Popular holiday destination Lagos in Portugal´s Algarve region ranked number one on TripAdvisor.com’s list of ‘15 Great Cities to discover in 2012’.
Any rise in tourism could help drive demand for rental homes in Lagos, which in turn should appeal to buy-to-let investors looking to buy property in Portugal.
The latest RICS/Ci Portuguese Housing Market Survey shows that the lettings market in Portugal is benefitting from a weak sales market, with tenant demand growing.
Lettings expectations recorded a significant rise in December 2011 and remains firmly in positive territory. Rental expectations are generally most popular in the Algarve where lettings activity is among the highest nationwide.
As far as Lagos is concerned, tourists and holiday homeowners are attracted to its friendly locals, superb beaches, modern marina and eclectic nightlife. It has long been a very popular holiday destination, whether it is a fun packed family holiday, a golfing break with some buddies or just a relaxing, cultural break, the region has a long rental season.
With the opening of the A22 motorway, Lagos is only a 50 minute drive from Faro airport so more tourists are travelling further west for their holidays to the Algarve.
Property developments in Lagos are generally really popular and attract a lot of foreign buyers, particularly Brits.
If you are interested in investing in Lagos email me your requirements and I will try source them for you – LINK to property page
The prices of new properties in Turkey have been increasing steadily over the last 12 months and experts expect them to continue doing so in 2012.
According to the latest figures from the REIDIN New Home Price Index prices increased 0.78% in November and are now 9.88% up on November 2010.
Trademarked projects in the European side of Istanbul increased 1.17% month on months while those on the Asian side were up 0.47%.
The index also shows prices for existing homes increased 0.89% in Turkey overall, 0.93% in Adana, 0.55% in Ankara, 1.27% in Antalya, 1.08% in Istanbul and 1.14% in Izmir. Prices were stable in Kocaeli and decreased 0.11% in Bursa during December 2011.
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Annuity rates have plummeted by almost four per cent in the past three months, tearing a huge hole in future pensioners’ incomes. It is the biggest fall since September 2010 and means that average annuity rates are down by almost one tenth since June 2009. Turmoil in the Eurozone has played a part by causing the returns earned on British Government bonds, known as gilts – on which annuities depend – to fall sharply.
A man aged 65 with a £50,000 pension pot would have been able to purchase a conventional lifetime annual level income of £3,224 in 2009. But today that has dropped to only £2,902.
Enhanced annuities, which pay an increased rate based on the reduced
life expectancy of the annuitant due to medical conditions, have slumped by an
average of 2.45 per cent since last September.
A £50,000 pension fund would now buy an enhanced level lifetime annual
annuity income of £3,583 for a 65-year-old man compared with £3,913 in 2009.
Figures provided by Andrew Tully, technical director at MGM Advantage,
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It’s not hard to understand why I’ve such a soft spot for the Caribbean. The sun-dappled beaches, dreamy paradisiacal enclaves, the enticing azure of the big blue… What’s not to love? Just when I thought things couldn’t get any better in this island cluster of loveliness, Harlequin Hotels and Resorts developed Buccament Bay Resort.
Located on St Vincent Island’s wild and dramatic west coast, at the mouth of a valley backed by jagged forest peaks, Buccament Bay Resort boasts 150 envy-inducing villas that reside in the garden and on the idyllic beachfront. And not just any beach- being part of a rare breed of tropical islands, St. Vincent & The Grenadines is home to both black and white-sand beaches due to volcanic activity in the islands' past. Perfect if you like a bit of sandy diversity.
Harlequin Hotels and Resorts are trying to make 2012 the year of getting fit and staying fit, I can think of no better place to indulge this mantra than by signing up for the all-new Buccament Bay Luxury Boot camp, kicking off in May 2012. This fun, bespoke boot camp, in association with Fitness 4, allows you to choose the length of your programme from six to 14 days and seeing as its run by two ex-Royal Marines, you have no excuse not to stick to the regime. A-ttention!
Don't forget the resort also has a Liverpool Football club soccer academy and a Pat Cash Tennis Academy along with a fitness centre and Padi diving centre so no excuses for not keeping fit in 2012!
For further information on Buccament Bay holiday destination - LINK
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With the pound above 1.20 against the euro, this is a good time to buy in Spain. ‘Now you have prices in coastal areas that are not difficult to find with a 50 per cent or more decline. With the best property, I think we are now in price stability and, with the euro getting cheaper compared to the pound, that will mean that it gets more interesting for British buyers.’The key, of course, is the ‘best’ property which should not be confused necessarily with the ‘cheapest’ property.
