This article by the Property Wire on October 10th, 2013 discusses the introduction of a new sales process welcomed by the British Property Federation.
The
British Property Federation has welcomed the introduction of a new
property sales process which will reduce leasehold transaction times by
five to 10 days and save UK consumers a combined total of over a million
days each year.
The new process, based on a standardised questionnaire for the
industry has been created by the BPF and all the major trade bodies,
including The Law Society and the Royal Institution of Chartered
Surveyors (RICS), facilitated by Move with Us, and will be available to
all parties in the process.
The BPF pointed out that buyers and sellers of leasehold properties
have experienced added complications and expensive delays because of
differing information requirements from both the buyer’s and seller’s
conveyancers meaning the landlord or managing agent has to deal with a
different set of enquiries every time a leasehold property is sold.
By
creating an approved set of enquiries for leasehold properties both
landlords and managing agents can introduce systems to collate the
information safe in the knowledge that both the buyer’s and seller’s
conveyancers will accept it, saving an estimated five to 10 working days
on average. Consumers will also save money as the additional requests
for information will only be required where an issue is revealed which
requires further investigation.
‘It is great to see that the whole
residential leasehold sector pulling together and delivering a benefit
to its customers,’ said Ian Fletcher, director of policy at the British
Property Federation.
‘The commercial leasehold sector has had standard enquiries for 10
years and seen the advantages flowing from a more efficient conveyancing
process. The same will be true of these residential enquiries and we
will be promoting them amongst our membership as the standard for the
sector,’ he added.
The new industry created and approved Leasehold
Property Enquiries, Form LPE1 will be available from 10 October and the
overall concept has been approved by the Council of Mortgage Lenders
(CML) and The Building Societies Association (BSA).
Landlords,
managing agents and conveyancers interested in accessing the new
leasehold enquiries form should contact Beth de Montjoie Rudolf at Move
with Us.
Article Source: http://www.propertywire.com/news/europe/uk-leaeshold-property-sales-201310108334.html
Showing posts with label property buyers. Show all posts
Showing posts with label property buyers. Show all posts
Friday, 11 October 2013
Monday, 7 October 2013
Gazumping Returns to Housing Market in Battle of the Bidders
This article by Lauren Thompson of theguardian on October 6th, 2013 tells us the war in the housing market because of help to buy which demand rises up to 17% and supply down by 14%.
Gazumping and other nasties that flourished in the last property boom are making a return, as competition for homes increases with the bringing forward of the second phase of Help to Buy.
The scheme, which allows buyers to purchase a property under £600,000 with a 5% deposit, was brought forward to last week – three months ahead of schedule. Traffic to Zoopla, the property search website, immediately jumped 17% compared to a week earlier.
Yet supply is not matching this surge in demand, with 14% fewer homes for sale than this time last year, according to the property analysts Home.co.uk, and 19% fewer in London.
There are fears that buyers could be caught in a bidding frenzy fuelled by bullish sellers and eager estate agents keen to talk up the market. Around 10% of the adult population – 5.1 million people – say they are likely to buy in the next 12 months, up from 8% (or 3.7 million) in January 2012, according to Santander Mortgages.
So how can homebuyers navigate the risks of this buoyant market?.
Gone in a flash
Buyers in stronger markets will have to work harder to find the right properties, especially in hotspots such as London. However, Lisa Green, director of the County Homesearch Company in the north-west, emphasises: "Buyers outside the south-east and other hotspots should be wary of estate agents talking up the market." She says the market is still quite weak in many areas, such as Oldham, Huddersfield, Hartlepool, and Powys in Wales.
"Buyers in these markets are still in a strong position to negotiate on the asking price," she says.
First-time buyer Helena Gibbon, 29, is struggling to find a property in London's overheated market. She has been searching for a one-bed flat in Walthamstow, east London, all year, with her sizeable budget of £200,000. Gibbon, who works in advertising, has saved for years for a 10% deposit, and currently lives with her parents while she scours the market.
"It's tough out there for buyers. I have friends who have viewed 30 or 40 properties but they go so quickly," she says.
If you are searching in a popular location, make sure you have all your paperwork ready if you decide to make an offer, says Camilla Dell at Black Brick buying agency.
Most serious buyers will be signed up to Zoopla or Rightmove alerts, but sometimes the best properties do not need to be advertised because they are snapped up so quickly.
