French Introduce Tax Increase on Investment Income

French President, Nicolas Sarkozy, has announced a tax increase on investment revenue which will very likely lead to higher tax bills for non-resident homeowners in France.

His proposed plan is to introduce a 1% rise on share, property rental and other investment income.

Similar to critics of the government in Ireland, this has been signalled as the end of Sarkozy’s journey to cut taxes, which was a large part of his election platform. This saw the introduction of a reduced Inheritance tax rate last year but further tax reductions are unlikely judging by his current actions.

It seems some of Sarkozy's comerades are having trouble coming to terms with the new direction. Alain Lambert, a prominent senator and a member of Mr Sarkozy’s centre-right coalition, said: “I’m going to need a few minutes to understand why we’re raising tax on investment revenue when we brought down inheritance tax a year ago.”

Sarkozy hopes that the new 30% rate will generate over €1.5 billion in additional revenue each year. It is, allegedly, being used to get people out of the 'welfare trap', where French citizens are better off on the dole than they are in low paying jobs. Now where have we heard that before?

For further details click on this PTI Returns article. There is a more in depth report from the UK Times here.

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Links to French property information on the OverseasCafe.com site:

Property in France

French Property Advice

News relating to French Property

French Real Estate Agent News

Selection of French Property Agents

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Law No. 8 in Dubai a Welcome Development

As the Dubai property market evolves there are a number of actions being taken to bring a level of credibility and maturity to the market. This is something that won't happen overnight, but it is good to see that the Emirate is making an effort to guide things in the right direction in any case. 

Dubai's government formed Real Estate Regulatory Agency (RERA) has issued a list of agents and developers who have been officially licensed, paving the way for greater transparency and security for property investors in Dubai. 

You'll find the full 'official' list of developers here. If you're looking for an agent (broker) in Dubai there's an official listing of them as well, you'll find it here. 

Law No. 8 has also been introduced which is described by RERA as 'A Law to Regulate Developers and to Protect Purchasers’ Payments in Off-Plan Transactions'. Published on June 28th 2007 it means that a developer wishing to sell units off the plan must apply to the Department to open a 'Guarantee Account', basically an escrow account. This account is opened in the name of the project and the proceeds can only be used exclusively for the purposes of constructing that particular project. The developer’s creditors are not allowed to attach any liens to the money deposited in this account.

This is all being done in an effort to promote greater transparency in the market, which can only be a good thing. One worrying factor, however, is the statement that; "Big companies that enjoy good reputation and have strong guarantees have been exempted." This would, for any red blooded citizen of a mature democracy send red lights flashing. In other words, if you're a buddy of the guys in RERA, you don't necessarily need to have any escrow account, your clients can go to hell if you fold and their money is lost in a big black hole. 

Not good guys. OK, so it's Dubai and its owners can do what they like with it, but to gain some credibility outside of their own domain it is necessary to get everybody operating under the same rules. Otherwise no-one will take any of this seriously, and rightly so. 

RERA, it said, will work in 2008 to make the real estate market free of unlicensed property developers to guarantee the rights of all parties, whether investors or developers. Of course all of its buddies are no doubt licensed already at this stage. 

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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.

For new releases and product updates from Dubai agents click here.

For a selection of property exhibitions featuring Dubai property click here.

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New OverseasCafe.com homepage

At last, we have a new homepage. We've been waiting for it for ages and it has eventually arrived, but it has been worth the wait. Not only that but there are a raft of new initiatives being rolled out by the site between here and Christmas so keep an eye out, some of the changes may involve things that will interest you.

Current changes give us a listing of Premium Properties on the homepage. If you are an agent with property on the site and your properties aren't premium properties they won't be seen on the homepage so you'd better get some Premium Property credit as soon as you can for maximum exposure, it's very cost effective advertising. End plug.

As well as this you'll now find up to date listings for all the news, agent news and editorial articles right there on the front page. It does make it a whole lot easier to see what is most recent on the site, which was the most frequent criticism of it in the past. It also saves having to click into all the different categories to see what is going on in the overseas property market.

Our blog also has its own little section down the bottom so you can see what has been tickling our fancy right from the homepage.

Thanks to the lads at Think Tank Marketing for getting this over the line for us, it's not their fault it got delayed (much too long a story for a blog) but they've come up with the goods when we needed them. Well done guys.

If you've not already been there why not visit OverseasCafe.com and check it out for yourself.

