Hot Spots For Investment Properties Overseas

Manhanttan, New York

This one is a given. Property prices in the “big apple” have always been higher compared to other cities around the world. But despite this top tier status, Karen Mansour of Douglas Elliman Development claims that NYC real estate continues to boom, especially in the financial district.

Elliman cites that new property developments like the new World Trade Center is putting the area in the line of significant growth. Current prices for luxury flats in the area of 75 Wall, in the heart of the Financial District, start at £480,000.

Barcelona, Spain

Unlike the Costas and other parts of Spain where house prices have taken a huge nose dive, Barcelona remains one of the top places for overseas property investment.

Why? Alex Vaughan of Lucas Fox reports that Spanish authorities are wooing foreign buyers by putting stylish 2 bedrooms in the city up for sale at the rate of £400,000, a two-bedroom apartment in the heart of old town, however, costs a bit more at £543,000.

If you’re looking to invest in prime investment property at a landmark European city, then now is the best time to buy in Barcelona!

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If you have the money, investing in Tuscany may yield good profits down the track

Tuscany, Italy

To be honest, property values in Italy have been on a never ending rollercoaster ride for the years following the global financial crisis. While the top-tier market for buy-to-let properties remain bouyant, the same cannot be said for the other sectors.

That being said, however, owning a house or any piece of real estate in Tuscany is the dream for a lot of people, so whether the property depreciates in value or not, you would still be the envy of some, if not, all of your friends!

There is demand for well-located pied-à-terre, and some favourable tweaks to the Italian tax system kick in this year. Beauchamp Estates is currently selling classic villas on a private estate near Arezzo, for £1.5m. If you have the funding for high-end properties, investing in Tuscany can be a very lucrative prospect down the track.

Turkey

The number of foreign investors buying property in Turkey, most notable Istanbul, rose by 78 per cent in the first half of 2013.

Julian Walker of Spot Blue International Property explains that majority of their clients was initially composed of British buyers, but more buyers from the Middle East are coming into the market. He says that more of them are seeing Turkey as a good place for property investment.

Zell Am See, Austria

Giles Gale of Mark Warner Property says that there is money to make in Austrian buy to let property, but you have to know where to look for the right property to make the big bucks.

In 2013, property values in the country experienced a 10-15 per cent growth thanks to high demand for top-quality developments and low supply. Apartments at the Alpin See resort in Zell Am See are currently on sale from £300,000.

An Intro To Remote Investing In The UK

Some of you may have heard of remote investing but are quite unsure how it works. In simple terms, remote investment is the act of investing in real estate even though you don’t live in the same place where the property is located. You may think it’s crazy to buy a house somewhere far, far, away like in the heart of a mountain range or an overseas property. But, believe it or not, there is a good demand for these kinds of properties.

The key is finding a property and match it with a determined buyer, and you’re going to hit the jackpot.
Take for example, Clare and David Mangon. They are formerly of Thames, Oxfordshire, but they were willing to shed £200,000 for a barn-like house made of ancient stone- called Ellers – in a really, really far off portion of northern Yorkshire Dales where winters are harsh and the company of other people is very hard to come by as houses are located long distances away from each other.

You might wonder why the Mangons were willing to stay in this area. But according to Clare, despite the obvious weaknesses of the location, they immediately “fell in love with the place” when they laid eyes on it for the first time.

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Remote investing is slowly gaining popularity in the UK

For a growing number of people who are getting worn down by the daily grind of urban life, there is a certain appeal for old, remote properties along with the simplicity that comes in more rural areas. As an investor, realising this growing trend can be very rewarding.

More and more people have gotten into remote investment in the past few years, and this is gaining popularity not only with UK residents, but also with a lot of people living overseas.

Castle Estates, a residential letting agency in Glasgow, says that more than 67.6 per cent or more than two-thirds of the landlords in their listing are remote investors.

What’s more astonishing in this revelation is that out of these remote landlords, 15.3 per cent of them live overseas.

The agency’s head shared that these remote investors live in Australia, Thailand, Switzerland, South Africa, and Canada.

How To Keep Track Of Your Remote Property Investments

Remote investing can be a very profitable venture when done right. However, not all investors are willing to invest remotely because they are unsure on how to keep track of the property. However, this concern can be addressed with these simple strategies:

Self-Managing Vs Hiring A Lettings Agent

Self-managing remote investment properties is, probably, the most popular system used by remote investors.

When you “self-manage” a property, by the way, this means you’re going to: oversee the screening of potential tenants, hiring of local handymen to take care of maintenance, and management of the entire property all on your own, even if it’s located hundreds of miles away from your home.

Believe it or not, some investors drive, take the train, or even ride an airplane just to check on their investments and their tenants, because it’s a cheaper alternative to hiring a third party or leasing agents.

As I’ve said earlier, hiring a lettings agent could take a chunk out of your potential profits, but the upside is you don’t have to make the constant trip to the other side of the country just to evict a tenant or make sure that the house is still in a good condition. Another advantage of hiring a local lettings agent is that they can make sure that the handymen you hire aren’t ripping you off on the price of their services.

But before you rush into hiring third parties, know that many remote investors have been duped by bad letting agents over the years! One of the many horror stories being circled around is of a letting agent, who used the property entrusted to him into his own, personal love nest!

A close friend of mine, who also invests remotely, says that the total profit dictates whether he would go for self-management or hire a lettings agent.

If flying solo would lead to higher profits, then he would take the trip to the moon and back as often as he can, but if hiring a lettings agent would produce the same profits, then he has no problem with a stranger looking after his investment.

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Finding property near family or close friends can make remote investing much more convenient

Keep It Close To Family

I’ve already discussed that remote investment requires the constant trip out of town. Not only will this cost you energy and time, but also money.

A strategy I’ve picked up along the way is to find a property near family relatives or close friends, so that when you’re going to make the trip out of town, you can stay over at their place during your visit.

You’ve hit 2 birds with one stone, essentially, since you were able to monitor the status of your investment property, while seeing your families and friends when business is done.

Look Out For New Technology

Mobile communication apps, like Instant Messaging, Skype, or WeChat, has made it easier for people to reach one another, these innovations have also helped remote investors connect with their buyers, tenants, and handymen from anywhere in the country within minutes.

One company called, MaxMon, also offers a new application for Android phones that gives owners daily reports on the status of their remote property investment. It also promises to alert the owner of intruders and critical environmental changes that could cause huge damage on your property.