Company and Industry News
Pavilions Of Splendour International Inc. is enjoying a period of rapid expansion and here is where we share new developments with you. In addition, as the international real estate market is in constant change, we can keep you abreast of trends, markets and opportunities - as well changes to legislation that could affect your valuable investments.
Please select an item of interest below and check back regularly to see the latest. If you prefer, Stay In Touch via our mailing list and be the first to get the news!
Turkey’s property market may be set for a turnaround this year, as the country introduces a new Golden Visa-style scheme to encourage foreign investment.
The new citizenship law, announced earlier this month, will mean that foreigners who invest in property worth at least $1 million and hold it for a minimum of three years will be eligible for Turkish citizenship. Alternatively, an eligible foreign investor can either make a fixed capital investment in Turkey worth at least $2 million, buy $3 million worth of government bonds or deposit the same amount in a Turkish bank, or create jobs within Turkey.
Visa-exempt travellers heading to the country now require an Electronic Travel Authorisation to travel there or pass through to another destination. The mandatory eTA applies to nationalities including British visitors and costs $7 CAD, which is the equivalent of around £4.
Phuket’s airport has opened a brand new international terminal that doubles its passenger capacity. The new terminal was opened by Prime Minister Gen Prayut Chan-o-cha and is part of a 5.14-billion-baht plan to expand the airport, the four-storey development will double the airport’s passenger capacity from 6.5 million passengers per year to 12.5 million.
American dream still going strong. US property stole back the number one spot from Spain in July 2016, becoming the most sought-after country on the property portal for the sixth time this year. The recent vote by the UK to leave the European Union has seen both the pound and euro weaken against the US dollar, but international investors around the world refused to be deterred from their American dream in the month following the referendum’s result.
The UK may be preparing to leave the EU, but investors have lost none of their appetite for the continent’s real estate. Despite Spain’s slide into second place, enquiries remained strong for European property in July, with familiar favourites Portugal, Italy and France all in popular destinations.
The Philippines has been another rising star of 2016, with the country re-entering the Top 5 destinations on TheMoveChannel.com in July. This is the third time the islands have appeared in the Top 10 this year. With both the Philippines and UAE removed from the unfolding EU situation, will they become new hotspots for post-Brexit investors, or is July’s rising interest just driven by strong opportunities?
Indonesia is aiming to boost its property market with a new slash in sales tax. New laws from this month will mean that sellers of homes will have to pay a 2.5 per cent tax on the sales price – half the current 5 per cent. For those with homes smaller than 36 square metres, that rate will be an even lower 1 per cent. The head of Indonesia’s tax office said the measure is “to support the property sector and to help aid purchasing power because one of the people’s primary need is to own a house”. With the central bank recently announcing plans to ease down payment requirements for financing, Indonesia’s new measures are intended to boost the country’s residential property market. Sales rose by 4 per cent in Q2 2016 from Q1 2016, when they increased 1.51 per cent quarter-on-quarter, according to Bank Indonesia.
Cyprus has slashed its immovable property tax and transfer fees, moves that are set to boost investment in the island’s real estate. The cut in Immovable Property Tax was voted through by the government this summer, reducing the levy to just a quarter of its former value – with the tax then being scrapped altogether from the start of 2017. The tax will be based on the 1980 values of properties.
The number of Golden Visas issued by Portugal this year has doubled. The country has granted twice as many residency permits to non-EU investors in the first half of 2016 compared to 2015, according to new figures from the Portuguese construction and real estate confederation.
The scheme offers residency in the country for a family (including dependent children), with the option to renew it every two years, in exchange for an investment of at least €500,000 in real estate.
The program met with some controversy, when ministers involved with it were arrested under allegations of corruption. However, the scheme is back up and running, now, and demand has already returned to 2014 levels: 821 visas were allocated in the six months to June 2016, placing the country on pace to surpass the 1,526 granted in 2014.
The tax, which will came into effect from 2nd August 2016, will see non-resident investors in Canadian real estate face an additional 15 per cent fee.
The tax will apply to residential purchases in Metro Vancouver, effectively generating an additional CAD300,000 for every property bought for CAD2 million – or CAD1.5 million for a property worth CAD10 million.
The levy will also apply to corporations purchasing property. While the British Colombia authorities will have the authority to examine the citizenship of directors of the relevant companies, and the beneficiaries of any corporate profits, though, individual buyers will otherwise be required to self-report their nationality and provide a social insurance number.