Buyers at the top end of the market – with a budget of £500,000 or more – sometimes employ a buying agent with good contacts to search the market. But what about the rest of us? Tracy Kellett, a buying agent at BDI Home Finders, says that buyers should "make friends with estate agents" and emphasise their strong and serious position as a buyer. "Ask for the first heads-up when a property becomes available," she says.
Gazumping
It's every buyer's nightmare – your offer on a property is accepted and you spend hundreds, or even thousands, on a survey, mortgage and legal fees, only to have another buyer make a higher offer and snatch the place from under your nose.
While still relatively rare, agents say gazumping is making an unwelcome return in pockets across the country.Vicki Wusche at The Property Sourcers says: "We recently had an offer accepted for a client on a three-bedroom house in Norwich at the asking price of £122,000.
We immediately sent over our paperwork and instructed a solicitor and went to bed thinking it was a done deal. But in the morning a cash investor had made a higher offer that had been accepted."
Have a mortgage agreement in principle and your surveyor and solicitor ready before you make an offer, and request the estate agent in writing to take the property off the market as soon as your offer is accepted.
Kate Faulkner at advice site Propertychecklists.co.uk says: "Above all, remember that a seller or agent who gazumps you is not worth doing business with anyway. Have faith that a better property will come along soon."
Sealed bids
Bidding wars – where you compete with other buyers for the same property – can be stressful, but it is vital not to get carried away and pay over the odds.
Buyer Georgina Janion recently bought a flat in Putney, south-west London. The ground floor Victorian conversion had 83 viewings and 13 offers in just one week. The sale went to "sealed bids", where Janion and the other potential buyers had to email their final offer before midday on the same day.
She says: "I had been looking for a property for months and viewed about 30 flats, so I knew the local market well. Going to sealed bids is tough and it's impossible to second-guess what other buyers might be willing to pay. I just had to stay calm and offer a fair price that I could afford."
First-time buyers, most of whom will have saved years for a deposit, need to be especially wary of blowing their budget in a bidding war. Check sites such as nethouseprices.com and mouseprice.com for recent sale prices. It's important to retain a pot of savings to buy new furniture or cover unexpected maintenance costs.
Wusche adds: "Also remember interest rates will go up and you should use an online mortgage calculator to see how your monthly payments would be affected. Could you afford to pay 8% on your mortgage? It's vital not to overstretch yourself."
Article Source: http://www.theguardian.com/money/2013/oct/06/gazumping-housing-market-help-to-buy
Gazumping and other nasties that flourished in the last property boom are making a return, as competition for homes increases with the bringing forward of the second phase of Help to Buy.
The scheme, which allows buyers to purchase a property under £600,000 with a 5% deposit, was brought forward to last week – three months ahead of schedule. Traffic to Zoopla, the property search website, immediately jumped 17% compared to a week earlier.
Yet supply is not matching this surge in demand, with 14% fewer homes for sale than this time last year, according to the property analysts Home.co.uk, and 19% fewer in London.
There are fears that buyers could be caught in a bidding frenzy fuelled by bullish sellers and eager estate agents keen to talk up the market. Around 10% of the adult population – 5.1 million people – say they are likely to buy in the next 12 months, up from 8% (or 3.7 million) in January 2012, according to Santander Mortgages.
So how can homebuyers navigate the risks of this buoyant market?.
Gone in a flash
Buyers in stronger markets will have to work harder to find the right properties, especially in hotspots such as London. However, Lisa Green, director of the County Homesearch Company in the north-west, emphasises: "Buyers outside the south-east and other hotspots should be wary of estate agents talking up the market." She says the market is still quite weak in many areas, such as Oldham, Huddersfield, Hartlepool, and Powys in Wales.
"Buyers in these markets are still in a strong position to negotiate on the asking price," she says.
First-time buyer Helena Gibbon, 29, is struggling to find a property in London's overheated market. She has been searching for a one-bed flat in Walthamstow, east London, all year, with her sizeable budget of £200,000. Gibbon, who works in advertising, has saved for years for a 10% deposit, and currently lives with her parents while she scours the market.
"It's tough out there for buyers. I have friends who have viewed 30 or 40 properties but they go so quickly," she says.
If you are searching in a popular location, make sure you have all your paperwork ready if you decide to make an offer, says Camilla Dell at Black Brick buying agency.
Most serious buyers will be signed up to Zoopla or Rightmove alerts, but sometimes the best properties do not need to be advertised because they are snapped up so quickly.
Buyers at the top end of the market – with a budget of £500,000 or more – sometimes employ a buying agent with good contacts to search the market. But what about the rest of us? Tracy Kellett, a buying agent at BDI Home Finders, says that buyers should "make friends with estate agents" and emphasise their strong and serious position as a buyer. "Ask for the first heads-up when a property becomes available," she says.
