Adam Cornwell, Managing Director of Feltrim International comments: “As Spain struggles to cope with the collapse of its construction industry, many properties now lie in the hands of the banks. While many are below par at best, there are some genuine top quality homes within their stock including golf-front.

“As the Government aims to clean up and restart the banking system, lenders are being asked to recognise bigger provisions on their property portfolios which encourages them to offload the stock by dropping prices and offering significant financial incentives to purchase. This means that not only has the clock turned back six or seven years in terms of pricing, but also in terms of lending with 110% mortgages reappearing on bank-owned developments.”

Rental income

Hoyo 19 is a top-end gated apartment resort finished in a contemporary style

Golf property always has appeal, particularly on the Costa del Sol with its 70-plus courses, short flying times from northern Europe and reliable, year-round climate. Owners soak up all the benefits of discounted green fees or rights of play, protected attractive green views, a well-maintained community, gated access and security, additional on-site leisure and social facilities and enhanced potential for rental income as golf continues to grow in popularity as a sport. These benefits used to come at a cost, but with the market at rock bottom that’s a thing of the past.

Adam continues: “It’s an ongoing debate – is the Costa del Sol property market at rock bottom? – and I can only say that if a bank is prepared to lend 110% on heavily discounted property, it must have confidence in the long-term value of that home in that particular location.

“The inventory of unsold property in prime coastal areas for discerning buyers is dropping, demand is growing from overseas buyers and they are looking with a long-term lifestyle perspective rather than a short-term investment mentality. The new Government, sworn in in December 2011, has offered political stability and created reasonable expectations for the coming years that have instilled a degree of confidence and optimism in the market. If the price, location and quality stack up, there is no reason to wait to buy.”

Three 18-hole golf courses

Somewhere the figures do stack up is in the resort of Los Flamingos just to the west of Puerto Banús in a countryside setting yet a stone’s throw from the beach. Boasting three 18-hole golf courses, a driving range and an acclaimed American Golf Academy, Los Flamingos has hosted the European Senior’s Circuit final, no less than three Daily Telegraph European Seniors Match Play Championships and the 2010 Ladies Spanish Open won by Laura Davies.

At Hoyo 19, the properties all enjoy top specifications

Hoyo 19 is a top-end gated apartment resort finished in a contemporary style. Entirely orientated to the south and southwest, all homes have views of the Los Flamingos golf and the Mediterranean coastline – a view that becomes ever more dramatic as the sun sets and night falls. The apartments themselves enjoy top specifications as well as private underground parking and storage while community facilities on-site include a Spa, putting green, tennis courts and two private swimming pools.

Now under bank ownership, the one, two and three bedroom Hoyo 19 apartments are being sold for half the developer’s price of three years ago with some incredible terms. Clients are able to take advantage of a specially negotiated 110% mortgage, to cover all closing costs, and take two years interest-only repayment terms with rates from as low as 0.25% plus Euribor – all for just a 2% commitment fee. Key-ready furniture packages are also available. Prices start from €238,000 (approx £198,500) for a two-bedroom, two-bathroom apartment.

For more information, visit www.feltriminternational.com.

The percentage of VAT for first time buyers in Cyprus will be reduced down to 5% for new homes that have a 15% VAT levy

Now is a great time to buy a property in Cyprus as a new law passed in October 2011 provides for a reduction in VAT on new-build properties for those wishing to permanently swap the British winter gloom for Mediterranean sun.

The timing is especially apt with the launch of the latest residential component at Eléa Estate. This is part of the first phase of the newly integrated family-friendly golf development. The mix of 2- and 3-bedroom Garden Villas (semi-detached) and luxurious detached 3- and 4-bedroom villas provide a new affordable entry price starting at €695,000, approximately £575,000 (excluding VAT).

The launch of a further 13 new villas in phase one follows hot on the heels of the seven exclusive golf fronted, 4- and 5-bedroom detached villas launched earlier in September 2011.

The new law passed by the government provides a reduction in VAT and benefits those considering a home at Eléa Estate as a main and permanent residence. The percentage of VAT for first time buyers in Cyprus will be reduced down to 5% for new homes that have a 15% VAT levy.

The legislation applies to homes of up 275m², although the reduction in VAT only applies to the first 200m². The normal rate of 15% VAT will therefore be chargeable on the other 75m² where the home measures 275m². This represents potential savings for buyers.

Eléa Estate’s centrepiece is a par-71 golf course which has been designed by the six-time Major winner, Sir Nick Faldo and 20 properties in phase one are close to the 13th & 14th tees

Golf membership is included with property ownership for immediate family and the annual dues are included for the first year.

The 2- to 3-bedroom Garden Villas also being launched are ‘linked’ (semi-detached) and provide a hassle-free ‘lock-up and leave’ option for holiday homeowners.

Pierrick Prillot, Real Estate Sales & Marketing Director at Eléa Estate says: “We are excited to be kick-starting the New Year with the launch of these new villas, especially as simultaneous steps have been taken by the Cypriot government to help boost property sales.

“This will simplify and speed-up the buying process in Cyprus. These new holiday homes at Eléa Estate offer a great lifestyle with an excellent level of service.”

These new homes will be set on a peaceful hillside and have been designed by Ergo7, under the guidelines of resort planers and lead architect Hart Howerton. There are currently eight types of villas to choose from which offer elegance combined with the best modern living and designs that can be modified to suit the individual buyers’ needs.

All designs take into account Cyprus’s climate and feature a similar amount of interior and exterior living areas. All properties consist of two levels with private pools, covered parking and have the added benefit of lower ground living space. Balconies, roof gardens and terraces have been a feature of Mediterranean homes for many years and these are incorporated to provide light and natural shade.

