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Part 2. The Free Property Inspection Trips to Spain – Warts n’ All.

FRESH OFF THE PLANE.

I have written this section of the article with the assistance of  personal experience in the industry, having personally undertaken an inspection tour, family and friends who hae toured and most importantly experienced sales reps who still work in the industry, so they have no axe to grind but perhaps their conscience got the better of them. The only remuneration they received was a couple of cafe con leche’s each. The surprising thing was that I had arranged to meet two reps but when word spread half a dozen arrived with offer from many others.

Your tour should proceed along these lines. Show homes are close on Saturday afternoons and all day Sunday and flights are more expensive over the weekend so most tours tend to be during the midweek. Tour duration is normally 5 days 4 nights. For the purpose of this article I have formatted a Monday to Friday tour.

MONDAY:

A couple of years ago a trip to the arrival lounge at Alicante or Murcia airport would have seen you rubbing shoulders with dozens of agents sales reps /  salespeople / property consultants / tours guides ( I will call them reps from now on) all standing there with their clipboards with their clients names printed on them, often looking nervously as passengers came through the sliding doors. Similarly a trip down the coast road from the airport you would literally pass dozens of agents cars all brightly liveried and each company with its own colour cars. The credit crunch has killed off the numbers but made the agents need to extract every last euro from clients almost an art.

Your rep will great you with a big smile and engage you in small talk as they walk you back to the car. The reps should also take the luggage off you or at least the wife. During the journey back to the hotel it is taboo for the rep to talk about property for fear of the client feeling under pressure. What the rep is doing here is selling themselves, after all who would buy off somebody that they either did not like or did not trust? Your rep is sticking strictly to step one of the seven steps. The holy gospel of the rep which is drilled into them from day one. The steps are as follows and I will refer to the as we progress. I will shortly be writing an article solely covering the seven steps in much greater detail.

1. SELL YOURSELF – Make yourself likeable to your clients

2. SELL THE COMPANY – We are established, trustworthy, large, family run, UK based….

3. SELL THE AREA – Sell the lifestyle, pace of life, cost of living, health, beaches ……..

4. SELL THE PROPERTY – Once sold on the lifestyle find the property within budget.

5. FINANCE – Sort out loans, mortgages, affordability etc.

6. CONTRACT – Complete a property purchase contract and get €3000 deposit.

7. CONSOLIDATION – Introduce to solicitors, open bank accounts and look after them.

When you rep gets you to the hotel, they will jump out of the car and open the door for you, they will get your bags and check you into a very swish 4 or 5 star hotel on the beach with stunning views (see # 3). Once they have checked you in they will take you up to the room, open the door and take you in. You will often find that the curtains will be closed in the room. This is an arrangement that the agent will have with the hotel. This enables the rep to do the great reveal. They will walk to the window and pull the curtains back with gusto revealing a beautiful view of the beautiful blue Mediterranean Sea. Having just left a grey, miserable, cold, wet and windy UK, this reveal makes the client feel that they have found heaven.

Most clients arrive late afternoon, so the rep will leave you for a couple of hours to rest and come and collect you for dinner (the tour will include all meals). The rep will still not be speaking about property, they will, still be selling themselves and the business. They will tell you about how they came to live in Spain, how great it is, how their kids love it…… this is undoubtedly true as I am willing to testify but it is all part of the sales process. The rep will also start telling you how great the company is and how good they are to work for and how well they treat their staff. The truth is that they are all non contract, commission only sales people who are in fear of their jobs from tour to tour because if they do not sell and hit targets they are out! The rep will also outline the itinerary whilst you are with them:

Monday: Arrive, settle in and go for dinner.

Tuesday: Pre tour meeting and area tour, go for dinner.

Wednesday: Look for properties in areas you have expressed an interest in.

Thursday: Continue search, or if purchasing complete contracts, payments etc.

Friday: Continue search or if purchased, consolidate and back to airport.

Following your nice evening meal you will be dropped off at the hotel and arrangements made to meet you in the hotel reception at 9:30am the following morning. As they leave the rep will be on the phone to their manager telling them what they think of you and the likelihood of you purchasing. You will be graded as red, amber or green or on a scale of 1 to 10 as a prospect with red or 1 being no chance. All clients start as amber or a 5 on the scale.

TUESDAY.