Gazumping
It's every buyer's nightmare – your offer on a property is accepted and you spend hundreds, or even thousands, on a survey, mortgage and legal fees, only to have another buyer make a higher offer and snatch the place from under your nose.
While still relatively rare, agents say gazumping is making an unwelcome return in pockets across the country.Vicki Wusche at The Property Sourcers says: "We recently had an offer accepted for a client on a three-bedroom house in Norwich at the asking price of £122,000.
We immediately sent over our paperwork and instructed a solicitor and went to bed thinking it was a done deal. But in the morning a cash investor had made a higher offer that had been accepted."
Have a mortgage agreement in principle and your surveyor and solicitor ready before you make an offer, and request the estate agent in writing to take the property off the market as soon as your offer is accepted.
Kate Faulkner at advice site Propertychecklists.co.uk says: "Above all, remember that a seller or agent who gazumps you is not worth doing business with anyway. Have faith that a better property will come along soon."
Sealed bids
Bidding wars – where you compete with other buyers for the same property – can be stressful, but it is vital not to get carried away and pay over the odds.
Buyer Georgina Janion recently bought a flat in Putney, south-west London. The ground floor Victorian conversion had 83 viewings and 13 offers in just one week. The sale went to "sealed bids", where Janion and the other potential buyers had to email their final offer before midday on the same day.
She says: "I had been looking for a property for months and viewed about 30 flats, so I knew the local market well. Going to sealed bids is tough and it's impossible to second-guess what other buyers might be willing to pay. I just had to stay calm and offer a fair price that I could afford."
First-time buyers, most of whom will have saved years for a deposit, need to be especially wary of blowing their budget in a bidding war. Check sites such as nethouseprices.com and mouseprice.com for recent sale prices. It's important to retain a pot of savings to buy new furniture or cover unexpected maintenance costs.
Wusche adds: "Also remember interest rates will go up and you should use an online mortgage calculator to see how your monthly payments would be affected. Could you afford to pay 8% on your mortgage? It's vital not to overstretch yourself."
Article Source: http://www.theguardian.com/money/2013/oct/06/gazumping-housing-market-help-to-buy
Monday, 2 September 2013
Buying a Holiday Home is a Huge Waste of Money
This engaging article was posted in Yahoo Finance UK and Ireland on August 30th, 2013 suggests reasons not to consider buying a holiday home because it is the biggest waste of money ever.
Sun-baked and half-baked
As millions of us come back from holiday, many will dream of owning a home in the sun - crazy property-struck fools that we are.
Right now, 5.4 million Britons are considering
buying abroad, according to HSBC, even more than before the financial
crisis. Have we learned nothing?
Spain and the Balearic Islands are the top dream
destination, attracting 30% of buyers, followed by France at 16%. Italy,
Portugal, Greece, Cyprus, the Caribbean, Florida and Turkey are also
dream home hotspots.
If you've been seduced by dreams of a place in the
sun, here's a measured word of warning. You've lost your mind, because
buying a holiday home is the biggest waste of money ever.
Twice yearly, really
Before you protest, you happy holiday homeowners,
here's the proof. The average owner visits their holiday or second home
just twice a year, according to new research from household insurer
Schofields.
They didn't plan it that way. Two-thirds expected to
visit their bolthole far more when they originally bought it, but never
get round to it.
Work, family commitments and lack of cash were the
main reason people leave their holiday homes empty and forlorn, although
an entrepreneurial 17% said they did so to maximise guest bookings.
A holiday home is an alluring dream. I regularly
find myself browsing Spanish property websites to see how far prices
have fallen, and whether they have fallen enough for my budget.
Prices are lower, skies are bluer. What's not to like?
But like most dreams, it eventually bangs its head against hard reality. The truth is, you've got too many other things to do.
Curse those jobs and families.
Bills, not thrills
You won't get to that holiday property as often as
you like, but you will keep paying for it.
First, there's the purchase
price. Yes, Spanish holiday home prices have fallen more than 30% in the
last five years, but you're paying in sterling, which is also down 20%
against the euro.
Then there are local property taxes, legal fees,
mortgage administration charges, and that's only the beginning. Your
expenses don't stop when you exchange contracts, they're just getting
started
You have to furnish your exotic new financial
liability. Do it up. Pay for insurance. Carry out maintenance and
repairs. Cover utility bills. Pay local taxes. You may have to hire a
cleaner or stump up a monthly service charge.