Each detached villa has a large infinity swimming pool, set in private landscaped gardens with indigenous species of plants. The property specifications include; a fireplace, under-floor heating, lift, en-suite bathrooms and walk-in wardrobes, optional sauna, pool heating and a room with flexible space suitable for a home cinema, study or playroom. Homes can be placed in the Eléa Estate rental pool and full home and garden maintenance will also be available.

Eléa Estate Club House

Eléa Estate will be a fully integrated five-star luxury development and amenities will include a boutique hotel supported by a range of dining options and a ‘village’ with shops and restaurants creating a friendly community feel. For those not keen on swinging a golf club on the signature golf course, an extensive spa is to open offering the ultimate pampering experience in the future.

The mix of 2- and 3-bedroom Garden Villas (semi-detached) and luxurious detached 3-4 bedroom villas provide a new affordable entry price starting at €695,000, approximately £575,000 (excluding VAT).

The launch of a further 13 new villas in phase one follows hot on the heels of the seven exclusive golf fronted, 4- and 5-bedroom detached villas launched earlier in September 2011.

Prices for the newly launched Villas in phase one start at €695,000 (approx. £575,000) for a 2-bedroom Garden Villa. Three bedroom Garden Villas start at €847,000 (approx. £700,000) and three bedroom detached villas are available from €1,521,000, (approx. £1,259,000). See: www.www.eleaestate.com for more information

New South Wales

The bridge over Sydney harbour is world-famous

New South Wales is Australia’s most diverse state and home to the largest and most popular city for Britons to migrate to, Sydney. New South Wales is home to over 780 national parks and reserves that range from the bush and outback deserts to rainforests and waterfalls. With eleven universities in the region, NSW is worth considering for further study and education.

Sydney is a vibrant city and the financial and economic epicentre of the nation. New industries such as information technology and the financial services sector have their Australasian headquarters based in the Sydney Central Business District. There are five World Heritage sites to explore in Sydney including the world-famous Opera House.

Another city popular among those looking to relocate Canberra, the country’s capital city in Australian Capital Territory. It is the political centre with Australia’s federal government based there. Canberra was chosen as the nation’s capital in 1908, as a compromise between Sydney and Melbourne, the two largest cities. The median house price in Canberra is lower than Sydney and Melbourne but higher than all other capital cities.

Canberra experiences hot, dry summers and mild winters with heavy fog and a rare spot of snow. The city is a young capital often known for its pockets of bush land reserve. These bush lands have national park status and extend almost as far as the city centre and right across half of the Australian Capital Territory.

Victoria

Another state to consider relocating to is Victoria, the second most populous in Australia. Geographically it is the smallest mainland state and is bordered by New South Wales to the north, South Australia to the west and Tasmania to the south. Victoria is seen as the sports capital of Australia and is home to the Australia Rules Football and plays host to the Australian F1 Grand Prix.

Melbourne, the state capital, has Victoria’s highest centralised population with almost 75% of Victorians living there. Finance, insurance and property services are Victoria’s largest income producing sectors, while the community, social and personal services sectors are the state’s biggest employers.

South Australia

Australia is known the world over for its relaxed lifestyle

South Australia is home to Adelaide, voted the most ‘livable’ city in Australia by the Property Council of Australia. It has also recently been listed in the Top 10 of The Economist’s World’s Most Livable Cities and with a population of 1.1 million, is the fifth most populated city in Australia. The coastal city is renowned for its cultural influence on the country and hosts many art and music festivals throughout the year.

Despite all of the cultural sophistication connected to the region, South Australia’s economy is based on the manufacturing and defence technology industries. Almost half of cars made in Australia are built here at the General Motors Holden plant in Elizabeth.

Adelaide is the driest of Australia’s capitals and experiences a Mediterranean climate with hot summers and light infrequent rainfall during the summer. In winter, frosts are rare and most of the rainfall occurs in June. Adelaide has a rural feel, with close proximity to the wine regions and Adelaide hills, but still has all of the amenities of a large city.

Queensland

Further north is the state of Queensland, often referred to as the sunshine coast. It’s a popular destination in which to settle due to its stunning weather. Inhabitants experience mild winters and tropical summers allowing for a great outdoor lifestyle. To the north of the state is the Great Barrier Reef, a registered World Heritage Site and the world’s largest single structure made by living organisms.

To the south is the state capital, Brisbane, Australia’s fastest growing capital. It’s only a short drive north to the magnificent beaches of the Sunshine Coast or south to the Gold Coast, famous for its magnificent shopping, surf and nightlife. Brisbane has an average population age of 33, making it a youthful place to live. Over a quarter of the population was born overseas and more than 15% speak a language other than English as their native tongue.

Western Australia

Newcomers who make the decision to relocate to Australia will find that the country truly has it all

It is also worth considering Western Australia. Known for its wine region and mining industry, the main city is Perth. The State is known for being home to approximately 540 species of birds and a significantly large number of plant species.

Western Australia is steeped in colonial history, hence the reason why the region has an extremely high proportion of British-born residents. Perth is known for its strong community culture which is centered around the many beaches. The climate is warm year-round helping to encourage the relaxed outlook of residents.

However, if you are looking for an alternative slice of Australian life away from the normal hotspots to settle, why not consider the red deserts of the Northern territory or the wilderness of Tasmania? Whether you prefer the natural beauty of the Great Barrier Reef in Queensland, the desirable lifestyle found in New South Wales or sports-mad Victoria, the choice is yours – Australia has it all.

