Monday, October 25, 2010
Monday, September 20, 2010
These seminars are aimed at the thousands of Irish and British property investors who invested in off-plan property in Spain and Bulgaria and are now desperately trying to reclaim their money due to the failure of developers to deliver the finished developments.
Many property developments in Spain and Bulgaria have not been completed, some without water and electricity, some are half built and others were never started. The developers and banks involved have continually refused any requests to fulfill contractual obligations and where deposits have successfully been recovered, this has taken some years. In some cases, this has led to extreme hardship. People have lost their life savings or retirement funds and are all victims of the illegal activities of unscrupulous developers and the lawyers representing them.
Those involved with the Action Groups know how to recover funds because they have already done it successfully and know the pitfalls to avoid. The Action Groups are now in a position to offer a realistic, low entry cost service as well as sound, proven advice to those in similar positions.
For more information, contact:
Wednesday, September 1, 2010
Tuesday, July 20, 2010
Tuesday, July 13, 2010
Thursday, July 1, 2010
The article reads as follows:
"The monster sports themed proposed development claims notoriety in Ireland as that with which the Concerned Dubai Sports City Investors’ Group, now more often referred to simply as the Dubai Action Group, has taken issue over up to €20m in deposits which the investors fear have now been lost.
These investors bought off-plan apartments through Ennis, Co. Clare based overseas property agent, Larionovo, which went into Liquidation in November 2008. The investors are worried that cash invested, which many hoped would fund their retirements, is now tied up in Dubai, possibly never to be seen again. A meeting of the group in Dublin’s Citywest Hotel late in 2009 heard that investors have no idea if building work has started on some apartments, such is the difficulty in getting information from some Dubai Sports City developers. Some had received letters telling them the project had been put ‘on hold’ but there were no offers to return deposits.
In an email sent to his colleagues and contacts Balasubramaniam said: “The time has come for me to move on to a new phase in my professional career after seven eventful years as the Chief Executive Officer of Dubai Sports City. Leaving is never easy and although it has been a tough decision to take, I am looking forward to taking some time off and pursuing other interests. I have thoroughly enjoyed my time at Dubai Sports City and am very grateful for the support that I have received from the Stakeholders, the company President, the Management and all the staff, who have been of great help to me in carrying out my job and its responsibilities.
It has been a pleasure to make associations and come to know you over the years and would like to personally thank you for your friendship and support in working together to progress this truly unique and great project.”
In an interview in April 2007, Balasubramaniam was quite bullish about the prospects of the Sports City developments finishing on time, since that time, however, there have been significant delays, in common with many other developments around the Emirate. While the global economic downturn took some time to take hold in the UAE, since striking it has proven to be extremely severe and prolonged.
On the latest Dubai Sports City update document, which was released in September ’09 the company claimed that completion had been reached on the Cricket Stadium, the Ernie Els Golf Course, the Butch Harmon School of Golf and the American Curriculum School. It also stated that the Victory Heights golf community had started to welcome residents, the Sports Acadamies Campus was nearing completion and that all roads, infrastructure and utilities were in place. Apart from Victory Heights no mention was made of the status of any other residential developments, which are numerous. A picture was included, however, of the Canal Residence West apartments, which appeared to be around 25% completed."
You can read the article on the TemptedBuy.com website here.
Monday, June 28, 2010
Thursday, June 24, 2010
The Daily Mail reports today that a single car parking space in a Cornish seaside town has been sold for nearly £60,000 - which was £20,000 over the asking price.
The small 20ft by 12ft plot of land was snapped up by a local resident who was determined to get the sought-after space in St Ives, Cornwall.
The cost of the space is three times the average annual salary in the town.
Estate agent Jonathan Payne who conducted the sealed bid auction said: 'I cannot remember one going for more money.
'Spaces are always in short supply in St Ives and even going back years, they made a premium price.'
He said there was a chronic lack of car parking space in the old part of the town.
The small plot of land is beside the entrance to the council-owned Island car park.
St Ives councillor and shop owner Colin Nicholls said it was a 'massive price', saying: 'I would rather do without a car than pay that kind of money.
'It is overpriced but that's how market forces operate.'
To view the full article click here.