And that's before you factor in the cost of actually
getting to your property (although that won't be so expensive, as
you're only going to visit twice a year).
X-rated expat tales
Plus there's always the chance you will end up
buying the holiday home from hell, and lose everything. I recently spoke
to British expats whose Andalusian retirement dreams were destroyed in
an instant when the local police called to explain, not very politely,
that they were the proud owners of an illegal home.
Nobody told them, not even their lawyer, that the
developer hadn't got planning permission.
Some lost hundreds of
thousands of pounds. Several in the Valencia region saw their home torn
down before their very eyes, without compensation. Others are stranded
in the deserts of Murcia, with no running water or electricity.
Expat pain isn't restricted to Spain. Thousands of
British homeowners in Cyprus risk losing both their holiday home and
their UK property, in a vicious legal dispute over mis-sold mortgages.
I asked one couple, who were waiting to hear if
their home in Almeria would be torn down, what advice they would give to
the current generation of Spanish property buyers.
Their answer was succinct: "Forget it. Stay at home or go elsewhere."
Oh, I give up
Well, I've tried. I've done my best to make you see
sense. It won't work. You still dream of a place in the sun, and in my
dafter moments, so do I. So how do we make it match up to reality?
Before you go any further, ask yourself these questions:
- Do you really want to go to the same place on holiday, year after year? Can you afford the flights? Do you have the time? Don't you want to see the rest of the world?
- Even if you do want to go to the same place, wouldn't it be easier and cheaper to rent a holiday home instead, or stay in a hotel?
- Can you afford all the costs of running a holiday home, including mortgage, insurance, maintenance, repairs, service charges and taxes, not to mention those twice-a-year flights?
- Have you done your research? Do you know what similar properties are selling for? Is the local council planning to build a municipal waste incinerator in your backyard?
- Is that bargain property really a bargain? Cheap isn't always cheerful, especially if you're stranded in a half-built complex a mile from the nearest communal water pump, or squeezed between the autoroute and municipal tip. Location, location, location are key words in any language.
- Have you taken the right advice? You must appoint an experienced English-speaking lawyer, with no connections to your seller, estate agent or property developer, to avoid conflicts of interest.
- Is your property legal? Your lawyer must confirm you have got all the necessary planning permission, licenses and consent. You must also pay for an independent valuation, even if buying in cash.
- Is your mortgage in the right currency? If you earn your income in pounds, but your mortgage is in euros, you are at the mercy of currency swings, as many expats discovered when the pound collapsed after the financial crisis.
- Are prices still in freefall? Spanish house prices could still plunge another 25%, according to newsletter Spanish Property Insight.
- Do you plan to retire there? Visiting your property twice a year makes a lot more sense if you plan to stay for six months each time.
So what do you think? Do you still want a place in the sun?
Tuesday, 27 August 2013
Prime Property Prices in Central London Still Rising
This article of the Property Wire on August 26, 2013 shows that prime
property prices in central London continued to rise in August but there
are indications that buyers are becoming more resistant to continued
price rises, especially at the top of the market.
The latest central London sales index from Knight Frank shows that property prices in London’s best postcodes increased by 0.6% this month and so far this year prices have risen by 4.8%.
Marylebone and Notting Hill recorded the largest rises over the course of the month, up by 1.5% and 1% respectively. Islington, City Fringe and Hyde Park all reported price growth of 0.9% in August.
In spite of record prices, enquiry levels are still robust and interest among prospective buyers remains high across central London. The number of new applicants is up by 33.9% over the year to date compared to the same period in 2012 and the number of property viewings conducted over this period is up by 18.5%.
At the same time annual price growth for properties in Greater London is now outstripping prime central London, boosted by the city’s continued economic recovery and government policy.
Figures from the Office of National Statistics show that property prices in Greater London have risen by 8.1% over the past 12 months. In comparison the Knight Frank Prime Central London Sales Index is up by 7% on an annual basis.
Price rises in prime central London are primarily being driven by homes in the sub £1 million and £1 million to £2.5 million price bracket.
Homes in these price brackets increased by around 1% in August and are up by 8.7% and 7% respectively over the year to date. Comparatively, homes in the £5 million to £10 million and the £10 million plus price brackets increased in value by 0% and 0.2% month on month and are up by 2.6% and 1.6% respectively so far in 2013.
Knight Frank says that key factors driving price growth and interest include the city’s reputation as a safe haven for investment, and the value of the pound. However the firm’s global head of residential research Liam Bailey pointed out that performance has outperformed forecasts.