For more information about worldwide destinations go to Crown Relocations at: www.moveoverseas.co.uk

Azuri will become a truly Mauritian, ocean front village

Azuri is a development project in Mauritius which is under the umbrella of Haute Rive Holdings Ltd. This is a joint venture between the Indian Ocean Real Estate Company (IOREC) and Flacq United Estates (FUEL).

Azuri offers potential purchasers the opportunity to invest in Mauritian property at a price that has not previously been possible, by offering investment at the earliest stage. At present, Azuri is a masterplan for a 420 acre site providing a luxurious ocean front setting, forest and agricultural land only 25 kilometres from the capitol Port Louis.

The Vision

The masterplan for Azuri took nearly two years to prepare and will create a truly Mauritian, ocean front village. The developers have sought to create a new village providing education, hospitality, leisure and commercial facilities built around luxury residences. Azuri aims to be an evolving community of both year-round residents and seasonal guest. Azuri is not just a holiday destination but also a place to call home and will provide the ultimate experience for anyone in search of a better way of living.

IRS residential

An initial community of 169 foreign ownership qualified townhouses, penthouses and apartments in landscaped grounds, with basement car parking, moorings, club memberships and swimming pools, together with access to a wide variety of leisure activities both on and off site.

Local residential

Local Mauritians will benefit from a mixture of 100 townhouses and apartment units, clustered around communal garden areas, with dedicated car parking and boat mooring facilities.

The Centara Grand Azuri Resort and Spa

An 85 bedroom five star boutique hotel in the heart of the new ocean front village will provide the perfect place for visitors to stay. In addition, it will create jobs for local people.

Education

The interior of an apartment at Azuri

The Azuri village is not just a place for a holiday. It is also a place to live. A new international school will be established on the site to provide first class primary and secondary educational facilities to residents. The Azuri team is currently working with a variety of top Boarding Schools in the United Kingdom to transform Azuri into the most desirable area for education in both Mauritius and the Indian Ocean region.

Retail & restaurant

The island has recently become duty-free and the government plans to transform the island into a magnet for shoppers. The first phase of the scheme will provide essential amenities that will include new retail, restaurants and cafés to support residents and visitors.

Marine and leisure activities

In respect to the marine environment, there are to be six distinctive environments within 500 metres of the site, comprising the river area above the weir, the river estuary, the beach front, a protected lagoon and the areas inside and outside the reef. The site benefits from the island’s flora and fauna, creating a diverse environment for people both young and old to enjoy. Leisure activities will range from a relaxing picnic, a game of pétanque or scenic hiking to high-octane sports such as horse riding, mountain biking, “Go Aping” and quad biking.

Improved infrastructure

All residents will receive resort membership packages to the world renowned Le Touessrok Hotel’s international championship golf course, designed by Bernhard Langer, and voted one of the top 10 courses in the world by ‘Golf Magazine’

The north of Mauritius benefits from a modern road network unlike the area to the south of Port Louis. As such, journey times are far quicker and offer easy access to the extensive range of facilities and activities in the north and east of the island. Port Louis, the hub for business and commerce on the island, can be reached in only 35 minutes.

Automatic Mauritian residency

Buyers will receive automatic Mauritian residency by acquiring a property under an Integrated Resort Scheme (IRS). Launched in 2002 to allow foreigners to own property in Mauritius, the IRS properties must form part of an approved development, built to international standards, with world-class amenities and facilities. The acquisition of a property for residential purposes by a foreigner under the IRS rules, allows the purchaser, and his/her dependent family, to reside in Mauritius for as long as they retain ownership. To qualify buyers must acquire freehold property off-plan or during the construction phase with a minimum investment of USD 500,000.

A unique investment

Despite Mauritius having nearly 200 kilometres of coastline, only a very small percentage remains as freehold and Azuri is one of a few locations in Mauritius where freehold property can be acquired. Foreign buyers will be able to invest in IRS properties at a price that is significantly below the average price for other IRS properties on the island. They will be able to become a Mauritian resident a price that is more affordable, with prices at Azuri staring from USD 500,000 to USD 800,000 compared to an average price for other IRS properties on the island of around USD 1.6 million.

Strong economy and tax haven

Strong economic growth has rapidly increased average incomes and Mauritius now has the sixth highest GDP per capita in Africa

With a population of around 1.25 million, Mauritius is a serene tropical island nation off the southeast coast of Africa. Once under British rule, the island’s official language is English. Since its independence in 1968, Mauritius has evolved into a safe, politically stable nation, governed under democracy. Over the years Mauritius has developed from a low-income, agriculturally-based economy to a middle-income economy which has diversified to incorporate thriving industrial, financial, and tourism sectors.

Mauritius has achieved successful social-economic development by adopting an approach to economic liberalism that includes poorer sections of society. The approach includes programmes such as the IRS, which provide affordable housing and employment opportunities for local people. The island has many tax benefits. There is no capital gains tax, inheritance tax or wealth tax and the island has benefited in recent years by becoming completely duty-free, paving the way for the island’s transformation into a shopping Mecca.

Investors only have to pay a modest 15 percent on chargeable income when letting properties and a land transfer tax of USD 50,000 when selling. Mauritius has also become a popular country through which to invest into India due to the capital gains tax shelter on the divestment of equity in Indian companies by Mauritian residents (article 13 of the India-Mauritius Tax Treaty).

To enquire about buying an IRS property at Azuri, contact Hamptons International at  http://www.azuri.mu/.

Like all Polaris World resorts, La Torre Golf has a Jack Nicklaus-designed 18-hole golf course

In keeping with much of the Spanish property market, Polaris World suffered in the depression – but unlike some of its rivals Polaris World is still operating and still building new properties.

