Making an Entrance and Creating the Right First Impression

by Viv United Kingdom

 

They say that you never get a second chance to make the right first impression, and when it comes to the presentation of your home, never has such a saying been so true. For it’s believed that people make up their mind about your home, and whether they feel comfortable and safe in it within the first 11 seconds of entering your hallway. Without a doubt what this tells us is that the hallway – that often neglected, misused and overworked space in your house – is actually the one space where you need to concentrate effort when transforming your house into a home. It’s the hallway where you need to focus attention to ensure that it’s a welcoming space. And according to the rules of feng shui, there are many ways that you can ensure the positive energy charge – or chi – that enters your home and affects your life balance as it makes its way from your hallway and into your property, is correctly balanced.
Couple impressive and appropriate décor with these principles of feng shui, and you not only have an entrance designed to give the chi a clear and positive path for its charge, but you have a space that immediately impresses and enchants a visitor. Of course one cannot forget the fact that many a hallway has a practical function beyond providing passage to the rest of your home – in some houses the hallway is for storing coats and shoes, in others it’s a shared space leading to multiple accommodation units – but none of this means that you cannot have a de-cluttered and clean space that creates the right first impression.
Understanding that the hallway is a window to the rest of your home is a great starting point when designing it or planning the decoration of it. Then, accepting the practical uses of the space and combining them with the basics of feng shui, and also considering the overall character of the property should guide you when making decorating decisions. If yours is a period home, bring out the best period features in your hallway, if the rest of your house is all about clean lines and sophisticated living space, ensure there is minimal clutter in the entranceway. Make sure paints and fabrics used are hardwearing, especially in communal and family hallways where there is a lot of daily traffic, and finally, ensure the space is tasteful and clean, welcoming and uplifting. 
Feng shui consultants suggest hanging inspiring artwork in your hall, or using a mirror to open up a narrow space, they also advise that having a rug laid in the direction in which you would like your visitor to enter your home is good for providing the right path for the positive chi to travel. And whether you believe in the principles of this ancient Chinese system of aesthetics or you simply want to make the very most of your beautiful home, one principle transcends all others, and that is keep your hallway open and free from obstacles and clutter.
According to Oliver Clarke, Sales Manger at Barton Wyatt, specialists in selling luxurious homes: “from a practical point of view a hallway needs to provide free and easy passage into and out of your home – for you, for your family, for visitors and for energy flows. Think about the decoration of your hallway from an emotional point of view – who wants to see muddy shoes and a vacuum cleaner when they walk into your house, i.e., who wants to see reminders of activity and labour when they return home after a day at work? Additionally, think about the decoration of your hallway from an aesthetic point of view, wouldn’t you rather enter a property where care and effort has been taken to ensure that the first impressions given are those of a serene, safe place where there is prosperity and positivity?”
Oliver Clarke certainly knows what he’s talking about, after all Barton Wyatt have a range of stunning homes within their sales prospectus at the moment – and the one thing that each of these very different properties has in common is having an impressive entrance way that creates the right lasting impression for any would-be buyer. Take the newly built and the renovated series of exclusive homes for sale on Wentworth Estate close to Virginia Water for example. Each multi-million pound property is unique in terms of external and internal design and specification, yet features a magnificent entrance hall that almost literally speaks volumes about the rest of the incredible home. One is marble lined with a sweeping staircase and chandeliers, another has a galleried landing above it, and yet another has a large and impressive, welcoming fireplace in it. To view these stunning properties, be inspired by their heavenly hallways or learn more about the homes that Barton Wyatt are offering for sale, please contact Barton Wyatt on 01344 843000 or visit www.bartonwyatt.co.uk.  

Riffa Views Invitational draws top golfers to Bahrain

by Viv World

The 13th to 15th November 2008 will see top golfing stars descend on the Middle East – as they head to Bahrain for the Riffa Views Invitational. Colin Montgomerie (winner of eight order of merit titles and 31 European Tour wins), Retief Goosen (twice US Open Champion), Michael Campbell (US Open Champion) and Camilo Villegas (twice victorious on the PGA Tour this year) will visit Riffa Views for this exciting Skins competition.

