ABSOLUTE gUIDE sERIES to Investment Property
Overseas
INVESTMENTS
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Sow your investment seeds from just US$2,800 and reap 415% projected capital appreciation after 5 years, and all worry-free. For further details, contact Obelisk International on: UK freephone 0808 160 0670, Eire freephone 1800 932 514, Spain (+34) 952 820 319, www.obeliskinternational.com or info@obeliskinternational.com.
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ABSO LUTE GUID E SE R IE S - O V E R SE AS P R O P E RTY INVES TM ENT
Contents 5. Welcome to Overseas Property Investment
Dedicated to providing impartial information.
6. Economic Growth & Stability The IMF predicts the world economy will register negative growth (-1.4%) in 2010, although some countries’ economies will do considerably better.
7. Currency & Banking Currency stability and a regulated banking system are important considerations.
8. Foreign Investment Global levels of foreign investment have risen steadily over the past 30 years.
9. Political Situation & Stability Political stability is a fundamental consideration for secure property investment.
10. Tourism The travel and tourism sector is one of the world’s largest and fastest-expanding industries.
14 - 15. Secondary Market Several factors should be taken into account when looking at a secondary market.
16. Mortgage Market Mortgage products vary considerably from one country to another.
17. Market Risks Property investment overseas may present some issues for foreign investors.
18. Purchase Process The procedure for property purchase depends on the individual country.
19. Investment Costs Taxation overseas is complex and subject to change.
20. Summary A country’s economy, political stability, tourism and
11. Infrastructure
property market are important considerations.
The development and expansion of a country’s
21. Verdict
infrastructure is vital for both tourism and industry.
Some property markets overseas present good
12 - 13. Property Market
investment potential.
The global property market has experienced some
22. Obelisk Advantage
profound changes over the last year.
Obelisk approaches its projects purely from an investment perspective.
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Welcome
to Overseas Property Investment
The Overseas Property Investment Guide forms part of the Obelisk Absolute Guide Series, dedicated to providing impartial information about numerous property investment destinations worldwide. As the market leader for overseas investment property,
most important factors influencing your property
we are committed to providing cutting edge information
investment decision abroad.
for property investors, one aspect that has earned us the award of International Property Specialist 2008 by
In this guide you will find general information about
Business Britain magazine.
recent global economic performance and predicted growth, a profile of the current property market and its
We are therefore pleased to present our latest Property
future potential, along with tourism trends and
Investment Guide to overseas property investment, an
infrastructure improvements. The guide also includes
essential tool for the investor planning to buy property
information about considerations regarding mortgage
abroad. This guide forms part of the Obelisk Absolute
markets, buying processes and buying costs.
Guide Series, dedicated to providing impartial information about numerous investment destinations
Obelisk’s Absolute Guide to overseas property
worldwide.
investment offers investors objective and authoritative information to facilitate an informed decision about
At Obelisk, we are only too aware of the importance
investing in property abroad. We trust that you, as an
of extensive research into an investment destination
investor, will find this guide indispensable.
and, as part of our policy to offer investors the definitive service, this guide has been rigorously researched to
Here’s to Successful Investing!
provide you with in-depth, clear-cut knowledge on the
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GDP Growth (predicted 2009): -1.4% GDP Growth (predicted 2010): 2.5% GDP per Capita (2008): US$10,852 Inflation (projected 2009): 1.7% Unemployment (predicted 2009): 6.5%
Economic Growth
& Stability The International Monetary Fund (IMF) predicts the world
by the world’s 2 largest economies, the US and Japan
economy will register negative growth (-1.4%) during
whose predicted GDP growth are -2.6% and -6.0%
2009, considerably below the 3.1% figure for 2008. The
respectively. Moderate recovery is widely forecast in
2009 forecast is a result of the global slowdown since
2010 with GDP growth of 2.5% expected globally, but
the collapse of the US subprime market. However, this
just 0.8% in the US.