The company will have a new town centre operating at the Terrazas de La Torre development with bars, restaurants and a supermarket, a spectacular new restaurant and shopping complex has been completed at Hacienda Riquelme as well as a new bar housed in an ancient water tower.

Perhaps most surprisingly, viewed from the UK at least, Polaris World will construct more than 400 new apartments in 2011. It is the only major Spanish developer with key-ready, new-build apartments coming on-stream throughout the next year.

Jose Luis Hernandez, CEO, explains how Polaris World have come through the downturn and what the company’s plans are for the future.

“Like everyone else, we had a very hard time in 2008 until maybe six months ago when we began to see a small upturn. To survive we had to slash our costs. So we stopped advertising, reduced our work force to exactly what we could afford and no more. We sold off assets to clear our debts. Of course we took heavy losses but we have survived.

“I believe we were the most dynamic player in the Spanish boom years and we intend to be the most dynamic when the market recovers. To do that we have to keep developing our products and our services – and building new apartments.

Invest in Spain

“There are several reasons to be optimistic about the future for property in Murcia. First of all it seems certain now that Paramount will build their new theme park in the area. It is expected to be operational in 2013. This is second only to Disneyland Paris in scale throughout Europe and will eventually mean 20,000 new jobs right here. Secondly the new airport at Covera, just 15 minutes away from all our resorts will open in 2011 meaning we have three international airports within 45 minutes of Polaris World.

Polaris World will construct more than 400 new apartments in 2011

“There have recently been positive signs that the Spanish economy is turning around. The OECD today said Spain should return to growth next year. It forecast that Spain’s economy would grow by 0.9% in 2011 and by 1.8% in 2012.
“It also reiterated its current forecast that the Spanish government’s budget deficit would be 9.2% this year, 6.3% in 2011 and 4.4% in 2012. Finally all the things that made Murcia and Polaris World so popular in the past will still be there in the future! We have the finest collection of Jack Nicklaus courses anywhere in the world. Our properties and town centres are unmatched in their quality. And the sun still shines here 320 days a year!

“Spain is also the top overseas holiday destination from the UK – particularly among golfers who know they can play here all year around. Of course the market has affected prices. They are now at the lowest they can go. Perhaps surprisingly, taking all these factors together now is a very good time to invest in Spanish property!”

All Polaris World golf resorts are situated in Murcia, a province in the south east of Spain, basking in more than 300 days of sunshine every year and enjoying an average temperature of 21 degrees for yea- round sunshine.

Visit www.polarisworld.com for more information

The 18th-hole at Wentworth Golf Course (picture: David Cannon)

Purchasing a property – your home – is a complex task.  Beyond falling in love with the property, the head must remain firmly screwed on to factors such as proximity to schools, transport links, ample storage, parking, and all your personal preferences for contented living. Apart from the bricks and mortar, for most of us this decision is usually influenced by local amenities. One of these factors is often the opportunity to watch high quality sport without having to drive miles.

The Surrey/Berkshire borders are an excellent location for the variety of professional sport available within less than 30 miles. Surrey estate agent, James Wyatt, of Barton Wyatt in Virginia Water is a true sports voyeur and talks us through the hottest sporting locations in their vicinity: “We are blessed with a fabulous variety of ‘top name’ sporting venues on our doorstep.

An aerial view of the Wentworth Club (picture: David Cannon)

“Of course, having so many world class venues does mean that we get to rub shoulders with many famous sports stars in Virginia Water and it is not unusual to turn the corner in Waitrose to bump into any number of world famous golfers. Wentworth obviously attracts plenty of golfers but our clients also include a few pop stars, entertainers and actors.”

James’ love of sport has helped the success of his estate agency: “The old adage of doing business on the golf course may not pull the same punch as in previous decades but the networking that comes from being seen and involved in sport locally has greatly benefited my business.”

So let’s look at the top 10 sporting venues within a 30 miles radius of Barton Wyatt’s offices:

* 1.5 Miles – Wentworth Golf Course - Undoubtedly the premier golf course in England. Annually this course attracts the biggest names in golf to the beautifully manicured greens. The start of the European Tour BWW PGA championship on May 26th is attracts huge crowds to the area. As a member you are entitled to special privileges. www.wentworthclub.com

* 3.5 Miles – Guards Polo at Smiths Lawn – A treat to watch even if you are not a keen ‘horsey’ person. Watching polo can either be an extremely up-market affair in a champagne tent dressed in all your finery or equally you would feel just as at home turning up with a picnic rug and the children. It is not uncommon to spot the odd Royal at Guards (HRH Prince Philip is the Club’s President). The big annual event is Cartier International Day, this year on 24th July.

www.guardspoloclub.com

* 4 Miles – Sunningdale Golf – Sometimes overlooked in the area which is unwise, as many describe this course as superior to Wentworth. Used as one of the courses for the InternationalFinal Qualifying rounds for Europe. There is also the Sunningdale Foursome which is a unique competition open to professional and amateur players.

www.sunningdale-golfclub.co.uk

* 5.5 Miles – Royal Ascot – (14th – 18th June) – A week of pure glamour, lovely hats and champagne tents. This is the highlight of the racing season for many.

www.ascot.co.uk

* 16 Miles – Oxford and Cambridge Boat Race (26th March) – Thousands of people watch this on the television but it is such an exciting event to witness live. An easy direct train from Virginia Water to Barnes and then a lovely stroll up the Thames should make a fantastic day out.

www.theboatrace.org

* 17 Miles – Twickenham – (Various dates) – World renowned Twickers – home to English rugby and the place to be seen in your Barbour jacket and school tie. Just 21 minutes on a direct train from Virginia Water will beat the traffic.