Riffa Views, known as ‘the most distinguished residential address in Bahrain’ and the first residential golf resort in the island Kingdom, features a Montgomerie-designed 18-hole championship golf course and it is the completion of this that the Invitational celebrates. Playing for a prize of $250,000 for their given charity, the golfers will go head to head to truly test the new course. Montgomerie is quietly confident, having said, “Although I will have some very stiff competition, I will be hoping that my ‘local’ knowledge of the course will give me a slight edge on the day!” Not only this, but the Invitational will also feature a pro-am with celebrities such as Boris Becker (who has a tennis academy on the site) and Sir Steve Redgrave taking part, adding to the anticipation of this three day event.
The Riffa Views Invitational is just another sign of Bahrain’s growth as a desirable market of interest with one of the world’s largest real estate advisors, DTZ, recently releasing findings that also adhere to this fact. Their ‘Middle East Market Update: Bahrain’ highlighted an increase in the number of real estate transactions taking place in the country, with 2008 turnover figures at BD 2,150 million, up 58% on the previous year. Quoted as saying that this is “being fuelled by strong indigenous demand, a relaxation of foreign ownership regulations in certain areas of the country, strong levels of liquidity in the regional market and improving financing options”, Bahrain appears to be one Middle Eastern country where interest is still growing and this is being actively encouraged, with this reflected in the property market, unlike some neighbouring Emirates.
With the spotlight firmly on Bahrain, and foreign interest not abating, more and more people are looking to invest in the property market in this politically mild country, and Riffa Views itself offers an excellent opportunity for this. As James Wyatt, partner of Barton Wyatt, explains why a golf property of this kind can be a good investment,
“When looking to buy a second home or an investment property abroad, golf properties are always a secure investment choice. Not only is golf a growing sport with more and more people now looking to play at courses overseas, golf courses also often come with additional facilities that increase their appeal as excellent long term investments choices. Riffa Views, Bahrain’s first development of this kind, is proving to be an exciting option for those looking to invest in the growing golf market and with events like the Riffa Views Invitational now taking place and a Colin Montgomerie-designed championship course, interest in the development is set to increase further still”.
This exclusive residential development comprises of 870 luxury villas set around Colin Montgomerie’s championship golf course, and a choice of 2 to 5 bedroom townhouses and villas are available. To play on the same course as the stars, Riffa Views property prices start at £260,000/ €342,200 through to £1,800,000/ €2,300,100.
For more information contact Barton Wyatt on 00 44 (0) 1344 843000 or visit www.bw-international.com.

‘Greece is the Word’: Greece voted the ‘Top Place To Go in 2009’ by Flight Centre

by Viv Greece

Greece has been ranked in poll position in Flight Centre’s ‘Top 10 Where To Go in 2009’ list. Based on the data revealing the destinations that have grown in popularity over the last year, Greece has been voted top thanks to its offering of “an affordable holiday, delicious food at reasonable prices, cheap sailing, local wine, beautiful beaches, sunshine, quaint villages… and little islands full of scenic surprises”.