Tuesday, June 22, 2010
Ryanair has announced that passengers can now choose a larger (20kg) checked-in bag allowance for €/£25 as an alternative to Ryanair’s standard (15kg) checked-in bag allowance which costs €/£15. Passengers who require a second checked-in bag can purchase an additional 15kg allowance for €/£35 (via Manage my Booking).
Ryanair continues to encourage passengers to travel light, by snapping up one of Ryanair’s approved Samsonite carry-on bags when booking their low fares Ryanair flights, which will allow them to continue to save by travelling with Ryanair’s free 10kgs carry-on bag.
Ryanair’s Stephen McNamara said:
“Ryanair continues to encourage passengers to travel light and save even more by leaving the checked-in bags at home and taking advantage of our 10kg free carry on allowance, and our great value Samsonite bag. However, passengers who do require checked-in luggage can now purchase a larger 20kg bag allowance for €/£25 or our standard 15kg bag from €/£15. Passengers can purchase our checked-in baggage allowances at the time of booking or subsequently through Manage My Booking on Ryanair.com.”
|15kg bag||20kg bag|
|1st Bag - Peak -July & August||€20/£20||€30/£30|
|2nd Bag - Peak -July & August||€40/£40||n/a|
|*Each passenger is permitted to purchase up to 2 checked in bags.|
Monday, June 21, 2010
Spain - Minister for Housing, Beatriz Corredor, has replied to comments made last week by her predecessor
The Spanish Minister for Housing, Beatriz Corredor, has replied to comments from her predecessor, María Antonia Trujillo and said that now is a good time to buy property in Spain. Trujillo had said that she would not buy property now and forecast prices would fall by a further 30% -50%.
Now Corredor has come out with a defence of the work of her Ministry, underlining the work it does in providing help into the official protection housing market.
The Minister said that there was still a tax deduction on housing in force this year, and that mortgage interest rates remained very low. She also claimed that some property in Spain has fallen in price by more than 60%. She said it was ‘important for purchasers to find out how much housing is worth in the area where they have chosen to live’.
She also noted that the SPA, Public Rent Society, was taking over more than 30,000 of the empty newly built homes into the rental sector.
Sunday, June 20, 2010
Nakheel, the property unit of Dubai World, was responsible for some of the more newsworthy and largest developments in Dubai such as the three Palm developments as well as Dubai World. It has announced the redundancies in a fresh round of job cuts according to Arabian Business magazine, but it was very reluctant to put a figure on the staff reduction.
Nakheel claims that the bulk of the redundancies affected administrative posts, but this is the latest in a string of cutbacks for the developer, which laid off 500 staff in November 2008 at the peak of the global financial crisis, and a further 400 in June 2009.
Dubai World, and therefore Nakheel, is a state backed group which has restructured $10.5bn in financial liabilities, asking trade creditors to wait five years to receive full payment having fallen behind on its repayments. Its owners, the Dubai government, said it would put $8bn in cash into the indebted property unit in March to help it pay contractors and suppliers and complete its projects.
The recent redundancies, in what is the biggest developer in the Emirate, will call into question whether much of the property that was sold in the boom will ever be built. This will, of course, come as quite a setback to the many Irish investors who have sent money to the Emirate. The quandary is whether they now write off their investment to date, contemplate legal action or live in hope that the Emirate can turn around its fortunes and build the properties that have been sold.
Get the full story in the Arabian Business magazine.
Friday, June 18, 2010
The Spanish ex Minister for Housing, María Antonia Trujillo, has told a reader of El País in an online interview that she would not buy a flat in Spain now.
The questioner asked whether she agreed with her successor’s view; Beatriz Corredor has declared that now is the best time to buy a home.
María Antonia Trujillo replied that everyone can do what they see fit, but that she has been looking to buy for three years and would not do so now as she expected house prices in Spain to fall by a further 30-50%. She added she hoped the adjustment would happen quickly.
Trujillo, who was Minister at the end of the real estate boom, admitted her part of the blame for the crash saying that everyone from the citizen to the politician has their share of the blame. She added however that the then Minister for Tax and the Economy, Pedro Solbes, had opposed her ideas to remove tax breaks for house buyers.
However she thinks such incentives should be in place now, despite the Government’s intention to remove them.
Asked if she missed being in Government, she replied ‘The best thing about being Minister is having been one’.