average figure includes much higher figures such as the 7.5% growth expected in China and far lower percentages
Despite the widespread effects of the subprime crisis,
such as the -4.8% predicted for the eurozone.
many economies experienced strong growth during 2008. Within Europe, Romania and Slovakia saw high
The demise of the subprime market has had far-reaching
GDP growth during 2008 – 7.1% and 6.4% respectively.
effects and few developed economies in the world have
The highest growth during 2009 and 2010 is forecast to
escaped the consequences. In 2008, many countries saw
come from the emerging economies, particularly the
a sharp decline in growth, a situation that is not expected
so-called BRIC nations (Brazil, Russia, India and China).
to improve substantially during 2009. In Q1 2009,
The OECD refers to Brazil, China and India as
several EU countries were in recession after 3 quarters of
“emerging giants” and the trio is widely expected to
negative growth including Germany, Spain and the UK.
lead the world economy out of recession. The IMF predictions for 2010 are 2.5% growth in Brazil, 8.5%
Most of the 30 countries within the Organisation for Economic Co-operation and Development (OECD) are expected to register negative growth during 2009, led
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in China and 6.5% in India.
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Currency
& Banking
Currency is a fundamental consideration in property
Currency fluctuations can also affect the repatriation of
investment abroad since currency fluctuations have
funds from the sale of property abroad. For example,
important effects on investment funds. A fall in a
sterling’s low value also means gains can be made
country’s currency creates investment opportunities for
from the repatriation of profits in stronger currencies
overseas buyers who also stand to make profits from
(e.g. the euro) or from the release of equity to the UK.
gains on currency. The fall in the value of sterling in 2008 and 2009 has meant that properties in the UK
When looking at property investment overseas, it is
are up to 30% cheaper for foreign investors than they
worth investigating the stability of a currency.
were 18 months earlier.
Generally, countries with poor economic growth tend to have weak currencies, although no country’s currency is immune to instability. In 2008, several currencies suffered huge devaluations on the world market including the British pound and US dollar, both of which lost value to the considerably stronger euro. The stability of a country’s banking system is another consideration, particularly important in developing countries or nations with emerging property markets where the banking systems may be less developed. However, as the recent subprime crisis has clearly shown, even banking systems in mature economies such as the UK and US are prone to problems. Most countries’ banks are regulated and controlled by a central bank such as the Bank of England or the Banco de España in Spain. The central bank regulates important issues such as currency, interest rates and often also monitors the country’s economy.
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Foreign Investment Global FDI flows have risen steadily over the past 30
increased transparency and liberalisation of economic
years, with further annual growth predicted. According
policies. Many companies publish FDI country
to the Economist Intelligence Unit, world FDI inflows
rankings including the AT Kearney FDI Confidence
are forecast to grow by 4.5% from 2009 to 2011
Index. In the latest Index, 6 out of the top 10 countries
when they will represent US$1,604 billion, 2.4% of
for FDI were emerging markets – the 4 BRIC economies
the world’s GDP.
plus Hong Kong and the UAE.
Developing countries where levels of FDI have reached
FDI is often the driver behind major employment
record levels over the last few years have
creation in a country and the establishment of a
experienced the most profound effects of FDI and the
foreign enterprise in a particular area often leads to
highest benefits. However, FDI in developing countries
the transformation of the location. For example, more
is still considerably behind FDI in developed countries.
employment opportunities lead to a rise in the demand
The US is the largest single host country of FDI with
for housing as well as increased purchasing power for
the UK and France in 2nd and 3rd positions. In terms
the local population. The city of Cluj-Napoca in
of regions, the European Union (EU) is the largest host
Romania is one such example where the establishment
region ahead of North America and South and
of multinationals such as Nokia, Siemens and
South-East Asia.
Mercedes is expected to lead to the creation of 20,000 new jobs by 2013. These FDI projects are
The FDI climate in many countries has improved in recent years with business environments seeing
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major boosts to the city’s economy.
