International Real Estate

A 100m plan to transform the seafront at one of Northern Ireland’s most popular coastal towns will create around 1,750 jobs, it was announced today.

Up to 1,000 posts will be generated in the construction phase of the development fronting Bangor’s marina, with an additional 750 permanent jobs on offer when the commercial and entertainment facilities are finished.

A new 150-bedroom hotel, 60 shops, office units, an outdoor arts venue and a promenade are included in the regeneration plans for the Queen’s Parade area.

Launching a public consultation on the ambitious project, Social Development minister Margaret Ritchie said it would help unlock much of the Co Down town’s potential.

“The regeneration of Queen’s Parade offers a unique opportunity to regenerate Bangor town centre and waterfront,” said the SDLP minister.

A family entertainment centre is also earmarked for the site. The developer Karl Greenfarm also proposes a new pedestrianised street in the town centre with an additional 750 parking spaces.

Aran Blackbourne, Director of Karl Greenfarm, which is shouldering all of the project costs, said: “Bangor has a unique identity in an outstanding setting and we believe the marina has significant potential for an exciting mix of new uses to reinvigorate the waterfront and restore the town’s position as a prime destination with shoppers, families and tourists.”

“A retail-led scheme of this nature will provide a much-needed social and economic boost to the town, and will make a substantial contribution to the local economy by generating jobs and attracting investment to the area.

“We are confident that Marine Gardens will attract a strong tenant mix to strengthen and complement the existing town centre in addition to enhancing both the day and evening economies in the town.”

Houses For Sale in Bangor

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Source: http://www.propertynews.com//blog/839/

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The Spanish property market recovery is being led by the Balearic Islands, with home sales in the region up 14.5 per cent in 2010 compared to the previous year.

New figures released by the Public Works Ministry show that for the first time in three years there was positive growth in the market, with a 5.9 per cent year-on-year increase in transactions across the country.

Official government data shows that some 491,000 properties were sold across the whole of Spain last year, with 10,860 of those sales on the Balearic Islands of Ibiza, Majorca, Minorca and Formentera.

Ignacio Osle, sales and marketing director of Taylor Wimpey de Espana, said that he had seen interest in the Balearics rise over the past 12 months, with buyers particularly keen on property in Majorca.

"The largest Balearic Island offers something for everyone from amazing sandy beaches to stunning scenery, idyllic coves, traditional architecture and wide range of sports and leisure activities," he explained.

However, despite this apparent turnaround for sales, last year was the worst on record for Spain’s home-building industry, with planning approvals down by 17 per cent in 2010. 

Source: http://www.propertyshowrooms.com/spain/property/news/balearic-islands-lead-spanish-recovery_311239.html

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Thursday fourteenth May sees CPS, Northern Irelands largest country property agent, reveal over 40 stunning properties for public auction.The Armagh City Hotel will host CPS’s famous biannual Property Auction event, featuring a complete range of properties and properties styles at desirable locations throughout Northern Ireland.

The one characteristic of all these beautiful properties is rockbottom price. We are all aware of the effect the recession has had on property values. Many have dropped to 2006 prices and by up to 45%. But what this means to the shrewd purchaser and investor is there are genuine bargains out there; properties that can be snapped up at never-to-be-repeated prices and set to make impressive returns as property values start to increase.

Art O’Hagan, proprietor and Managing Director of CPS tell us that “Property is once again realistically priced and affordable.” He adds that “lenders are gaining confidence and are back in the market”.

So this CPS auction presents an unmissable opportunity to pick up property on the way up.

There are properties ideal for investment and high potential returns; or sound bricks and mortar homes for a large nest egg; and for first time buyers, here is the long-awaited opportunity to get firmly on the property ladder.

CPS has 5 busy branches throughout Northern Ireland, so they have the finger on the pulse of all matters property throughout Belfast, Mid Ulster and the Border.

Details on the CPS Property Auction and any other property advice including finance packages can be found at their branches in Belfast, Armagh (028 3752 8888), Dungannon, Omagh and Monaghan.

This important property auction is increasingly becoming a key event in the property year and given the nature of current low prices in 2009, is likely to be a very popular event indeed.

CPS invites and encourages all interested parties to join them for the excitement of the CPS Property Auction, Armagh City Hotel 14th May 2009.

Click here to view CPS Belfast Properties

Click here to view CPS Armagh Properties

Click here to view CPS Dungannon Properties

Click here to view CPS Omagh Properties

A GUIDE TO ATTENDING AND BUYING AT AUCTION

by Michael Dickson of C T McAlpine & Son, Solicitors, Dungannon

For many people one of the main advantages of buying at Auction is that the house buying process is condensed into a matter of minutes rather than weeks or months and when the hammer falls, you own the property.    

Anyone intending to attend the Auction should contact the offices of CPS and obtain a copy of their Auction Catalogue.

If you are interested in any of the properties shown in the catalogue you should attend the property viewings which commence on Thursday 23rd April.     

When you are conducting your viewing of the property you will be able to check the description of the property in the catalogue is accurate and suitable for your purpose. Contained within the catalogue are conditions relating to the auction which should be read carefully when preparing for the auction.     

