The Current State of Foreign Buyers of UK Homes

What happens abroad affects regular Brits at home – more specifically, the price of the homes they wish to buy. Blame it on the stability of the UK economy.

For a number of years it has been well documented that rich Russians, Chinese, Saudis and others from outside the UK have been buying up pricy real estate in London. That has actually expanded to cities elsewhere in England. And with the outcome of the May 2015 elections, combined with continued instability abroad, that trend may not reverse itself for some time.

And it does affect ordinary citizens in the UK. Part of what drives up the cost of real estate throughout London has been the extreme degree to which the most expensive homes in Central London are sold to foreigners, almost all for cash seeking a safe, stable haven. In September 2014, The Telegraph reported that 20% of buyers in Westminster, Kensington and the City of London were sold to people from Russia, Italy, France and the Middle East. Among the top boroughs favoured by foreign buyers were Camden, Islington and Hammersmith and Fulham.

Most maddening to native residents of Great Britain is the report that 60,000 of these homes in London sit empty. Few of those buyers actually live here as they hold those properties as financial assets. One estate agent told The Telegraph that some developers are specifically building at very high luxury levels specifically to attract these buyers; the average price for prime property in Central London reached £4.7 million as of the middle of 2014.

At mid-price levels at city’s edge and elsewhere in England and Wales, developers are building homes that are affordable to the middle class. This helps fill the yawning gap of the UK’s housing shortage, particularly where homes are needed to house families near emerging companies outside London. That said, The Daily Mail reported in October 2014, “some Chinese buyers who can pay in cash are touring northern towns to find investment opportunities. Experts fear this trend will force up prices for ordinary families.”

In the run-up to the May election, the Labour party spoke of a mansion tax that might diminish foreign interest in buying in the UK. But with that party’s loss, the idea of this type of tax was trounced as well. Estate agents who work with overseas buyers reported an immediate surge of interest on the very night the election results were reported.

Global events play a role in this. Sanctions against the Russians for their aggressive tactics in Crimea and the Ukraine have had an effect. International sanctions against the country in 2014 have challenged the rouble, making those purchasers more expensive to the oligarchs and “medium rich,” who, on the margins, might retract their buying.

However, many argue it should be in commercial property or residential development instead of finished residences that go unoccupied. The Cameron government will undoubtedly wrestle with this question in the years to come.

The Best Real Estate in Costa Rica

Top places to reside in

The security of living in Costa Rica will be determined by the region chosen. It is important to choose calm neighborhoods that are known for low crime and violence. Costa Rica is a peaceful nation, and most areas are perfect for retirees. Some of the top areas to live in include San Ramon in Central Valley which has been named as the top destination for retirees looking to spend golden times during their golden years. It is less crowded since tourists bypass the area and features elegant houses and peaceful neighborhoods. The Southern Zone that consists of Unite, Dominical and Epochal also offer perfect tropical environments to live in. Other areas include the Cahuita region that presents excellent Caribbean coasts with long beaches and a wide variety of activities to engage in and a friendly easy-to-immerse in Afro-Caribbean lifestyle. For lovers of nature, the Arenal region presents a perfect residence with long stretching green landscapes and volcanic mountains, lakes and rural communities that live peacefully. Enthusiasts can opt for Jaro area of Central Pacific Coast, which offers a resort town with bustling fun activities. In Costa Rica, there is no limitation on the hobbies and activities. The environment is a perfect inclusion of entertainment, urban and rural lifestyles and top quality medical care.

Advantages of living in Costa Rica

whether you are an affluent businessman or a soon-to-retire employee on pension securities, Costa Rica presents one of the best destinations for retirement. The first attraction in the area is their fantastic year-round warm weather. The environment is serene and perfect for raising families. The residents are quite friendly with a “Pura Vida” (life is good) lifestyle and attitude. The region offers bargain real estate and foreigners have the same rights as locals that are amazing. Besides, the health care is high quality and low cost, a combination that is increasingly becoming difficult to spot in other nations. Qualifying for residence as a retiree in Costa Rica is relatively easy. The Pensioned program only requires one to give $1,000 per month per couple from pension, social security or disability. The greatest benefit of this program is that residents have a government health care system (Caja) which demands a very low monthly fee. Besides, there are several established active communities distributed across the country. This means you will access a busy social life and indulge in as many hobbies as possible.

Property and surrounding

People have the liberty to stay wherever they please in Costa Rica. The real estate industry has grown tremendously mainly because this nation is a tourist hotspot. You can find all sorts of elegant design property ranging from fully furnished luxury estates with beautiful ocean views and beach properties to investment property, commercial lands and residential homes on sale. Whether you need exquisite condos or vocational rentals, farms and mountain properties, Costa Rica provides many options. Those on social security, pension, disability or other security for living in Costa Rica have the most benefits. They will enjoy top market designs and access low-cost, high-quality medical care. It is important to choose real estate agents who are experienced professionals with quality guarantee. This will ensure you enjoy bargain rates and discounts. There are a few considerations to make, and retirement plans must be keenly evaluated to prevent overpayments and undesirable installments.

Conclusion

All retirees will find Costa Rica a perfect residence for their golden years. This region is a democratic nation with heightened culture diversification, peaceful locals, and friendly smiles all over. You can engage in all activities ranging from shopping to business, hobbies, events and celebrations. The culture incorporates fun and entertainment that is common in most tourist destinations. What’s more, the country offers some of the most affordable states at the expense of state-of-the-art installations.

Questions You Need To Answer Before Becoming An Income Apartment Investor

Are you an investor whose primary concern is to earn income, that is income less expenses? Then, here are the things you care mostly about: the rent you are receiving, the body corporate fees, the rates, and any other outgoings. Below are specific details you need to know to make sure you are putting your money into an income-generating apartment.

1. Which type of apartment is the best?

If you are an apartment buyer and want to become a successful income investor, the best types of apartments to invest in are the smaller ones. Ideally, you should buy properties that are below 50 square meters as they give higher returns particularly those that are below 40 square meters.

2. Why smaller apartments are better?

The obvious reason is that smaller ones are easier to rent than larger ones. As an owner, it’s much more difficult to find tenants for a large apartment with many rooms. Naturally, you need to look for a family or a group of individuals who want to live all together or you will have multi-tenancies who prefer home-sharing.

Secondly, apartment size is an important criterion for bank lending. Banks have certain restrictions on apartments that are below 40m2.

Smaller apartments are most often income focused and buyers need to deposit at least 50%.

All these simply mean all your other occupiers are taken out since they cannot afford either the 50% deposit or the fact that no bank would give what they need. Most of the owners of smaller apartments are investors which is perhaps the reason why they are categorized as investor apartments.

3. How do you measure the true value of your chosen apartment?

With the many sales methods used these days, it can be a really challenging task to find the true value of the apartment you’re looking to invest in. The most effective way to accomplish this is through an apartment valuation tool which uses real world sales data and assess the property based on its current condition along with other important factors such as location, size, number of bedrooms, accessibility, amenities, general atmosphere, as well as the distance from city services and other basic landmarks.