www.rfu.com

*  22 miles – Wimbledon – (20th June – 3rd July) Without a doubt the best known tennis location in the world attracting the crème de la crème of international tennis stars. Let the train take the strain and you will be there in just over half an hour.

www.wimbledon.org

*  22 miles – Henley Regatta – (29th June – 3rd July) – You shouldn’t overlook the premier rowing event in the world. If you are fortunate enough to have a ticket into the Leander tent then beware what you wear – ladies with their knees showing will not be welcome.

www.hrr.co.uk

*  23 Miles – Chelsea and Fulham Football Club grounds – No sporting list would be complete without a football venue. Chelsea and Fulham both speak for themselves – world class football teams with plenty of excitement on and off the pitch.

www.chelseafc.co.uk

www.fulham.com

*  25 Miles – London Marathon – (April 17) – If you are running then the distance is a little further as the Marathon starts by Excel and finishes at Buckingham Palace. As a spectator this event can be incredibly moving to watch. The feeling of togertherness that the runners have with total strangers on the course and the strength they take from the cheering crowds is something to be seen and thoroughly enjoyed.

www.virginlondonmarathon.com

Hopefully this epic list of sporting events has wetted your appetite for things to come this year – and that is without touching on the excitement that 2012 will bring with the Olympics.

So when asked which was James Wyatt’s favourite he responded: “I couldn’t possibly choose – each of these sports are so unique to watch it would be unfair to declare one better than another – but for ease of getting home afterwards I suppose the PGA Golf at Wentworth does come up trumps!”

For more information contact Barton Wyatt on 0134 484 3000 or visit www.bartonwyatt.co.uk

For those looking for a second home in the sun, Egypt offers great access from Europe, an idyllic year round climate and cheap property prices. For those seeking an affordable place in the sun with excellent rental potential, the award-winning Port Ghalib on Egypt’s Red Sea Riviera has a range of apartments and villas starting from just £53,000, with rental guarantees of seven per cent.

Port Ghalib is the ground-breaking US$5 billion resort on Egypt’s fashionable Red Sea Riviera created by international developer, the M.A Kharafi Group. Set on over 21 million square metres of shoreline, Phase One comprises 11 zones incorporating homes, 25 hotels, leisure facilities and amenities. Phase Two comprises 19 zones and with a further 45 hotels. The resort combines the mysteries of Arabian nights with western technologies and all set in a superb location on the Red Sea, complete with endless sandy beaches and mountain backdrops

Port Ghalib Marina Residences

Port Ghalib Red Sea is the largest resort in the Middle East North Africa and is fast becoming Egypt’s leading holiday destination with visitors from around the world coming throughout the year drawn to its crystal clear waters, coral reefs, rare fish and wild dolphins. Located at the very heart of Port Ghalib Red Sea is the Marina, which is the core of the community. Featuring a five-metre deep harbour basin, it is a fully serviced port of entry into Egypt.

Comprising 11 zones, each with their own identity, a large conference centre, 160 retail and commercial outlets, Phase One at Port Ghalib Red Sea is now over 40 per cent complete with the Marina, four operating international hotels including the six star Palace by Intercontinental, The Oasis and The Sands by Crown Plaza and Marina Lodge, and a wide range of luxuriously fully furnished villas and apartments ready for occupation.

A four-lane, ten-pin bowling alley, horse academy, children’s centre and water sports all associated with such an international destination are all up and running. The resort also benefits from Six Senses Spa, which has just been named Egypt’s best spa at the World Travel Awards. When fully complete, Phase One will incorporate 21 further hotels, in addition to a yacht club, an 18-hole golf course and further entertainment facilities and services.

Ibrahim Saleh, spokesman for Port Ghalib Red Sea and Group Vice President of the Al Kharafi Group comments: “Marsa Alam is set to become one of the biggest stories in property in the next decade. While Hurghada and Sharm El Sheikh are known as some of the hottest destinations in the world, Marsa Alam is a new destination with low property prices and a young tourist market which is set explode in coming years. The villas and apartments at Port Ghalib are finished to a high standard and we are currently offering a guaranteed rental income of seven per cent.”

The Marina Residences at Port Ghalib Red Sea are a collection of 600 luxurious apartments and villas, with views of the marina. Each home comes fully furnished and air-conditioned, with kitchens that are equipped with appliances, cutlery, and crockery. Residents enjoy 24-hour security and the use of full community services such as maintenance, parking and garbage collection, and also have access to landscaped courtyards. Port Ghalib Red Sea’s onsite amenities also include an optics ring that covers the whole resort and provides state-of-the-art broadband, TV and telephone services.

Port Ghalib Red Sea is located 65km south of Al-Qusair city and 210km south of Hurghada and just five minutes drive from Marsa Alam International Airport, which services over 2.5 million passengers each year from a number of European destinations including London, Paris, Rome and Berlin as well as daily domestic flights from Cairo. Flight times are: one hour from Cairo; two and a half hours from the Gulf; and five hours from Europe. Port Ghalib is also easily accessible by sea, via the new Port Ghalib International Marina, and by road, with the Valley of the Kings just two and a half hours away.

There are currently a wide range of studio, one, two, three bedroom apartments and four bedroom villas available at Port Ghalib Red Sea, with prices starting from £53,000. For further information, please visit www.portghalib.com

Egypt’s Amer Group launches the latest jewel in its Egyptian crown – Porto South beach

Egypt’s leading developer and operator of luxury destination resorts, the Amer Group, has launched its latest Egyptian development Porto South Beach. Located in the heart of ‘Ain Sokhana’ on the warm waters of the Red Sea, and just 130km from Cairo, the resort’s destination offers access to one of Egypt’s best-kept secrets.

