#foreigner buying property in uk

[capexpropertiesuk]

Unraveling the Mysteries of Foreign Property Investment in the UK

Foreign property investment in the United Kingdom has long been a topic of intrigue for investors around the world. The allure of the UK's real estate market, rich history, and economic stability draws investors seeking opportunities and diversification. However, this captivating market is not without its mysteries. In this comprehensive guide, we will delve into the intricacies of foreign property investment in the UK, demystifying the process, regulations, and potential pitfalls.

[myobsessionsspace]

This is an assumption. But why do you think JK bought his property in Itaewon out of all places ? And now building a mansion there which means that will be his main house he decides to settle. I've seen all korean stars buying their homes to love with their family in more decent and high end areas like Gagnam, Hannam etc. No one really buys property in itaewon with an aim to settle there with family as it's like the party spot of SK. Itaewon is known for clubs, brothels, parties, drugs and prostitution, most only go there to party, have one night stands or do illegal activities. Someone visiting Itaewon often is eye brow raising enough so building a whole mansion there is sus af isn't it ?

Hey,

I understand tone can’t be accurately interpreted with written words, so I just want to make my tone clear first and foremost.

I’m speaking with no harshness, judgement or condescension.

DM me and we can delulu cutely together with no air of authority on the matter, cos we should know we don’t know shit, but can still want to coo and dream with others 🤗.

We’ve seen and been outraged by sasaengs and their stalking of members and called them out at times. We’ve literally seen Jungkook on live entering his apartment and being annoyed with sasaengs loitering outside of his building, he has even said in that same live that he knows people knows where he lives and posted online.

Put yourselves in their shoes, who wants millions knowing your full address and being able to turn up unannounced? Because they’re fans of your music, of your image? I’m gonna leave that there.

I will say in regards to Itaewon, I’m not Korean, I don’t have a Korean father, a Korean brother, a Korean bff who works at Hybe, nothing. I do have a friend who went on a program, studied there and lived there for years but that’s it. I don’t know anything about Itaewon apart from the Halloween tragedy and a K-Drama. So guess what I did, yup you guessed it, I GOGGLED💪

No one really buys property in itaewon with an aim to settle there with family as it's like the party spot of SK. Itaewon is known for clubs, brothels, parties, drugs and prostitution, most only go there to party, have one night stands or do illegal activities. Someone visiting Itaewon often is eye brow raising enough so building a whole mansion there is sus af isn't it ?

Incoming cheeky tone…I thought I said ‘genuine asks’? This right here sounds like laying down the groundwork to paint a certain picture of Jungkook?🤔🤨

Itaewon

You said: ‘I’ve seen all Korean stars buying their homes to live with their families in more decent high end areas like Gangnam, Hannam etc’.

I say: That’s a pretty bold, blanket statement 😬

Famous idol Rain and his actress wife and children have a home in Itaewon as do many other celebrities with their spouses, partners and families

Actor Song Joong-Ki and his British wife, who was pregnant at the time, moved to his Itaewon mansion along with her family from the UK. They welcomed a baby girl in 2023.

Chaebols like those belonging to the Samsung family also have homes in Itaewon

Doing my googles, Itaewon is known as ‘a multi-cultural commercial area located in Seoul, South Korea. It is one of the most popular neighborhoods in Seoul, known for its nightlife and trendy restaurants.’ ‘Seoul's International District’.

I know some other places that sound like the above.. London…New York…Paris…

I wonder where the prostitution, drugs and one night stands come into it for people who wanna buy or build houses in those cities?

Jungkook is currently a 26 year old multimillionaire, who is a member of one of the biggest groups in not just South Korea, but the world, so I guess he’ll have lots to do when he’s not working his ass off with his intense more than full time job. Settling somewhere with family…I’m sure he’ll take Bam into consideration in his plans, wherever it may be.

Something I did find cool when doing my googles 😁

‘Korean singer-songwriter JYP (Park Jin-young) and Yoo Se-yoon's hip hop duo UV released the song "Itaewon Freedom" in April 2011. The title alludes to (and the lyrics celebrate) a common Korean perception of Itaewon's "open atmosphere", in contrast with conventional Korean culture, which is more conservative.’

LGBTQIA+ ‘haven’ Itaewon

‘The 2020 South Korean Netflix television series Itaewon Class is set in Itaewon. The drama was praised for its diverse and inclusive cast and its realistic portrayal of subjects such as prejudice and discrimination against foreigners, ex-convicts and the LGBT people, as well as the portrayal of misbehaviors by chaebol corporations.’

Sounds like Itaewon is a cool, diverse, inclusive place, full of sites & attractions, shops and good food. If a 26+ year old man that’s been working and in the public eye since 13/14 wanted to build a home there, Itaewon sounds like a great place and a good investment.

I’d love to visit there, if I ever had the time AND money 🥲

Thanks for the ask, it caused me to learn something new!

💜

[notacyborg]

So first! I can see my work! Second that’s just down town. Before I got laid off 2 weeks ago I worked at a not for profit arts center.

Anywho! As a local like born at the Kaiser downtown.

1. Downtown is now dead because of the multiple tech crashes.

2. Downtown is dead because of foreign investors and firms like blackrock buying up all the property. So because of the tech boom and because of groups buying up property it’s almost impossible to live in the city or open a small business.

3. The Westfield mall didn’t close because of crime the rent on the space kept going up so the uk company that owns the chain of malls pulled out, in fact they pulled out of all of the USA.

But the other key to this is as someone who lived through the 89 quake the one that did this :

There are rules about how tall buildings should be what their bases have to be, my mom worked in one of the high rises at the time for the phone company her building had under ground concrete rollers so it would sway with the quake.

Out here you get above a certain height when a high one hits the building will just snap in half.

Also that whole area by the water near the bridge, build on landfill to the point where they build a high rise down there and it’s our very own leaning tower of Pisa. Millennium Tower San Francisco! Fuck the rich people who live there but it’s actually hella dangerous when the lean happens and chunks of glass fall 58 stories… think of what’s going to happen in the next big one…

Muni is great tho! And Bart is meh.