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EU: 27 members Mercosur: 4 members NATO: 28 members OECD: 30 members WTO: 153 members
Political Situation
& Stability
Political instability and geopolitical tensions are major
An indication of a country’s political stability is how
considerations for any investment. Evidently, a
often elections are held, although a country with
country with an established democracy provides a
frequent elections may not necessarily indicate that
better investment environment than an emerging
its economy is also unstable. Italy is one such
democracy or other political regime.
example – the country has held over 60 general
According to World Audit, 74 of the world’s countries
10th largest economy.
elections since 1945, yet Italy ranks as the world’s (nearly 40%) are not democratic with many property investment destinations ranking low on World Audit
Membership of a world or regional organisation
world democracy ratings. These include semi-
such as the EU or NATO tends to indicate a country’s
democracies such as Egypt and Tunisia, and non-
stability and the confidence other nations feel towards
democratic regimes such as China, Russia and the
a particular country. Membership of the World Trade
UAE. A potential obstacle facing investors with
Organisation indicates the liberalisation of a country’s
property situated in non-democratic countries is that
trade at global level.
foreign ownership regulations may change rapidly and radically, depending on variations in the political regime. Property ownership regulations in democracies, on the other hand, tend to be transparent and less subject to change.
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World Visitor Figures (2008): 922 million World Tourism Contribution to GDP (predicted 2019): 9.5% Number Employed in Tourism (predicted 2009): 220 million
Tourism The travel and tourism sector is one of the world’s
Many governments invest heavily in tourism infrastructure
largest and fastest-expanding industries. World visitor
– hotels, airports and transport links. According to the
figures reached 922 million in 2008, a 1.9% increase
WTTC, the countries spending the largest amounts on
in 2007. However, in common with the world economy,
tourism investment in 2009 were the US, China, Japan
tourism is expected to contract in 2009 and the UNWTO
and Spain. Governments also promote tourism at
World Tourism Barometer reported an 8% year-on-year
international level.
decrease in visitor numbers from January to April 2009. Nevertheless, according to the World Travel & Tourism
A country’s tourist industry and tourism figures are vital
Council (WTTC), real GDP growth for tourism is expected
statistics for property investment, particularly when
to resume its dynamic growth from 2010 and average an
considering an exit strategy. Your rental or resale strategy
increase of 4% annually over the next decade.
may consist of letting your property to holidaymakers or selling the property as a second home and both markets
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The world’s 4 most visited countries are currently France,
are highly dependent on tourism. Be aware that some
the US, Spain and Italy, all well-established tourist
countries are very reliant on tourism, for instance, Cape
destinations. China lies in 5th place and is expected to
Verde. Tourism forms the backbone of the archipielago’s
become the world’s top tourist destination by 2020 when
economy since the islands have little industry or alternative
other lesser-known holiday spots such as Mexico, Poland
forms of income. This reliance means the country is
and Hungary are expected to achieve top ten rankings.
particularly vulnerable to even small fluctuations in tourism.
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Infrastructure The Top 5 Best Roads: France, Switzerland, Singapore, Germany and Hong Kong The Top 5 Air Transport Infrastructure: Singapore, Hong Kong, Germany, UAE and France The development and expansion of a country’s
road and rail improvements, airport construction or
infrastructure are important considerations for the
expansion, and the energy and telecommunications sectors.
property investor since infrastructure is vital both for tourism and industry. A buoyant tourist sector is
Despite the global economic slowdown, Standard &
dependent on good communications and industry also
Poor’s report that infrastructure project financing has
relies on transport infrastructure as well as good
largely escaped the credit crunch. India plans to make
telecommunications and energy supplies. Infrastructure
US$150 billion in infrastructure generally over the next
improvements also include business parks and shopping
5 years. Transport infrastructure in Brazil is set to receive
centres, both main drivers behind local economies.
