

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Friday, October 22, 2010

British Top 10 Retiring Destinations

The Telegraph has just published its top 10 destinations for British retirees based on value for money and lifestyle mix.

Few will be surprised by their giving first place to the south of France. A safe, established market, a mere puddle jump or tunnel chute from the UK, and offering the laid-back Mediterranean lifestyle that Brits quintessentially desire -- those that can afford the property prices that is.

Florida is in second place, the region is as big a hit now as ever it was, not least because it is more affordable now than ever it was.

Le Marche in Italy offers a miniature of everything we love about Italy, says the Telegraph as it gives the region third place. Its snow-capped mountains, sandy beaches and sun-kissed vineyards were mentioned in reasoning, as well as the fact that it is cheaper to buy property than in Tuscany.

Australia took fourth. Again this is unsurprising as it has always been a favourite retirement destination, sun, sea, sand and no language barrier to traverse.

Thailand comes in the most surprising 5th place. The report highlighted the tropical paradise to be found in places like Koh Samui.

Antigua, Cyprus, the Canary Islands, Ecuador and Morocco all got a mention. The latter has to be the most noteworthy, an emerging African and formerly third world country now makes us feel so at ease that we want to retire there on a large scale -- quite an achievement non?

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Thursday, October 21, 2010

Brits Take Advantage of Depressed Markets

Thousands of British buyers are searching for property in Europe's hardest-hit markets, according to overseas property portal Primelocation.

According to the data searches for overseas property were up 134% in August, compared to August last year, Primelocation puts this down to holiday home buyers trying to capitalise on economic misery to bag a bargain property that will obviously (or hopefully in some cases) outlive the turmoil.

Spain saw the biggest increase in searches with 145.7%, Portugal the second biggest with 123.9%. Italy was third with 98.9%, then Greece with 55.3% and finally Ireland with 44.1%.

‘The economic difficulties in these countries have been well documented and they have contributed towards a huge surge of activity in Brits searching for properties in these markets,’ said Ann Wright, international development manager at Primelocation.

The report theorised that foreign demand is propping up prices in the countries mentioned on the continent.

‘In the case of properties in the Mediterranean they have held up well as demand from overseas buyers remains strong,’ said Wright.

This would seem to be confirmed by the 2.9% growth recorded in Portuguese property prices in the year to end Q2 of 2010, while in Ireland, which is far less popular with foreign buyers prices fell 18.9% year on year in Q1.

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Wednesday, October 20, 2010

Turkey and Portugal Reach Visa Free Agreement

Turkish FM Ahmet Davutoğlu has reached a deal with Portugal on partial visa-free travel between the two countries, partial in that only citizens with special passports are included, and for no more than 90 days every 6 months. The agreement is still pending ratification in the parliaments of both countries.

The EU has agreed visa-free travel with three EU hopefuls; Serbia, Macedonia, and Montenegro, but negotiations with Turkey on a similar deal have so far born no fruit -- despite calls from business leaders in Germany and elsewhere. In fact, even the European Court of Justice has said that Turkish businessmen operating in Turkey should be able to travel to and fro without visas under the additional protocol to the Ankara Agreement signed in 1973.

A visa-free deal would be very beneficial to Turkish businesses operating or hoping to start operating in Europe, as well as to the tourism industry. This would also boost the property market, not least because increasing tourism continues to increase holiday home sales, but also because it would greatly increase confidence in the safety of buying property in Turkey.

The Turkish government continues to call on the EU to grant visa-free travel for its citizens, but it seems to be as deadlocked as Turkish EU membership as a whole. You can't have an organisation granting privileges to a country outside the organisation that is still technically at war with several of its members. Like the Mafia, Greece and Cyprus are "made men", Turkey will need to come to some kind of agreement with them before it can be accepted.

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Tuesday, October 19, 2010

Dominican Republic Is Getting it Right

Sales of Dominican Republic property are set to increase in 2011 as confidence amongst buyers, combined with a new wave of returns-hungry low-budget investors, according to overseas property portal Property-Abroad.com.

The IMF, and the ECLAC (Economic Commission for Latin America and the Caribbean) are predicting 6% growth in the Dominican Republic economy this year, we predict a surge in sales in 2011's overseas property hot seasons (Jan, Feb, Sep, Oct). The predictions come on the back of a 7.5% year on year growth in GDP in the first half of this year, making the Dominican Republic one of the fastest growing economies in the world.

During the crisis, the Dominican Republic was hit much harder than expected, with many analysts even predicting that it would avoid recession altogether. Property sales were among the hardest hit, as foreigners lost all confidence and just plain stopped buying in exotic (high risk) markets. In fact, the Dominican Republic was one of the hardest hit in the Caribbean, because of its issues with crime, wealth distribution and corruption.

Now we are seeing confidence return, and this is being met with a return of low budget private investors; investors who are willing to accept a little more risk in order to get a good deal and good returns. Of course, the downturn has made buyers do more research than ever which is helping to minimise any perceived risks.

The Dominican Republic is the top tourist destination in the Caribbean and also has a growing presence in worldwide trade, with free trade agreements in place with the US, Central America and Europe, and in negotiation with Canada and Taiwan. All contributing to make it the largest economy in the Caribbean. It also offers the lowest priced property in the Caribbean, a powerful package to offer the new wave of investors.

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