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

Currently available is a three bedroom villa in the village of Tala, close to Paphos. Situated in a quite cul-de-sac location, this villa offers sea views and is surrounded by rolling hills, a ravine and lush vegetation. £305,000 with title deeds available through www.purpleinternational.eu

Owning a home abroad still ranks highly with the British public despite the ups and downs of the global economy. However, bad advice, impulse buying and general lack of research all contribute greatly to many a misadventure overseas.

Cyprus is currently one of the most sought-after overseas locations for those looking to move to pastures new. However, in recent years it has become synonymous with bad publicity in relation to title deeds, or rather a lack of them! Many potential buyers have undoubtedly had second thoughts about investing as they plotted their course over a bureaucratic minefield and of those that reached the relative safety of the far side, quite a few have felt despair, both financial and mental, as they struggled to come to terms with the effect of not having title deeds.

Kim Brown, director of www.overseasguidescompany.com said, “Contrary to popular belief the buying process in Cyprus is different to the UK and by taking time to understand the process and the legalities involved will make for a far more rewarding journey. Firstly it is important to understand that the delay on title deeds applies mainly to new properties but not exclusively. There are literally hundreds of resale properties with title deeds in place available to buy today and many of these are not more than a few years old.”

Part of the current problem in delays on deeds being issued is that Cyprus has experienced a property boom in the last five years and what used to be a two to three year process/delay has now spiralled to a 10 year wait! This is hardly satisfactory for the property investor or for the property industry in general! However the government is currently looking at ways to speed up this process by various means.

In essence each parcel of land built on by developers needs to receive a ‘Certificate of Approval’. Again, this is a lengthy process in which a government official has to physically visit the site and concur that all building regulations and land divisions have been adhered to. This process is further delayed if some of the new build properties remain un-sold as it is common practice for developers only to apply for approval once all properties have been sold. The broadening of the numbers permitted to provide a ‘Certificate of Approval’ is almost certainly the way forward.

It is important to remember that it is a case of ‘buyer beware’ for those without deeds, as even the addition of a conservatory would be deemed as illegal until the title deeds are in place.

Stunning beaches including Coral Bay and the central Kato Paphos tourist and harbour area are all within a 15 minute drive.

Investing in property in Cyprus does not have to be a laborious and stressful process. If you do your ‘homework’ and deal with professionals that have countless years of experience in the Cypriot property market then there are ways to safeguard your purchase even on a new build development.”

For peace of mind when buying property in Cyprus contact www.CyprusBuyingGuide.com. Their comprehensive guide to buying in Cyprus offers a wealth of information and they are available to talk to potential investors on the telephone.

www.OverseasGuidesCompany.com

(Kim Brown, director, launched The Overseas Guides Company (OGC) in 2005. The Guides are written specifically for the British buying abroad. Since its launch, OGC has become the UK’s leading educational resource for anyone interested in moving overseas and/or buying a property abroad. They offer free, informational guides to Britons buying property in over 15 countries)

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

According to Assetz International, the development offers a great financial investment in the long term either as a permanent residence or as a holiday home. The location also makes the development an attractive investment as the town of Peyia offers something for everyone.

Coral Bay

Cyprus boasts 300 days of sunshine a year and offers a mix of history, food and beautiful sandy beaches. With budget airlines now flying to the island, Cyprus is becoming a sought-after holiday destination.

Stuart Law, Chief Executive of Assetz, comments: “The economic recession of 2008 and the weakening of the British pound against the euro resulted in a dramatic fall in overseas demand for property in Cyprus and as a result developers may consider large discounts on properties.

“Now is the time for investors to pick up a property bargain before the tide turns and prices start to rise rapidly again. Cyprus is a popular destination among holiday-makers and property investors alike, and is set to experience significant property rental and capital growth over the next few years.”

Peyia Village

Peyia Village, on the south west Coast of Cyprus is just five kilometers from Coral Bay. The development boasts a communal swimming pool and offers excellent mountain and sea views. The apartments are spacious with open plan kitchens.

In addition to the superb beaches close to the development, the town has a number of restaurants and tavernas which are ideal for relaxing and enjoying some of the great Cypriot food. For those who are more active it is close to the internationally known golf courses, Tsada and Secret Valley. Alternatively, in the town of Peyia there are numerous activities available such as go-karting, paragliding or one of the many watersports the beaches have to offer. There’s really something for all members of the family.

Peyia Cottages

Assetz can supply 2-bed apartments from €90,334, reduced from a list price of €145,700.

Mortgages are available from 70 per cent LTV with rates as low as 3.5 per cent fixed for two years.

About Assetz plc (www.assetz.co.uk)

Assetz plc heads a group of well-known property investment companies offering carefully selected UK and overseas property and property funds as well as education, buying assistance, finance and after-sales service. Assetz offers expertise whether a client is seeking an investment, holiday home or both, and specialises in the UK, France, Portugal, Spain, Cyprus, Cape Verde, and Germany.