Simple Overseas Property Update

Rathfarnham based Simple Overseas Properties was back in court again in mid-July for having failed to pay an agreed sum of €368,000 to Cyril McMorrow. McMorrow is a disgruntled overseas property investor who had taken the company to court, claiming that it had failed to deliver off-plan properties in Spain as specified to him in oral agreements. The court found in favour of Mr. McMorrow back in April but he took Simple back to court in July as the agreed payments had not materialised.

The Irish Times report states; 'Peter Finlay SC, for Mr McMorrow, yesterday asked that judgment be entered in default because the defendants had not complied with the terms of the agreement. One payment had been made in relation to costs but nothing had been paid to Mr McMorrow, Mr Finlay said.'

This isn't a particularly new story, it ran in the Irish Times on July 19th, but we've been on hols for a while so we're a bit slow on the uptake at the minute. You'll find the full Irish Times report on the court case here.

Innacurate Larionovo Report in Irish Independent

We're officially on hols, hence the lack of blogs for the past few weeks, but we couldn't let this one pass, it is really something you would not expect a paper as big as the Indo to get completely wrong.

The Irish Independent ran an article last Saturday in which it claimed that Ireland's biggest overseas property agent, Larionovo, was to 'shut up shop'.

The pieces says: "Another announcement, which sent ripples across the industry this week, was news that Larionova, the biggest and most high profile of the Irish foreign property agents, is also to shut up shop, amid difficulties getting payment from developers."

This news came as somewhat of a surprise to us as we get press releases from Larionovo quite regularly and would be very surprised if we missed one, particularly one this big. We therefore contacted the company for clarification and Larionovo (not Larionova as quoted in the piece) is absolutely livid. It claims it is taking the Indo to court over it as it claims no such announcement was ever made and that Larionovo will not be closing its offices.

You'll find the article in question here. Oh dear indeed.

It is possible that the Indo got wind that Larionovo is returning deposits paid on property in India, added two and two together and got a couple of million. Larionovo claims it is not convinced that individuals can get their profits out of India as easily as it would like. It has therefore offered investors their money back, plus 20%, and is, instead, going to launch the project through a syndicated vehicle to enable the repatriation of funds.

Larionovo has been in the news for a variety of reasons recently as it is also the main Irish agent for Fadesa, one of Spain's largest builders, which filed for protection from its creditors last week. Larionovo claims that all its clients will be fine as the company ensured they all had bank guarantees, therefore the bank has already guaranteed that either the properties will get built or the purchasers will get all their money back.

Tough week just the same.

Larionovo update, November 2008, available here.

www.OverseasCafe.com

Who's Been Looking Where - June 2008

The summer is here, not that you'd know that by the weather, but on the calendar it says July so we'll just take it as read that it is actually summer.

Our final Who's Been Looking Where for the Spring season, compiled from searches on Google over the month of June, has just been released and those selling in the US will be mightily pleased. Florida has topped the charts for the first time ever followed closely by the UK. The rest of the USA isn't that far behind in 7th position so the US is proving the market in which the Irish are interested these days. These two have been bedfellows at the top of the charts since the current 'great depression' hit on the back of the US banks' crazy decisions on lending policies.

Spain also seems to be attracting substantial interest and has climbed the charts significantly over the past year. France and Portugal are the big losers this year while both the Canaries and Italy have shown considerable strength this year.

At the bottom of the top ten places of most interest you'll find Turkey and Bulgaria.

You'll find the full report here.

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For a listing of property in Florida click here.

For a selection of property in the USA click here.

To view properties in Spain: Click Here

For a selection of property in the UK click here.

For a selection of property in France click here.

Worldwide Property Prices - A Reality Check

In complete contrast to the 'hyperbole' found in the previous post, if you want a reality check on what's happening around the globe then visit the following post on the Global Property Guide. A few quotes will give you a general feeling for what's going on at the moment.

"Only 13 countries in which dwelling price indices are regularly published saw prices rise during the year to end Q1 2008, while 21 countries saw dwelling prices fall in real terms, i.e., after adjusting for inflation."

The following table gives you the full lowdown. The one you may well pass comment on is Bulgaria. With all the fallout on the coast and in the ski resorts you may well ask how it manages to post year on year gains. Well the truth is that it is a lot like the Spanish market was for the past decade, where the indigenous housing market posted year on year gains, year in year out, while the holiday oriented coastal market took a severe pounding. The same appears to be happening in Bulgaria at the moment.