‘Last year, we forecast that prices would remain unchanged in 2013, marking an end to the strong run the market has seen since early 2009. Our rationale was that the increase in Stamp Duty would have an impact on the top end of the market and there would be resistance to price growth from domestic and international purchasers,’ he explained.
‘In the event we overstated the negative impact of the 5% to 7% Stamp Duty rise for £2 million plus properties. The further weakening in sterling in the first half of the year helped to boost overseas interest and domestic demand has been aided by London’s continued economic recovery and, arguably, from the government’s Help to Buy scheme, which was launched at the end of the first quarter this year and has boosted sentiment across the market,’ he added.
He also said that while Help to Buy, with its £600,000 valuation cap is a more significant factor in the wider mainstream market, rising housing market sentiment, as reported in the firm’s latest House Price Sentiment Index, is infectious across markets and price brackets and is likely to act as a positive influence in terms of future pricing, even in London’s prime
market segments.
‘We have therefore raised our forecast for prime central London price growth for 2013 to 6%,’ he added.
Article Source: http://www.propertywire.com/news/europe/prime-london-property-prices-201308268161.html
The latest central London sales index from Knight Frank shows that property prices in London’s best postcodes increased by 0.6% this month and so far this year prices have risen by 4.8%.
Marylebone and Notting Hill recorded the largest rises over the course of the month, up by 1.5% and 1% respectively. Islington, City Fringe and Hyde Park all reported price growth of 0.9% in August.
In spite of record prices, enquiry levels are still robust and interest among prospective buyers remains high across central London. The number of new applicants is up by 33.9% over the year to date compared to the same period in 2012 and the number of property viewings conducted over this period is up by 18.5%.
At the same time annual price growth for properties in Greater London is now outstripping prime central London, boosted by the city’s continued economic recovery and government policy.
Figures from the Office of National Statistics show that property prices in Greater London have risen by 8.1% over the past 12 months. In comparison the Knight Frank Prime Central London Sales Index is up by 7% on an annual basis.
Price rises in prime central London are primarily being driven by homes in the sub £1 million and £1 million to £2.5 million price bracket.
Homes in these price brackets increased by around 1% in August and are up by 8.7% and 7% respectively over the year to date. Comparatively, homes in the £5 million to £10 million and the £10 million plus price brackets increased in value by 0% and 0.2% month on month and are up by 2.6% and 1.6% respectively so far in 2013.
Knight Frank says that key factors driving price growth and interest include the city’s reputation as a safe haven for investment, and the value of the pound. However the firm’s global head of residential research Liam Bailey pointed out that performance has outperformed forecasts.
‘Last year, we forecast that prices would remain unchanged in 2013, marking an end to the strong run the market has seen since early 2009. Our rationale was that the increase in Stamp Duty would have an impact on the top end of the market and there would be resistance to price growth from domestic and international purchasers,’ he explained.
‘In the event we overstated the negative impact of the 5% to 7% Stamp Duty rise for £2 million plus properties. The further weakening in sterling in the first half of the year helped to boost overseas interest and domestic demand has been aided by London’s continued economic recovery and, arguably, from the government’s Help to Buy scheme, which was launched at the end of the first quarter this year and has boosted sentiment across the market,’ he added.
He also said that while Help to Buy, with its £600,000 valuation cap is a more significant factor in the wider mainstream market, rising housing market sentiment, as reported in the firm’s latest House Price Sentiment Index, is infectious across markets and price brackets and is likely to act as a positive influence in terms of future pricing, even in London’s prime
market segments.
‘We have therefore raised our forecast for prime central London price growth for 2013 to 6%,’ he added.
Article Source: http://www.propertywire.com/news/europe/prime-london-property-prices-201308268161.html
Wednesday, 14 August 2013
Southern Eurozone Countries Continue to Attract Property-Buyers From the UK
An interesting article by The Economic Voice on August 13, 2013 showing how southern delights of the Eurozone drawing property buyers from UK.
Knock-down property prices in southern Eurozone countries continue to attract property-buyers from the UK, with interest in Spain, Italy, Portugal and Greece getting noticeably stronger during the second quarter of the year.
Demand for information about foreign property rose 36 per cent year-on-year for the three months to the end of June, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with second homeowners and expats.
