Overseas Real Estate Blog

This Easter is turning out as forecast - wind, rain and snow making it feel very cold. So its not surpriing there has been a big response to the jet2let offer of £395 tour to Boa Vista island departing London Gatwick at 10:30 25th April and return 27th about 7:00pm. Includes virtually everything flight hotel on island transport and meals.

This is a specially chartered Boeing 757 flight direct to Boa Vista island and I know will be a lot of fun. The developer has absolutely assured us there will be no sales pressure which keeps in with my own view that the location and property should sell itself. I know everyone going (currently 160 people) will be thrilled when they see the island. Sal Rei the main town has real charm and the beaches are the best out of all the islands. Six star Palm View Resort is what the trip is showcasing and this is probably the best deal we have seen. 10% off right now (€63,000 for studio) plus a 3 year 5% guaranteed rental.

The picture on top of this blog is the actual beach, so location is excellent and its on the west side of the island which is much better than east as the wind comes from the east!

So we are looking forward to some people getting away from UK gloom and getting their reaction to Boa Vista island. If anyone wants to get first hand information on the island from us and cant travel then then do contact me. Unlike many property agents we always visit the sites of the properties we promote and often we can find more suitable property once we know what clients really want.

Recently got back from Red Sea Riviera, Hurghada, Sahl Hashesh, Gamsha Bay inspecting sites of new properties we are marketing.

What struck me was how full the hotels were. For those that have not seen the area it offers year round sunshine, famous scuba diving, golf and many 5 star luxury hotels.

Like all new foreign destinations, I know some folks may have some apprehensions about traveling to Egypt, but the image you may have of Cairo of street hassle is not the reality here on the coast. I felt very safe indeed here. I was also impressed with the money they have spent on the infrastructure before the property is built. New roads, paving and lighting are in, one new huge shopping mall coming up for completion and

One can see why, Hurghada under 5 hours flight from UK and only 10 minutes from Hurghada airport is booming. New wide promenade pavement has been completed whereby a stroll in the evening enables good people watching and opportunity to select a retaurant. All sorts are here and I was impressed with the Thai restaurant and the sushi in the Little Buddha Bar restaurant and night club

Over 20% of the tourists were from Russian or Russian speaking countries with many sign in the Russian alphabet - familiar territory for those who have been to Bulgaria. The Russians are the biggest spenders.

The popularity extended to visitors from Germany, Italy, Scandanavia, UK and Ireland. It was not hard to see why with last minute bargains from the UK of just £425 including flight and fully inclusive hotel. This is stunning value - at double the price Egypt is still very good value.

One of the real attractions here, apart from the price and 365 days of sun, is the quality of service from the Egyptians. My impression here was very positive the Egyptians are almost always polite and friendly and, when you engaged in conversation, they were often very well educated. All in the tourism trade speak English.

So if buying here where should I buy? Well if you want to be a few minutes from the main new bar and restaurant area, then Coral Sea Pearl (or Coral Pearl) is perfectly located. The Desert Pearl 1 which is just about complete (plants are in and snagging underway) showed the build quality with superb 2.9m extra high ceilings, swimming pool and roof terrace with views of the sea. Prices here are from £17,500 for a studio up to £55,000 for a 3 bedroom apartment. This is superb property value and will make perfect sense for many buyers. All prices are in pounds so these are even better value with the weak pound at time of writing compared to euro priced properties.

On to Sahl Hasheesh (or Sahl Hashesh), this new exclusive area is still under construction but the main and very attractive waterfront promenade and huge piazza are nearly finished. The intention here is of an up market destination. Three golf courses are under construction - well I could see two that were well underway the third did not inspect.

Already there is one hotel working and the new scuba diving "The Sunken City" is a recreation of "The City of Isis" a main port that expanded for 2,000 years until it sank and became a key under water attraction. In the bay of Sahl Haseesh divers can explore the ruins of ancient civilisations. Sadly did not have time to test this out but Jeff (an ex dive master) told me its good and not naff as it may sound. Nor did i have time to windsurf or have another go at kitesurfing, deep sea fishing or sailing. However I did get on a very pleasant boat trip moored off Giftun island and went snorkeling in the 25 degrees sea - not bad for the 9th March!