 
This recent accolade adds to the commendations that the country has received in recent months, with it also having done remarkably well in the World Travel Awards 2008, attaining awards for Europe’s Leading Beach Resort; Europe’s Leading Boutique Hotel; Europe’s Leading Spa Resort; and Europe’s Leading Conference Resort.
With these top awards increasing the appeal of the beautiful country, it is clear to see why the latest World Travel & Tourism Council (WTTC) report has also been mightily favourable for Greece. Figures for Travel & Tourism Economy GDP growth have shown a likely 3.7% for 2008, with an average 3.9% increase predicted annually for the next ten years. These figures show that Greece is a popular market, with an increasing tourist market. Irini Tzortzoglou, Head of Retail Banking for Piraeus Bank UK, who offers mortgages on Greek properties, agrees,
“Greece has always been an extremely popular choice for traditional holidays but more recently residential tourism has been gaining ground fast. The latest list of accolades achieved by the country has further still increased its popularity as one obvious but still fairly unexplored overseas property market. Accolades such as the one bestowed by the readers of Voyage magazine who voted Greece as  ‘Best Worldwide Destination’ at the 2008 International Tourist and Cultural Festival in Bejing-Chaoyang are adding to the interest Greece has been recently attracting.
“In the current economic climate it is encouraging to see such positive news announced from the travel and tourism sector. Greece is a firm favourite, and it looks likely to stay that way. There are many synergies between the travel and property industries and even if current economic conditions cast some doubt as to the absolute number of visitors expected next year, the popularity of the country is growing both as a tourism and second home destination. Piraeus Bank UK is very pleased to be in a financially secure position to assist those buyers with finance to purchase their Greek homes.
For more information on Piraeus Bank UK mortgage products and services call 0845 603 6538 or visit the website www.piraeusbank.co.uk.
——————— Ends ———————–
Notes to Editor:
Piraeus Bank is Greece’s fastest growing financial institution. Its international banking operations include an extensive branch network of over 540 branches in Greece, Bulgaria, Romania, Serbia, Egypt, Albania and USA, and corporate banking and specialist mortgage teams based in the City of London.
Piraeus Bank, London provides mortgage finance for property in Greece and Bulgaria, and helps buyers through the overseas property purchase process.
We offer:
§         Competitive Euro loans secured on the Greek or Bulgarian property
§         Specialist help throughout the buying process ~ in English
§         London based staff process your loan, backed by the Bank’s extensive resources in Greece and Bulgaria
§         We provide a quick decision in principle
§         Excellent foreign exchange terms on international fund transfers
(T) 0207 920 6000 or 0845 603 6538 (local rate)
Piraeus Bank S.A., London Branch, 8th Floor, Tower 42
25 Old Broad Street, London, EC2N 1HQ

The Canaries are singing a new song

by Viv World

 

Once upon a time the Canary Islands were an exclusive holiday haunt for only a select few who actually knew where the Spanish archipelago was hidden in its tucked away corner of the North Atlantic Ocean. Then came cheap flights, package holidays and greater notoriety for the likes of Tenerife and Lanzarote, whose reputations as fantastic year round sunshine destinations rapidly saw them becoming some of the most popular winter and summer holiday destinations for thousands of Britons and Northern Europeans.
 
With mass popularity came rapid construction of hotels and required infrastructure, and what some would call a cheapening of the appeal of the main islands. This fact however did not escape the attentions of the authorities which govern the islands; since 2001 concerted efforts have been committed to raising the bar when it comes to tourism, lifestyle and culture across the Canaries. Nowadays one is far less likely to associate the likes of La Gomera and La Palma with their nightlife than with the incredibly impressive and high-end quality of life that they offer their increasing numbers of international residents and annual holidaymakers.
 
A recent article in the Times highlighted specifically the transformation of Tenerife from popular holiday hotspot to exclusive lifestyle location destination, and it commented particularly on the improvement of key infrastructure as well as architecture. Where ugly buildings were once constructed in record quick time to accommodate the increasing numbers of overseas visitors, one is much more likely to see these buildings coming down and sympathetic and stunning architecture taking their place nowadays.
 
One way in which the authorities have succeeded in changing the face of the Canaries is through the introduction of golf tourism across the archipelago. Golf courses attract an entirely different crowd who seek quality and luxury when they holiday, rather than cheap accommodation and basic facilities. By developing courses across the islands and improving the associated facilities, amenities and accommodation, the Canary Islands have gone from being a package holiday favourite to become a high-end choice for the discerning traveller.
 
One of the Canary Islands now particularly rising in popularity is La Gomera. Previously the island was more difficult to access than the likes of Tenerife and Fuerteventura; whilst it did not see the local economy thrive as a result of tourism because of this lack of accessibility, La Gomera did see the total preservation of its stunningly diverse natural beauty. The Garajonay National Park, a UNESCO World Heritage Site, is a fine example of the islands’ natural beauty covering some 40 km2 in the centre of the island. This park attracts thousands each year keen to experience the humid subtropical forest that once covered most of Europe some 65 million years ago.
 
The shipping magnate Fred Olsen discovered La Gomera over 100 years ago and truly fell in love with the majestic charms of this sun kissed isle. Since then subsequent generations of the Olsen family have made their mark on the island, and today there is a rapid and frequent daily Olsen ferry service to La Gomera from Tenerife, making it that much more accessible. You can also fly to the island from Northern Tenerife, and because you can now fly premium class to the Canaries thanks to Cadogan Holidays, you can arrive on La Gomera in style!
 
