ABSOLUTE gUIDE sERIES to Investment Property
Overseas
A BSO LUT E G UI DE SE R IES - OV ER S EA S P ROP ERT Y IN V E STME N T
Date of Publication: March 2009 © Obelisk 2
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 to grow 2.2% in 2009, 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
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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
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 invest-
we are committed to providing cutting edge information
ment 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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A BSO LUT E G UI DE SE R IES - OV ER S EA S P ROP ERT Y IN V E STME N T
GDP Growth (predicted 2008): 3.7% GDP Growth (predicted 2009): 2.2% GDP per Capita (2007): US$9,852 Inflation (projected 2008): 6.4% Unemployment (predicted 2008): 6.1%
Economic Growth
& Stability The International Monetary Fund (IMF) predicts the world
Most of the 30 countries within the Organisation for
economy to grow at the rate of 3.7% during 2008, a
Economic Co-operation and Development (OECD) are
fraction below the 3.8% figure for 2007. The 2009
expected to register negative growth during 2009,
forecast of 2.2% is considerably lower as a result of the
led by the world’s 2 largest economies, the US and
global slowdown since the collapse of the US subprime
Japan, with predicted GDP growth of -0.9% and -0.1%
market, although this average figure includes much
respectively. Moderate recovery is widely forecast in
higher figures such as the 9% growth expected in China
2010 with GDP growth of 1.5% expected within the
and considerably lower percentages such as the -0.5%
OECD as a whole and 1.6% in the US.
predicted for the eurozone. However, despite the widespread effects of the The demise of the subprime market has had far-
subprime crisis, many economies have experienced
reaching effects and few developed economies in the
strong growth during 2008. Within Europe, Romania
world have escaped the consequences. In 2008, many
and Slovakia saw high GDP growth during 2008 –
countries saw a sharp decline in growth, a situation
9.1% and 7% in Q3 2008 respectively, a tendency
that is not expected to improve substantially during
forecast to continue in 2009. In South America, the
2009. In Q3 2008, several EU countries went into
Brazilian and Argentinian economies performed well.
recession after 2 quarters of negative growth
Along with Brazil (6.8% in Q3 2008), the other BRIC
including Germany, Italy and Sweden. They were
economies (Russia, India and China) also experienced
joined by Spain and the UK in Q4 with other member
high GDP growth. In addition, most countries in the
states such as France also expected to register
Middle East had high rates of growth.
negative growth for the last quarter of 2008.
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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 12 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: 26 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 (Jan-Aug 2008): 641 million World Tourism Contribution to GDP (predicted 2018): 10.5% Number Employed in Tourism (2008): 231 million
Tourism The travel and tourism sector is one of the world’s largest
10 million; Mexico’s National Development Plan expects to
and fastest-expanding industries. According to the World
attract US$20,000 million in private investment by 2012;
Travel & Tourism Council, tourism is expected to contribute
and Slovakia has implemented a Tourism Development
almost US$890 billion to global GDP in 2008 with this
Strategy which aims to equate tourism with industry in
contribution expected to increase to around US$10,855
terms of economic importance.
billion by 2018. A country’s tourist industry and tourism figures are vital The world’s 4 most visited countries are currently France,
statistics for property investors, particularly when
the US, Spain and Italy, all well-established tourist
considering an exit strategy. Your rental or resale strategy
destinations. China lies in 5th place and is expected to
may consist of letting your property to holidaymakers or
become the world’s top tourist destination by 2020 when
selling the property as a second home and both markets
other lesser-known holiday spots such as Mexico, Poland
are highly dependent on tourism. Be aware that some
and Hungary are expected to achieve top 10 rankings.
countries are very reliant on tourism, for instance, Cape Verde. Tourism forms the backbone of the archipielago’s
Many governments invest heavily in tourism infrastructure –
economy since the islands have little industry or alternative
hotels, airports and transport links – and the promotion of
forms of income. This reliance means the country is
tourism at international level. For example, Romania has a
particularly vulnerable to even small fluctuations in tourism.
Master Plan for tourism aiming to achieve visitor figures of
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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 the UK and 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 has been approved for 2009.
their latest report (2007-2008), 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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Emerging markets (for example, Brazil, Romania and Slovakia) have begun to make their mark as the new investment opportunities in the world marketplace.
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Property
Market
The global property market has experienced some
prices grew by just 3.8% (a 1% decrease from Q2), the
profound changes over the last year. In mature markets
first quarterly fall recorded by the Index.
such as Spain, the UK and US, property prices have fallen dramatically after several years of huge increases,
The Index shows negative year-on-year growth in many
and emerging markets (for example, Brazil, Romania
countries such as the UK (-10.2%), Portugal (-4.8%) and
and Slovakia) have begun to make their mark as the new
Spain (-2.7%). On the other hand, some countries (all
investment opportunities in the world marketplace.
emerging markets) continue to register high increases. This is the case with Dubai (76.1%), Slovakia (31.2%),
Between 1997 and 2007, property markets throughout
Russia (26.9%) and Bulgaria (26.8%).