You should also get legal or professional advice from a solicitor and, in appropriate cases, a Chartered Surveyor if you are considering purchasing a property at auction. Your solicitor will be able to check the title to the property and consider the property and land searches which shall be provided by the seller’s solicitor.   

If you are considering purchasing a property it is important that you make financial arrangements to ensure you have a 5 per cent deposit ready for payment on auction day, when the contracts are signed. The balance is payable on the date of completion. This may require you having to arrange a mortgage with a Bank or Building Society before committing yourself at auction.     

On the day of the auction you should take two forms of identification together with your cheque book or a Bank Draft. Once you arrive you will be registered with CPS in order to bid at the auction.  

It is advisable to ask on the day of the auction if there are any addendum sheets which contain details of late information or alternations due to the fact that some properties may be withdrawn or sold prior to the auction.

If the property that you were interested in fails to reach its reserve price you should consider speaking to CPS prior to leaving the auction as the seller may decide to accept your bid later therefore you should leave your details with the auctioneer.

If you are successful in acquiring a property at auction do not forget that the property becomes the buyers insurable risk as soon as the hammer falls. You should be aware that buying at auction is a binding commitment and carries the same legal implications as a signed contract by private treaty.

This article is intended as a guide only in relation to attending at auction and if you are considering purchasing a property at auction you should always consult with auction professionals and solicitors prior to attending.

Source: http://www.propertynews.com//blog/820/

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Interest in Brazilian property could be set to rise following the comments of one expert.

Nick Marr, chief executive officer at Homesgofast.com, has heaped praise on the South American market noting that it should be considered an "exciting prospect" by investors.

Mr Marr said that there are a number of "great exit opportunities" currently available in Brazil as a result of the amount of potential local and international buyers active in the market.

The expert also suggested that Turkey, the Canary Islands and Malaysia are also top property investment destinations at present.

"Prices [in Brazil] are still low compared to Europe and with all the exciting things happening to the country – from Obama’s visit, oil finds, the World Cup and the Olympics – it’s proving irresistible," Mr Marr added.

According to the latest Global House Price Index by Knight Frank, residential property values across South America climbed by 3.8 per cent in 2010, ahead of the global performance of 2.8 per cent.

Source: http://www.propertyshowrooms.com/brazil/property/news/brazil-hot-market-present_311271.html

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Mortgages advances made to house purchasers has reached a two year high, with 55,300 loans taken out in October according to the Council of Mortgage Lenders; 43% more than the same month last year.

October also saw a steady amount of first time buyers in the mortgage market with 19,700 house purchases, though tougher mortgage criteria has meant that the average deposit they have required has been as much as 25% of the purchase price.

While mortgage advances increased for house purchases, the amount of people refinancing the mortgage on their existing home was relatively low with only 33,000 people changing over to a new mortgage. Michael Coogan, director-general of the CML, commented that “We are still in a two-speed mortgage market.”

Christine Farrell, head of the Residential property department at Wilson Nesbitt solicitors in Belfast, Northern Ireland recently expressed concern about the property market in early 2010, pointing to the end of the stamp duty holiday and increasing property prices from confidence gaining sellers. Time will tell if the ‘two-speed mortgage market’ grinds to a very slow ‘one speed’ in the first quarter of 2010 as some economists have recently predicted.

First published on Wilson Nesbitt website

Source: http://www.propertynews.com//blog/883/

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According to the latest private rental report from the Northern Ireland Housing Executive (NIHE), in partnership with PropertyNews.com and the University of Ulster the first half of 2010 saw a decrease in the number of lettings secured and a moderate decline in the average monthly rent compared with the second half of 2009 particularly for detached properties.

The report is based on a sample of 3280 rental transactions during the first half of 2010 from www.propertynews.com . The performance of the market is measured by the number of properties let and the average monthly rent by location, property type and number of bedrooms.

The number of properties let in the Belfast Metropolitan Area in the first half of 2010 highlights shrinkage in the private rental sector when compared against the second half of 2009 with a decline of approximately 19%. The pattern is emerging of less rental activity in the first half of the year although student lettings are most likely contributing to the higher number of lets during the second half of previous years.

The overall average rent per month for the Belfast Metropolitan Area in the first half of 2010 was £560, with rents approximately 3.6% lower than achieved rents for the second half of 2009. At the Belfast City Council level average rents have shown half yearly decline of 4.2% with the average rent now £568. The highest rental locations are Belfast City Centre and South Belfast and the lowest is North Belfast. Annual change would suggest that average rental prices are down 2.3% across most property types with the exception of semi –detached properties which are characterized by rental growth over the year of 2.1%.

Similar to previous reports market share across all property types remains consistent with lettings in terrace/townhouses making up 40% of the market, followed by apartments at 33%, semi detached 17% and detached 10%. The properties let during the first half of 2010 were dominated by two and three bedroom properties with percentage share levels relatively similar to those for the second half of 2009 however there was a marked decrease in lettings for 4/4+ bedrooms.

