Friday 30 January 2009

Airline Food

Things are a bit (nay extremely) depressed on this fair isle of ours these days. For this reason we feel it is our duty to bring a little cheer to these damp, dark and depressing January days.

If you are an avid overseas property enthusiast then you will have had your share of flights abroad and will have been subjected to that which passes for sustenance on many an airline.

We came across this recently, it is a complaint from a Virgin Atlantic customer about the quality of the food received on a flight. We're not even going to paraphrase it here as we simply wouldn't do it justice and it needs to be seen with the photographs to get the full extent of the humour contained therein.

You'll find the piece here, enjoy.

Keep on smiling.

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For a selection of property from around the world click here.

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For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Wednesday 28 January 2009

Dubai Property Buyback

This might all seem a little familiar, if so it is because this isn't the first offering, you may well have seen this before. Malahide based Deluxe Properties has announced that it is, once again, on the hunt for property in Dubai and the neighbouring Emirate of Ras Al Khaimah (RAK).

A new ‘Buy Back’ scheme aimed at Irish investors seeking to sell on their investment properties in Dubai has been launched by Irish based Middle East property investment company, Deluxe Properties who are located in Malahide, Co Dublin.

The company says it has raised €25m from its investors who are actively seeking properties from Irish investors who, for whatever reason, cannot complete on purchase.

It is looking for a mixture near construction and already constructed units in the Emirate. Be wary though, if you're expecting to make a killing. The company states; “we buy and sell property in the Middle East and we buy not just from developers but we buy back properties from distressed buyers seeking a quick exit strategy." 'Distressed sellers do not make money out of property but if you're stuck with a property in Dubai and need to get out it might be an option, even if it is not necessarily a very lucrative one.

The areas and developments in question are Dubai Marina, Jumeirah Lake Towers, Jumeriah Beach Residence, Palm Jumeirah, Palm Jebel Ali, Jumeirah Islands, Victory Heights and Business bay. The company is also interested in developments in the smaller Emirate of Ras Al Khamiah (RAK).

You'll find the full story here.

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For a selection of property in Dubai click here.

For a list of agents selling property in Dubai click here.

For independent articles on the Dubai property market click here.

For advice on purchasing in Dubai click here.

For news on the Dubai property market click here.

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OverseasCafe.com on Last Word

The OverseasCafe.com featured on The Last Word with Matt Cooper on Today FM on Tuesday January 27th. Sorry we don't have a link to it here yet, we have a recording of it but blogger doesn't allow you to upload MP3's so we're examining other ways to get it up there.

Director of OverseasCafe.com, Diarmaid Condon, was interviewed in conjunction with Ann Collins of PropertyAuction.ie. Ms. Collins is launching a new property auction service in the City West hotel on Thursday next, January 29th. Mr. Condon was brought on to the programme as an independent overseas property expert and asked some general questions on the overseas property market in Ireland.

The idea of the property auction is obviously a good one, the site experienced a huge surge in traffic directly after the programme. The actual auction wasn't a huge success, with just one property purchased, but, as this was the first one, perhaps a lot of people were looking and, with any luck, the next one may be better.

Alternatively, and probably more likely, perhaps it tells the story of where we currently lie in the whole property investment cycle in Ireland at the minute. Lots of people with property to sell but not very many wanting to (or indeed capable of) buying any of it - at any price. 

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For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Tuesday 27 January 2009

Fortuna Estates Update

You'll find an update on the Fortuna Estates story on the website here. As well as an outline of the case to date, there is some interesting insight from Jerome Andree, founder of Fortuna Estates, which those with an interest in this case might like to read. The questions put to Andree, and his responses, are printed below this piece.

If you follow this link it will lead you to regular updates from a firm of Marbella lawyers who are involved with the case and are representing some Irish investors in the case against the owners of Fortuna/Oanna.

Here are the answers to queries put to Jerome Andree by OverseasCafe.com. These opinions are not those of the website or this blog, they are exactly as received from Mr. Andree. Please be aware that Mr. Sathasivam was given an opportunity to give his side of the story, but he refused.

Were you the founding director of Fortuna Land (also known variously as Fortuna Estates, Fortuna Properties, Euroland and Oanna Group)?

( I WAS INVOLVED WITH THE FORMATION OF FORTUNA ESTATES WHICH LATER BECAME FORTUNA LAND TO BETTER REFLECT THE CORE BUSINESS. ALL OTHER COMPANIES WERE THE MANIFESTATIONS OF JAMES SATHASIVAM AND WERE INITIATED AFTER I WAS REMOVED.