Based on 267,000 square metres of prime Egyptian land, Porto South Beach provides purchasers with an opportunity to buy a luxurious holiday home in Egypt’s newest destination resort. The Amer Group’s Porto Home store and services at Porto South Beach, provide the furniture range, home accessories and interior design services to furnish the apartment. In addition, the resort management company will provide a rental scheme for owners

Amer Group Porto Marina

Porto South Beach provides 1,020 luxurious homes and timeshare properties, a 275-room five-star standard hotel, shops, restaurants, cinema, health spa, and private beach. Porto South Beach is designed around a central lazy river, swimming pools, luscious landscaped gardens and children’s play areas.

The Porto South Beach architect-designed apartments offer ten different unit types ranging from studio to two bedroom homes. The buildings are arranged on three terrace levels to enable all apartments to have sea views with a small number benefiting from mountain and garden views. Ranging from 50 square metres to 110 square metres in size, a selection of the single storey studios open directly on to the beach.

Serviced by the resort hotel, the apartments have the benefit of housekeeping and concierge services that can provide anything from porters, dinner reservations or purchasing cinema tickets, filling the fridge or refreshing and supplying the bathrooms with towels, soaps and shampoos.

Porto South Beach resort also offers facilities including tennis courts, water sports, a go-cart track, underground tenpin bowling arcade and a paint ball park. A private residents club offers exclusive use of a gym, aerobics room, spa treatments plus yoga spaces.

Peter Riddoch, CEO of the Amer Group (Porto World resorts) comments: “Porto Sokhna provides our European customers with an opportunity to invest in a destination that is relatively new to the market. A well-kept Egyptian secret, Ain Sokhana offers stunning panoramic views of the Red Sea and a wide range of facilities and amenities.”

Property prices at the resort start from £44,000.

Further information on the Amer Group’s portfolio of ‘Porto World’ resorts can be found at: www.amer-group.com

Peter Esders

Recent changes in the Furnished Holiday Lettings rules have brought rental properties both in the UK and abroad to the forefront of people’s minds. Solicitor Peter Esders of Chebsey & Co explains how this can affect property owners

Effectively, these changes mean that there will be less tax breaks on Furnished Holiday Lettings (whether in the UK or abroad) and some of the criteria have been tightened up.

There are many people who own foreign property and rent them out. In my experience these people generally fall into two different categories. The first is the pure investor. They buy property purely for profit in terms of both Capital Gains and also income.

The second is the sort of person who would buy their first ‘second home’ abroad for their own personal use but then decide that they could offset some of the cost by renting it out. I can understand the second type of buyer getting confused about their tax obligations when they rent out a property abroad but there really is no excuse for the first type of investor not fully understanding the situation before they buy.

Paradise? Yes, but if other people rent your home in the sun, don't forget to tell the tax man

Having said that, it is amazing how many people either have selective amnesia or selective understanding when it comes to foreign rental property. I often see people who try and play one country off against each other. When they are abroad, they say things like: “I live in England and therefore don’t have to pay tax here,” whereas back home they say things like: “The property is abroad so I don’t have to pay tax here.”

They may be able to fool themselves that this is the case. They may also fool the people that they tell, but the tax authorities won’t listen to this sort of argument.

The situation does vary slightly depending on which country or countries you are talking about but overall the rules are basically the same.

• If you rent out a property in another country then you should be declaring that income in that other country and paying tax on it in that country.
• You should also declare the income in the country where you are tax resident (generally where you are living) and pay tax in that country as well.

“That doesn’t seem fair,” I hear you say. No, it isn’t – hence that’s why double taxation treaties exist. Basically, different countries have agreements whereby you can generally offset the tax paid in one country against the tax due in the other so that you only pay any extra amount due rather than the whole amount again. The tax treaties do work in slightly different ways so it is important to understand what the impact will be before buying.

So what happens if, for example, you have a Spanish property and only rent it out to English people and receive the money in England. Well, you have still received an income from the property and therefore should declare the income in Spain (and in England). Of course some people in such a situation would conveniently forget to tell the taxman in Spain.

Honesty is still the cheapest policy when it comes to renting your home

They are the same sorts of people who are surprised when the tax authorities send them the price list and availability information downloaded from their own website and ask for the tax on the weeks that they have told the world that they have already rented the property for!

Then the authorities want to go back several years and charge fines and interest and these people feel hard done by. Put simply it is just not worth it – even if it does mean that you have to pay some tax.

Luckily it is not all bad news. If you arrange your affairs properly when you buy and take advice you can make significant legal savings in tax, but it is vital that you take this advice before you buy as otherwise some of the options may not be available to you. As ever it often means paying out some money to save even more money in the future.

Peter Esders is a solicitor at Chebsey & Co and can be contacted on tel: 01494 670440  Fax; 01494 670276  Email: pje@chebsey.com Web: www.chebsey.com

Interior of a Ville degli Olivi property

To celebrate the launch of Realitalia’s new web site, the company has created a promotion for people who sign a Preliminary Contract at Ville degli Olivi in Tuscany before July 31, 2010. They will gain – included in the price of their Italian home – a Realitalia Furniture Package.

The Realitalia Furniture Packages are a customized selection of fittings and furniture designed to make their Italian home fully enjoyable from day one. Owners can decide on colors and style to create their own perfect home. An example of these Furniture Packages can be seen in the new Realitalia.co.uk Portfolio section:

The offer means that for the 3-bedroom garden flat ‘Basilico’, buyers will be able to obtain a complete Furniture Package that costs €37,000 included in the price.

