European Property Market

RICS has launched the 2009 version of the European Housing Review with an event at the National Liberal Club in London. The Review is now in its eleventh year and draws together what is happening in residential property markets across Europe. It paints a gloomy picture of Europe’s housing market in 2008 and key points include:
• House prices are static or falling across Europe
• The chances of core European housing markets escaping marked downturns in 2009 are now slim
• House prices in 2008 fell significantly in 2008 in central and eastern Europe, Ireland, France, the UK and amongst Nordic countries
• Markets are experiencing rapid falling demand due to the impact of the credit crunch and recession in major economies
• New build markets in the major cities of central and Eastern Europe are at a standstill with a rising tide of unsold properties.
What can we do to address these problems? RICS is calling for action from Governments to increase the supply of mortgage lending. There must be more Government guarantees for mortgage backed securities, as recommended by the Crosby Review in the UK. Banks that have been nationalised or have greater levels of state control in the UK, Ireland, Germany and the Netherlands must also be used to provide a sensible increase in access to credit.
Other steps can also be taken including the establishment of Government supported savings schemes for first time buyers where buyers are encouraged to save a deposit which is topped up by a Government contribution. There must also be a greater use of shared equity and rent to buy schemes.

RICS published a 15 point plan in September 2008 outlining key measures we believe will help the residential property market.
Hopefully if action can be taken by Governments across Europe, the 2010 European Housing Review will start to show some signs of recovery.
http://www.rics.org/ASPNetForums/blogs/padefaultaspx/archive/2009/03/05/gloomy-housing-markets-across-europe.aspx

Overseas Property Developers

Property Marketing & Sales

At any given time, three general factors affect the sale of an overseas property:

The economic market conditions
The location of the property
The market competition - other property like yours competing for the same buyers

These three factors are in a constant state of flux. Interest rates rise and fall, neighbourhoods gain or lose desirability, and as properties are placed on the market, the pool of active buyers changes. No-one can control these factors and wait until all the conditions are perfect. However, they can be maximised to a seller's advantage.

When selling your properties we can offer you an advantage:
A targeted viewer
A captive audience
An opportunity to make multiple impressions
Preparation for market

Sellers' information packs: By ensuring that the legal issues are dealt with at the earliest stages we can help you avoid delay and expense later in the transaction.Our service ensures that all relevant due dilligence documentation is gathered in readiness for the eventual sale so as to meet the latest relevant legal requirements.
Valuations: In order to avoid the risks of undervaluing or overvaluing the property it is vital to have the views and expertise of property experts who can advise on local and national economic conditions and trends, as well as take account of special factors.
Property Marketing: We prepare a detailed set of particulars with measurements and select the best buyers for your property. Our expertise will ensure that the property is shown to the market in a way that attracts the right buyer prepared to agree to the terms you want
Property viewings & Negotiations: The assessment of suitable buyers for your property is the service of most value to those not used to selling property. We make the enquiries and checks that are vital to making a deal happen. By establishing relationships with potential buyers we are able to recommend those who may be able to meet your needs and to save time and cost which can be lost through abortive and fruitless negotiations.
Contracts & Exchange: Through the provision of the information pack much of the initial delay can be avoided and our ProgressTracker service means you can keep up to date on the progress of all related matters such as finance and chain related transact

Get the Right Advice

Who should own the property?

Getting this question of ownership wrong is probably both the most common and the most expensive mistake people make when buying property overseas. There are many people who could be made the legal owner of the property or, as the case may be, the shareholders in the company that owns the property. The best choice is, often, not obvious.

Getting this wrong can cost you tens of thousands of pounds/euro/dollars of totally unnecessary taxes, during your lifetime and on your death.Most local lawyers will be unable to help you make this decision as it involves an understanding of both the local AND your own legal, tax and inheritance systems.Investmment Property Sales can help with all of these issues.

What are the options?

There are many ways to purchase a foreign property as an investment. These include:

in your own name alone
in your name and in the name of your co-purchaser(s)
wholly or partly in your children's
names or in the name of somebody
whom you would like (eventually!) to inherit the property from you
in the name of a limited company,
whether English, 'local' or "off-shore"
via your SIPP/SSAS pension fund
via an investment fund (REIT, PUT etc)
via an investment club
via a trust