There be devils at work here

[mandrocles]

Thatcherism with chinese characteristics

In the 1970s a right-wing english think-tank published a study of voting patterns which had enormous consequences as they found two main effects, one obvious and the other non-obvious and very important:

People who owned a car, owned property, invested in shares for retirement, voted for right-wing parties far more than people who used public transport, rented housing, had a defined benefit pension. This seems obvious because the former usually have higher income and status than the latter.

This difference however was largely independent of income and status. Particularly important for voting was that people with low income and status would often vote for right-wing parties if they owned very modest cars, property, and tiny investments in shares.

After that study right-wing parties across the world, but primarily in the UK, USA, Australia adopted policies to undermine public transport, rented housing (especially if public), and defined benefit pensions, with various excuses, and to subsidise directly or indirectly car travel, property ownership, share based pension accounts.

Note: with time it turned out that the key element is property ownership but only coupled with a solid expectation of long-term huge property profits redistributed from the lower classes.

"There were even prophetic council house sales by local Tories in the drive to create voters with a Conservative political mentality. As a Tory councillor in Leeds defiantly told Labour opponents in 1926, ‘it is a good thing for people to buy their own houses. They turn Tory directly. We shall go on making Tories and you will be wiped out.’ There is much of the Party history of the twentieth century in that remark."

"bought his council house in Devon in the early 80s for £17,000. When it was valued at £80,000 in 1989, he sold up and used the equity to put towards a £135,000 fisherman’s cottage in St Mawes. Now it’s valued at 1.1m. “I was very grateful to Margaret Thatcher,” he said.¨

These policies are the reason for the enduring appeal of thatcherism/reaganism for many voters who are workers, even if thatcherism/reaganism policies also include cutting wages and salaries and pension and social insurance, because those voters gain much more with property profits than they lose otherwise.

These policies are being implemented with great zeal in the People's Republic of China by the Communist Party of China: almost all social housing in the PRC has been privatized by the CPC, and the CPC has invested massively in promoting car ownership (even if there has also been big investment in public transport, in particular trains).

Now the CPC wants to switch PRC pensions from defined benefit to share investment accounts, as reported by the right-wing USA organization "Council for Foreign Relations":

"Beijing is pushing Chinese citizens to plan for their own retirements. On December 15, Chinese authorities launched a national expansion of their two-year old pilot private pension pilot project. According to the state circular issued jointly by tax, finance, and human resource bureaus, citizens participating in either of the two primary state retirement systems are authorized to open private pension accounts."

The only possible rationale for these moves is that the Communist Party of China has become vigorously anti-socialdemocratic, anti-socialist and anti-communist and intends to create a large base of car, property and share owners committed to thatcherism/reaganism and right-wing policies. China-mainland has been switching to a thatcherite/reaganite system like China-Taiwan, China-HongKong, Singapore, and previously the USA, the UK, etc.; this will also discourage productive investment and greatly increase financial speculation and rentierism.

That is not surprising: my guess is that virtually all the officials of the Communist Party of China own one or more cars and also significant portfolios of properties and shares, and are determined to protect their investments from the possibility of social-democratic, socialist or communist policies, and since they are all educated in marxism they understand well what their class interests are.

It is quite ironic that the Communist Party of China is today the party run by and representing the interests of landlords and speculators, the same as the Republican and Democratic parties in the USA or the Conservative, New Labour and LibDem parties in the UK.

[torreviejatranslation]

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[aurianneor]

Restricting individual wealth

The Gracchi brothers brothers, Gaius and Tiberius, were tribunes, the equivalent of our deputies, and they wanted to tackle the problems of the time. The rich were few in number but owned almost all the land. As they produced all the cereals, they agreed among themselves to set a high price and brought in foreigners to work for very low wages that Roman citizens would not accept. By 133 B.C., Rome was plunged into widespread poverty, which tormented the city. The Gracchus brothers passed a law called property, which stated that property had a limit in quantity, beyond which it was toxic for society, and a limit in use, according to which just because it’s mine doesn’t mean I can do what I want with it. The Gracchi brothers were seized by the rich and their henchmen and thrown into the Tribe. What followed was 100 years of civil war between the plebs and the rich, before Emperor Augustus established the laws of the Gracchus brothers, taking advantage of the turmoil caused by the death of Julius Caesar (who had won the civil war by fighting the ultra-rich). Four hundred years of peace and prosperity followed.

In 1930, in France, judges created the public water utility, nationalizing the sources. This showed that private property is not sacred. They expropriated the owners, and that was normal. Léon Blum was harassed and left office.

Labour’s 1945 victory in the UK led to the expropriation of mine owners. Ownership is not absolute. Owners became less wealthy and this drove them below the toxic limit.

Franklin D. Roosevelt led major campaigns to nationalize energy, raw materials, armaments and roads, and introduced public granaries (the state buys food to guarantee prices). The group prevailed over private property. If ownership went against the group’s interests, nationalization could be considered. He took the assets appropriated by the ultra-rich and redistributed the gains for the general good. The New Deal brought prosperity to America for 40 years. Franklin Delano Roosevelt is the only American president to have been elected four times, and he died in office. He had strong public support. The United States is reputed to be capitalist by nature, but this is a myth. When presented with a very socialist program, the people embrace it. Michael Moore in Fahrenheit 11/9 used polls to prove that Americans’ aspirations are not capitalist. 70% are for health insurance, 62% are for unions, 58% are against supporting banks, 61% for raising the minimum wage, etc. (cf. American people’s choice).

Franklin D. Roosevelt – Wikipedia: https://en.wikipedia.org/wiki/Franklin_D._Roosevelt

New Deal – Wikipedia: https://en.wikipedia.org/wiki/New_Deal

On November 24, 2013, a law was passed in Switzerland limiting wages to 250 times the minimum wage. This means that for the highest wages to rise, the lowest wages must be increased. The rich are very happy in Switzerland. By way of comparison, in France in 2019, CAC40 bosses earned 1128 times the salary of their most modest employees.