This is an excellent time to buy since people who do so will be able to take maximum advantage of the Realitalia Design Options. This means that owners can deal directly with Realitalia’s team without the need to manage and deal with the construction.

The first phase of delivery is expected for the spring of 2011.

Ville degli Olivi

One bedroom apartments from circa £200,000

Two bedroom apartments from circa £ 250,000

Three bedroom apartments from circa £ 420,000

For more information, contact: http://www.realitalia.co.uk/en/portfolio

New facilities under construction in St Lucia

St Lucia's lifestyle is receiving a major boost

St Lucia, part of the Windward Islands chain in the West Indies, is aiming to attract second-home owners with plans for a new airport terminal and upscale facilities such as a new casino (the first for the island), a multi-million pound shopping mall and super-yacht marina.

The Minister of Tourism, Allen Chastanet, explains that the quality of life is changing for the better in St Lucia and services are developing to support a higher-end lifestyle for property owners and travelers. The news has been welcomed by luxury developments such as The Landings, an exclusive development of private residences based close to the new amenities.

St Lucia has always been a popular sailing destination with many boats starting there and heading to the Grenadines. Now with the opening of new super yacht facilities at Rodney Bay Marina, the new facilities can take yachts on 32 dedicated berths up to 250 feet in length.

The Government has announced plans recently to construct a new terminal with all modern amenities at the Hewanorra International Airport in Vieux-Fort. Work started on the new terminal in January 2010 and it will take two years to complete.

The Baywalk Shopping Mall in Rodney Bay is another development in the north of the island that is close to completion. There will be two floors of retail shops including some of the world’s best brands and St. Lucia’s first casino which is opening in July 2010.
The Landings has just launched a new phase of beachfront apartments. Each property features a fully equipped high-end kitchen with premium-brand appliances, a spacious living room, dining room, cloakroom, bedrooms with en suite bathrooms and four poster beds, two balconies or a landscaped terrace.

Properties at The Landings start at $550,000 for a 1-bedroom residence and the new beachfront residences range in price from $1.8 million (£1.18M) to $3.5 million (£2.24M).

Canary Island Upgrades

Lanzarote’s leading resort rejuvenated at a cost of over €16 million

Puerto del Carmen is receiving major investment

Nick Ball of www.lanzaroteguidebook.com reports that work on the €16 million project to rejuvenate Puerto del Carmen, the largest resort on Lanzarote, is now drawing to a close. Over the last 12 months, island tourist authorities have followed through on their promise to improve facilities and amenities in the popular tourist destination in order to compete with other holiday hot spots, such as Egypt and Turkey.

Puerto del Carmen has long been the engine room of the island’s tourist industry, accounting for the bulk of the 1.3 million foreign arrivals who visit Lanzarote each year. The project has encompassed a number of measures including improvements to the main seafront promenade and the transformation of the Old Town harbour area into a luxury marina.

High Speed Hook Up For Canary Islands

Tenerife, Gran Canaria and La Palma are all set to benefit from a major multi-million euro project which will deploy a new submarine cable between the islands and Cadiz on the mainland.

Delivering high-speed Internet services and improved connectivity for the benefit of consumers, public administration services and research facilities, the project is the result of collaboration between Alcatel-Lucent and CanaLink and is scheduled for completion as early as the first half of next year.

“This project is a significant contribution to the regional communications infrastructure and socio-economic development by permitting diversified accessibility to cost-effective services,” said Alfonso Gajate, president of IslaLink and CanaLink.

Stated Philippe Dumont, head of Alcatel-Lucent’s submarine network activity. “With this project, CanaLink will have access to advanced technologies and rely on the bandwidth availability required to make end-users enjoy the best communications experience possible.”

Free travel guide to Cyprus

Pick up tips about family favourite Cyprus before you go

Specialists in luxury holidays, Sovereign.com have introduced the first of a new series of unique travel guides, ‘The Insider’s Guide to…’ The first of the four-page guides focuses on Cyprus and can be downloaded free on the Sovereign Holidays website.

The Insider’s Guide to Cyprus will provide holidaymakers with a handy guide on where to go, what to see and hidden delights on the popular island of Cyprus. Travel tips come from hoteliers and the in-resort concierge team to provide an informative guide direct from those who live there.

The guide also includes handy phrases, recommends traditional Cypriot food and drink, days out for the family, best beaches and provides a list of some of the most popular festivals holidaymakers can combine with their trip.

The Insider’s Guide to Cyprus has been designed for visitors to pack in their hand luggage. It is split into four distinct sections, so even if a holiday will only be spent in the larger resorts of Paphos or Limassol, holidaymakers can still benefit from resident’s knowledge and insider tips on where to go, what to see and where to eat.

To download the free guide, visit the Cyprus holidays page at: www.sovereign.com

Portugal’s Silver Coast sees the launch of new resort Falésia D’El Rey

Praia del Rey resort

Well-known international developer, the Beltico Group, owners of Praia D’El Rey Golf & Beach Resort on Portugal’s Silver Coast, announce the approval of their next five star golf and leisure resort, Falésia D’El Rey.

“Praia D’El Rey Golf and Beach Resort put the Silver Coast on the map”, says Beltico Chairman Stuart Swycher. “Now, with the launch of our next project Falésia D’El Rey, we aim to repeat our success, and introduce even more people to the barefoot luxury lifestyle of the Silver Coast”.