According to James Wyatt, Senior Partner of Barton Wyatt International and a regular visitor to the island: “La Gomera is another of the Canaries to benefit from the development of a premium golf course, and the current Fred Olsen lives in a villa backing on to the Donald Steel designed course. The course plays downhill from the 1st to the 18th hole and leads the golfer through incredible gardens planted with beautiful local flora.  Because of its location on the magnificent "La Lomada de Tecina" the course possesses breathtaking views of the Atlantic at every hole. The Olsen family are now behind the construction of one of the most significant and spectacular property developments on the island. The environmentally friendly residential development of high-end villas and apartments is called Pueblo Don Thomas, and it lies adjacent to the golf course allowing residents direct access to the greens and to the amenities and facilities that are part of the Tecina Golf Course.”
 
Those wishing to buy in to the exclusive Canary Islands and who are seeking the most elite opportunities should closely consider La Gomera and in particular the spacious and luxurious apartments and villas at Pueblo Don Thomas. Residents will benefit from the onsite Country Club with its superior leisure facilities, bar and restaurant and property prices start from £673,896/€850,000 to £951,382/€1,200,000.  For more information contact Barton Wyatt on 01344 843 000 or visit www.bw-international.com.

Making our small print BIG

by Viv Greece

Scary! That is doubtless the feeling for many people seeking to arrange a mortgage to buy a property overseas. If it is daunting applying for a mortgage for a property in the UK, surely it must be harder yet to arrange one for a dream home or investment abroad?

 
The simple answer is no, it does not have to be like this. Like most things in life, it all depends on who you deal with. For instance, if you are looking to purchase a property in Greece or Bulgaria, you may well be getting your mortgage through Piraeus Bank, based in the UK.
 
At present, mortgages for overseas properties are not covered by the FSA regulations that cover UK mortgages. What this means is that any provider of mortgages overseas is under no requirement through UK legislation as to the level of information it provides or the service levels its customers receive.
 
Piraeus Bank in the UK however ensures that it provides as much information to its customers as possible, and stick to rigid and quick response times, to ensure that the customer is able to make informed decisions and always knows what information is required of him or her to move the application forward.
 
The whole process starts on-line. The Piraeus Bank UK website (www.piraeusbank.co.uk) clearly outlines the lending parameters for each country that it offers mortgages to, along with a guide to the particular country including tips and advice, foreign exchange, a concise guide as to the whole mortgage process and best of all, a very simple and clear tool for gaining an immediate initial credit approval for a mortgage.
 
Should the initial on-line decision prove positive, a full application should be submitted, along with the information as detailed within the application (standard proof of identification etc). This will allow the Overseas Mortgage Team to reply to the prospective customer within 48 hours of having received the Application.
 
Piraeus Bank UK realises that it is in its best interests to provide stress-free mortgages as simply as possible and therefore it even provides an email address where customers can contact the Overseas Mortgage Team direct with any concerns or questions and have them replied to within 24 hours. The Bank also makes sure that it liaises with the valuers, lawyers and vendors where possible to smooth out any issues.
 
So can miracles be performed? Sadly not. The full mortgage process will never be instant as there are too many parties involved – lawyers, valuers, banks and not least the purchaser and vendor, but that doesn’t mean it can’t be made easier. As long as anyone looking for an overseas mortgage remembers that in the UK it usually takes between 1 and 3 months to obtain a mortgage to purchase a UK property, plans accordingly, and is prepared to provide all the required information and documentation that is asked of them to help the process, then there is at least one Bank that is determined to make buying overseas property as simple as buying next-door.
 
For more information please contact the Overseas Mortgage team at Piraeus Bank UK on 0845 603 6538 or visit www.piraeusbank.co.uk.

Decision time for overseas mortgages (in principle)

by Viv Greece

With the internet now the first place most people visit when starting their search for a home overseas.  Piraeus Bank UK are now encouraging people to start their search for an overseas mortgage online too.

 
The newly launched Piraeus Bank UK website www.piraeusbank.co.uk has a useful “online decision system” for overseas mortgages which allows those thinking about financing their dream home to calculate how much they can raise.
 