A lot of Irish investors are very displeased that their 'investments' in your projects have now, apparently, disappeared. How would you respond to their fears that their money has simply been squandered and will never be seen by them again?

UNDER MY WATCH ALL THE LAND WAS BOUGHT AND PAID FOR IN FULL. THIS WAS GOOD LAND AND THE CLIENTS WERE CORRECTLY GIVEN THEIR TITLE DEEDS. WITHIN THE CONTEXT OF THE WORLD RECESSION. THEY SHAREHOLDERS OWN THE LAND. CLIENTS WERE ENCOURAGED TO DO THEIR DUE DILLIGENCE-WHICH MOST OF THEM DID BEFORE THEY PARTICAPATED- OR THIS WAS THE POSITION UNTIL MY REMOVAL. AFTER MY REMOVAL I HAVE NO IDEA ON HOW THE CLIENTS INTERESTS AND INVESTMENTS WERE MANAGED AND MANIPULATED BY JAMES AND HIS COHORTS.


I rang James Sathasivam, who many clients seem to blame for the losses in the company. He denies this fervently, claiming that all the losses in the company were perpetrated before he was brought in to 'save' it. He alleges that he was brought in merely as a smokescreen to cover for the profligacy in the company during your tenure and that he has been as badly treated as clients that have lost money. In fact he claims to be owed quite a lot of money himself.

UNDER ADVICE, MR. SATHASIVAM WAS EMPLOYED WITH MR ATUL SHARMA OF THE ZENITH GROUP IN LONDON BECAUSE OF HIS SO CALLED EXPERTISE TO FLOAT FORTUNA ON THE AIM MARKET WHICH I WAS ASSURED WOULD BE OF ULTIMATE BENEFIT TO OUR CLIENT BASE. HE WAS PAID AT LEAST 250.000 EUROS TO FACLITATE THIS.)


The judge involved in this case in Fuengirola alleges that €65m has been taken through Fortuna's various guises and siphoned to bank accounts in Cyprus and Delaware, among others. Do you know where he got this figure and is it, in your estimation, correct?

FORTUNA ESTATES AND FORTUNA LAND, THE TWO ENTITIES I WAS INVOLVED WITH BROUGHT IN CONSIDERABLY LESS THAN THAT FIGURE.


Are significant monies from Fortuna now resting in foreign bank accounts as has been suggested?

I HAVE NO IDEA, i SUGGEST YOU ASK JAMES SATHASIVAM OR DANIELLE EMBOULAS.


Do you feel that the property owned by the company/ies in Spain is actually worthless as is suspected by many of the clients.

IT IS WELL KNOWN THAT PROPERTY VALUES HAVE BEEN HARD HIT IN SPAIN, THAT ALONG WITH THE HUGE OVERSUPPLY OF INVENTORY AND NEW RIGID PLANNING REQUIREMENTS HAVE EFFECTED ALL INVESTORS IN SPAIN AND INDEED WORLDWIDE. HOWEVER I BELIVE THAT IN THE LONG RUN LAND WILL ALWAYS APPRECIATE IN VALUE: IT IS THE ONLY COMMODITY ON EARTH THAT THERE IS NO MORE OFF.


Was Fortuna (Estates, Land, Properties) essentially set up as a cover for an elabourate boiler room scam as is being alleged on a variety of web forums?

WHILE I WAS INVOLVED FORTUNA LAND WAS OPERATED LOUD AND PROUD WITH CLIENTS ENCOURAGED TO VISIT, MEET THE PRINCIPALS AND STAFF FACE TO FACE.

I WOULD SAY THAT 30-35% OF OUR CLIENTS DID VISIT US IN SPAIN AND WE TRAVELED TO THE UK AND IRELAND UP TO EIGHT TIME A YEAR TO ALLOW CLIENTS THROUGH

TRADE SHOW OR SEMINARS TO MEET US.


Have you, as has been alleged, previously been involved with other boiler room scam operations such as the promotion of shares in Spantel by Goodman Hart?

YOU HAVE YOUR MIND MADE UP WE WERE A BOILER, AS I INDICATED IN THE PREVIOUS QUESTION WE OPERATED IN A FULLY TRANSPARENT ACCESIBLE ATMOSHERE

WHILE I WAS INVOLVED.


Was there ever any intention of building anything on the land acquired by Fortuna? Many clients allege that there was not.

UNDER MY WATCH WE SPENT HUNDREDS OF THOUSANDS ON ARCHITECTS, CONSULTANTS, VALUATIONS AND LEGAL FEES TO OBTAIN APPROVALS.

THIS IS ALL WELL DOCUMENTED.