A good hour or so before the rep collects you on Tuesday they will have a breakfast meeting with their manager where they will discuss in great detail their impression of you. The manager will produce all the paperwork that they have on you. This will be notes and transcripts of conversations that you have had with the companies telesales staff, or the home visit rep or even with the manager when they called to confirm your attendance a couple of days ago. All the questions that you have been asked no matter how innocent have the intention of garnering as much information as possible. This meeting that the rep ha with their manager will determine the course of action that they will be taking with you over the next few days!

The rep will come and collect you on time. They will be in their uniform, light pants, either white or blue shirt/blouse, brown shoes, sunglasses and immaculately clean company car (the cars are inspected each day and reps fined €50 for dirty cars). Your rep will then take you to a lovely café by the beach, or on a golf course or with fantastic views. This helps sell the lifestyle, but the choice of café is determined following your conversation the previous evening when they gleaned the information out of you to make this choice.

The purpose of the meeting is to determine what you are looking for i.e. holiday home, relocation, investment or business, your budget and your preferred location. The rep already has this information as this information has already been obtained from you when you arranged the trip in the first place. The one thing that the rep will do is promise never to show you properties above your budget, they will site affordability issues however the truth is that people who over extend when in Spain are 4 times more likely to cancel when they get back to the UK.

Meeting over you will jump in the car. One thing to note here is that the rep will always have a cool box or paperwork on the seat behind them. This means that the clients will sit in the passenger seat and the seat behind. This stop them being able to make eye contact with each other, communicate without the rep hearing and the rep will be able to see the client in the rear view mirror.

The day will be spent completing an extensive tour from Alicante in the North to Cartegena in the south and up to 50km inland. You will visit town, villages, beaches, golf courses, mountains, you name it they will cover it. Anything or place you express an interest in will be noted for use later. If you like a particular village or beach, they will stop for a look around or a coffee. Although you do not know it you will be following a pre determined route aimed at showing the area in its best possible light.

Whenever you do stop the rep will be glued to your side at all times. They do not want you talking to the natives because they may tell you something that you do not want to hear (i.e.  how much commission the agents charge/make). The rep will always seat you away from other people, never at a café with free papers (other agents advertise in them) and never near an estate agent window because invariably they could have the same properties for sale for considerably less money! (most properties for sale are on with many agents).

Following completion of your area tour you are returned back to the hotel at 6pm, some 8 ½ hours after you were picked up and informed that the next couple of hours are your own and that the rep will pick you up at 8pm for dinner. As a parting shot the rep will warn you about “bar stool Johnny’s”. They will tell you to be suspect of anyone who approaches them in the hotel bar or foyer as they could be a con merchant who will know that they are on an inspection trip and will coerce them out of thousands of euros. There may be a modicum of truth in this, however its main reason is to stop clients talking to each other and comparing experiences. One rotten apple can spoil a barrel…..  You will be picked up at 8pm and taken to a nice restaurant for a three course meal and wine and taken back to the hotel at 10:30pm. You have been with you rep for 13 hours.

WEDNESDAY.

Following the extensive and tiring area tour you will be hoping for an easier day today. Your rep will collect you again at 9am fresh from a debrief with their manager where the plan of attack will have been drawn up. Today is all about property, after all, this is the third day you have been in Spain and you have not seen any property yet.

There has been a lot of thought put into the art of showing properties. The rep will have listened to your preferences and listened to your opinions when on the area tour. You general chit chat will have been noted and the answer to innocent sounding questions during dinner will have been noted, analyzed and actioned.

When you arrive at a property you will be brought in on a route that shows the property and area to its best. The show home will be immaculate; it will be on a nice big plot or have great views and will invariably be the most expensive plot on the site. The show home will have been dressed by a designer. Your rep will now take you round room by room, telling you what is included and what is not, what the payment structure for this particular developer is

You will never be shown the best property first. The first property will often be chosen because it does not match many of your requirements. You will be asked for your comments regarding, size, location, views, rooms etc and asked to score the property on a whole out of ten and the area out of ten. If you score the property highly and area poorly we need to look at similar properties in a different area. If you score the area highly and property poorly, we need to look for different properties in the same area.

The rep should note your thoughts, comments and scores and move on to the next property based on your requirements.

Amazingly the reps I spoke to stated that if somebody was genuinely interested in purchasing that they only ever showed 3 or 4 properties before they found the perfect place.

Do not be surprised if at some point during this day that the reps manager accidentally bumps into you either in a show home or at a café somewhere (those furtive phone calls the rep makes or receives when they slope off out of earshot are the management gauging the progress of the tour. If you hear the rep saying amber or green you might know what they are talking about now). The manager is there to check on how well the tour is going, check up on the rep and try and point the clients in a new direction should they need to, or to reveal a deal that can be done or a special offer that has only just become available.