Thursday, June 17, 2010
• Prices increased in 53% of the locations monitored by the Knight Frank Global House Price Index in the year to the end of March 2010
• The Asia Pacific region saw the strongest growth with prices increasing, on average, by 17.8%
• Annual price inflation for all global housing markets moved into positive territory for the first time since Q4 2008, recording 1.6% growth in the year to March 2010
• The top performers remain the Asian economies of China, Hong Kong and Singapore, all recording annual growth in excess of 24%
• Ukraine and the three Baltic States continue to occupy the bottom rankings with annual price falls of more than 30%
Liam Bailey, head of residential research, Knight Frank, commented: “Arguably, the most noticeable trend in global house prices is the ease with which the performance of global housing markets can now be grouped by world region. The top four positions in our rankings are all occupied by Asia Pacific locations, whilst Europe dominates the bottom half of the table.
“A recovery in the global housing market is undoubtedly under way, in Q1 2009 33% of countries recorded positive annual growth, in Q1 2010 this figure is closer to 53% but still some way off the figure of 90% recorded in Q1 2006. “Analysis of the quarterly growth results suggests the markets in some of the worst performing markets such as the Baltic States and Ukraine are starting to experience some respite, with prices falling at a slower rate than previously. Estonia experienced a 40% fall in prices annually but only a 0.5% fall during the first three months of this year.
“Prices in Hong Kong increased by 30.6% in the year to March 2010, however, we expect results for the coming months will show more muted levels of growth as the Government’s efforts to rein in the overheated market take effect. These include measures to increase land supply, a maximum 60% loan-to-value restriction on mortgages for luxury homes and developers are now required to release at least 30% of units in their first phase to halt the slow release of homes which allows prices to inflate over the course of the development. “In Australia, prices rose 20% in the year to March 2010, according to the Australian Bureau of Statistics (ABS). However, in our opinion the results from ABS overstate the actual underlying price growth due to its unique methodology and seasonal shifts in market activity, partly as a result of the increase in first time buyer demand over the past year which has been driven by government incentives.
“Historically, the index has overshot on both the downside and in this case the upside – other private house price measures, which have a more wide reaching methodology, taking into account apartments and semi-detached housing (unlike the ABS), have recorded growth of around 12% in the year to March 2010. This still significant growth has been driven by a confluence of factors; 40-year low interest rates, first time buyer concessions, strong population growth and a lagging supply response.
With interest rates now rising, the government withdrawing stimulus and the supply response picking up (albeit modestly), we expect house price growth to slow over the next six to nine months. “Doubts over the Australian Index’s methodology are mirrored in Spain where, according to its Housing Ministry, prices fell by 4.7% in the year to March 2010. Most serious commentators however believe price falls of 10-20% over this period provide a more accurate reflection of Spain’s housing market performance given its backdrop; 20% unemployment, a shrinking economy and rising debt.
“In Europe a positive story has been provided by the Scandinavian countries of Norway, Sweden and Finland. Here, annual growth has hit double digits as housing markets, less beset by currency weakness and debt crisis than many of their European neighbours, has allowed supply shortages to fuel growth once more. “Generally, however, the Q1 2010 results suggest that whilst global housing markets remain polarised, each quarter provides new evidence that the global recovery is gaining ground as the proportion of countries moving into positive territory increases. It remains to be seen whether this is another period of sustained growth or the middle peak in a double dip recession. Certainly, a number of European economies face growing challenges in the form of tightening fiscal policy and austerity measures.”
For further information, please contact:
Liam Bailey, Residential Research, Knight Frank, +44 (0)20 7861 5133, firstname.lastname@example.org
To read the full report Click Here.
Monday, June 14, 2010
Sunday, June 13, 2010
Thursday, June 10, 2010
Following the meetings this week between the Dubai Action Group and Mr Probir Chatterjee, of Innovation SEZ Developer Ltd, at the Carlton Hotel Dublin, the Dubai Action Group would like to make the following statement:
Mr Chatterjee presented his proposals to approximately 150 investors, over a series of meetings during his two day stay. In summary the proposal is as follows: Innovation SEZ Developer Ltd has taken over the shares in the three development companies responsible for building Eagle Heights, Bermuda Views and Profile Residence. They have declared that they will build out our buildings if they get sufficient numbers of investors to sign up to their proposal, which includes a new payment schedule.