If it was not set up to con people out of money, why did the company operate under so many different names? PLEASE ASK JAMES SATHASIVAM AND DANIEL EMBOULIS. I WAS ONLY INVOLVED WITH FORTUNA ESTATES WHICH CHANGED TO FORTUNA LAND TO AS I SAID BETTER REFLECT OUR CORE BUSINESS. WHAT DECEPTION CAN BE PERCEIVED THERE WITH THAT NAME CHANGE.


If the company was not set up as a scam can you explain why the Spanish authorities seem so adamant that investors in the company have been defrauded?

THE COMPANY WAS SET UP IN A BOUYANT SPANISH MARKET TO ACHIEVE BENEFICIAL RETURNS FOR INVESTORS AND INDEED WE WERE THERE TO MAKE MONEY AS WELL.

What steps would you suggest that clients take to recover funds transferred to Fortuna?


AS SAID ABOVE I THINK ALL INVESTORS PRIOR TO MAY 2007 SHOULD HANG ON TO THE LAND THEY OWN. I DO NOT KNOW WHAT THE DIRECTORS HAVE DONE WITH THE FUNDS AND HOW THEY HAVE RESTRUCTURE AND MANIPULATED THE ORIGINAL COMPANY.

I REALLY CAN NOT COMMENT


Why were you removed as a director of Fortuna?

MY COMMONLAW PARTNER DANIEL EMBOULIS, WHO CONTROLLED FORTUNA, IN COSORT WITH HER LOVER JAMES SATHASIVAM HAD ME REMOVED WHILE I WAS VISITING SRI LANKA. THEY ALSO MOVED IN TOGETHER INTO THE HOUSE THAT DANIELLE AND MYSELF SHARED FOR A NUMBER OF YEARS. GREAT SOAP OPERA MATERIAL.


What is your relationship with Daniele Emboulas and what was her position in Fortuna/Oanna when it was shut down.

SEE PREVIOUS QUESTION. I PRESUME SHE WAS STILL DIRECTOR OF FORTUNA, I DONT KNOW THE MAKE UP OF OANNA AND THE OTHER COMPANIES THEY STARTED.


Have you, as is suggested on a number of forums, fled to Sri Lanka? If not, where are you now resident?

I HAVE BEEN COMING TO SRI LANKA EVERY YEAR FOR UP TO THREE MONTHS WHERE MY FAMILY ROOTS ARE. I WAS BORN IN SRI LANKA AND MY FATHER IS BURIED HERE. I WAS HERE TWO MONTHS BEFORE THE OTHER TWO SHUT THE COMPANY/COMPANIES AND RUN.


It is alleged that all PC's in the offices of Fortuna/Oanna were wiped of their information the evening before the police raided the offices. Do you know if this is true?

HOW COULD I. I HAVE NOT HAD ANY INVOLVEMENT AS I SAID SINCE MAY 2007.


If it is true do you know who may have taken this action and why?

AGAIN, ASK JAMES AND DANIELLE. IM SURE THEY HAVE THE ANSWER.


How much money did you make from Fortuna before you were removed from the company?

I MADE A GOOD LIVING. I WORKED FOR A PRIVATE COMPANY NOT A PUBLICALLY TRADED ONE,

If there is any further information you can offer that you feel may shed light on this very delicate subject I would be very grateful for it.

I THINK TWO SHORT POINTS, DURING MY PERIOD THERE WERE NEARLY 50 HAPPY STAFF. HAPPY NOT BECAUSE THEY WERE WELL PAID, BUT BECAUSE THE JOB WAS CLIENT ORIENTATED, AND THEY WERE HAPPY TO MEET AND WORK FOR OUR CLIENTS: YOU CAN ASK ANYBODY WHO HAS VISITED THE COMPANY WHAT THEY FOUND: THAT YOU CANNOT MANUFACTURE. THE VERY OPPOSITE OF A BOILER ROOM.

THE VERY FACT THAT I WAS "REMOVED" IN MAY 2007. CLEARLY INDICATES THAT I DID NOT HAVE THE ULTIMATE POWER IN THE COMPANY. THINK ABOUT IT …



Mr. Andree refused to answer questions on allegations that he had been imprisoned previously for fraud. He has made similar allegations against Mr. Sathasivam, who has also refused to answer the allegations.


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For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Thursday 15 January 2009

Selling Your Overseas Property at Auction

Always the ones wanting to bring you good news where possible (well reasonably good in any case), we're happy to announce the first overseas property auction by PropertyAuction.ie.

We announced both here and on the website, quite some time ago that this auction was imminent, but we didn't have any specific dates at the time. Now we do.