The pressure will be really on the rep towards the end of the day as you should have seen a property that meets all your requirements by now. The pressure exerted on the rep will be passed down to you in a more subtle way in the form of more direct or leading questions.

You will be dropped off again at 6pm and collected at 8pm for dinner. The conversation at dinner will be a lot more focused. You may also find that on this evening all the reps and their clients eat in the same restaurant, often taking it over. The reps are allowed to bring their partners to this meal. This is all part of the sales process as the partner has been thoroughly briefed on what to say.  The reps manager and partner will also be present, so the sales process continues until 10pm. You will be dropped off at the hotel at 10:30pm with another 13 hour day under your belt.

THURSDAY.

By this point in the tour, if you have not purchased the chances of you doing so are minimal. Not only will you be feeling the effects of the long days, but so will the rep as their working day is on average 15 hours a day. Be prepared for a battle of wills.

Yours reps phone will be a lot busier today as they are pressured from above to get a sale. You will almost certainly call into the office to have a look around, with the real intention of putting some pressure on from the manager, finance person, company owner etc. This pressure will never be too excessive as this could be off-putting, but it will be pressure none the less. “We have found you the property within your budget in an area that you loved that meet all your criteria…… its what you asked us to find and we have, so lets do the paperwork!” The rep will pull out the property scoring sheets with you favourable comments and score on the top property. You will be told that if you do not buy now then you never will. Your “bottle” will be questioned and you will be asked why you bothered coming out if you had no intention of purchasing I the first place.

This is the make or break part of the tour. The pressure to purchase will be considerable but not overbearing, more subtle than high pressure.

You will find yourself looking at properties that had previously been rules out because of comments made in other properties. If you comment in one property that the kitchen is too small, the rep will then rule out taking you to dozens of properties that have small kitchen and will only take you to properties that have bigger kitchens.

The rep will keep going because they are paid on a commission only basis and have nothing to lose. As a self employed, commission only sales person, if you do not buy, they will not be getting paid for working some 60 hours and they could be one step closer to getting fired, especially if the sales manager thought you were a good purchasing prospect. In Spain if you are not on a contract you have to pay approximately €250 per month to the tax office to cover social security as well as €50 towards your accountant. Even if they do not work or earn no money one month they still have to pay out €300. Their company will say that this keeps them lean and eager. The reps will say that it leads to unnecessary pressure and often hardship.

With the realisation that there is no prospect of a sale, most reps will give up come the end of the day. You will find that you will be dropped off at the hotel at 4pm, the rep will offer you the chance of going for a meal on your own (at your own expense) and you will be given the opportunity of a later collection on the final day.

The meal on this last evening if taken will be a more casual affair as the rep is resigned to a “no sale” tour. The meal will be taken earlier and finished quickly. The rep out of spite will often take you to a restaurant that you have expressed that you do not like. If you don’t like Chinese food guess were you will be eating come the last evening if you have not purchased.

FRIDAY.

If you have purchased you will have spent Thursday completing paperwork and contracts in the office. On the Friday the rep will have you out of bed at 5am and standing outside the local town hall in a queue to get your NIE number (needed for purchase). You will be taken to a bank to open a bank account and introduced to a solicitor. If you want the solicitor to have power of attorney you will need to go to the notaries office as well.

As a word of caution I would always advise you to seek out your own solicitor rather than one suggested by your agent. Your solicitor should be working exclusively for you and some agents have far to a cosy relationship with their solicitors. Just check out some of the internet forums for details.

If you have not purchased, this will be a more relaxed day. You will have to check out of the hotel by 11am but the hotel or rep will take your cases. You will need to fill in an end of tour report where you can comment on the rep, company and tour. You will have a little time to sunbathe , go shopping, go for a walk. The chances are that you will be dropped off at the airport a good 3 hours before your flight and your reps car will disappear in a cloud of dust ready for the next clients.

IN SUMMARY.

Taking everything into account would I recommend partaking in an inspection tour?

The case for yes:

If you are looking for a new or off plan or key ready property, the prices are set by the builder not the agent, so you will be paying the best price for the property. Despite the sales tactics, the reps in general have a fantastic knowledge of the area, builders and developments and despite what you may think, they are chosen for their personality more than sales skills. The agents can use their size and power in your favour and you do get free flights, accommodation and use of car and tour guide. You will cover more area and see more in one day with a good rep than you would do in a week on your own. If you do purchase you are actually paying for your free tour out of the agents commission. It’s a great way to learn the area and see property at their expense, however please remember that your rep will not earn a penny if you do not buy.