The report highlights reduced activity in the private rental sector with the decline in average rents to pre 2007 levels. The survey highlights the tough conditions faced by many landlords and tenants as a result of the economic downturn.

Read the full rental report January – June 2010

Source: http://www.propertynews.com//blog/951/

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Contemporary Heritage is one of the most prestigious building contractors in Northern Ireland. The company builds and manages projects of all sizes province wide. All builds are covered by Construction Register Ltd’s 10 year guarantee. Contemporary Heritage has recently acquired the service of a London Based company. This allows it to offer its client the most recent design options. Contemporary Heritage provides quality solutions to unique ideas!

Contemporary Heritage carries out a range of building works to include; new build, design and build, extensions, loft conversions, refurbishments and structural works.

All projects are run to a high professional standard. Contemporary Heritage ensures full project and site management for every project, only the best tradesmen are employed and the company has strong alliances with architects, surveyors, structural engineers and trade specialists.

Contemporary Heritage is a holder of the CRL ‘Award for Excellence’ Best Small Development in Northern Ireland category.

Rodney Cameron from Ballymena said: “ Having some prior experience in the construction business, at onset, I imagined a ‘ self – build’ for our new home. I am glad I didn’t. The project manager for Contemporary Heritage has a great knowledge of new legislation, sourcing new materials, and his organisation skills have saved ne time, money and emotional energy.”

Source: http://www.propertynews.com//blog/970/

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After selling a record number of homes in January via their Smart Move Scheme, Lisburn developer WJ Law is to stage a unique “Home Buyer’s Workshop” to explain this success and offer the scheme to new homebuyers.

The builder is bringing a host of experts together for the event which aims to give the public both advice and inspiration on buying a new home.

WJ Law will have their own team of professionals on hand to talk visitors through their highly successful Smart Move mortgage scheme.

Under Smart Move, the company pays 25 per cent mortgage deposit for clients on any of their new homes. Buyers own their homes outright and the 25 per cent is repayable at market value if you sell the house or else within 10 years, whichever is first.

It’s a scheme which has proved particularly popular with first time buyers and which has seen a marked lift in sales for WJ Law, with 25 homes having been booked since the start of the year, compared to one booking in January 2008.

Said David Law: “Being able to buy with virtually no deposit has been wonderful for buyers struggling to find a hefty deposit.

“On the back of Smartmove, we are seeing buyers getting interest rates
of less than 4 per cent and hence interest payments of less than £350per month.”

Offering their expertise at the event will be estate agents, mortgage lenders, interior designers, kitchen designers, bathroom, tile and fireplace suppliers.

Said David Law: “We hope people will take advantage of this unique opportunity to have any questions they might have on moving house answered.

“We are also delighted that representatives from Lisburn Council, Sprucefield Retail Park, and other leisure providers in the local area will be in attendance to give people an insight into just how much Lisburn City has to offer.

“We firmly believe that there are many people who want to move but have been holding back for a number of reasons and our Workshop is aimed at giving them reassurance and sound advice on any aspect of moving home.”

The Homebuyers Workshop is being held in WJ Law’s sales office, an architecturally exciting John Nash inspired cottage in Ballantine Garden Village in Lisburn on Saturday, February 21 from 10am until 2pm. 

Source: http://www.propertynews.com//blog/801/

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Despite the recent turmoil in Spain, which has seen prices tumble by as much as 40 per cent in some regions, investors can still make a profit.

This is according to Ray Withers, the founding director of Property Frontiers, who noted that recovering markets are likely to present real estate speculators with the best opportunities for growth in the coming years.

The news may prompt a number of individuals to look for property in Spain, with the country currently offering low prices as a result of the market crash.

"If you are investing abroad in countries that are recovering you are likely to profit from it. There are risks in certain markets the further out you go, or the more emerging markets, but with that risk comes a higher reward obviously," Mr Withers said.

The latest data from Spain’s National Statistics Institute shows that home values fell by 0.1 per cent during the forth quarter of 2010 and decreased annually by 1.9 per cent, although some analysts say the yearly decline is much greater.

Source: http://www.propertyshowrooms.com/spain/property/news/recovering-spanish-market-has-potential_311258.html

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British buyers looking to purchase property in Italy are finding that their indecision is causing them to lose out on “some of the best real estate”.

This is according to Linda Travella, of Casa Travella, who noted that a number of her clients are missing out on their ideal properties because they are hesitant to make a final decision.

She explained that the housing market in Italy has not suffered on the same scale as other areas of Europe as a result of the banking crisis. This means that Italian property prices have not dropped as much as in other countries.

According to Gabetti, the Italian Real Estate Franchise Group, the overall market in Italy is improving but is a little uneven, with high end and luxury property faring the best.

"Now is a great time to buy," said Ms Travella. "With 25 year mortgages on offer at low interest rates why wait any longer?"

The comments follow the release of figures from the Bank of Italy that show house prices in the country recorded declines of just 0.3 per cent last year, with some areas of the country even seeing values rise.

Source: http://www.propertyshowrooms.com/italy/property/news/indecision-costing-brits-looking-real-estate-italy_311281.html

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