In Ukraine in 2022, President Zelensky took advantage of exceptional war powers to nationalize the banks, TV channels and industries owned by the oligarchs. The oligarchs were so wealthy that they decided everything in the country, while the Ukrainian coffers were empty.

When Elon Musk intervenes in the war in Ukraine, it’s too much. When Mark Zuckerberg promotes Trump’s election to enrich himself, it’s too much. When someone is rich enough to have their own space program or has more money than a country, it’s too much. When your decisions can ruin the lives of millions of people even though you weren’t elected, it’s too much. When the richest 1% of humanity emit 100 times more greenhouse gases than the other 99%, it’s too much.

These people deserve to be rich, but not that rich. They have never given back to society what society gave them in the first place. They offer philanthropy in return, but it’s selective solidarity because they decide how much and to whom they give the money. The society has trained their employees with schools and universities; they are healthy thanks to hospitals, there are roads, railroads and airports to transport their goods. There is a police force and an army to protect them, and a justice system to enforce their rights. There are natural resources to feed their industries, and so on.

What’s more, they influence politicians to pay less tax and inheritance tax. Most of the richest people inherited. They have done nothing for society. They don’t pay their fair share of taxes.

Les 1 % les plus riches ont empoché plus de 40 000 milliards de dollars au cours des 10 dernières années, alors que le niveau d’imposition des plus riches atteint des niveaux historiquement bas – Oxfam: https://www.oxfam.org/fr/communiques-presse/les-1-les-plus-riches-ont-empoche-plus-de-40-000-milliards-de-dollars-au-cours

Les riches menacent-ils la démocratie – Arte: https://www.arte.tv/fr/videos/109816-010-A/les-riches-menacent-ils-la-democratie/

Columbia University believes that $100 million is the limit. It’s more than enough for the individual and not enough to be toxic.

Limit On Wealth – Stephen H. Unger: http://www1.cs.columbia.edu/~unger/articles/wealthLimit.html)

What, if Anything, is Wrong with Extreme wealth – Ingrid Robeyns: https://www.tandfonline.com/doi/epdf/10.1080/19452829.2019.1633734?needAccess=true&role=button

Having too Much – Ingrid Robeyns: https://www.openbookpublishers.com/books/10.11647/obp.0338

Capitalisme américain, le culte de la richesse (1/3) | ARTE: https://youtu.be/0j1UDBqR-oM?feature=shared

Faire casquer les riches | Capitalisme américain, le culte de la richesse (2/3) | ARTE: https://youtu.be/uccQqNg2tF8?si=3hep4x297rSSZ7Bu

Elon Musk: Last Week Tonight with John Oliver (HBO): https://youtu.be/Eo3zORUGCbM?si=TUxpdymb6rV3Xd2x

Noir Désir – L’homme pressé: https://youtu.be/by1RRP9wa_Y?si=mK5wb4sZn3YnRsB8

World’s five richest men double their money as poorest get poorer – The Guardian: https://www.theguardian.com/inequality/2024/jan/15/worlds-five-richest-men-double-their-money-as-poorest-get-poorer

The cost of extrême wealth: https://costofextremewealth.com

La ploutocratie, les riches au pouvoir ? – France Inter: https://www.radiofrance.fr/franceinter/podcasts/zoom-zoom-zen/zoom-zoom-zen-du-jeudi-04-avril-2024-8390390

Épisode 1/4 : Rends les terres ! Réforme à Rome, va te faire voir chez les Gracques – France culture: https://www.radiofrance.fr/franceculture/podcasts/le-cours-de-l-histoire/rends-les-terres-reforme-a-rome-va-te-faire-voir-chez-les-gracques-1597994

Super-héritages : le jackpot fiscal des ultra-riches – Oxfam France: https://www.oxfamfrance.org/rapports/super-heritages-le-jackpot-fiscal-des-ultra-riches/

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Limiter la richesse individuelle: https://www.aurianneor.org/limiter-la-richesse-individuelle/

A slice of the cake: https://www.aurianneor.org/a-slice-of-the-cake/

The richest 1% are at war with the rest of the world: https://www.aurianneor.org/the-richest-1-are-at-war-with-the-rest-of-the-world/

Working class racism: https://www.aurianneor.org/working-class-racism/

Solidarité Hélvétique: https://www.aurianneor.org/solidarite-helvetique-democratie-semi-directe/

Wall Street (1987): https://www.aurianneor.org/wall-street-1987/

Freedom and coexistence: https://www.aurianneor.org/freedom-and-coexistence/

Tomorrow – Chap 4: La démocratie: https://www.aurianneor.org/tomorrow-chap-4-la-democratie-the-panama/

Qui se cache derrière le drapeau?: https://www.aurianneor.org/qui-se-cache-derriere-le-drapeau/

Quelle époque!: https://www.aurianneor.org/quelle-epoque-soyons-daccord-emmanuel-macron/

Illegitimate authorities: https://www.aurianneor.org/illegitimate-authorities/

Ecoterrorism: https://www.aurianneor.org/ecoterrorism/

You can’t get enough… Enough!: https://www.aurianneor.org/you-cant-get-enough-enough-the-same-companies/

“The world has enough for everyone’s need, but not enough for everyone’s greed”: https://www.aurianneor.org/the-world-has-enough-for-everyones-need-but-not/

Cut out the middleman: https://www.aurianneor.org/cut-out-the-middleman/

Housing: https://www.aurianneor.org/housing/

Retirement pensions: https://www.aurianneor.org/retirement-pensions/

Living with dignity: https://www.aurianneor.org/living-with-dignity/

The Rust Belt: https://www.aurianneor.org/the-rust-belt-2/

Representation of capitalism trying to take all the resources and trying to make workers live nothing but work: https://www.aurianneor.org/representation-of-capitalism-trying-to-take-all-the-resources-and-trying-to-make-workers-live-nothing-but-work/

“Capitalism will eat democracy; unless we speak up”: https://www.aurianneor.org/yanis-varoufakis-capitalism-will-eat-democracy/

