Property News - October 2008
Welcome to our property investment newsletter, the aim of which is to keep you up to date and informed as to the most recent property trends.
This month we would like to draw your special attention to our first article entitled Knight Frank – Global House Price Index Quarter 2 2008. It is rather interesting to note that it is not all doom and gloom in the international property markets. Although countries like the US and UK have been hard hit by the sub prime lending crisis. Other countries like Bulgaria and Cyprus are proving resilient to market conditions are still recording record price rises.
With Cyprus recording growth of 12.9% and its recent acceptance into the European Union makes this our property investment destination of choice. One of our founding members has in fact just recently returned from an inspection tour of the island where he has secured access to a number of lucrative investment opportunities (some with rental guarantees) mainly in the booming port and tourism town of Paphos as well as the rest of the island.
Should you be interested in finding out more about this fantastic investment and lifestyle destination you should contact Yianni on +27 82 494 4555 or alternatively drop him an email via the following link:
The Knight Frank Global House Price Index shows that global house price inflation is continuing to fall back, with much of continental Europe now seeing low or negative growth. Nevertheless, performance is very varied, with prices still rising rapidly in several locations in …
The residential property market has cooled off significantly since late 2007, with nominal year-on-year house price growth, according to Absa’s calculations, down to around 3% in July this year – its lowest level since September 1999. In real terms, prices were down by 7,3% in June this year, which was the biggest year-on-year price drop since April 1993.
For the first time since 2003, annual price growth for prime residential property in Central London has dropped below zero. Prices in the capital’s most expensive areas have now reverted to approximately the level they stood at in July 2007, following four consecutive months of falling prices.
This the third article in a four part series, entitled “Buying Property in South Africa as a Resident or Non- Resident”, deals with Non-Residents and any restrictions placed upon them in terms of moving foreign funds in and out of the country, access to local finance and banking facilities.
This article forms part of a 5 part series which covers the basics of living and investing in Cyprus property. This, the final article in the series, covers the formalities of getting a recognised driving licence and approval from the Council of Ministers for the acquisition of immovable property. Finally, we have included a section on the various taxes that become applicable when selling your property in Cyprus.