Overseas Investment News

April 2008:
What's good to know when you are buying property in Cyprus

Over the last few years Cyprus has become a real property hotspot due to the increasing levels of investment into infrastructure making the economy develop rapidly. It is estimated that around 50.000 British expats have moved to Cyprus, making absolute bargain properties harder to come by as property prices have risen.

If you do think about buying a property, here are some good pointers:

1. Keep a level head! It is very easy to get carried away when on holiday and making rash decision to buy what appears to be your dream home. Take a moment to think about it and make sure you get legal advice.
2. When seeking legal advice, find a solicitor recommended by someone you know. It is not advisable to go with the solicitor recommended by the developer as there is always the risk that they don’t have your interests at heart and the advice might not be unbiased.
3. If you decide to buy direct from seller, always use a solicitor even if you decide to buy pass an Estate Agent.
4. Be very cautious before buying property in the northern Turkish part of Cyprus. Since the lifting of border restrictions many Greek Cypriots are returning home to land and homes that they lost following the Turkish invasion. This means the UK buyers are at risk of losing homes they have purchased in the north, so seek specialist advice before buying.
5. Make sure the developer owns the land and has permission to build on it before you make any offers on off plan property. There has been a surprising amount of cases where developers have tried to sell land that doesn’t belong to them or without sufficient planning permission.

January 2008
It's all about Cape Verde

It is all about Cape Verde this year. Since independent airline Astraeus launched its direct five-and-a-half hour flights to Sal from Gatwick and Manchester, Cape Verde had been getting hotter and hotter!
The fact that the Islands enjoy an incredible 360 days of sunshine per year, obviously doesn't make matters worse, and the figures don't lie: In 2006 there has been a 22 percent increase in visitors according to official tourist statistics.

So what does the islands have to offer? Well, it's a haven for wildlife and who could resist a swim in the the sea at year-round temperatures between 22° and 26° celsius, and if you are not tempted by that then other activities include windsurfing, fishing, bird-watching and walking.

Depending on quality and location, new-build prices are going up by anything up to 30 per cent per year depending on quality and location. With no real off-season due to the warm weather and a one-bedroom apartment on the popular island of Sal achieving in the region of £300 per week year-round as a rental property, OIP is certainly keeping their eye on this up-and-coming favorite. Who could resist daily temperatures ranging from around 21°-30° all year round?