Simon Sinek – Start with why: https://www.aurianneor.org/simon-sinek-start-with-why-bonuses/

When you have a hammer in your hand everything looks like a nail.: https://www.aurianneor.org/when-you-have-a-hammer-in-your-hand-everything/

The Red and the Yellow: https://www.aurianneor.org/the-red-and-the-yellow-red-scarves-against-yellow/

Le référendum est une arme qui tue la violence: https://www.aurianneor.org/le-referendum-est-une-arme-qui-tue-la-violence-oui/

Le levier économique: https://www.aurianneor.org/le-levier-economique-charles-stewart-parnell/

Fed up with strikes? Ask for referendums!: https://www.aurianneor.org/fed-up-with-strikes-ask-for-referendums/

The Modern “chiffon rouge”: https://www.aurianneor.org/the-modern-chiffon-rouge/

Rich: https://www.aurianneor.org/rich-it-was-a-beautiful-day-and-the-scenery-was/

What I am worth depends neither on market nor on race: https://www.aurianneor.org/what-i-am-worth-depends-neither-on-market-nor-on-race/

My hormones want admiration: https://www.aurianneor.org/my-hormones-want-admiration-i-want-to-shine-im/

Dans les territoires ultramarins, une population en colère exclue du progrès: https://www.aurianneor.org/dans-les-territoires-ultramarins-une-population-en-colere-exclue-du-progres/

Work, it’s an all-or-nothing option: https://www.aurianneor.org/work-its-an-all-or-nothing-option/

Législatives 2024: choisir la gauche ou la droite: https://www.aurianneor.org/legislatives-2024-choisir-la-gauche-ou-la-droite/

2024 UK general election: choosing the Right or the Left.: https://www.aurianneor.org/2024-uk-general-election-choosing-the-right-or-the-left/

[lio23576]

Dubai real estate market comparison

A comparison of the Dubai real estate market with other major global cities provides valuable insights into its unique advantages and challenges. Here's a breakdown of how Dubai's real estate market compares in key areas like pricing, rental yields, investment opportunities, regulation, and taxation with cities such as London, New York, and Singapore.

1. Property Prices

Dubai: Property prices in Dubai are generally more affordable compared to other global cities. As of 2023, average property prices per square meter in Dubai range from $3,000 to $6,000 depending on the location and type of property. Luxury areas like Downtown Dubai, Palm Jumeirah, and Dubai Marina tend to be at the higher end, but still lower than their global counterparts.

London: The average price per square meter in central London can range from $15,000 to $25,000, making it significantly more expensive than Dubai, particularly in prime areas like Mayfair or Kensington.

New York: In Manhattan, the average property price per square meter ranges between $10,000 and $20,000, with luxury apartments in areas like Central Park or Tribeca commanding even higher prices.

Singapore: Singapore’s property market is also pricier, with average costs in the city center ranging from $15,000 to $25,000 per square meter, similar to London and New York.

2. Rental Yields

Dubai: Dubai’s real estate market is known for offering high rental yields compared to other cities. Investors can expect rental returns between 5% to 8% in many areas. More affordable districts like Jumeirah Village Circle (JVC) or Dubai Sports City often offer even higher yields.

London: Rental yields in London are typically lower, ranging from 2% to 4% in central areas. High property prices relative to rental income lead to lower returns for investors.

New York: Similar to London, New York’s rental yields are generally between 2% and 4%. Investors typically seek capital appreciation rather than relying solely on rental income.

Singapore: Singapore offers relatively moderate rental yields, usually between 3% and 5%, depending on the location and type of property.

3. Taxation and Investment Climate

Dubai: One of the key attractions of Dubai’s real estate market is its tax-free status. There are no capital gains tax, no property taxes, and no income tax on rental income, which makes it highly appealing for foreign investors.

London: In the UK, there are stamp duty taxes, capital gains tax, and inheritance taxes on property. Non-residents also face tax implications on rental income, making it less tax-friendly than Dubai.

New York: The US real estate market is subject to capital gains tax, property tax, and income tax on rental earnings. Property taxes are particularly high in New York, adding to the cost of ownership for investors.

Singapore: Singapore imposes property taxes, stamp duties, and capital gains tax on foreign buyers, including the Additional Buyer’s Stamp Duty (ABSD), which significantly raises the cost of investment for non-residents.

4. Foreign Ownership Laws

Dubai: Dubai allows full freehold ownership for foreign investors in designated areas. Expats and non-residents can buy, sell, and lease properties with full legal rights in freehold zones like Dubai Marina, Downtown Dubai, and Palm Jumeirah.

London: The UK has no restrictions on foreign ownership of property. Non-residents can buy property, though they may face higher taxes and costs compared to residents.

New York: Foreigners are allowed to purchase real estate in New York without restrictions. However, foreign investors are subject to additional scrutiny, taxes, and costs, especially for luxury properties.

Singapore: Foreigners can buy apartments but face significant restrictions on purchasing landed properties (houses). Additionally, Singapore’s Additional Buyer’s Stamp Duty (ABSD) for foreign buyers adds substantial cost to real estate investment.

5. Market Maturity and Growth Potential

Dubai: Dubai’s real estate market is relatively young and growing compared to more established markets like London and New York. The city is still undergoing rapid development, with new projects like Dubai Creek Harbour, Meydan One, and Expo 2020 District offering growth opportunities. While this presents potential for capital appreciation, Dubai’s market can also be volatile and impacted by supply-demand imbalances.

London: London’s real estate market is highly mature and seen as a stable investment, particularly for long-term capital appreciation. However, growth rates in prime areas have slowed down in recent years, and Brexit has added some uncertainty to the market.

New York: New York’s market is also well-established and known for its long-term capital appreciation. However, like London, it is highly competitive, and growth has slowed in recent years, particularly in luxury segments.

Singapore: Singapore’s market is highly regulated and stable, with steady capital appreciation in key areas. The government’s interventions to curb speculation have led to slower but more sustainable growth, making it a safer option for conservative investors.

