European and Spanish Hotspots back in Vogue for British Real Estate Buyers Rather than far flung destinations

GoldAcre Estates the Canary Islands and Greece specialists stated that they have started to see a significant increase in enquiries from the internet, with the Greece business seeing an increase in the numbers particularly in Crete.

This seems to be to be a trend that seems to be supported by a recent report by Global Edge and Savills International via the Global Edge website GlobalEdge.co.uk

The Canary Islands has long since been a favorite with the British and European buyer famed for its mild winter climate and laid back lifestyle, recent economic factors and adjustments in prices in Fuerteventura and Gran Canaria have been a factor in their return to favour, but according to a survey of 1200 second home owners by Savills International British overseas home buyers are reverting back to more traditional second home destinations,.During the overseas property boom, the proportion of Brits buying outside of Western Europe grew significantly as buyers became motivated by the potential for capital gains. However, since the market turned in September 2008, buyers have returned to the traditional favourites of Spain, France, Portugal and Italy.“In 2010, the overseas second home market will be characterised by cash-rich, lifestyle buyers benefiting from lower prices in traditional, established holiday home hotspots.” Says Charles Weston-Baker, Head of Savills International.The survey data also confirms that 2009 was one of the worst years for the industry. 70% of respondents invested in overseas property between 2003 and 2008 but just 2% had in 2009.Rebecca Gill, research analyst at Savills International comments. “Whilst UK overseas home ownership has doubled since 2001 recent global recessionary trends have seen take-up levels dramatically slow. Factors such as fewer overseas holidays, reduced leisure spend capacity and financing availability, unfavourable exchange rates and declining house prices have impacted second home purchasing activity.”
20 % Of existing owners plan more purchases
The positive news is that a fifth of respondents said they are considering or planning additional holiday home purchases in the future. The top ten destinations being considered were France, Spain, Portugal, the US, Italy, Greece, Cyprus, Morocco, Brazil and Turkey.However, further property price falls, better mortgage availability and a strengthening of sterling against the Euro are all necessary conditions before we see the market return to anywhere near the transaction volumes of 2007.

GoldAcre Estates launches Fractional Ownership properties in Fuerteventura, Canary Islands, Spain

GoldAcre Estates Fuerteventura’s leading Estate Agent has just launched a fractional ownership program in conjunction with the Fractional Property Group which will eventually rolled out throughout the Canary Islands and Spain.

John GoldAcre stated that the Spanish Real Estate market was going through a significant change, not just because of the current economic downturn but in general a lot of the ‘quick buck Estates Agents’ have now gone and we are starting to a core of more professionally run Estate Agencies throughout Spain, that are more focused on clients needs and the key element of client satisfaction.

New products are being investigated by Real Estate Agents such as the growing market of Fractional Ownership which is being driven by consumer demand for high quality properties without the need to obtain mortgages, client recent experience with banks have made them look differently at their overseas purchases and the amount of money they are prepared to expose themselves to, Fractional Ownership provides the client with the opportunity of owning freehold property in the Canary Islands without the need to commit to the full capital value of the property.

John commented that it was very important that the integrity and value of any program is maintained as otherwise Fractional Ownership will just end up falling into the same category as timeshare, for example some Real Estate Agents are trying to introduce 10 or 12 shares on property just to try to make it look cheap.

The maximum John GoldAcre said that GoldAcre Estates will arrange any Fractional Ownership program for is 4 or 6 shares, which would give each individual owner either 2 or 3 months usage of their property spread throughout the year.

All the properties with be furnished to a luxurious quality with everything taken care of the for the owners, the owners useage program will be based on a 4 year rolling calendar which will give the owners useage every season and every month of the year over the 4 year term, each owner can sell their shares independently of the other owners at any time.

GoldAcre Estates Fractional Ownership program commences with two different styles of property, one being frontline Apartments to the sea the other being Villas.

The apartments are Luxury 3 bedroom 2 bathroom sea facing, close to a marina and Blue flag beach. Each apartment has 42 m2 terraces and has it own parking underground, the facilities include a 27 m long pool, Gym and lifts to all floors, 1/6th Shares are only 45,000 euros each, John made the point that at this price this was less than the cost of a cheap one bedroom apartment.

The Villa is situated close to one of the main towns in the North of Fuerteventura and features Two Bedrooms parking and Gardens and 1/6th shares are only 32,000 euros each.

GoldAcre stated the advantage to a buyer of Fractional Ownership is that each owner does not have to worry about the day to day running of their property all bills are paid all the cleaning and maintenance is taken care of and the property is prepared and ready for each owners visit, unlike a wholly owner property where each owner is required to pay all their own bills organize maintenance etc ..

GoldAcre Estates have been in Fuerteventura Real Estate for the last 8 years and some 12 years in the Canary Islands in total, they have offices in Gran Canaria, Fuerteventura and Greece.

More details can be obtained by contacting GoldAcre Estates on info@goldacre-estates.com or visiting their website www.goldacre-estates.com

Canary Island And Greece Property Review

John Gold reviews the current economic climate for the Canary Islands and Greek property market.

How wrong can you be?

Talk about the kiss of death in our last newsletter, I talked about the positive news regarding sterling and since then it has all gone down hill !!
The economic data from the UK has sent sterling vs some of the other major currencies through the floor ( well not quite, bit of an exaggeration ) but it went as low as 1.08 euros to the pound ( see I said in my last newsletter you would not find a better time to buy ) anyway after the downward trend of the last couple of weeks, hey guess what we are now seeing it tracking upwards again to the heady heights of 1.0999 today ( 30 September ) fingers crossed it remains going in the right direction again if you read some of the daily reports from the major currency houses they have talked about the bank of England creating the reduced strength of the pound.
Anyway the good news for the buyers out there is property prices have not gone up!! YET! but on a more serious note opportunities are still out there and at some prices of the properties available, it really does not matter what the exchange rate is or does.
You will note a great selection of properties in this newsletter outlining some opportunities across the board from Villas to Apartments,
Keep an eye on your e-mails for the new electronic versions of BuyIN Fuerteventura and BuyIN Greece magazines, which are nearing completion and will be distributed shortly.
I mentioned a couple of newsletter ago the words Fractional Ownership which is starting to gain momentum in the real estate industry in the newest edition of BuyIN Fuerteventura there will be a focus on this subject to explain more, but an example of this is four owners can share ownership in a 3 Bedroom 2 Bathroom Villa with pool and Jacuzzi, in 1,000m2 plot for three months spread throughout the year from only 79,750 euros per owner and it is all FREEHOLD.
The sun remains, beach beckons and properties in the world of GoldAcre Estates remain available and the whole TEAM would love to show you them.
Good luck, happy hunting and wherever your search may you find your DREAM HOME we are there to assist you.