The first Overseas Property Auction from Co. Meath estate agent, Ann Collins, is to take place in the Citywest Hotel in Dublin on Thursday 29th January 2009 from 6.00pm until 9.00pm.

If you're looking to sell your property, or are in the market for a bargain, then it might be no harm to drop in and take a look at what is going on. Just be aware, there is a charge for putting your property up for auction and, if you want to make a killing on your overseas investment, this may not be the best route to take.

If, however, you just want to get shot of something that is causing you financial and psychological stress, then this may be just the thing to lift the burden and start things afresh.

You'll find full details on the auction here.

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For a selection of property from around the world click here.

For a listing of agents selling overseas property click here.

For independent articles on overseas property click here.

For advice on purchasing property overseas click here.

For news on the world of overseas property click here.

For new releases and product updates from agents around the world click here.

For a list of upcoming overseas property exhibitions around the country click here.

Wednesday 14 January 2009

New US Travel Authorisation Requirements

The Irish Travel Agents Association (ITAA) has reminded travellers intending to enter the USA, that a new requirement for advance travel authorisation came into effect from January 12th, 2009.

Applying for the new advance travel authorisation is reasonably straightforward (by US standards) involving answering some questions online. From early in the New Year, US authorities will be entitled to refuse access to any Irish visitor who does not have the new travel authorisation. Even so, reports indicate that’s application rate for the new travel authorisation is very low compared with other EU countries.

Simon Nugent, ITAA Chief Executive, commented:

“This new system is nothing to worry about. For many years, people who have travelled to the have been asked to fill in a form during the flight or at immigration in Dublin or Shannon airport. The online ESTA system asks for the same information, just in advance of the trip.

“Many Irish travellers tend to leave formalities to the last minute and ESTA seems to be no exception with reports that our application rate is very low compared to other EU countries. Whilst the vast majority of applications from Visa Waiver Countries are approved instantly, less than half of one per cent of applicants are turned down for one reason or another. If you find yourself in this category then you will need to apply for a visa, and this does take time. That is why we recommend that you and your passport sit down together over the New Year break and apply for ESTA even if you are not sure you will be going to the this year. Once your ESTA is approved it will be valid for two years or until your passport expires, allowing you to travel back and forth to the freely.

“Getting your travel authorisation using the ESTA website is 100% free. However, online companies have sprung up offering to process requests for travel authorisation for a fee, in some cases up to $50! This is an attempt to ‘mug’ travellers online, who may not be aware that the process costs nothing.

“Don’t pay good money for a service that the US Government is giving away for free. The genuine ESTA website is operated by the Department of Homeland Security website and – most importantly – it won’t ask you for any money. The ITAA is advising travellers to apply for travel authorisation direct at http://cbp.gov/xp/cgov/travel/id_visa/esta/

“The advice from the ITAA advice is clear – if you are travelling to the USA from January 12th, 2009, make sure to get your ESTA travel authorisation well in advance. Set aside ten minutes over the holiday period to log on and sort it out. And, to make sure you have the right ESTA website, log onto www.itaa.ie and follow the link.”

USA Property Links

For a selection of property in the USA click here.

For a list of agents selling property in the USA click here.

For independent articles on overseas property click here.

For advice on purchasing in the US click here.

For news on the US property market click here.

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Wednesday 7 January 2009

Sell Your Bulgarian Black Sea Property

Yes, you did read the headline correctly, someone actually wants to buy your Bulgarian Black Sea property from you. Incredible as it may seem, here at the OverseasCafe.com we like to bring you good news where possible, and we think this will be considered very good news indeed by those with investment properties along coastal Bulgaria that are not exactly setting the world on fire at the moment.

Irish investment company, Appreciating Assets, has released a new buy-back scheme to purchase completed properties owned by overseas investors on the Bulgarian Black Sea Coast. The initiative is being backed by funds raised from a syndicate of their existing international investors. 

As far as we're aware this is the first syndicate of its type, and something that is badly needed by most buyers in Bulgaria. According to Dylan Cullen of Appreciating Assets the syndicate aims to capitalise on the unparalleled levels of ownership achieved by Irish and British property investors on the Black Sea in recent years. 

It also, says Cullen, addresses the major flaw in emerging markets, the difficulty investors have selling on their properties due to an immature resale market. So the obvious thing to do is to provide a buy-back scheme that provides an exit strategy for investors. 

I suspect the syndicate will not be short of offers of product. 

For further details contact Appreciating Assets Ltd on +353 (0)1 632 8632 or visit www.appreciatingassets.ie

If you have a property in Sofia you wish to sell then this blog may be of interest.

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