OGC – a free resource for overseas property-buyers – attracted 9,096 direct requests for information in the form of downloads of its free Buying Guides for Q2 2013, compared with 6,707 in Q2 2012. While this represented a decrease of six per cent from the 9,685 enquiries it generated in the first quarter of 2013, the slight fall was largely down to the seasonal fall in enquiries about long-haul destinations, including Australia, USA, Canada and New Zealand.
“It seems the euro’s continued strength during the second quarter hasn’t put British buyers off tapping into some very attractive property prices in southern Eurozone countries,” said Richard Way, Editor at The Overseas Guides Company. “There are reports of buyers taking advantage of current favourable euro mortgages, expecting their loan to become even better value if the pound strengthens in coming months.”
Mr Way continued: “Enquiries for Spain were up, if slightly, on Q1, while Italy, Portugal and Greece saw hikes of 18 per cent, 9 per cent and 48 per cent respectively. It’s interesting that enquiries for Turkey were also up by 30 per cent on the previous quarter, despite the civil unrest in Istanbul – and that while France’s enquiries fell by 5 per cent, it still remains our most popular destination.”
The total number of enquiries received by OGC for the first half of 2013 was 18,781, a year-on-year increase of 43 per cent from 13,175 for the same period in 2012.
OGC has a quality database of approximately 64,800 people interested in buying overseas property and/or moving abroad.
Article Source: http://www.economicvoice.com/southern-delights-of-the-eurozone-drawing-uk-property-buyers-looking-for-a-bargain/50039353
Knock-down property prices in southern Eurozone countries continue to attract property-buyers from the UK, with interest in Spain, Italy, Portugal and Greece getting noticeably stronger during the second quarter of the year.
Demand for information about foreign property rose 36 per cent year-on-year for the three months to the end of June, according to the most recent Overseas Guides Company (OGC) Quarterly Index, which measures interest in destinations popular with second homeowners and expats.
OGC – a free resource for overseas property-buyers – attracted 9,096 direct requests for information in the form of downloads of its free Buying Guides for Q2 2013, compared with 6,707 in Q2 2012. While this represented a decrease of six per cent from the 9,685 enquiries it generated in the first quarter of 2013, the slight fall was largely down to the seasonal fall in enquiries about long-haul destinations, including Australia, USA, Canada and New Zealand.
“It seems the euro’s continued strength during the second quarter hasn’t put British buyers off tapping into some very attractive property prices in southern Eurozone countries,” said Richard Way, Editor at The Overseas Guides Company. “There are reports of buyers taking advantage of current favourable euro mortgages, expecting their loan to become even better value if the pound strengthens in coming months.”
Mr Way continued: “Enquiries for Spain were up, if slightly, on Q1, while Italy, Portugal and Greece saw hikes of 18 per cent, 9 per cent and 48 per cent respectively. It’s interesting that enquiries for Turkey were also up by 30 per cent on the previous quarter, despite the civil unrest in Istanbul – and that while France’s enquiries fell by 5 per cent, it still remains our most popular destination.”
The total number of enquiries received by OGC for the first half of 2013 was 18,781, a year-on-year increase of 43 per cent from 13,175 for the same period in 2012.
OGC has a quality database of approximately 64,800 people interested in buying overseas property and/or moving abroad.
Article Source: http://www.economicvoice.com/southern-delights-of-the-eurozone-drawing-uk-property-buyers-looking-for-a-bargain/50039353
Monday, 22 July 2013
Singapore a Favourite Destination for Indian Property Buyers
This July 22, 2013 article by Romesh Navaratnarajah of PropertyGuru stated Singapore as one of the most popular haven for Indian property investors.
Singapore has been named one of the top destinations for Indian
property buyers in a list which includes Malaysia, Dubai, New York and
some UK cities, according to property consultancy Jones Lang LaSalle.A major reason is that the property markets in those countries provide lucrative investment opportunities. In some cases, Indians buying overseas property can also become a citizen of the host country – a factor with significant aspiration value for many, noted Anuj Puri, Chairman & Country Head, Jones Lang LaSalle India.
Moreover, rising property prices in various Indian cities and higher interest rates on bank loans have forced Indians to seek properties abroad.
Comparatively, the interest rates of local banks in Singapore, London or New York are relatively lower than in India.
Most Indians looking to purchase overseas properties are business owners, high-net-worth individuals (HNWIs), mid-to-top level company management and professional property investors. Parents with children studying abroad also comprise a large proportion of buyers.
Author: Romesh Navaratnarajah
Article Source: http://www.propertyguru.com.sg/property-management-news/2013/7/36252/singapore-a-favourite-destination-for-indian-prope
Subscribe to:
Posts (Atom)