The case for no:

You only get to see the side of Spain that the rep wants to show you. You are never on your own and are always being questioned as to your opinions. If you are considering a resale property then you will have to pay the agents fees not the seller. Agents can charge up to 20% commission. One a villa valued at €200,000 the agent will put it on the market for €240,000 . An agent can make €20,000 on a small apartment. If you have an idea of the area or what you want and the sort of property you are after you can save a fortune doing it your self.

There is an alternative. There are now companies who offer the best of both worlds. They are independent of any builder, promoter or agents. You pay for your flights and accommodation and meals. They pick you up and take you out looking at areas and properties and charge you a day rate. The late afternoons and evenings are yours. People come out for 7 days, spend 3 looking at properties and the rest of the time on the beach. Because they are independent they have no loyalty other than to you and could save you thousands. In these times of hardship it really is the best solution to a problem you never even knew existed…. Until now.

Foreign Currency Direct, the leading UK currency broker, has launched a new overseas property portal for UK buyers looking overseas. The portal is at www.Propertyline.co.uk and is part of the Eataz Network, with traffic of over 300,000 users per month and 17,000 properties around the world already online.

Unlike most property portals on the web today, Propertyline also has the unique attraction of combining private sellers, agents and developers from multiple countries, and connecting them with buyers across the world. There is also a Property Hunt facility – simply fill in details of your ideal purchase abroad and we can put you in touch with sellers directly according to your preferences.

If you’re buying in France, Spain, Portugal, Italy, Cyprus, Bulgaria, Dubai, the USA or almost anywhere in the world, we’ll help you find your ideal property today.

In addition, property agents can take advantage of free advertising across the network, by vitrue of a partnership with FCD for currency referrals for their clients. This has already proved successful with many agents reporting a good volume of quality enquiries, at no incremental cost to them and with no commission to pay on sales.

Robin Haynes, FCD Director responsible for the Propertyline project, said: “Foreign Currency Direct is the only UK currency broker committed to adding value to agents’ businesses by providing genuine property enquiries to enhance the sales process. The resulting property portal site is in turn a useful tool for UK citizens looking at overseas purchases – meaning we can help them find their dream home and then save them money with the currency transfers too.”

Notes for Editors

Contact Details:

Foreign Currency Direct ((www.currencies.co.uk) and Propertyline ((www.propertyline.co.uk ) can be contacted on 0845 177 1001 (or +44 1494 787478 from abroad). Email info@currencies.co.uk or info@propertyline.co.uk.

Foreign Currency Direct plc has provided currency exchange services for the overseas property market since 2000. It charges no fees or commissions on its services and was top of recent surveys by the Sunday Times and Money Observer for best exchange rates and currency deals.

Propertyline.co.uk was launched in 2006 in partnership with the Eataz Network which has been offering online property marketing websites since 2004.

You’ve decided you want to buy property in Spain. You might be looking for a holiday property or solid property investment. Whatever the reason, there’s a lot to consider when you want to make a purchase overseas. It’s not always easy buying a home in the UK so be prepared to do your homework to buy your Spanish home.

Obtain your NIE

Before you get started get the vital paperwork. If you want to buy Spanish property, you need to apply for a ‘Numero de Identificacion de Extranjeros’. Often referred to as NIE, this translates to the English equivalent of ‘Foreigner’s Identification Number’. You are legally required to hold a NIE before you can make any transaction which carries tax implications such as Spanish property purchase.

To obtain a NIE simply visit the Foreigner’s Office which is situated in most Spanish police stations.

Certificate of Habitation

There’s a wide range of Spanish properties for sale, so do plenty of research. You might wish to buy off plan property, golf properties or a renovated house. If you are buying new Spanish properties, make sure there is a condition in your contract of sale that a Certificate of Habitation is issued before property completion takes place.

Be warned, developers can sometimes try to get Spanish property buyers to take possession of property before a Certificate of Habitation has been released – incurring unnecessary costs at your expense!

Foreign investors are forever seeking the next best bet. Malta fulfils the wishes of those who desire luxury properties and living in a warm Mediterranean climate. With its long warm summers and mild winters Malta appeals to thousands who love to regenerate in natural warmth. The luxury living properties are second to none and leave no room for disappointment. Malta’s strong financial framework and business ethics ensure that you are purchasing your property in a safe haven. With its limited space land is at a premium. Not only will you benefit from this luxurious and healthy lifestyle but your property will also appreciate and provide you with a return on your investment.