US$21.7 billion investment and Mexico has earmarked US$5.6 billion for airport infrastructure improvements. In
The World Economic Forum ranks 134 countries in
some countries, state infrastructure funding has increased
terms of the quality of their overall infrastructure.
as a means of creating employment and boosting the
Considerations include the quality of roads, railways and
economy. This is the case in Spain and the US, for
port infrastructure, air transport, the standard of the
example, where massive state funding of public
electricity supply and the number of telephone lines. In
infrastructure projects is underway in 2009.
their latest report (2008-2009), the world’s top 5 countries with the best infrastructure were Switzerland, Singapore, Germany, France and Finland. Infrastructure spending comes from public and private sources, both domestic and international. Developing countries are major recipients of funding from international organisations such as the World Bank or International Monetary Fund. New members of the EU – for example, Romania and Bulgaria – and potential candidates for membership such as Croatia and Montenegro receive vast injections of funds from the EU. Romania will receive funding of €19.7 billion. External funding is generally for investment in infrastructure such as
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For further details contact Obelisk International on +34 952 820 319 info@obeliskinternational.com - www.obeliskinternational.com
ABSO LUTE GUID E SE R IE S - O V E R SE AS P R O P E RTY INVES TM ENT
Property
Market
The global property market has experienced some profound
The Index shows negative year-on-year growth in many
changes over the last year. In mature markets such as Spain,
countries such as the UK (-16.5%), Spain (-6.8%) and
the UK and US, property prices have fallen dramatically
Portugal (-5.9%). On the other hand, some countries (mainly
after several years of huge increases, and emerging markets
emerging markets) continue to register increases. This is the
(for example, Brazil, Panama and Romania) have begun to
case with the Czech Republic (9.9%), Jersey (6.9%), India
make their mark as the new investment opportunities in the
(5.1%) and Indonesia (4.6%).
world marketplace. Transparency on property transactions is important. Between 1997 and 2007, property markets throughout the
According to the latest Jones Lang LaSalle Real Estate
world experienced boom periods with price growth
Transparency Index (2008), the world’s most transparent
reaching its highest ever rate. For example, during this
countries are Canada, Australia and the US. Dubai and
decade prices in Spain and the UK grew by 190% and
Romania ranked highest in transparency improvement levels.
213% respectively. The property market in many countries has been stimulated by falling interest rates, innovative credit
The slowdown in the housing market has led many investors
facilities and rising incomes, creating more available capital
to consider land. Agricultural land currently provides
for the increasing interest in second home purchase. In many
excellent potential for yield and return because of ever-
emerging markets, supply has struggled to keep pace with
increasing demand and rising commodity prices. Some of
escalating demand.
the best investment opportunities are found in Ukraine, home to rich fertile soil and some of the cheapest land deals in the
However, the advent of the subprime crisis and subsequent
world. According to the World Bank, “Ukraine is in a
global economic slowdown has led to severe price adjustment
position to make a significant contribution to the international
in many countries popular with second home buyers.
food crisis, while providing attractive investment�.
According to the Knight Frank Global House Price Index for Q1 2009, over half the 38 countries surveyed in the Index have shown annual and/or quarterly falls in property prices.
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Secondary
Market
The secondary market is a vital consideration since
property investors are almost totally reliant on the
without it there is no exit strategy and by extension,
foreign market for their exit strategy.
no capital yield. When looking at a secondary market there are several factors to take into account.
Some markets present both a growing population and increasing purchasing power. According to ECA
If your exit strategy involves renting or selling to the
International, the countries with the highest wage
local market, examine the growth of the population and
increases predicted for 2009 include Argentina,
its purchasing power. Many countries have rising
Brazil, Chile, Egypt, India, Venezuela and Vietnam.
populations, usually due to the influx of immigrants or a
Many of these countries are also forecast significant
high birth rate and even in a country where population
population increases between 2008 and 2050 – 32%
growth is negligible or negative there may be areas
in Argentina, 33% in Brazil, 53% in India and 57% in
experiencing strong internal migration. For example, in
Egypt. Double digit forecasts for both wage increases
Romania, the population in Cluj and Brasov is growing
(e.g. Argentina) and population growth mean housing
as Romanians relocate from Bucharest. A growing
is likely to be in huge demand.