As yet it is unclear whether a resident with citizenship could buy a property by proxy for a family member living abroad, indeed, the exact methods of policing and enforcement are yet to be confirmed.
Dublin prices have begun to bounce back, following several months of declines.
The city saw property prices increase in April 2016 for the first time in five months. Prices rose 1.6 per cent month-on-month, according to the Central Statistics Office, taking prices to 4.6 per cent above April a year ago.
House prices, in particular, increased 1.9 per cent over the month and were 5 per cent higher compared to April 2015, while apartment prices were 1.1 per cent up year-on-year.
Tianjin Airlines is introducing its first UK service this summer and, to celebrate, it offering a promotional fare of just £7 one-way. The route, which will fly from Gatwick to Chongqing and Tianjin, will launch on 25th June 2016 and operate every Wednesday and Saturday. The flights will last 11.5 hours and 17 hours respectively, with 18 business class seats and 242 economy class seats available on Airbus A330-200 aircraft.
The Turkish city of Bursa could become the country’s new property hotspot, following the completion of a landmark new bridge over the Marmara Sea.
Bursa is Turkey’s fourth largest city and is currently the third most popular in terms of foreign property purchases. The city offers an alternative to the high-profile city, with the added bonus of offering skiing at nearby Mount Uludag.
The 3.3-kilometre Izmit Bay suspension bridge links Gebze, just east of Istanbul, with the southern shore of the Marmara Sea. It forms part of the new, six-lane Istanbul-Izmir highway, which connects Bursa, including its coastal suburbs, to Istanbul.
The new bridge and motorway will reduce drive-time between Istanbul’s Sabiha Airport and the eastern part of the Bursa Province to under an hour.
Not every country and programme is the same. There are significant differences relating to investment level, family qualification, permanent residency, minimum stay, citizenship and passports.
Italy is offering residency status to non EU foreign nationals who buy property worth at least 300,000 Euros.
Dubai has become the world's busiest international airport. Dubai's stock is soaring. The emirate has already cornered the architectural market with the world's tallest building. In recent years, its rebounding real estate market - post financial crash - recorded the fastest rising property prices in the world. Now, it is home to the world's busiest international airport.
The world's first ever pet terminal will be built at JFK Airport next year. Named The Ark, the state-of-the-art facility will cater for the overseas travel of everything from household pets to farmyard animals. ARK Development, LLC, an affiliate of real estate company Racebrook Capital, announced this week that it has signed a 30-year lease with the Port Authority of New York and New Jersey to develop the mammoth facility.
Chinese investment in overseas property has soared in recent years, thanks to the pull of returns available in major cities. From 2009 to 2014, the total value of Chinese overseas investment volume skyrocketed from $0.6 bn to an estimated $15 bn. Indeed, capital outflow from China into the three countries multiplied five times compared to 2012.
Vietnam is opening up its market to foreign investment. The law, which will come into effect from July 2015, will allow limited ownership of Vietnamese real estate by foreigners for the first time. Previously, only foreigners who were married to Vietnamese citizens were allowed to purchase property in the country. From 1st July next year, though, the landmark legislation will allow non-residents granted a valid visa to be allowed to buy residential property, including condos, villas and townhouses.
Cuba has announced that it will offer visas to foreigners who invest in real estate on the island. The move is a big step for a country that until 2011 did not allow anyone to buy or sell homes at all. In 2011, President Raul Castro lifted the ban on buying and selling real estate in Cuba, a revolutionary step for the island's housing market - because until that point, there effectively was no housing market at all.
Spanish Congress has passed its so-called “Golden visa” legislation to allow non-EU nationals to get qualified Spanish residency and Schengen-area access. The law which was approved by the Senate last week has now passed through Spanish Congress and is set to become law as soon as it is published it the official gazette (BOE) in the next few days. Non-EU nationals will need to purchase a property worth €500,000 or more to gain residency which will also be extended to their spouse and children.
Portuguese ‘Golden Visa’ scheme attracts Asian international property investors.
Buying an overseas property is a substantial investment and most people will only be able to use their property for 2-3 months of the year, for a much smaller investment you will be the part owner in a possibly more expensive and luxurious property but will not have to pay the full upkeep, taxes for a full 52 weeks. This is where Fractional Ownership comes in...
Pavilions of Splendour International, Inc.Suite 9, Ansuya Estate, Revolution Avenue, Victoria, Seychelles
Telephone: 0034 603 424 175 Email: Click Here
Skype Username: pavilionsofsplendour
Copyright © 2006 - 2017 All Rights Reserved