Malta’s strategic position in the Mediterranean region has enabled it to become a hive of multi-cultural activity. Not only has the language and food been influenced by its Italian and Arabic neighbours, but the British also left their mark more recently in 1974 when Malta gained its independence. As the Maltese people are very familiar with foreign nationals this allows a healthy and easy going co-existence between the local and foreign people.

In business the Maltese are used to working together with foreign nationals from all over the world. Malta has a very sound financial and legal framework. The business foundations and frameworks have proved invaluable. During the most recent economic global crisis the Maltese bank system did not enter a crisis situation. This is testament in itself that foreign investors are not just investing anywhere but that they are investing in a top end product, luxury property, in a Mediterranean country, enjoying the Mediterranean culture & lifestyle, in a safe economic environment where foreign nationals are welcome and greeted with warm Maltese hospitality.

Luxury property in for sale Malta really does lend itself to the ultimate experience in luxury living. The properties occupy the most prime spots on the island commanding beautiful sea views or historical architecture. The standard of the properties are more often than not deluxe and the owners are offered the full service of a five star hotel including a place to moor their boat.

Previously foreign nationals and EU citizens could only purchase one property which would be for owner-occupancy. This has recently changed whereby foreign nationals can now buy additional properties and rent them out on a short -term lease agreement, providing the property is valued over €233,000.00; has a swimming pool and is registered with the Hotel & Catering Establishments Board. Some of the prime locations and properties that fall under these ’specially designated areas’ and provide luxury properties are Tigne Point, Portomaso, Cottonera, Manoel Island and Chambray (located on Maltas’ sister Island, Gozo).

Being an owner of a luxury property in Malta gives you great peace of mind and reassurance that your property will be appreciating, offering you a gain on your capital income and is located within a highly reputable economic environment. Additionally you will also enjoy a truly high standard of living and experience the beautiful synergism between modern life and historical culture.

Spain has been the largest absorber of migrants in Europe for the last six years. An estimated 2.8 million people have arrived increasing the countries migrant population fourfold. A major contributor to this increase in numbers is the desires of many northern Europeans to retire on the Mediterranean coast. This has made the Spanish property an extremely good business opportunity and investment.
This had been the case since the turn of the millennium as the Spanish property market has experienced wild growth and a constant rise in prices. There were however fears last year that the property market in Spain was going to crash. After years of steady investment the worry was that this investment would dry up and the Spanish property industry would be left in turmoil.
Such fears have recently been allayed, house prices in Spain are to continue to rise, be it not at the rate expected earlier in the year. Director General of Spain’s architecture and housing has given a 4percent rise instead of the 5.3percent rise expected in earlier official figures. This marks less of a crash for property prices in Spain and more of a levelling out effect on the market. Such trends have been seen across much of Europe this year.
A further half a million properties are to be completed in Spain during 2007, showing that the market is not in turmoil. It can be seen that sales figures for Spanish property are down this year but officials have been quick to quell any worries about the general health of the market. After a bubble that has lasted almost five years it was bound to slow down at some point, such growth is rarely sustainable in the long term.
If the property industry in Spain is in a slow down phase this should make it even more preferable for buyers. With property developers keener to sell their properties buyers have the option of holding out for better deals, surely keeping Spain’s predominance as the retirement capital of Europe.
The popularity of Spain as a destination to buy retirement property, such as Spanish villas can be attributed to the increase in communications technology allowing people to stay close to their families despite being in a completely different country. With home ties becoming easier to break it is becoming ever more tempting for those of retirement age to sell up, leave the nasty weather behind and go and buy a Spanish villa.
In recent years another temptation factor has been added to entice increasing numbers of northern Europeans to buy property in Spain. A huge rise in the creation of quality golf courses within close proximity of many of the Spanish property developments has given another reason for those wishing to retire to go Spanish. There cannot be much better in life than having good golfing weather and quality courses almost all year round.
When buying property in Spain it is easy to get carried away with the glorious weather and for those inclined to a round, the fantastic golf courses at your disposal. Something that must be remembered is when buying property abroad a reputable company must always be used. Horror stories of crooked Spanish property scams are rife in the press but these should not put potential buyers off. As with much in life, if you use a trusted service the outcome will in the majority of cases be agreeable.
The property market in Spain has recently done well to allay the fears of its patrons. Worries over a down turn in sales and a slow down in property construction have rapidly been explained by official sources. Subsequently the market seems to be in good health and still growing, granted this growth is at a slower pace than before but outlooks are still positive. As long as northern Europeans are searching for a place in the sun to call home, the Spanish property market will remain healthy.