6. Risk Factors

Dubai: The Dubai market is considered riskier compared to more established global cities. Factors such as market oversupply, economic dependence on oil and tourism, and geopolitical risks can cause price volatility. However, the government has introduced reforms and regulations to stabilize the market.

London: London is seen as a relatively safe and stable market, but high entry costs and Brexit-related uncertainties have added some risk, particularly for international investors.

New York: New York’s market is stable but highly competitive and expensive, making it less accessible to many investors. Economic factors such as interest rates, tax policies, and global economic conditions can also affect market performance.

Singapore: Singapore is viewed as one of the most stable real estate markets in Asia. However, government cooling measures, high entry costs for foreign buyers, and restricted property types can limit investment flexibility.

7. Infrastructure and Quality of Life

Dubai: Dubai offers a modern, high-quality lifestyle with excellent infrastructure, from transportation to healthcare and entertainment. It is a global hub for expats and businesses, with a focus on luxury living and tourist attractions like Burj Khalifa, Palm Jumeirah, and the Dubai Mall.

London: London is one of the most prestigious cities in the world with historic landmarks, top-notch education, and a rich cultural scene. It offers high-quality infrastructure, but the cost of living is significantly higher than Dubai.

New York: New York is a major global city, known for its financial and cultural influence. It offers high-quality infrastructure, but also a high cost of living, especially in Manhattan.

Singapore: Singapore is renowned for its clean and efficient city planning, excellent healthcare, education, and safety. It is one of the most expensive cities to live in, but also offers a high standard of living.

[chrismichaelcylol]

Cyprus Real Estate: A Rollercoaster Ride of Market Trends and Price Fluctuations

The Cypriot real estate market has experienced significant ups and downs over the years, reflecting the island's economic and political landscape. From boom times to challenging periods, the journey of property for sale in Cyprus has been nothing short of a rollercoaster ride. Let's delve into the fascinating history of this market and explore the factors that have influenced property prices over the decades.

The Early Years: Post-Independence Boom (1960s-1970s)

Following Cyprus's independence in 1960, the real estate market experienced a period of growth. The emerging tourism industry sparked interest in coastal properties for sale Cyprus, particularly in areas like Famagusta. During this time, property prices saw a steady increase as both locals and foreigners invested in holiday homes and hotels.

Turbulent Times: The Impact of the 1974 Invasion

The Turkish invasion in 1974 had a profound effect on the Cyprus property market. The division of the island led to a significant drop in property values, especially in the north. In the government-controlled areas, there was an initial slump followed by a gradual recovery as displaced Cypriots sought new homes.

Recovery and Growth: The 1980s and 1990s

The 1980s marked the beginning of a recovery period for the Cyprus real estate market. As the economy stabilized, property prices began to rise again. The 1990s saw an influx of foreign buyers, particularly from the UK and Russia, attracted by the island's climate and relatively low property prices. This period witnessed a steady appreciation in the value of property for sale Cyprus.

The EU Accession Boom: Early 2000s

Cyprus's entry into the European Union in 2004 triggered a property boom. Prices skyrocketed as foreign investors rushed to buy before the anticipated price hikes. Between 2004 and 2008, some areas saw property values double or even triple. This period marked the peak of the market, with luxury villas and apartments in prime locations commanding premium prices.

Global Financial Crisis: The 2008 Crash

The global financial crisis of 2008 hit the Cyprus property market hard. Property prices plummeted, with some areas experiencing drops of up to 50%. Many foreign investors who had bought at the peak of the market found themselves in negative equity. The market entered a period of stagnation, with little activity in property sales.

The Banking Crisis and Its Aftermath: 2012-2015

The 2012-2013 Cypriot financial crisis, culminating in the controversial bank deposit haircut, further depressed the property market. Prices continued to fall, and many properties for sale in Cyprus struggled to find buyers. This period saw a significant increase in distressed sales and repossessions.

The Road to Recovery: 2016 Onwards

From 2016, the Cyprus property market began showing signs of recovery. The introduction of incentives for foreign buyers, including the "golden visa" scheme, helped stimulate demand. Prices started to stabilize and then gradually increase, particularly in popular coastal areas and Nicosia.

Current Trends and Future Outlook

Today, the Cyprus property market is in a phase of steady growth. While prices have not returned to the peak levels of 2007-2008, they have shown consistent appreciation in recent years. Luxury properties and new developments in prime locations are seeing particularly strong demand.

Looking ahead, factors such as sustainable development, technological integration in homes, and changing buyer preferences post-COVID-19 are likely to shape the market. The ongoing efforts to resolve the Cyprus problem could also have significant implications for property values across the island.

In conclusion, the history of the Cyprus real estate market is a testament to its resilience. Despite facing numerous challenges, the market has consistently bounced back, adapting to changing economic conditions and buyer preferences. For those considering properties for sale in Cyprus, understanding this historical context can provide valuable insights into potential future trends.

[whitehorsenotarypublic]

Top Reasons to Hire a Notary Public in the UK

In an increasingly complex world, navigating legal matters can be daunting. From signing official documents to validating sensitive agreements, ensuring the legitimacy of your paperwork is paramount. One solution is to engage the services of a Notary Public in the UK. Here, we’ll explore the top reasons why hiring a notary is essential for individuals and businesses alike.

1. Verification of Documents

One of the primary roles of a Notary Public is the authentication of documents. This involves verifying the identity of the signatories and ensuring that the content of the document is legitimate and accurate. Whether it's a power of attorney, a will, or an international contract, having a notary verify the authenticity can help avoid legal disputes later. The notary’s stamp or signature indicates that the document has been properly examined and that all parties involved were fully aware of its content.

2. Compliance with Legal Requirements

Certain legal transactions require notarisation by law. For instance, in the UK, if you're engaging in property transactions, witnessing signatures for business contracts, or certifying copies of documents, a Notary Public must be involved. The certification by a notary ensures that these documents meet the relevant legal standards. In many cases, especially when dealing with international transactions, notarisation is a legal requirement, without which the document may not be valid or enforceable.

