Russian Big Spenders To Change Overseas Property Market

The UK overseas property industry magazine Overseas Property Professional (OPP) reports on the new bread of international property buyer that is set to make a huge difference to the industry in 2008. These new buyers are Russian and they have already turned the London housing market on its head.

OPP report that Kim Waddoup who is the managing director of aiGroup will be the first Russian real estate agent specialising in overseas property to exhibit at OPPLive07 . The exhibition which is taking place at London ExCel on 4th and 5th December 07 puts together overseas property agents, developers, independent financial advisors, and PR specialists.

Kim Waddoup will offer some unique insights into the Russian buyer promising to reveal to UK agents the best way to market their properties to the new bread of wealthy buyer

Kim Waddoup. “Due to the expanding economy, salaries are increasing in Russia and a growing number of people are looking for investment opportunities abroad. Many are looking for a safe investment that will increase in value; others are still looking for a classic home in the sun to escape the long Russian winters”

Meanwhile Russian billionaires are spreading their property interests beyond central London, Lucian Cook, head of residential research at Savills, said: “Russian buyers are an emerging source of demand beyond central London. They appear most comfortable in more suburban locations, very secure but not too far from town centres and London. “Places like St George’s Hill near Weybridge and the Wentworth Estate in Surrey are definitely the hotspots.”

One home suitable for a Russian millionaire is being offered for sale at overseas property portal HomesGOFast.com . The Luxury Essex house has a price tag of 5 Million pounds and is said to be the largest house built in recent times in the UK.

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source: homesgofast.com

MTV Cribs Selling Celebrity Houses

MTV Cribs a TV show that allows anyone interested in celebrity lifestyles to see how their favourite stars live is now being used as a marketing tool to sell property. Successful rapper 50 Cent is going to use the show as a platform to help sell his luxury home. The multi millionaire is selling his mansion after owning the home for only 3 years at a cool $18.5 million price tag

The 19 bedroom property located in Farmington Connecticut was the former home of boxer Mike Tyson and bought by 50 cent in September 2003 for a reported $4.1 million .

In a recent interview with The Associated press 50 cent described the house as one stuck in the past "It kind of had a `Miami Vice' feel. It was like turquoise blue on the floor and purple,"

All eyes will be on MTV on Thursday 29th November 2007 as a special edition of MTV Cribs is being aired to show of the luxury home.

When quizzed why he was selling the home 31 year old 50 Cent real name Curtis James Jackson complained that he had grown tired of the 2 hour commute to New York City he was also seeking to downsize!

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source: homesgofast.com

Gold Coast Australia Luxury Real Estate To Rise

A new luxury hotel and apartments will go up in Surfers Paradise along the Gold Coast of Australia, according to news just released on Hospitality Net. The Hilton Surfers Paradise Hotel and Residences will have two high rise towers with 170 luxury hotel rooms and 340 premier apartments. The new project will be developed by the Raptis Goup in the central part of Surfers Paradise along Surfers Paradise Boulevard and Orchid Avenue.

“The creation of Hilton Surfers Paradise Hotel and Residences is the next step in reshaping Surfers Paradise from a traditionally tourist town to a metropolitan, urban-chic beach city. The project will deliver a new level of luxury accommodation and shopping for residents and visitors, at the same time, becoming a professional business hub,” said Raptis Group Chairman, Jim Raptis.

Gold Coast Investment Property For Sale>

The new hotel and residences will be completed in two stages over the next two to three years. The Boulevard Tower, housing the residential apartments and 32 stories tall, is due for completion in late 2009. The second part of the project, the Orchid Tower, housing both residences and hotel suites and planned to have 57 floors, is due for completion in late 2010. Both towers will be managed by Hilton Hotels. The property will be the first Hilton Hotel on the Gold Coast and the third Hilton in Queensland.

According to Gold Coast Tourism, tourism is the region's number one industry and currently attracts 4.4 million overnight visitors annually making it Australia's third most popular destination behind Sydney and Melbourne. The Gold Coast region is the number one regional visitor destination in Australia and Asia Pacific's third most popular business tourism resort destination.

The nearest major airport, Gold Coast Airport (OOL), is outside of Coolangatta and about 25 kilometers south of Surfers Paradise. There is direct and connecting service from Sydney, Auckland and other major Australian and Asian cities. Train service serves the coastline with a line running from Sydney to Brisbane, and there is also daily bus service.

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source: homesgofast.com

Future Bright for Overseas Property Industry

The overseas property industry seems set for a bright future according to predictions from a recent study. The appetite for property abroad seems set to continue with the British and Irish Buyers firmly behind the wheel. In fact the study carried out by Datamonitor has predicted that ownership is set to almost double over the next five years.

British and Irish citizens now own 3.81 million properties overseas, excluding time share and fractional ownership, according to the firm.

Overseas Property Portal Homesgofast.com CEO Nicholas Marr ‘Buying overseas property is a life long goal for many buyers. Combine this with overseas property investors who are seeking better growth and cheaper property prices you can see why property overseas is so attractive. Emerging markets have become more accessible and foreign governments are keen to attract inward investment. Our experience shows that Irish overseas buyers are leading the way as they tend to be more adventurous than their British counterparts. The age and types of buyers are also changing. Overseas property buyers cross all types of people and income groups. The age of our buyers are now getting younger with a larger percentage of 20- 30 year olds seeking property abroad than 3 years ago’

The study valued the overseas property market in 2006 at £44.4bn, with UK and Irish based estate agents forecasting the market to continue to grow at an annual rate of over 13% between now and 2012, almost doubling the size of the market.

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source: homesgofast.com

British Feel That Property Is Better Than Cash

Recent research commissioned by the BBC has found that the British feel that buying property is better than cash in the bank. The UK housing market like that of the US is now reported to be slowing and with it house price drops are expected. The UK property market looks like it shall be a buyers market with home sellers reducing house prices in order to sell their homes.

House prices and equity in British home owners is the conversational piece at many dinner parties. The reports of first time buyers priced out of an ever increasing market are frequent and depressing for those wanting a foot on the property ladder. British first time buyers have been undertaken some rather extreme measures to buy a property. These include buying cheap property in Bulgaria , buying with property with a stranger and purchasing a house boats.

The British obsession with house prices and property in general has resulted in several TV shows that now have made the presenters like Sarah Beeny household names.

In order to gauge how house prices were affecting people's lives, the BBC commissioned NOP to conduct research on the issue at the end of last month.
Research for the BBC Two series, The Truth About Property, found 53% of respondents believed owning property was safer than cash.

It is of note however that this poll took place in the aftermath of the Northern Rock crisis, the first run on a British bank in nearly 150 years.

That belief is directly at odds with the view accepted by the overwhelming majority of investment professionals. Financial experts regard cash as safer than property because as long as the bank is solvent, there is no risk to your capital.

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source: homesgofast.com