It is wise, as with everything, that before you start a property search you consider what budget you are working to and if you need help from financial sources. Piraeus Bank UK’s new “online decision system” allows those looking into options for finance for an apartment or villa in Greece or Bulgaria to see how much help they can obtain in principle before committing to a purchase.
 
Not only this, but with all the mortgage product information you will need to fully research the financing of your second property overseas and a foreign exchange service available to make completing your final purchase as easy as possible, the Piraeus Bank UK website is the very best place to start your search for a new property abroad.
 
And with mortgage products to be available for Romania, Cyprus and Egypt in the coming months, Piraeus Bank UK will be helping ever-more people to secure their overseas property purchase.
 
For more information on the Piraeus Bank UK mortgage products and services visit the website www.piraeusbank.co.uk or call 0845 603 6538.

Greece is set to take its star on the Hollywood walk of fame

by Viv Greece

 

The likes of Corfu and Crete are well known Greek islands, famous for their inimitable blend of fantastic summer sunshine, exquisite cuisine, beautiful natural landscapes, history, culture and the warm azure sea-waters which lap their spectacular beaches. But there is another side to Greece, a hidden side to the nation and in particular to its beautiful islands, and this side represents peace, seclusion, tranquillity…and for the Hollywood stars who prefer these hideaways, there is great privacy to be prized too.
It was back in 2004 that Tom Hanks, his wife Rita Wilson and their family first made themselves at home on the Greek island of Antiparos; staying in the town of Soros, they enjoyed a long summertime vacation before returning to America and sharing their secret with other Hollywood families. Famous names since associated with this lesser known island include Jennifer Anniston, Prince Albert of Monaco and Brad Pitt – so what’s the appeal of Antiparos? 
Well, the appeal for the famous names who arrive each year is the relative seclusion and solitude achievable on the island which is only reachable by ferry from the neighbouring island of Paros for example. But the greater appeal of the destination lies in the almost unrivalled beauty of the place. The sea around the island is jade green rather than the indigo blue usually associated with the seas around Greece, and on the island itself the striking landscape is a picture perfect backdrop to the sleepy villages and communities dotted across this perfect paradise.
Now that the name of Antiparos has become associated with big name Hollywood stars, interest has been sparked on the island with holidaymakers and holiday-home hunters alike, and who can say what the future holds for the financial fortunes of those who are buying beautiful property on Antiparos today? They could just rival those of the people who have already bought on Skopelos… Skopelos was another lesser-known Greek island that has suddenly become popular with the Hollywood set. In fact, it’s Tom Hanks again who’s made the island famous as he’s a producer behind one of the biggest and most hotly anticipated summer 2008 movie releases, namely ‘MAMMA MIA!’ staring Meryl Streep, Colin Firth, Julie Walters and Pierce Brosnan…and the movie was filmed on Skopelos! 
Once the film hits the big screen this July and moviegoers the world over see for themselves how stunningly beautiful and perfect the island is with its pristine beaches, pretty white washed houses, ancient cobbled streets, blue waters and blue, blue skies, Skopelos can expect an invasion of holidaymakers and holiday-home buyers too!
Property on this beautiful island doesn’t yet come with a Hollywood price tag though. Within 5 minutes walk from the island capital of Skopelos town and only 500m from the beach is the Skopelos Village Apartments project. Created in the grounds of the Skopelos Village Hotel, one of the island’s finest, the apartments will offer discerning buyers the opportunity to enjoy the best of both worlds – the personal character of your own home and the luxury of hotel services and facilities. The project is on target to be ready for occupation by the end of this year.  The apartments are beautifully situated on the bay opposite the capital town/port of Skopelos.  Owners can walk into the town in under 10 minutes.  The new properties range in price from €97,000 for a one-bedroom apartment to €149,000 for a two-bedroom maisonette.
According to Irini Tzortzoglou, Deputy Branch Manager of Piraeus Bank UK, the local branch of Greece’s major financial institution, Piraeus Bank S.A.: “if you want to beat the crowds now’s the time to discover hidden Greece, explore the lesser known islands such as Skopelos and Antiparos and perhaps even buy yourself your own Greek island villa in the glorious sunshine”. 
If you’re specifically investment minded you can take great delight in Euromonitor International´s Travel And Tourism in Greece report which backs up the strongly held local belief that Hollywood’s love affair with the nation is pushing up tourism arrivals.  The report states that “tourism demand is experiencing an upwards trend.”
Irini Tzortzoglou goes on to comment, “Piraeus Bank UK is perfectly placed to assist the British, Irish and expatriate buyer looking to finance property in Greece with its range of competitive euro denominated mortgage products as well as its hugely popular ‘High Value Invest Product for Greece.’ This product is designed for those with minimum income levels of £75,000 who require financing or refinancing for property in Greece valued at over €500,000.”
For more information on the Piraeus Bank UK mortgage products and services call 0845 603 6538 or visit the website www.piraeusbank.co.uk or for further information on the Skopelos Village Apartments then please contact Aegean Blue on 0845 838 5108 or visit www.aegean-blue.com.