population leads to increased demand for housing. However, the most important consideration in the
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Wage increases are an important consideration since
secondary market is the supply and demand equation.
if you plan to rent or sell to the local population, they
Only markets whose supply of property does not meet
need to be able to afford the prices. In countries with
demand provide a solid exit strategy. Countries currently
a poor local population (e.g. Cape Verde), there is no
showing a shortage of supply include Brazil where 27
exit strategy among the local market. Consequently,
million properties are required over the next 15 years
ABSO LUTE GUID E SE R IE S - O V E R SE AS P R O P E RTY INVES TM ENT
to fulfill demand; New Zealand with an annual deficit
world’s ever-increasing population means that
of between 3,000 and 5,000 homes; Romania where
fertile agricultural land has an almost guaranteed exit
it will be 2 to 3 years before supply meets demand;
strategy. Institutional funds have recently shown strong
and the UK where the shortfall is around 115,000
interest in land. For example, Schroders currently
units a year.
has a 3 billion agricultural fund focusing on Eastern Europe, and Morgan Stanley bought 40,000 hectares
The constant and growing demand for food from the
in Ukraine in March 2009.
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Mortgage Market
The wider availability of international mortgages as well as other options for financing such as equity release means that it is now relatively straightforward to obtain a mortgage to finance property investment. However, the recent subprime crisis has led to many banks tightening their lending criteria and this situation is expected to continue during 2009 and possibly longer. Mortgages are available in many countries including those with emerging property markets, although mortgage products in these markets tend to be limited, with interest rates and costs high. In general, the more developed a country the more sophisticated its banking system and the better the choice of mortgage products you can expect to find. However, few countries offer the range of products found in the UK and US. Interest rates tend to be higher in emerging markets and in general, more highly-developed banking systems offer lower interest rates. Terms and conditions for international mortgages vary greatly from country to country and also from bank to bank. Borrowing periods tend to range from 10 to 40 years, although in many countries the actual length depends on your age when the loan comes to end. Many banks do not grant mortgages to those over 65. The amount you can borrow also varies and is usually from 50% to 90% of the property’s value. However, the actual amount a bank will allow you to borrow depends on affordability, i.e. the monthly payments you can afford based on your current income and outgoings, including other loans. Terms and conditions also vary hugely as do charges and fees.
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Market risks are related to the economy, the political situation, the property market and regulations, and tourism.
Market
Risks
Property investment overseas may carry some degree of
effects on property investment and generally it is
risk. However, the degree that market risk in a particular
advisable to choose a country with a stable democracy.
country affects a property investment depends largely
The geopolitical situation is also important – a major
on thorough due diligence conducted prior and during
terrorist attack in an area can have wide reaching
the purchase process.
effects on investor confidence. The attacks in Bombay, India at the end of 2008 are a case in point.
There are several factors that may constitute market risks and these are related to the economy, the political situation,
Market risks affecting the property market include low
the property market and regulations, and tourism.
rental yields, which usually mean that investment costs are not covered, and excess supply or saturation of the
Economic factors to bear in mind when assessing
market. Saturation has recently occurred in some
market risks include recession (economic slowdown
Spanish resort areas and parts of the US such as
generally goes hand in hand with a fall in property
Florida. Changes in the regulations regarding property
prices) and the economy growing too fast (known as
ownership also have adverse effects on property
‘overheating’). Due diligence should include
investment, although such changes tend to occur in non-
examining a country’s or an area’s recent economic
democratic regimes, for example, Russia and China.
history and medium-term predictions. Currency devaluation is also a market risk, although this can
Potential market risks also include changes in tourism.
sometimes benefit the property investor.
A fall in visitor figures caused, for example, by geopolitical events in a country or the cancellation by an
A country’s political situation – a change in
airline of flights to a particular airport, can lead to a
government or change in regime – can have negative
reduction (or disappearance) of rental or resale possibilities.
