Brits want out of Europe's crisis-hit countries says HiFX

British buyers are looking to offload their property in Europe’s crisis-hit countries according to new data from forex firm HiFX.

 Its research revealed that 39% of Brits wish to sell up in Greece, while 34% in Spain and 23% in Portugal plan to do the same.

Mark Bodega, marketing director at HiFX, said: "As many European governments tackle their deficits, second-home owners, especially those based overseas, have become easy targets for tax increases and as a result many are selling up and returning their assets to the UK."

Knight Frank’s head of international residential development James Price added that U.K. buyers are now looking for long-term security rather than short-term success. "What people are looking at now is the security of their asset in the long term," he said.

Source: OPP Connect 29th. May 2012

Urban Conservation rental properties to benefit from reduced Government taxes

The government in the next few weeks will announce a scheme of reduced tax where properties in urban conservation areas are rented out, Finance Minister Tonio Fenech said today. He was speaking as the government launched a scheme whereby heirs can transfer their share of properties in urban conservation areas to one heir who would be responsible for their restoration. In so doing the heirs would be exempted from the 5% duty on the transfer of the property.

The scheme, originally announced in the Budget, is the second phase of another scheme where the government is issuing rebates of up to 20% on the cost to restore grade I and grade II scheduled properties in urban conservation areas. That scheme had attracted 800 requests for information, but so far only 95 applications have been submitted. Details of the new scheme were announced by Finance Minister Tonio Fenech and Environment Minister Mario de Marco.

The new scheme applies only to 2012 and 2013. Dr de Marco said the new scheme should lead to the restoration and use of properties which have been vacant because of problems between the heirs. He said that in the next few weeks the government will also announce a scheme to encourage the use of the use of these old vacant buildings for residential or commercial purposes.

Mr Fenech, giving a pre-view, said that when such properties were rented out, rather than paying tax at 35%, landlords would pay 15% if rented out for commercial use and 10% if rented for residential use. Dr de Marco said these schemes were giving the construction sector a focus, so that instead of building on virgin land or demolishing old buildings, the developers restored old buildings and put them to use.

Source: The Times of Malta online

Malta Developers Association warns defaulting property developers

The Malta Developers Association has warned its members it would publish the names of developers who failed to honour commitments with clients unless the situation was rectified.

In a statement the association said it had received a number of complaints from people who bought apartments with the condition that the developer had to finish the common parts in an indicated time frame and subsequently this work was not carried out.

In some cases buyers completed the finishing works inside the flat but their property could not be used since the developer failed to honour his commitments.

“MDA feels that this conduct is a breach of its members’ code of ethics, shows lack of seriousness and gives a bad name to all developers.

“The association is striving as much as it can to ensure that its members act in a serious and professional way, and is not going to tolerate those who, through such conduct, give a bad impression on all developers in general.”

It warned developers that, if these circumstances persisted, it would have no option but to publish the names of the said developers so that the public and those intending to purchase a property would be informed of their misconduct.

Source: Times of Malta online, 19th May 2012

Treasure Island? - Malta feature on OPP magazine

The Overseas Property Professional magazine's May 2012 edition, features a special report on Malta.
The magazine can be read online here:
http://content.yudu.com/A1wptp/OPPMay12/resources/index.htm?referrerUrl=