Entries from July 2008 ↓

Creola Sands Beach, Boavista

With long proud business traditions, the Forbes and Milne families came together in 1997 to form FM Developments, and just a decade later their thirst for property knowledge has seen them expand in their native Scotland and reach out to Cape Verde. Boa Vista, a sand dune dominated island boasting 55 kms of beach, is home to 2 of their latest projects, Creola Sands and Sabi Sands.

Apartments and Duplex apartments on the island of Boavista

Creola Sands is a beachfront resort with all modern amenities, just along from Sal Rei, the island capital, and a mere 10 minutes drive to the international airport. The swimming pools, the bars, restaurants and extensive childrens areas will all add to your comfort and relaxation in this unique setting.

Sabi Sands has town houses, studios and villas set on three levels on the slope of the Rotinha mountain. A well thought out and stylish development, it’s well placed for Cabral beach, the rolling sand dunes or the shade of the palm trees. The whole of Boa Vista opens up to you from Sabi Sands, and whether you are into swimming, diving, surfing, fishing or kayaking, nature has laid them all out for you.

New Town Houses and Villas in Sabi Sands on the island of Boavista

By the pool at Sabi Sands

The ever growing popularity along with the unregulated nature of the overseas property scene has led to the sector being flooded with potential overseas investment opportunities. Whilst this provides a far greater assortment of developments for investors, it also presents investors with greater risks and, therefore, requires a more cautious approach.

If buying off plan from a developer then you must assure your self of the developers’ building standards, ask for details of their existing and completed developments, (look at their past and track record) better still if your visiting the location then ask to be shown around any past and completed developments and where you can speak to those that have already purchased, don’t be afraid to ask the developer for  testimonials from satisfied clients that have already purchased, ask for details of their bank guarantees, building guarantees and such like.

Next, it is important that you have a clear idea of the buying and selling costs and the costs involved in financing the purchase, the costs involved to sell the property. Have a clear approach and be sure that the overseas property investment you make fits in with your overall strategy.

Does the location have flexible and easily accessible financial products?  The availability of mortgage products is an essential requirement of any investment strategy. 

It is easy to go off track or even be side tracked when you see what looks like an absolutely fantastic deal - do be sure that it fits in with what you are trying to achieve over the next 5-20 years.  Look at the historical capital growth in the area that you’re planning to buy into, the comparables in the area, rental comparables, speak to local rental agents about the occupancy rates, demand and more importantly the rental rates that are being achieved for similar properties in the same area.

If it is your aim is to make money from your overseas investment then you should probably take it that if you will get an element of free holiday time a year which will be an added bonus. 

If you do buy to let your property then have a look here at my web site http://www.dwood-property.com and see how you can list your property for rent for FREE! We will even make sure that you receive all rental enquiries direct to your personal email account, and you can list any type of property in any location.    

Last but not least, to avoid the pitfalls of the overseas property market, it is crucial that overseas property buyers seek independent and unbiased legal advice, which is given only in their best interests and if you have to pay a lawyer in Spain for his time and service then so be it. This type of study is fundamental and should be the basis of all property investments. But, sadly, it is all too rare in the overseas property market.

If you perform due diligence correctly you can do very nicely from overseas property investment.

As I always said to my staff as well as my personal clients “treat property as you would the stock market, prices can come down as well as go up” and make sure you buy for the right reasons and at the right price!

When you wake up in the morning, do you leap out of bed and pull back the curtains, or do you lurk as long as possible, and then slink out slowly? It seems that the UK is a nation of slinkers, there is an air of despondency that is making people dread getting up, dread the daily grind, and dread just about everything from the cost of living to the form of our sports teams.

It’s hardly surprising then that even with a global credit crunch, and caution being urged, over a thousand people a day are leaving the UK for sunnier climes and a better way of life. Don’t take my word for it, that is an official statistic from the Office for National Statistics, and while we are at it, here are some more, the Daily Express cost of living index shows that petrol has gone up by 20 % in 12 months, and the average weekly shop has climbed by 22 %, that’s food for thought, if you can afford it.

There are many specific reasons to head for the sun, whether it is permanently or to buy a second home as a bolt hole from the crushing doom and gloom. Foreign Currency Direct carried out a recent survey  and top of the list for leaving the UK was the cost of living with 51%, closely followed by the UK weather on 49% and stalked menacingly in third place by the fear of crime at 32%. If you want a more detailed picture, there was an excellent recent article by Rob Griffin in the Your Money section of The Daily Express.

Of course you should consult your head and your heart before making the big move, but you may well find out that they are in agreement. The choices are many and varied, but for that all important sun, mainland Spain is always a popular option, and The Canary Islands still have that exotic charm and amazing golf courses and beaches. Cape Verde is fast coming up on the rails as an exciting new option, where the adventure is only just begining.

Maybe the financial gains of buying abroad are not as good as they once were, but for sheer quality of life, you can’t beat the year round sun and relaxed lifestyle. Have a browse at http://www.dwood-property.com and see how little it would take to put a leap back into your step.

Maybe it’s best to start off with the tough questions, as the words “credit crunch” scream out at everyone from the media. Where does Canary Island property investment stand on the current shaky World stage? And while we are in a pondering mood, what difference will environmental concerns make to the property market in the Canary Islands?

The two subjects are strongly interwoven, but the short answer is that the Canary Islands are in a good position to cope, provided that sellers recognise that it’s a buyers market out there. Times are changing and people are going to be cautious with their money, but they still want the good life of sun, sea and sand. Some things will never change in the Canary Islands, the wonderful all year round climate, the beaches, the laid back lifestyle, they will all endure no matter how the euro and world finances fluctuate,

The U.K is certainly bracing itself for the worse, but the doom and gloom, and the ever grimmer face of Gordon Brown, are helping to remind people how good life could be with an escape route to the sun. Tourism figures so far this year in the Canary Islands are defying all the cynics, take this recent front page from The Tenerife News, showing a 21% rise in Tenerife tourism this May, over last year.

Fuel price hikes and the need to conserve energy, are focussing peoples minds on just where they should fly to for holidays, or on a regular basis to visit their holiday homes. That’s a big plus for the Canary Islands, they are right on the threshold of guaranteed sun with the least possible air miles, as a compromise to American flights, the Canary Islands are a very warm and welcoming destination. There is a lot to shout about in the Canary Islands, it may be a cold economic climate out there but over here the sun is still shining.