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Purchase Process The laws and legal processes relating to property purchase overseas may be very different from what you are used to and Obelisk strongly recommends that independent legal advice be taken during a property purchase. Below are some of the standard issues encountered when purchasing overseas property for investment: It is always advisable to enlist the services of an English-speaking, independent lawyer to assist you in the legal process of property purchase in a foreign country. Although it is not a legal requirement, it is always recommended that property purchase does not proceed without legal representation. To ensure successful purchase, independent research should be conducted into every aspect of the property purchase. This is particularly important when transacting in unfamiliar overseas markets. The buyer may need to sign a preliminary contract as an agreement to purchase the property and then pay a holding deposit through their lawyer. Regulations regarding property ownership by foreigners must be taken into account. Some countries apply strict restrictions – for example, in Dubai, freehold ownership is only permitted in certain developments – and other countries restrict ownership in some areas. For instance, Mexico only allows leasehold ownership within 48km of its coastline. Many countries require foreign investors to obtain a tax identification number. In most countries, your lawyer or legal representative can obtain this on your behalf. Buyers should pay particular attention to recent changes in laws and regulations, particularly in countries that are about to, or have just joined, the EU. During the transition period, laws relating to property investment may change. Property investment in most countries entails the payment of an initial deposit. Procedures differ between countries with some requiring a holding deposit of between €3,000 and €6,000 to take the property off the market, whereas others require a deposit payment of around 10% of the purchase price.
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Investment Costs Taxation overseas is complex and subject to change. You are therefore recommended to take expert and up-to-date advice on taxation issues affecting the purchase and ownership of property overseas. The costs of a standard property purchase overseas may include the following: Many countries charge tax on property purchase, which usually takes the form of stamp duty, transfer tax or VAT. The amount levied (usually a percentage) is calculated on the price of the property. Fees are usually payable to the notary and the lawyer. The amount payable varies depending on the country – some countries have fixed fees and others implement a percentage of the property price. Registration fees are between 0.1% and 1%. Most countries levy an annual property tax on properties, a charge that is usually collected by the local authorities (similar to council tax in the UK). The amount payable varies considerably and is usually dependent on the size and location of the property and the amenities provided in the locality. Income tax is levied in many countries on rental income. Percentages vary depending on the country with some countries charging higher rates for non-resident property owners. Allowances are sometimes available and most countries allow deductible expenses from the final tax bill. Capital gains tax is a major investment consideration since this tax is levied on the profit from the sale of a property in many countries. Rates vary considerably, for example, from a low 3% in Cape Verde to a high 28% in Mexico. Some countries do not charge capital gains tax (e.g. Slovakia) and most offer exemptions or reductions for principal homes or for properties owned for more than 5 years.
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Summary The following summary provides key highlights to consider when investing in the overseas property market: The world economy is predicted to register
Development and expansion of a country’s
negative growth of -1.4% during 2009,
infrastructure are important considerations
4.5% lower than 2008.
for the property investor.
Countries such as Brazil, China and India
Property markets in many countries fell
are expected to achieve the highest growth
in 2008/9, but some emerging markets
during 2010 and lead the world economy
experienced high increases.
out of recession. The fall in house prices has led to strong No currency is immune to devaluation and
investment interest in agricultural land –
in 2008, both the pound sterling and US
Ukraine combines low prices per hectare
dollar lost considerable value against the
and high yield potential.
euro. Secondary market considerations include Foreign investment provides numerous
increases in population and purchasing
advantages to a country’s economy.
power, and the supply and demand of property.
The US is the world’s largest host country of FDI with the UK and France in 2nd and
Mortgage products vary greatly and
3rd positions. Emerging markets are
generally, the more established a property
attracting increasingly higher levels of FDI.
market, the better the choice of mortgage products.
Political stability within a country is vital to property investment. According to World
Market risks include economic slowdown
Audit, nearly 40% of the world’s nations
or overheating, political instability, low
are not democratic.
rental yields and excess supply.