Innovation SEZ Developer Ltd intends to shortly send out an addendum to our current contracts for approval and signing.
Whilst the Dubai Action Group is interested in examining this proposal we cannot recommend it to our members until we have had the opportunity to study the written document in detail.
We believe a cautious and measured approach to any proposal containing adjusted payment schedules is vital given our experience to date.
We welcome all comments and suggestions from our members and a more detailed email will go out to members next week.
For and on behalf of the Dubai Action Group
Wednesday, June 9, 2010
Tuesday, June 8, 2010
"Hundreds of Irish investors who feared they had lost large sums on Dubai properties that were never built will be offered a new completion deal by an Indian company next week.
The investors are being invited to meetings in Dublin, where they will be briefed on proposals to finish construction on the developments, located in the Sports City area of Dubai.
Up to 1,000 Irish investors are thought to have become involved in the Sports City scheme through Irish agent, Larionovo, which went into liquidation at the start of last year.
The matter has largely been in limbo since then, although 150 investors have mobilised through the Dubai Action Group in an effort to recover some of their investment. Each investor has committed tens of thousands of euro to the project, rising to €400,000 in some cases.
Some investors remortgaged their homes to become involved in the project, located in a 50 million sq ft area designed to house a mixture of commercial, residential and sports facilities.
They learned this week that an Indian group had bought out three of the four developments concerned. The Indian company, Smart Investments, wants to finish construction of the properties and is likely to seek further funds from the Irish investors in this respect.
Some investors paid up front in full for the properties, while some paid a portion of the full price. All the purchases were made from plans. All affected investors are being invited to meet Probir Chatterjee, a representative of Smart Investments, next week.
Mr Chatterjee was previously financial controller of Profile Group, which in turn was the parent of Larionovo. He and a fellow Indian businessman have completed a deal to buy the Eagle Heights, Bermuda Views and Profile Residence developments in Sports City. Larionovo controlled a 25 per cent stake in Profile Residence, and Smart is thought to have agreed a sale of that interest with the agent’s Dublin liquidator, Grant Thornton.
The Dubai Action Group is taking advice from Dublin law firm, Anthony Joyce Co, which has become involved in a number of problematic overseas property cases over recent years.
The firm is also looking at options for investors in a separate Sports World development – Kensington Royale – where construction has been slow and further funds are being sought by the developer, MED.
It is thought a substantial number of Irish investors could be involved, having purchased through British agents.
Next week’s meetings are being held at the Carlton Hotel at Dublin airport. Bermuda Views and Eagle Heights investors are invited to attend at 7pm on Tuesday 8th. Profile Residence investors are meeting on Wednesday at 7pm."
Friday, June 4, 2010
Kevin Wilde, who sold his racing track portfolio to betting chain William Hill in 1998 for over £10 million plans to plough a significant chunk of his fortune into bringing overseas property shows back to what he calls the UK’s 'forgotten' cities.
The events will take place in Manchester on 4th and 5th September this year followed by events in Glasgow, Exeter, Birmingham and Harrogate in 2011.
Wilde promises to invest more than £500,000 in marketing the shows and believes he has spotted a part of the market not being covered by other companies:
“Northern cities have been forgotten by UK exhibition companies but the people I speak to are crying out to buy property overseas. The population of Glasgow and Manchester combined is more than a million but there has been very little coverage of these areas by exhibition companies in the last three years”.
So why does Wilde think he can succeed where others have failed?
“I’m under no illusion, I’ve been an overseas property investor for years and it’s a tough market. It’s a question of timing. I’m an entrepreneur and it’s no use launching something in three or four years’ time when the market is booming again and our competitors are there. Our research shows that there are people in these cities who want to buy property now”.
The shows will be branded “The Property Show Abroad” and will use a combination of radio, local and national press and the internet to bring in visitors.
Globaledge says the response from overseas property companies in Spain and France has been postive but questions if it is the time right for a new exhibtion business to target overseas buyers in the UK.
Agents and developers interested in exhibiting at the show should contact Mick Tyler.
Thursday, June 3, 2010
Monday, May 31, 2010
It's taken us some time to get around to it, but we've finally managed to facilitate those who would like to be updated when the blog has new posts or anyone who would like to receive informative mailings about the overseas property industry from time to time.
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