As Turkey continues to progress as one of the most sought after emerging markets for property investing, several questions repeatedly arise from potential buyers considering the location. Below is a compilation of ten of the most frequently asked questions about Turkey as a property investment location.

1. What makes Turkey an interesting investment market?

Currently Turkish real estate is one of the strongest emerging international market growth sectors, showing excellent potential for continued demand and expansion. Capital growth for mid to long term investments, along with good rental yield potential are attracting investors to the country’s property sector.

Coupled with the country’s domestic market, demand for property currently exceeds supply, resulting in fast increasing real estate prices. Growth within the tourism sector and interest to re-locate are also areas creating further demand and a strong growth market.

The country features a youthful demographic with a highly skilled workforce with intentions to enter the real estate market, placing demands on supply and improvements to the mortgage financing sector. This market represents strength in the future re-sale and letting markets.

Turkey’s steadily expanding economy and government integration for bringing the country in line with EU accession requirements allow for strong future growth prospects.

Along with the excellent investment opportunities presented in the Turkish real estate sector, the possibility of gaining admission to the EU in the coming years is further fuelling demand. The pre-EU entry prices offer a competitive position within the European market.

2. Are there any restrictions for foreign buyers?

Most nationalities are freely able to purchase real estate in Turkey, although restrictions apply to some nationalities. Those who fall into a restricted category will require a legal ‘Letter of Invitation to Purchase’ prior to entering the country. If unsure, details can be obtained from an embassy or consulate.

Other restrictions relating to all foreign buyers are real estate purchases within restricted areas, such as military zones, along with restrictions relating to property over 30,000m2 without obtaining a special permit.

3. What are the associated purchasing costs?

Purchasing costs will amount to approximately 5% of the property sale price. Registration and Notary fees are between 0.1% and 1%, while Stamp Duty fees are 0.75%. Title Deed fees have temporarily been reduced from 1.5% to 1% to assist the housing market during the current economic climate.

4. What are the legal fees?

Legal fees are around 2% of the purchase price, with prices varying between different legal firms. Half of the legal fees may be required when signing the purchasing contract and the remainder on completion.

5. What are the taxes I can expect?

If opting to sell the property prior to completing 5 years ownership, capital gains taxes will be charged at 20%. Following 5 years ownership the property is free from capital gains. VAT at 1% is required on real estate with a surface area greater than 150m2. Other taxes include residential real estate tax is 0.1% of the property value, and rental income tax where different payment method options are available to suit the owner’s preferences.

Rental income is charged at between 15.6% and 24.8% payable by a ‘deduction method’ exempting expenses such as utilities, insurance and administrative costs, or the ‘lump sum method’ deducting 25% of the gross income.

6. Will I be able to arrange a mortgage?

The growth of the real estate market has opened up mortgage financing on Turkish property to foreign buyers in recent years. Both fixed and variable rates can be arranged, with financing available for both re-sale and off-plan properties.

7. What is the military clearance requirement?

Military clearance is arranged by the buyer’s solicitor prior to completing the property purchase. The documents are required to ensure the property is not located within a restricted zone including military land, or other land protected for cultural, historical or ecological purposes.

8. What is a typical payment schedule?

While payment schedules may vary between different developments or agent’s requirements, a typical payment schedule will require a holding deposit, reservation payment and reminder on completion. Holding deposits are often approximately €3,000 or £3,000, while reservation payments may vary between approximately 10% and 40% of the purchase price.

It is also possible that a development may have staged payment requirements throughout the construction process. Re-sale properties are likely to have different payment procedures to off-plan investments, with the full price payable on transfer of the title, minus the holding deposit.

9. What is the time zone and currency conversion rate?

The time zone of Turkey is GMT +2. The local currency is the Turkish Lira (TRY). As the currency rate changes, the following conversions should only be used as a general guide:

1 EUR = 2 TRY / 1 GBP = 2.4 TRY / 1 USD = 2.5 TRY

10. Do I need a visa to visit Turkey?

Depending upon nationality and intended duration of the visit to Turkey, a visa may be required. Contacting an embassy or consulate prior to arranging travel plans is advisable for details of full requirements. This will ensure complete and up to date information to avoid unpleasant surprises.