According to Adam Cornwell at Feltrim International, some banks in Spain are now offering 100 per cent or more mortgages. ‘Whilst Spanish mortgage lending is not expected to recover in 2012 due to high unemployment and limited bank funding, financial institutions have to optimise their balance sheets. To incentivise quality buyers they are prepared to offload these homes at rock bottom prices and with the highest mortgages. If a bank is prepared to lend all of the money, more than 100 per cent on a project that has fallen to 50 per cent of its value five years previously then it must have the confidence that the market has reached the bottom and that the properties will regain value in the not too distant future.’
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Tourists and the editors of the largest travel site in the world advise taking a holiday in Lagos, the fun western Algarve city has earned itself first place on their list of "15 top holiday destinations"(12-01-12).
TripAdvisor used its networking reader-travellers to come up with a list of their top 15 growing destinations worldwide.
"The heritage and history of the city and its beaches and the lively bars," puts Lagos ahead of renowned destinations in Asian, South American, South African and Europe, beating cities such as Hua Hin (Thailand), Tallinn (Estonia), Moscow (Russia) and Bucharest (Romania), which are all in the top five.
The opening of the last stretch of trans-Algarvean motorway from Alcantarilha,west to Lagos ten years ago had a marked influence as the fun, and now accessible tourist destination started to fill up.
Journey times from Faro airport had been cut noticeably and for those holidaying in
Lagos the Atlantic west coast became accessible for day trips. Nearby Golf course developments such as Boa Vista and Parque da Floresta settled into a leafy maturity that drew tourists from the traditional central Algarve resorts of Vilamoura and Albufeira. The development of the marina area in Lagos helped put it on the international map for beach fun and plenty of nearby restaurants and nightlife.
To purchase property on the Algarve follow the LINK
For the past 18 months, Turkey has outstripped China to be the fastest growing economy on the planet.
In Q3 this continued: Turkey expanded a mind-boggling 8.2 per cent. In addition, consumer confidence hit incredible heights – reaching 91.0 in November against 89.7 previous. One problem though remains inflation: 9.47 per cent last month!
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People about to retire this year expect their pensions to be lower than those who have retired in any of the previous four years.
A survey by the Prudential insurance company found that expected annual retirement income has dropped by £3,100 since 2008, to £15,500. That includes income from state, company and private pensions.
A fifth of retirees expect to live on less than £10,000 a year, with the highest incomes being those in London.
Vince Smith-Hughes of the Prudential said: "The impact of the credit crunch,banking crisis, recession, and concerns over the eurozone, has been reflected in the fact that expected retirement income levels have hit a five-year-low."
A key factor has been the continued fall in the value of the annual pension that can be bought by a lump sum saved in a private pension fund. Annuity rates, as they are known, dropped by 8% in 2011.
That was their fourth consecutive annual fall, according to the financial information service Moneyfacts.
It was due to continued increases in longevity, and further reductions in the return, or yield, available from buying the government and company bonds needed to provide a guaranteed income in retirement.
Richard Eagling of Moneyfacts, said: "Unfortunately, by increasing the demand for fixed income instruments such as UK government bonds, the ongoing eurozone crisis and the Bank of England's quantitative easing programme have driven gilt and corporate bond yields down over the last twelve months, both of which underpin annuities."
Billy Burrows, a leading annuity broker, said: "At the beginning of 2011 the yield on 15-year UK gilts was 4.02% but by the end of the year the yield had fallen to 2.46%."
"Over the same period, our benchmark annuity fell from £5,834 per annum to
£5,362," he explained.
The Prudential survey included 1,003 people who were due to retire this year.
Full article - http://www.bbc.co.uk/news/business-16491365
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The Algarve Coast of Portugal is currently tipped as a property 'hot spot' by investors due to the range and quality of property available in sought after locations suitable for both up market holiday homes or permanent residential use.
The current worldwide financial crisis has had a notable effect on prices in Portugal resulting in some unbelievable discounts being offered on some excellent properties creating ideal opportunities for investors and buyers in general. It is generally agreed that the market is unlikely to drop any lower and that now is definitely the time to invest and buy in Portugal.
Portugal property page - For further information or a particular property sourcing please get in contact
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