3. Facilitation of International Transactions

If you're involved in international business or need to send documents abroad, you will likely need the services of a Notary Public. Many foreign jurisdictions require documents to be notarised before they are accepted. This is especially important when dealing with foreign investments, property purchases, or multinational agreements. A Notary Public ensures that these documents comply with both UK law and the legal requirements of the foreign country. Additionally, they may assist with the apostille process, where a document is authenticated for use in another country.

4. Protection Against Fraud

The world of legal documents is not immune to fraud. Forgeries, impersonations, and alterations can result in disastrous legal consequences. When you hire a Notary Public, they take on the responsibility of verifying the authenticity of the individuals signing the document. Notaries are trained to detect potential signs of fraud, and they ensure that each party signs willingly, without coercion. By requiring all parties to sign in the presence of the notary and producing identification, the risk of fraudulent activity is significantly reduced.

5. Assistance with Property Transactions

When purchasing or selling property, especially international real estate, hiring a Notary Public is critical. In many cases, you will need notarised documents to complete the sale or transfer of ownership. A notary ensures that deeds, mortgage papers, and other essential documents are signed correctly and that all parties understand the legal obligations. Whether you're buying a holiday home abroad or selling property in the UK, a notary can help ensure the transaction is legally binding.

6. Witnessing Signatures

A Notary Public acts as an impartial witness to the signing of important documents. This ensures that all signatures are genuine and that the individuals involved fully understand what they are signing. From loan agreements to business contracts, having a notary witness the signing provides an added layer of security and credibility. Furthermore, in some legal scenarios, the involvement of a notary is required for the document to be legally enforceable.

7. Certifying True Copies of Documents

Another critical role of a Notary Public is to certify that copies of documents are true and accurate representations of the original. This is often required when submitting copies of passports, degrees, or legal contracts for official purposes. By having a notary certify the copies, you ensure that they will be accepted by authorities, whether in the UK or abroad. This service is particularly valuable when dealing with immigration, visa applications, or academic verifications.

8. Ensuring the Enforceability of Legal Documents

In many instances, a document that has not been notarised may not be legally enforceable. This is particularly true in situations where a document is to be used in a court of law or presented to an official body. By hiring a Notary Public, you ensure that your documents will hold up under legal scrutiny. This can be especially important in the event of disputes or when dealing with foreign authorities, where notarisation is often required.

9. Peace of Mind in Legal Transactions

Legal transactions can be stressful, especially if you're unsure about the validity or legal standing of a document. Hiring a Notary Public provides peace of mind, knowing that your paperwork is in order and that any issues of legality or authenticity have been addressed. The notary’s involvement ensures that the document has been thoroughly reviewed and validated, giving you confidence that everything is in compliance with legal standards.

10. Protection for Businesses

For businesses, hiring a Notary Public is an investment in legal protection. Notarised documents provide a layer of security for companies involved in contracts, mergers, or international agreements. A notary ensures that all documents are signed under the correct legal protocols, reducing the risk of disputes or breaches of contract. For businesses that operate across borders, a notary can also help navigate the complexities of international law, ensuring that contracts and agreements are legally binding in multiple jurisdictions.

11. Professionalism and Impartiality

Notaries are highly trained professionals who are impartial in their work. They are obligated to act as neutral third parties, ensuring that all signatories understand the implications of their actions. Their role is to uphold the integrity of legal transactions, and their expertise provides an extra level of professionalism and trust. By hiring a notary, you are guaranteed an objective review of your documents, free from any conflict of interest.

12. Cost-Effective Legal Solutions

Although some might view hiring a Notary Public as an added expense, it is a cost-effective solution compared to the potential legal consequences of not having documents properly notarised. The cost of a notary is minimal when compared to the potential risks of legal disputes, fraud, or unenforceable contracts. By ensuring that your documents are validated by a professional, you reduce the risk of costly legal issues down the road.

Conclusion

In summary, hiring a Notary Public in the UK offers a range of benefits, from ensuring the authenticity of legal documents to providing protection against fraud. Whether for personal or business purposes, their services are invaluable in today’s increasingly complex legal landscape. By involving a notary in your transactions, you can safeguard the legality and enforceability of your documents, ensuring peace of mind and security in your dealings.

[capitalinvestgroupuk]

Explore why investing in UK property with CIG is a wise decision:

1. Enjoy a straightforward buying process 🛍️

2. No restrictions on foreign investment 🌍

3. Access established mortgages with good interest rates for overseas investors 💰

4. High demand for rental accommodation in the middle-to-upper market 🏢

Invest smartly with CIG today!

[capexpropertiesuk]

Unlocking the UK Property Market: A Guide for Foreign Buyers

Introduction:

Unlock the doors to the dynamic and diverse UK property market with our comprehensive guide tailored exclusively for foreign buyers. Whether you're an investor, a future homeowner, or simply seeking to expand your real estate portfolio, this 600-word guide is your roadmap to understanding and conquering the UK's real estate landscape.

[saltedcaramela]

Why would people have to sell because of Brexit? I hadn’t heard that before! Portugal is famous for golden passports and very friendly to foreigners buying property but not sure it makes much of a difference. I’m from a non-EU country and know multiple people who own vacation places in Europe

Not being from the UK nor the EU I don’t know. Hence my question. What I know is anecdotal. UK citizens lost the ease of working and visiting the EU because of Brexit, therefore it makes sense they would’ve also lost the ease of living there too. I saw a bunch of stories from locals from France and Spain about British neighbors complaining they weren’t able to stay and having to sell their houses because of Brexit. 🤷🏽���♀️

[exclusivelinksestateagents]

Millionaires fleeing London for greener pastures: Florida, Dubai and Paris top the list

As new data reveals a startling trend, it seems that millionaires are abandoning the UK at an unprecedented rate, second only to China. The recent Henley Private Wealth Migration Report indicates that 9,500 millionaires, defined in US dollar terms, departed the UK last year. This exodus signifies a record outflow for the country, with London being particularly affected.