Original article: Property blogAccording to Spain’s national institute of Statistics (INE) the collapse in property sales may be coming to an end. Based on the latest figures from July (link below), there were a total of 37,079 property transactions in the month, of which 33,694 were standard sales and 3,345 were social housing (VPO). Looking at non-VPO sales for a moment, that is a decrease of 19.6% year on year. Not necessarily a good figure, but compared to earlier in the year there has been a marked improvement in the level of sales with an increase month on month of 5.8%. Finally a positive bit of news!

On another interesting note looking at the figures for Spain, of the total properties sold 18,688 were for newly completed properties and 18,351 were for re-sales. This is the first time in recent years that both of these categories have reached parity. Generally new properties have made up a higher percentage of the total over the last year, due to the off-plan property boom in recent years. But with fewer and fewer off-plan sales from the ‘boom’ left to go to completion, this figure should continue to decrease and re-sales should once again make up the majority.

But this does not mean there will be no more new build sales. There are still many promotions on the market still looking for buyers. So, we can expect the figure to continue to decrease, as the best new build properties will sell first, and the less popular will continue to drop in price until there is demand. Although I could be wrong on this matter and the new build figure might suddenly plunge to next to nothing! Unlikely, but still a possibility.

Now for a bit of positive news for us here in Andalucía. Of the total 37,039 properties sold in Spain, 7,898 were in Andalucía. That 21.1% of the total. Or 1 in 5 of all properties sold in Spain!

So although the figures are better for July than for June, year on year, they are still down. And of course they are lower than the 2007 peeks. But if this trend continues we might soon see the end of this long dark tunnel

INE ReportRegardsAndrew BellesCosta del Sol property

There can be few places to live as beautiful and relaxing as the UK countryside.
Find the right village or rural location and you can benefit from a hugely enjoyable quality of life compared to life in the city.
There are huge benefits to owning a country property. You will typically have a larger amount of space, which can translate into a bigger house and garden. It’s easier to get a character property in rural areas, including impressive feature buildings such as a converted windmill or barn. And the sometimes relaxing nature of life outside large towns and cities can’t be over stressed.
Yes there are downsides as well, such as the lack of amenities on your doorstep, the need to drive everywhere, fewer school choices, and typically poor public transport links. But for many country dwellers, these are more than offset by the benefits.
But can you afford the right country property for you and your family? Prices in the countryside tend to hold well, with period properties especially holding their value. If you do want to move to the country, there could be good news on the way.
A survey of house values in the country property market in the last quarter of 2007 showed that prices went down slightly, although only by 0.04 per cent.
And that’s the first drop since June 2003, according to estate agent group Knight Frank. It said the market for rural homes was as affected by the credit crunch as the rest of the UK’s property markets.
It’s worked out that annual house price inflation for country property now stands at 7.9 per cent.
The group’s research broke the market down into three types of property, which all performed differently in 2007.
Prices for the most expensive manor houses increased by 10.5% over the year. That compares to growth of just 8.4% for farm houses and 4.9% for country cottages.
But different research from another estate agency shows that the price of the very top country homes has been falling recently.
Hamptons has just predicted a drop of 1.5% in the upper end of the country property market, and is confident there will be no growth in 2008.
It believes the sudden downturn marks a huge reversal in the country house boom, which has been powered by City whizzkids spending huge bonuses buying property, and entrepreneurs investing their cash into bricks and mortar.
Research shows that sellers of homes in the country are having to be more aggressive with their marketing, and be more patient for a sale. The average time a property is on the market seems to be increasing, which can be frustrating for keen sellers.
The drops predicted for the countryside reflect general price trends experts think we will see across the UK in 2008. Your Mortgage magazine has done research which suggests the average house price will drop 3.5% this year.
The good news is, its research anticipates a return to positive growth in 2009. And that will start strong growth in the next few years, leading up to the 2012 Olympics. It’s likely that country house prices will be part of this growth.
So if you are planning to buy country property, don’t leave it too long.
You could also lose out to wealthy investors from other countries. The Knight Frank research reveals foreign investors are becoming more and more interested in rural property in the UK.
Overseas buyers were behind 9% of sales in 2007. And they were funding a huge 28% of property sales worth £5 million or more. Both those figures were up from 2006.

An explanation of terms commonly associated with buying and selling homes in the UK.

Bridging Loan – a bridging loan is a short term loan taken out to bridge the gap between buying a new home and selling an existing property.  The loan bridges the gap between the sale of the two homes in the housing chain and eases the completion of the purchase.

Chain – the property chain refers to the sequence of sales that must take place before an individual property transaction can take place.  Since most people selling their home will also be buying a new property there can be a chain of buyers and sellers each dependent on each other.  If one buyer or seller drops out the whole chain may collapse.