the world experienced boom periods with price growth reaching its highest ever rate. For example, during this
It is also worth considering a country’s transparency on
decade prices in Spain and the UK grew by 190% and
property transactions. Some companies publish
213% respectively. The property market in many countries
transparency indices – the annual Jones Lang LaSalle
has been stimulated by falling interest rates, innovative
Real Estate Transparency Index is one such example. This
credit facilities and rising incomes, creating more
Index divides countries into transparency ratings classed
available capital for the increasing interest in second
as high, transparent, semi, low and opaque. These
home purchase. In many emerging markets, supply has
indices are useful since they indicate improvements made
struggled to keep pace with escalating demand.
in a country over the last 12 months. The latest Jones Lang LaSalle Index (2008) ranks Dubai and Romania as
However, the advent of the subprime crisis and
the 2 countries which have most improved their
subsequent global economic slowdown has led to severe
transparency levels. The world’s most transparent
price adjustment in many countries popular with second
countries in property transactions are Canada, Australia,
home buyers. According to the Knight Frank Global
the US, New Zealand and the UK.
House Price Index for Q3 2008, year-on-year property
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Secondary
Market
The secondary market in a country is a vital
consideration since if you plan to let or sell to the local
consideration for the property investor since without it
population, they need to be able to afford the prices.
there is no exit strategy and by extension, no capital
In countries with a poor local population, there is no
yield. When looking at a secondary market there
exit strategy among the local market. Cape Verde is
are several factors to take into account for rental and
an example where local poverty levels mean that it is
resale markets.
extremely difficult to let or sell to Cape Verdeans and consequently, property investors are almost totally
If your exit strategy involves letting or selling to the
reliant on the foreign market for their exit strategy.
local market, you need to examine the growth of the local or national population and its purchasing power.
Some markets present a combination of a growing
The population in many countries is growing, usually
population whose purchasing power is also
due to the influx of immigrants or a high birth rate and
increasing. According to ECA International, the
even in countries where population growth is
countries with the highest wage increases predicted for
negligible or negative there may be areas within the
2008 included Argentina, Brazil, Egypt, India, Turkey
country experiencing strong internal migration.
and the UAE. All these countries are also forecast
Romania is such a case – cities such as Cluj and
significant population increases between 2008 and
Brasov are seeing their population grow as Romanians
2050 – 19% in Turkey, 32% in Argentina, 33% in
relocate from Bucharest. A growing population means
Brazil, 53% in India, 57% in Egypt and a huge 75%
demand for housing increases.
in the UAE. Double digit forecasts for both wage increases (e.g. 12.7% in Argentina) and population
Wage increases in emerging markets are an important
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growth means housing is likely to be in huge demand.
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However, the most important consideration in the
calculated that 27 million properties are required
secondary market is the supply and demand of
over the next 15 years to fulfil demand; New Zealand
property. Only those markets whose supply of property
with an annual deficit of between 3,000 and 5,000
(rental and resale) does not meet demand provide a
homes; Romania where it will be 2 to 3 years before
solid exit strategy. Countries currently showing a
supply meets demand; and the UK where the shortfall
shortage of supply include Brazil where it is
is around 115,000 units a year.
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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 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 sometimes
Potential market risks also include changes in tourism.
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. Stamp duty is between 0.5% and 3%. 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: Economic factors including GDP increases
Tourism is expected to contribute almost
and a country’s policy towards FDI are
US$890 billion to global GDP in 2008, a
important investment considerations.
figure forecast to increase to US$10,855 by 2018.
The world economy is predicted to grow by 2.2% during 2009, 1.5% lower than
Development and expansion of a country’s
2008.
infrastructure are important considerations for the property investor.
Some countries such as Brazil, Romania and Slovakia experienced high economic
The global property market fell by 1%
growth during 2008 and are expected to
from Q2 to Q3 2008 with previously
continue to do so in 2009.
buoyant markets seeing negative increases and some emerging markets experiencing
No currency is immune to devaluation and
high rises.
in 2008, both the pound sterling and US dollar lost considerable value against the
Secondary market considerations include
euro.
increases in population and purchasing power, and the supply and demand of
Foreign investment provides numerous
property.
advantages to a country’s economy. Mortgage products vary greatly but The US is the world’s largest host country
generally, the more established a property
of FDI with the UK and France in 2nd and
market, the better the choice of mortgage
3rd positions. Emerging markets are
products.
attracting increasingly higher levels of FDI. Market risks include economic slowdown Political stability within a country is vital to
or overheating, political instability, low
property investment. According to World
rental yields and excess supply.
Audit, nearly 40% of the world’s nations are not democratic.
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Verdict How property markets will perform in 2009 is difficult to predict and much will depend on the global economy, expected to slow futher. Property markets will also be dependent on the effectiveness of government rescue packages in key countries such as the UK, US and in the euro zone. The direction the Obama regime takes may also be significant. Destinations continuing to offer excellent investment potential are mainly emerging markets with strong economies and thriving property markets. Examples here include Brazil, Romania, Slovakia and Uruguay. Brazil offers the additional advantage of recent currency falls, making property 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. Newer emerging markets with investment appeal include Albania with its low property prices, steady economy and rising tourism. 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. Experts predict that these markets will continue to be depressed at least until mid-2010 and all 3 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 in 2009 some countries represent excellent investment potential because of their economic strength and potential for growth or because a slowdown in the property market has led to a 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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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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