For true relaxation, buy a luxury golf villa

by Viv World

When you buy one of the world’s best golf villas, you should be on the greens, practising your putting, not having to mow your lawn. For those with wide enough purse strings, help is at hand at the most salubrious developments across the world in all manners of ways from gardening to concierge services and even secretarial help!

At stunning La Reserva Rotana, in Majorca, two £2million bespoke villas come with full concierge facilities, including gardeners, waiters and cooks, so the only work you’ll ever have to do is adding up how much you are under par on the free, nine-hole private golf course. Not only that, but one of them has its own vineyard, so you can toast your latest hole-in-one with your own vintage Riesling.

Both villas boast five ensuite double bedrooms; a solarium; 100-square metre pool; office and 18,000-square metres of land, so the gardeners can be put to good use! On-site, is a small, boutique hotel – one of the best in Spain – with a top gourmet restaurant and a heliport.

La Reserva Rotana is just one of a range of elite golf properties marketed by leading agent, Barton Wyatt International. Senior Partner of Barton Wyatt International, James Wyatt, says, “We feature the hottest destinations, including the Caribbean and Spanish islands, as well as popular Cyprus & Spain or up-and-coming Bahrain.”

If you want a real blockbuster, try Villa San Lorenzo, at La Zagaleta Country Club – one of Europe’s most exclusive developments, which developers say is “the best place in Spain for the super-rich”. The bespoke villa features a home cinema, wine cellar, gym, Turkish bath, an indoor pool and five ensuite bedrooms with dressing rooms and carries a big-budget price of around £5million. An illuminated 45-square metre outdoor pool in its spacious grounds overlooks one of Spain’s top golf courses, La Zagaleta. A second on-site course, Los Barrancos, also offers additional challenges for golfers.

The complex also includes an equestrian centre and three fishing lakes. Like La Reserva Rotana, there are many services available to residents, including laundry; cleaning; gardening; maintenance; babysitting; chauffer and secretarial help. Even the beautician makes home visits, so all you need to do is lie back and relax.

The airport in Malaga is only 40-minutes away and the Country Club provides a private transportation link, making travel quick and convenient.

Exclusive golf properties attract exclusive buyers, such as former England cricket captain Ian Botham and decathlon champion Daley Thompson, who both have bought homes in Desert Springs Resort and Golf Club, in Almeria, Spain. Top-end, gated, four-bed villas with private pools, fronting the championship golf course, fetch £1.1million. On site are numerous sports and leisure facilities and restaurants.

Sir Ian, who spends as much time there as he can, says, “Desert Springs Resort and Golf Club is a place close to my own heart and, I think, the best family retreat in Europe.” And Daley Thompson adds, “Desert Springs has lots of activities to keep me fit and my family happy.”

Other affluent golf property buyers have fallen in love with the Aphrodite Hills resort, in Paphos, Cyprus, where you can not only improve your golf on the challenging 18-hole course, but your tennis as well, as it boasts its very own tennis academy. There is also a luxury Retreat Spa – judged to be among the top 10 in the world – to ease those golfing muscle strains.

Aphrodite Hills has won numerous other awards, including being among the world’s top 10 Golfing Developments. Prices for bespoke villas on the championship-standard course with four bedrooms cost around £1million.