Completion – completion in property sales refers to the point when contracts have been exchanged and ownership of the property has been legally transferred.

Conveyancing – conveyancing is the legal process that must be completed for the transfer of ownership of the property to take place.  Conveyancing work is usually performed by solicitors.

Endowment Mortgage – an endowment mortgage is a type of mortgage where the property buyer makes monthly payments into a life assurance (endowment) policy.  At the end of the loan period the mortgage is paid off in one lump sum.

Energy Performance Certificate (EPC) – the Energy Performance Certificate is a document showing the current energy rating of a property as well as suggested ways in which the energy rating could be improved.  The EPC is a compulsory part of the Home Information Pack.

Estate Agent – a professional who acts on behalf of a person selling their home to find a buyer for the property.  The estate agency service includes valuing the home, advertising and arranging viewings.

Fixed Fee Estate Agent – fixed fee estate agents a new type of property agent that offer to sell homes for a fixed fee.  An alternative to traditional estate agents that set their fees at a percentage of the value of the home being sold.

Gazumping – a common practice in property sales where the seller of the home accepts one offer to buy the property but later rejects it to accept a higher offer by another buyer.

Home Information Pack (HIP) – recently made compulsory in the UK the Home Information Pack contains a series of documents relating to a property being sold.  The HIP is designed to assist potential home buyers by making important property information available at an early stage.

Land Registry – the land registry is a government office that stores records of land ownership.  Updates to the registry are typically performed by solicitors who register new owners of a home.

Negative Equity – a situation where the mortgage being paid on a property is of a higher amount than the actual value of the home.  This means that the home owner has paid or will pay back more than what the property is worth.

Repayment Mortgage – a type of mortgage where monthly repayments cover both interest and capital so that the amount outstanding will gradually decrease until the mortgage is fully repaid at the end of the agreed term.

Stamp Duty – a government tax charged when a property is sold.  The actual rate of taxation will vary according to the value of the property.

Title Deeds – the title deeds are documents showing the past and present ownership of a property.

An explanation of terms commonly associated with buying and selling homes in the UK.

Bridging Loan – a bridging loan is a short term loan taken out to bridge the gap between buying a new home and selling an existing property.  The loan bridges the gap between the sale of the two homes in the housing chain and eases the completion of the purchase.

Chain – the property chain refers to the sequence of sales that must take place before an individual property transaction can take place.  Since most people selling their home will also be buying a new property there can be a chain of buyers and sellers each dependent on each other.  If one buyer or seller drops out the whole chain may collapse.

Completion – completion in property sales refers to the point when contracts have been exchanged and ownership of the property has been legally transferred.

Conveyancing – conveyancing is the legal process that must be completed for the transfer of ownership of the property to take place.  Conveyancing work is usually performed by solicitors.

Endowment Mortgage – an endowment mortgage is a type of mortgage where the property buyer makes monthly payments into a life assurance (endowment) policy.  At the end of the loan period the mortgage is paid off in one lump sum.

Energy Performance Certificate (EPC) – the Energy Performance Certificate is a document showing the current energy rating of a property as well as suggested ways in which the energy rating could be improved.  The EPC is a compulsory part of the Home Information Pack.

Estate Agent – a professional who acts on behalf of a person selling their home to find a buyer for the property.  The estate agency service includes valuing the home, advertising and arranging viewings.

Fixed Fee Estate Agent – fixed fee estate agents a new type of property agent that offer to sell homes for a fixed fee.  An alternative to traditional estate agents that set their fees at a percentage of the value of the home being sold.

Gazumping – a common practice in property sales where the seller of the home accepts one offer to buy the property but later rejects it to accept a higher offer by another buyer.

Home Information Pack (HIP) – recently made compulsory in the UK the Home Information Pack contains a series of documents relating to a property being sold.  The HIP is designed to assist potential home buyers by making important property information available at an early stage.

Land Registry – the land registry is a government office that stores records of land ownership.  Updates to the registry are typically performed by solicitors who register new owners of a home.

Negative Equity – a situation where the mortgage being paid on a property is of a higher amount than the actual value of the home.  This means that the home owner has paid or will pay back more than what the property is worth.

Repayment Mortgage – a type of mortgage where monthly repayments cover both interest and capital so that the amount outstanding will gradually decrease until the mortgage is fully repaid at the end of the agreed term.

Stamp Duty – a government tax charged when a property is sold.  The actual rate of taxation will vary according to the value of the property.

Title Deeds – the title deeds are documents showing the past and present ownership of a property.