Property in Sahl Hasheesh is more expensive but still excellent value considering that this really is a premium area like El Gouna to the north. So Sunset Pearl there are studios from just £30,000 up to three bedroom apartments around £90,000. This is stunning value and those who know Spain would agree. Here you get golf course AND sea view. Same goes for Red Sea Pearl and Isis Pearl just by Sunset Pearl. Sunset Pearl finishes December 2008 and work on the interiors is now starting. The Pearl of Sahl Hasheesh has mainly golf course views, a little cheaper and will incorporate a Lee Sharp football academy. Here the villas at £275,000 will be excellent investments as similar villas in El Gouna are selling now for in excess of £600,000. So I liked the scarcity value in Sahl Hasheesh and this will probably make the area one of the best to buy into.

So is this area a serious contender on the international stage of exclusive developments? Well I think so, with the Norman Foster and Partners exclusive "Serrenia" this 3 billion dollar waterside development and marina just has to be seen to be believed (well on the internet its a site at the moment). Property here is in the millions. In addition we will be launching Damac (the Middle East's largest private sector luxury developer) the new 10 million m2 Gamsha Bay.

So my conclusion Egypt is the major new property hot spot, buy here soon and not only will you have a holiday or retirement home but a sound investment not least because of the huge buying interest from Russian property investors who so often now drive prices upwards. The zero Egyptian capital gains or inheritance tax and zero VAT is the icing on what is now a becoming a very appealing cake.

Today more news from protests planned for supposed illegal building in Panichishte. The Sofia Echo reported the following: uken is reported to have complained to European Union environment commissioner Stavros Dimas that Bulgaria is not respecting the EC Environmental Law and requested that sanctions be taken against the country, according to green campaigners in Bulgaria.
The Sofia Echo reported that after Auken saw the area of Rila Mountain, where the company Rila Sport wants to build the Panichishte-Ezerata-Kaboul ski resort, which environmentalist fear would destroy the unique Seven Rila Lakes area, she said: “Maybe the part of your tourism will remain, in which the visitors go to the pubs and drink, but this is not very good for the country.”
“I saw that there are plans (for ski resorts) not only in Rila buffer zone but also inside the natural park. I don’t know what types of ski resorts it is all about, because with the climate changes, which are currently evident, this is not the cleverest investment I have seen. You destroy the nature and at the same time you will not have development of the ski resorts,” Auken said.

What is happening here cannot even be called capitalism. It is a very bad capitalism when you start losing valuable things,”
she said.
However Auken’s visit to parts of Rila needed to be changed as about 4000 residents of the surrounding villages gathered to protest against her visit and to support the ski resort project “Panichishte-Ezerata-Kaboul.” The pro-development protesters carried posters saying, “There is no future for the region without the project”.
The protest against Aken’s visit was organized by local mayors of the villages where the development will take place. Sapareva Banya mayor Sasho Ivanov said that environmentalist’s claims that hotels would be built around the Seven Rila Lakes, that ski slopes would be built on the territory of the Skakavitsa reservation and in Rila National Park around the Seven Rila Lakes and that there would be a road between Pionerska hut and the Seven Rila Lakes were all lies.


..... Well I say that it seems somewhat over dramatic for protesters to claim there will be hotels around the 7 Rila Lakes, but all lies - lets se the detail. However the general demand for sustainable development in Panichishte has got to be a good thing. Another large scale development like Bansko is not required. My view is that its about getting minimal development in Panichishte but mindful that the ski facilities do provide economic stimulus and jobs. This story will run for some time and I hope to comment more on the Sapareva Banya and Panichishte issues as time goes on. One thing for sure though the region is very special and the potential for Sapareva Banya to become an example of high end sustainable development is recognised by many. The popularity of the long standing Spa resorts of Velingrad, Hisar (Hisarya), Sandanski and others is quite striking. These resorts are often booked up at weekends.

The lessons of over development at Bansko and parts of the Black Sea coast such as Sunny Beach and Golden Sands must be learnt. The unfolding of the credit crunch will affect Bulgaria to a degree in some parts. I have witnessed first hand the steady growth of spa tourism and Sapareva Banya's development seems to me to be a uncertainty now, not least because of the very high price of some of the land in the area now.

This blog is a log for discussion on developments in overseas property markets, current trends, and my travels with a focus on the areas my company www.jet2letproperty.com markets property for investment, second homes and retirement - namely Cape Verde islands, Egypt, Bulgaria, Turkey, Cyprus and Dubai. Your comment and point of view is much appreciated.