Further a field in the Middle East, one of the most distinguished developments is Riffa Views – the first golf course development of its kind in Bahrain. It features a signature Colin Montgomerie 18-hole PGA Championship course plus a nine-hole course and golf academy to help improve your game. There is also a Boris Becker Tennis facility, spa, state-of-the-art fitness centre, country club, shopping centre, restaurants and even an international school.

Luxury villas in the gated community range from three to five-bedrooms and Grand Villas have additional accommodation. They cost up to around £1million.

But not all luxury golf developments require millionaire status. Ginn sur Mer, on Grand Bahama, features properties costing £315,000-£750,000, and still comes with all the benefits of ‘the good life’, such as a private airport and helipad, super yacht marina, equestrian facilities, grand palace, the island’s biggest casino, 15 dining options, luxurious spas and romantic gondola rides and water taxis through the development. Golf course or oceanfront plots are available for those who want to design and build their own home.

Ginn sur Mer features golf courses designed by two of the sport’s most famous names – Jack Nicklaus and Arnold Palmer. There is also a state-of-the-art golf training facility.

For more details, contact Barton Wyatt International on 0134 484 3000 or visit www.bw-international.com.

Making The Most Of Your Overseas Property During The Credit Crunch

by Viv Greece

There has been much media interest of late into the travails of the majority of the world’s financial institutions following the unravelling of the bundled debt packages that included much sub-prime debt. It is anticipated that further announcements will be made over the coming months as further losses are reported.

 
If the effects turn out to be as bad as some analysts predict, with the American economy facing its worst recession since the ‘great depression’ and reports suggesting that UK estate agents are more pessimistic about the UK economy than at any time over the past 30 years, the credit crunch should not be taken lightly by any means.
 
There is a current silver lining however for those with an interest in overseas mortgages in the Euro-zone. Since the Northern Rock debacle became public in late 2007, the Sterling exchange rate has gradually weakened against the Euro, such that record lows are now being hit. Alistair Riddle, Credit Manager for Piraeus Bank UK explains, “This means that if you purchased your property more than 7 months ago, any equity that you may have in the property will be exaggeratedly bigger in Sterling terms. This could be of use if you face UK negative equity, are looking to jump up the property ladder if UK house prices slip or if you need a deposit in the UK to cover the shrinkage in loan-to-values that banks are generally currently offering.”
 
Alistair further comments, “It should be noted that just because your overseas property is now worth more in Sterling terms, to release funds you either have to have had equity in the property in the first place or are able to sell the property (naturally bearing in mind any applicable taxes for doing so). If you are looking to take some equity out, it is critical to remember that as the debt level in your investment rises, so does the repayments on the debt and this cost must be factored into your calculations. If you are renting out your property and are receiving constant rental streams, preferably in the currency that you have borrowed in, then this is ideal as there is no exchange rate risk.”
 
What if you wanted to purchase an overseas property and are now concerned about the worsening strength of Sterling? Piraeus Bank UK Head of Retail Banking, Irini Tzortzoglou, responds, “As with all investments, what and where you buy is very important – so long as you do your research fully and understand and accept the risks of purchasing property in a different currency, then there remain affordable properties to be purchased abroad. If you believe that the UK housing market is set for a tough time over the coming months or the medium term, perhaps the opportunity to purchase bricks and mortar in a different country will prove attractive. Certainly, we have not seen a slow down in the volume of applications for mortgages to purchase properties in the overseas markets that we provide mortgages for purchasing properties in.”
 
In summary, Piraeus Bank UK offers the following tips to making the most out of your overseas property during the credit squeeze:
 
  • A Euro mortgage on overseas property can be utilised whilst the Sterling exchange rate is in a weakened position
  • UK buyers can release equity from their overseas properties to: 
    • Alleviate negative equity on a UK property
    • Generate a larger deposit to purchase UK property using a mortgage
  • Renting the overseas property should be explored as a means to reduce or fully cover mortgage repayments
  • First time buyers can consider purchasing in countries where property price increases are expected to be higher than in the UK in the next two-three years so as to get on the property ladder.
 
For further advice on Euro mortgages or if you are looking to purchase property overseas contact Piraeus Bank UK on 0845 603 6538 or visit www.piraeusbank.co.uk.