Falésia D’El Rey is a spectacular 230-hectare front-line ocean site, right on the cliffs overlooking the sea and beaches of the nearby Óbidos lagoon. Here Beltico will develop a 5-star luxury resort, with an 18-hole links golf course and golf clubhouse, a 5-star contemporary hotel overlooking the sea plus a boutique hotel with spa, swimming pools, tennis courts, shops, exercise circuits and more.

Declared a Project of National Interest by the Portuguese authorities, at Falésia D’El Rey 475 luxury properties will be created around the new golf course which is designed by the world renowned American golf course architect Pete Dye, with front line ocean views and ranging from apartments (192) and townhouses (205) to luxury detached villas (78).

For more details, go on-line at: www.praia-del-rey.com

Working out up to half the price of hotels and often less, there are over 10,000 budget rentals worldwide on www.HomeAway.co.uk, including modern apartments, spacious houses and even villas with pools. And it’s not just in Europe that you can save, as many Brits now own property further afield in long-haul destinations such as Africa, South America and Thailand.

For those without an A-list budget who still want to holiday in style, HomeAway Holiday-Rentals has put together a list of the top 10 best budget properties worldwide. These include a brand new apartment overlooking the Miraflores golf course on the Costa del Sol, a modern apartment on the Magic Dreams resort in Bulgaria, and a chic villa with pool and Jacuzzi in Thailand.

At under £10 per person per night these properties provide not only better value, but much more luxury than a ‘budget’ hotel. There is even a spacious house in London from just £29 per person per night. Prices quoted are per property unless otherwise specified and correct at time of going to press.

1. BULGARIA:

Modern, high standard apartment in resort of Sveti Vlas. Onebedroom, sleeps four. From £95 per week = £4 per person per night
Located in the newly developed resort of Magic Dreams by Dreamville, the resort contains two large pools, pool bar, restaurant, Spa and fitness centre, Internet café, supermarket and shops. www.homeaway.co.uk/p446668

2. ITALY:

Beautiful apartment in Umbria with private pool and breathtaking views. Two bedrooms, sleeps seven. From £310 per week = £6 per person per night
The apartment is located on the top of a hill in an ancient Umbrian town near Trevi. The 1,000-year old property, with a private pool and car park, was renovated in 2007 and is ideal as a base to the main monuments and the most famous towns of Umbria. You can also enjoy the swimming pool, mountain trekking, mountain biking and horse riding. 
www.homeaway.co.uk/p433402

3. COSTA DEL SOL:

Brand new apartment overlooking Miraflores Golf Course in Mijas Costa. Two bedrooms, sleeps four. From £195 per week = £7 per person per night. This is a brand new 2nd floor apartment located on a small privately owned complex. The complex has 24-hour security, secure underground parking, a large infinity pool set in beautiful Mediterranean gardens, a sauna and fully equipped gym. www.homeaway.co.uk/p66776

4. SLOVENIA:
 Quiet apartment in beautiful village with mountain views, Mojstrana. 
Two bedrooms, sleeps seven. From £260 per week/from £45 per night = £7 per person per night. The balconies on the two floors have uninterrupted views to the meadows and mountains. Also available are an Internet connection, a PlayStation and a selection of English books and games. www.homeaway.co.uk/p66766

5. THAILAND:
 Large villa with private pool and Jacuzzi minutes from beach. Four bedrooms, sleeps eight. From £400 per week/£72 per night = £9 per person per night. This is a spacious villa with private pool set in tropical gardens, in a secure development, a five minute drive to the beach and Pattaya centre. The property is furnished to a European standard. Pattaya is 147 kilometres southeast of Bangkok and faces the Thai Gulf. www.homeaway.co.uk/p85503

6. MEXICO: 
Colourful house with spectacular views in San Miguel de Allende. Four bedrooms, sleeps eight. £461 per week/£115 per night = £15 per person per night. Casa de Corazón is very private, set back from the street in a quiet location. It offers spectacular views, and is conveniently located a short walk from restaurants, grocery shopping and the centre of town. This home offers modern comfort and conveniences combined with old world charm and hand-made furnishings. www.homeaway.co.uk/p166011

7. PARIS: Charming one bedroom apartment near Bastille and Marais.
One bedroom, sleeps five. From £398 per week/£80 per night = £16 per person per night. Near the Place de la Bastille and Gare de Lyon and just a stroll from the beautiful Place des Vosges, the property is decorated to a high standard and the kitchen is fully equipped. www.homeaway.co.uk/p441773

8. ISTANBUL: Deluxe flat in the city centre. One bedroom, sleeps five. £571 per week/£96 per night = £19 per person per night. This one bedroom apartment comes equipped with a king size bed, a double sofa bed, an optional fold-out single bed, kitchenette and bathroom. This apartment offers comfortable contemporary living in an ideal setting. www.homeaway.co.uk/p255486

9. MARRAKECH: Recently restored fully staffed riad in Marrakech Medina. Three bedrooms, sleeps six. £900 per week/£130 per night = £22 per person per night. Away from the regular tourist trail and in an area full of charm, this is a lovely traditional two-floor riad. The ground floor comprises a sunny courtyard with plunge pool, fully equipped kitchen, salon with fireplace & DVD, dining room for six and one bedroom. The first floor features an office with music system and two bedrooms en-suite. There is also a large terrace with seating area under canopy and attractive roof garden. www.homeaway.co.uk/p67398

10. LONDON: Spacious house close to Wimbledon and within easy reach of main central attractions.
Two bedrooms, sleeps four. £750 per week/£115 per night = £29 per person per night
. This classic two bedroom house is located in a peaceful courtyard setting, providing bright luxury accommodation with well-proportioned rooms. The property features a large reception room, kitchen with space for dining and two spacious bedrooms. www.homeaway.co.uk/p435130