Tourism is expected to contribute US$5,474 billion to global GDP in 2009, a figure forecast to increase to US$10,478 billion by 2019.
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Verdict How property markets will perform in 2009/10 is difficult to predict and much will depend on the global economy, which is expected to continue to contract for the near future. Property markets will also be dependent on the effectiveness of government rescue packages in key areas such as the UK, US and in the eurozone. However, Obelisk property analysts are unanimous in that depressed property prices and low interest rates make 2009/10 an interesting time for investment. Globally, some destinations will continue to offer excellent investment potential. These are mainly emerging markets with strong economies and thriving property markets. Examples here include Brazil, Chile, Indonesia and Mexico. Brazil, currently the recipient of vast FDI, offers the additional advantage of recent currency falls, meaning that property is cheaper for the foreign buyer. Brazil also forms part of the BRIC nations, predicted by the Financial Times to be the only source of domestic demand growth in the world in 2009. Other countries are attractive investment destinations because of the downturn in their property markets. This is the case of Spain, the UK and US, all markets that have experienced significant falls in 2008/9. Experts predict that these markets will continue to be depressed at least until mid-2010 and that all three countries represent good potential for opportunistic buying, particularly repossessions. Based on thorough research carried out on the overseas property market, we at Obelisk believe that 2009/10 is the time to expand a property portfolio to include agricultural land. It is also worth considering property in emerging markets (investment potential is excellent because of the strong economy and potential for growth) and/or a market experiencing a slowdown with a plentiful supply of low-priced properties.
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Obelisk
Awards Obelisk ‘International Property Specialist 2008’
Advantage
Voted International Property Specialist of the Year 2008 by Business Britain magazine, Obelisk has been recognised as the authoritative voice within the industry and its clients benefit from the company’s uncompromising high standards and professionalism. Obelisk has identified a simple and transparent purchase process for its clients as a simple, four step process: 1.
The client chooses and reserves the unit that best suits their investment requirements, and Obelisk takes the client through a compliance procedure.
2.
An independent lawyer, sourced and appointed for the client by Obelisk, will have already carried out full due diligence on the project. They will issue all purchase contracts and paperwork to the client.
3.
On receipt of this contract, the client will sign and make the first payment. The lawyer will notify the client of all further payments when required.
4.
The appointed lawyer will also represent the client in all aspects legally required within the country of purchase, ensuring that clients of Obelisk enjoy the benefits of simple and hassle-free real estate investment.
For more information about Obelisk’s investment opportunities overseas, contact us now on info@obeliskinternational.com, visit our website at www.obeliskinternational.com or call us FREE on 0808 160 0670 (UK) or 1800 932 514 (IRE).
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ABSO LUTE GUID E SE R IE S - O V E R SE AS P R O P E RTY INVES TM ENT
Disclaimer The material contained within this document has been prepared for information purposes only. Information contained herein is not to be relied upon as a basis of any contract or commitment. The information is not to be construed as an offer, invitation or solicitation to invest and opinions expressed are based on market conditions at the time of print and may be subject to change without prior notice. Information contained herein is believed to be correct, but cannot be guaranteed. In case of queries or doubt you should consult an independent investment adviser. No personal recommendation is being made to you and the past is not necessarily a guide to the future. The brochure in its entirety – text, images, marks, graphics, logos, buttons, combinations of colours, and the structure, selection, ordering and presentation of its content – is protected by the legislation on intellectual and industrial property, it being forbidden to reproduce, distribute, publicly disseminate or transform it, except for personal private use. It is also forbidden to reproduce, relay, copy, assign or broadcast, in whole or in part, the information contained in this brochure, for whatever purpose and by whatever means, without written consent.
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Call us free from UK: Tel. 0808 160 0670 Call us free from Eire: Tel. 1800 932 514 For general and international enquiries contact us at: Tel: (0034) 952 820 319 Fax: (0034) 952 825 790 Alternatively you can email: info@obeliskinternational.com or visit: www.obeliskinternational.com