Between the alarming trend of millionaires leaving the UK, Dubai has emerged as a popular destination for high-net-worth individuals seeking a stable and luxurious lifestyle. Dubai's property market offers a diverse range of investment opportunities, including off-plan projects in Dubai that allow investors to get in on the ground floor of upcoming developments. Additionally, buying property in Dubai provides a hassle-free experience with a transparent legal system and a strong track record of capital appreciation. 

The Great Migration: Where Are They Going?

The preferred destinations for these high-net-worth individuals (HNWIs) are varied and diverse, encompassing bustling global cities and luxurious retirement spots. Paris, Dubai, Amsterdam, Monaco, Geneva, Sydney, and Singapore are among the top urban choices. On the other hand, idyllic locales like Florida, the Algarve, Malta, and the Italian Riviera have become popular retirement havens. This trend reflects a broader pattern where other countries like India, South Korea, and Brazil also experience significant millionaire outflows.

Why the Exodus?

Henley’s report sheds light on the broader economic implications of this millionaire migration. The outflow of wealthy individuals often points to underlying issues within a country, as these individuals tend to be the first to leave in times of trouble. They are also a crucial source of foreign exchange (forex) revenue, bringing substantial wealth into their new countries, equivalent to significant export earnings.

The reasons behind this trend vary. For many, it's the search for better business opportunities, favourable tax regimes, and higher quality of life. For instance, the UAE, particularly Dubai, has emerged as a top destination due to its attractive business environment and luxurious lifestyle. The city’s tax-free income policy, along with no capital gains or inheritance taxes, presents a lucrative opportunity for wealth management and asset protection.

[thestoriesofimmigration]

These Immigrants Are Leaving Australia Because of the High Cost of Living

After moving to Australia from Bulgaria with her husband almost 10 years ago, Sonya Chuhovska is now planning to move back.

Amid increasing prices for everything from food to energy and especially housing, some immigrants like Ms Chuhovska are deciding they would be better off returning to their motherland.

Ms Chuhovska said the cost of living was a part of the reason she and her husband made the decision to leave but the decider was being able to buy a house without a mortgage.

"In Bulgaria, you can buy a house which is in a good state for about $50,000 [in a less developed suburb]," she said.

"That's quite a good incentive for [moving] instead of being stuck here paying a mortgage all your life, which feels quite heavy.

"It's a lot more freedom."

Ms Chuhovska and her husband have been sharing a rented house in the Melbourne suburb of Flemington with another tenant for the past two years.

She said they were only paying $450 per week and felt lucky their landlord had not increased their rent but the place was old and small.

"There's no dishwasher," she said. "There's no air conditioning."

Apart from property prices, she said the general cost of living was much lower in Bulgaria as well.

"Salaries are lower in Bulgaria … but my husband works in IT and he could maybe get a job from another European Union country and work remotely, so he will get a good salary," she said.

"Then you will live quite well, especially if you're not paying rent.

"I want to start my own business in Bulgaria … it's a developing country so business is kind of booming now."

As she is now a dual citizen of Bulgaria and Australia, Ms Chuhovska said the couple was not "burning the bridges".

"We can always come back," she said.

Choice of country 'a fluid state'

Zhang Renjie is another immigrant who has decided his family would be better off returning to their motherland.

The 42-year-old, who has his own foreign trade business, came to Australia in 2001 and brought the rest of his family over in 2008.

But this month the whole family is moving back to his hometown, the south-western Chinese city of Chengdu.

Mr Zhang said that he could continue to run his business from China and for the same income afford a much better quality of life, in part due to lower wages and interest rates.

"We can get a nanny to take care of the children, drive better cars and rent a very good furnished apartment," he said.

Mr Zhang said that as the cost-of-living crisis continued, leaving Australia was a frequent topic of discussion in the Chinese community.

"Quite a few of my friends moved back to China already," he said.

"Migrants' choice of living can be in a fluid state … it depends on the overall [economic and political] environment of the country.

"For example, I know the recent federal budget disappointed a lot of Chinese migrants [by proposing a reduction in migration]."

Mr Zhang said he knew he was in a special situation.

"We can work from anywhere, and our income won't be influenced by moving away, but it might be different for those whose job is physically based in Australia," he said.

"We will re-evaluate our decision around 2032 when Brisbane Olympics happen and have a look at the economic situation in Australia again.

"We will also consider moving to Singapore or UK in the future."

Bali a better option

Some other migrants, like Tiger Xiong, are choosing to leave Australia but are not heading back home.

Ms Xiong came to Melbourne as an international student after the pandemic to escape the high-pressure working conditions in China.

She had hoped to be able to support herself after graduating but discovered this was harder than she expected due to the high cost of rent, transport and food.

"I would buy things that are near expiry date or on sale," she told the ABC.

"My roommates at the time would even pick out things that were still usable or eatable from the rubbish bin.

"All of our furniture was picked up from the street.

"My family in China lives a typical middle-class life … it would be hard to achieve that standard here."

As the cost of living continued to increase, she finally decided to take an exit after graduation.

But rather than going back to China, she moved to Ubud in Bali, where she met her partner.

"I pay around $300 per month for a house with a big yard here, which was the rent for one week when I was in Melbourne," she said.

"A lot of people work as digital nomads here."

Ms Xiong said she liked that young people were less materialistic and more interested in exploring spirituality in Ubud.

"What I've always wanted is work and life balance — the pacing of life in Bali is not something achievable in Australia," she said.

She said she still liked a lot about Melbourne and would have stayed longer if it was not so expensive.

"I haven't decided to migrate to Bali permanently, because things like medical and social services are less developed here," she said.

"But for now, Bali is the right place for me."

Implications of potential migrant brain drain

According to the ABS, 22,100 permanent visa holders left Australia in 2022-23, the third-highest number in the past decade.

The net migration of people born in China dipped slightly in the June quarter of this year with the number leaving — which includes international students — up from 18,630 in the December quarter to 24,720 in the June quarter.

Associate professor Anna Boucher, a global migration expert from the University of Sydney, said there would be a relationship between skilled immigration and access to housing.

"Whilst migrants are more educated within Australia, they have less access to property, less intergenerational wealth — which drives property purchases in Australia — and less liquid assets," she said.