About Assetz International

Assetz International offers overseas property in selected countries including France, Portugal, Spain, Cyprus, Cape Verde,  and Germany, as well as having a dedicated Assetz Ski division. Properties range from small investment apartments in the Alps to luxury villas on the Algarve and the Cote D’Azur.

Assetz International: 0845 400 6000 or visit www.assetz.co.uk/international

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.

New ski apartments for sale in a residence de tourisme described by developer MGM as ‘state-of-the-art in terms of sustainability and fuel economy’ are to be built at Flaine in Haute-Savoie region of the French Alps.

MGM, which has signed-up to the principles of HQE (Haute Qualité Environmental) – the international construction industry’s high environmental quality standard which aims to integrate the principles of sustainable development defined at the 1992 Earth Summit – sees its latest new development at Flaine as the next significant step in its commitment to reduce energy consumption.

“This development is tipped to become a showcase of eco-friendly development and it will set the pace for future new developments by MGM,” says the company’s London-based sales consultant Richard Deans.

Le Centaure was designed by one of France’s leading architects, Christian Hauvette of Paris

Le Centaure will comprise 66 apartments ranging in size from 27 square metre studios to 75 square metre three-bedroom duplexes. They include apartments specially adapted for use by disabled occupiers. Features of these apartments include larger floor areas in all rooms, especially the bathrooms and toilets which will have hand rails to assist.

The Residence will incorporate an indoor swimming pool with floor-to-ceiling glazing to give dramatic views of a nearby mountain waterfall, as well as a sauna, Jacuzzi, steam and fitness rooms. A spa and beauty centre will have a variety of massages and body treatments on offer.

When it opens for business at the end of 2011, Le Centaure will be just 50 metres from the cable car lift to Les Grandes-Platières which boasts panoramic views of Mont Blanc at the start of the Cascades blue run down to Sixt-Fer à Cheval. At 14 km, this is one of the longest ski runs in the world, forming part of the 265 km network of pistes within the Grand Massif ski area.

Flaine, a 75-minute drive from Geneva Airport, is popular both for the ski season – with additional activities like ice driving on offer – and the summer where mountain bike rides and walks start on the doorstep.

Off-plan prices of the properties at Le Centaure start at €159,000 for a studio, rising to €426,000 for a three-bedroom duplex apartment.  The prices, which include parking, cellar storage and a ski locker, exclude VAT waived under the leaseback scheme.

Eco details of the Le Centaure development

For 20 years the firm has insulated the external walls of the homes it builds – despite the fact that, in France, this was not a legal requirement until 2007. The levels of both thermal and acoustic insulation installed by MGM exceed the standards demanded by French building standards.

Le Centaure has been planned so that the majority of the apartments are south-facing to maximise the use of natural light through glass-fronted balconies and big double-glazed windows.

Among other energy saving features are:

• lighting activated by movement detectors, switching off automatically when no-one is around
• low-energy light bulbs in communal areas
• geothermal heat pumps to extract and use energy which occurs naturally underground
• low-cost under-floor heating
• flow regulators on all taps.

During construction of Le Centaure, MGM will reduce the carbon emissions caused by transporting workers and materials to the site by engaging local contractors and sourcing local building materials like stone and timber from nearby quarries and sustainable forests.

All the building materials to be used have been closely scrutinised by energy-saving experts at MGM. Eco-friendly paint will be used on the external walls and the company has opted for timber window frames. This is because, while recognising that aluminium ones can be recycled in the longer term, the manufacturing process uses up to 1,000 times more energy than that for timber frames. During the construction process all waste materials will be carefully sorted on site and sent for recycling.

For more information about the properties available, call MGM’s UK office on 0207 4940706 or visit the website www.mgm-constructeur.com

CARIBBEAN

Old Bahama Bay

Barefoot elegance is to be found at Old Bahama Bay on Grand Bahama Island, in the heart of a thriving waterfront resort community. Extraordinary beaches, beautiful water and excellent fishing abound and Old Bahama Bay is a great getaway for tranquillity, relaxation and pampering. The resort also offers a full-service and official port-of-entry marina to Grand Bahama as well as a helipad with charter service available from Florida and state-of-the-art facilities.

Stunning oceanfront home-sites and beachfront condominiums are available from £300,000. For more information contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Bacolet Bay Resort & Spa, Grenada, Caribbean Bacolet Bay is a low density resort comprising villas and hotel cottages spread across 41 acres of tropical gardens on one of the less developed islands of the Caribbean, Grenada. Experience International offer one bedroom, separate dressing room, bathroom, plunge pool with waterfall feature and shaded terrace priced from £321,724. For more information on the four units remaining contact Experience International on 0207 321 5858 or visit www.experience-international.com.

PORTUGAL

Monte Rei

Monte Rei Golf and Country Club, Eastern Algarve is a range of luxury apartments, large villas and plots of land available for development within this luxury development based around two 18-hole Jack Nicklaus Signature golf courses.

Prices start at €995,000/ £894,300 to €1,830,000/ £1,644,564 and for more information, please contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.