It does seem unlikely Australia will run out of people wanting to come here.

The latest Boston Consulting Group Decoding Global Talent survey released in April found Australia was the most desirable destination for global professionals looking to move countries for work.

Dr Boucher pointed out that while immigration was expected to fall it had been relatively high in the past couple of years and the government was actually taking steps to stem the flow.

However, she said that if Australia did become a less attractive destination compared to other places — due to high cost of living or other reasons — there was a risk the country could miss out on, or lose, more highly productive migrants.

"There's always going to be more skilled migrants who want to come here," she said.

"But the government might have to lower admission standards, or might not retain people for as long — which goes against the premise of skilled migration, which is permanent settlement.

"It's not good for employers to have migrants who stay for a while and then leave either the job or the country, because you've invested in their training and their upskilling."

She said some migrants would be sensitive to changes in cost of living, but a lot of countries were dealing with high inflation — not just Australia — and this did have flow-on effects for housing in other countries too.

"Migrants might leave thinking, 'Oh, it's going to be so much better somewhere else' — and then it's not," she said.

"That's also I think a risk in that 'grass is always greener' kind of calculus of migration decisions."

Source: https://www.abc.net.au/news/2024-06-08/why-these-immigrants-are-deciding-to-return-to-their-motherland/103912586

[petnews2day]

RAW Capital Partners intros expat, foreign nationals landlord offer  – Mortgage Finance Gazette

New Post has been published on https://petn.ws/TbVqq

RAW Capital Partners intros expat, foreign nationals landlord offer  – Mortgage Finance Gazette

RAW Capital Partners has launched a landlord loan as part of its £100m-plus fund to lend to foreign nationals and UK expats who want to invest in buy-to-let properties across the country.   Raw Capital The asset manager introduces a one-year 6.99% fix at up to 65% loan to value, with loans ranging from £50,000 to £4m on a […]

See full article at https://petn.ws/TbVqq #PetFinancialNews

[mygainyear2024]

Day 2 Lisbon to Portimão by train

Today I headed by train to Portimão, home for the next 5 weeks. Luckily the station wasn't too far from my hotel, but I left in plenty of time to navigate public transport in a foreign country. There was a bit of confusion amongst the tourists at the station about where to stand for our assigned carriages. An older gentleman tried to scam a few of us by suggesting he could assist! It was so obvious though, as he encouraged us to individually follow him away from the crowd and then offered to help with the suitcase in exchange for money. I saw him do this several times. Not sure if he got "lucky"! The trip was 4 hours with a change in Tunes to a very crowded local Algarve train. And it's only April! At the end of the first leg I got chatting to a Portugese woman who now lives in the UK, but has a second house in Coimbra. She was on her way to Faro to meet her husband for 2 days as he'd flown from Faro back to the UK for €13 each way, OMG, this continues to make me very envious of the very cheap travel on this side of the world! Anyway, Lourdes hurriedly gave me her phone number, trying hard to remember it, before I had to jump off the train. I'll see if she got it when I attempt to make contact in a few weeks when I'm in Coimbra.

I made contact with the Portimão apartment owner who offered to send an Uber and the driver also happened to be the woman who could let me into the apartment! The ride was cheaper than the online option anyway, of course I jumped at it. She did say Cátia would be driving a white Tesla and she is bold! Cátia was very cool, in her own way, with her Sinéad O'Connor hairstyle, matching ribbed cream outfit and portunglês (kind of the equivalent of Spanglish!). Cátia is a real estate agent as well as property manager, uber driver, mum to two children and three dogs and I forgot how many cats. Her husband is allergic to the animals LOL! She used to live in the apartment block where I'm staying but they decided to buy land near Silves and are saving to buy more properties so they are living in a caravan. I think I understood all this correctly. Cátia did say that the value of a now 2 bedroom apartment (the owner remodelled from 1 bedroom) she has for sale in Praia da Rocha, one block from the beach, has increased in value by €20,000 in one year. I think it's selling for €170,000. Tempted?

She was kind enough to show me the location of the local supermarket, Coviran (about the size of a small IGA) which is less than 5 minutes walk from me. I'm very happy with the apartment, even though the building looks like a social housing complex by Australian standards, but the style is not uncommon from what I can tell so far. After quickly unpacking, I got some essentials from the supermarket, including a bottle of 2017 Aragonez syrah from the southern Portugal Esporão Estate for €5.99. I'll try that later in the week. The prices are affordable.

I then decided to shake off all the sitting down and get my running gear on, not sure if I would actually run after the step count yesterday, but I did. And despite the pain in my legs, the experience was amazing. The scene was so typical of what I've seen in many movies when english speaking tourists have a summer getaway in Europe. I'll let the pictures speak for what I saw. I could have taken many more shots but conscious I wanted to run and there'd be plenty of time for walking and photos. There seems to be a big volleyball tournament at the beach but so far this popular tourist destination is not heaving with tourists....perfeita!

It's a little cooler down south, the heaters went on and so did the coat I borrowed from my friend Lesley.

A quick shower and a walk to my pre-booked dinner, via the Fork app, at Allgarbe. I noticed a larger supermarket on the way, which seemed to have a very busy cafe/eatery inside (I'll check this out tomorrow). I also noticed the blue carpet lining some streets, it's one way to deal with the slippery cobblestones (apparently laid to demonstrate Portugal's wealth!) When I walked into the restaurant there was a bellydancing show and the waiter asked if I'd like to sit so I could watch the show, which continued through dinner. The website does say the restaurant is a fusion of flavours and traditions, not sure I spotted much middle eastern influence on the menu. I saw a bellydancer at a restaurant in Lisbon, is this a thing? It may be the influence of being close to Morocco I'm not sure, or maybe it's a coincidence and just a mindless piece of information. It was hard to decide which fresh seafood to order, the waiter showed me three kinds of local options and I chose the bica which came grilled, with a really fresh salad and jack potatoes and a lovely rose recommended by the waiter. He was very happy to chat to me about the local wineries and recommended I visit the wine region near Coimbra (I've added this to my long list).