If you're looking for gains in the current environment the news is that you've got to look east.

"Strong house prices increases were observed in a handful of emerging economies. Ahead of the pack was China (Shanghai), with an enormous 40.5% nominal house price surge during the year to the end of Q1 2008."

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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.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Some People Just Don't Get It

We got a PR email into the website earlier today that just beggars belief. We won't mention the PR company or the agent involved to avoid embarrassment, but we will give you a few snippets to show just how far removed from reality some of the crap we receive actually is.

Excerpt I, slightly edited:

"While the Celtic Tiger was this week declared dead by the Economic and Social Research Institute, its claw marks are still being felt in the south of France where Irish property investors now have a greater presence than their British counterparts," stated Walter Mitty of WeSellGazillionsOfProperties.com.

Wally went on to explain: "the predicted bursting of the Irish housing propertybubble, combined with rising inflation and the international credit crisis, does not appear to be deterring Irish investors from taking advantage of the development opportunities along the French Mediterranean coast."

Well that's news to other agents selling French property in Ireland. 2008 has been the worst year for sales since the famine for everyone else so we'd really like to know what Wally is up to that no-one else is.

Excerpt II - unedited:

"The fall in house prices in Ireland for the 15th month in a row in May, bringing the total decline versus a year earlier to 9.5 percent, is certainly helping to sustain the numbers of Irish people seeking sound investment opportunities abroad."

Really? Can't argue with the first part, the second part looks like a bit of a crock though.

Excerpt III - again unedited:

"In France, for example, the value of second hand properties increased by 2.7% in the first quarter of 2008. As a result, we are seeing a lot of foreign developers, predominantly Irish, continuing to invest in properties here."

Again, can't argue with the first part, but the second part is from Never Never Land.

It goes on, I won't bore you with the specifics, you've got the gist of it at this stage. The only problem with this type of rubbish is that some paper will probably pick up on it and use it to fill a column somewhere and some poor gullible sod reading that paper will actually think there's a rush of Irish buyers to Southern France, whereas in reality, that rush was finishing up two years ago.

Get real people, Southern France is suffering the same way everywhere else is, no matter how much you try to talk it up. There is, incidentally, no rush of Irish buyers anywhere at the moment, it looks very much like they all ran off a cliff or, more likely, they're all in bed scared out of their pants at the upcoming recession (which we are actually probably already in the middle of at the moment). They can't raise finance in the current climate in any case and until they can there will be no rush of Irish buyers anywhere.

Don't get me wrong, we're all for positivity and the whole "We've heard there's a recession but we've decided not to participate" attitude, but flogging complete and utter porky pies isn't the way forward. Let's be positive and honest, they don't have to be mutually exclusive you know.

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For a selection of property in France click here.

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

For independent articles on overseas property click here.

For advice on purchasing in France click here.

For news on the French property market click here.

For new releases and product updates from French agents click here.

For a selection of property exhibitions featuring French property click here.

Selling in a Difficult Market

It has been interesting to see various company's approaches to tackling a severe downturn in the global economy. It is very likely that, in the event of all other avenues shutting down rapidly, companies will be forced into more unorthodox methods of 'promotion' in order to get their message across to a smaller, poorer and less interested audience.

Some of you will no doubt have seen the 'Beds & Blowjobs' comments attributed to Mick O'Leary (no that's not him or anyone related to him in the picture) last week (you'll find the story here if you're unfamiliar with its contents). Essentially the venerable Mr. O'Leary is allegedly launching a low fares trans-Atlantic route, with an extremely high-fares (and we have to take by intimation, a very well serviced) Business Class, included to pay for the astronomically priced fuel it takes to transfer the poor sods in cattle-class down the back. You've got to hand it to the man, he certainly knows how to grab headlines, whatever the economic climate.

A journalist in Germany who queried the potential for a transatlantic service was told the proposed high quality business class service, had the working title of ‘Beds and Blowjobs’. The Ryanair site claims "no-one, not even the translator at the media conference, knew of a German translation for ‘Blowjobs’." We suspect that they may not have tried very hard, knowing the headline grabbing potential the statement contained as it stood in English.

On the overseas property front we've also come across a fairly unique promotional campaign, targeting those who like to shed their clothing. In Tampa, Florida, if free upgrades and paid closing costs are not enough incentive to buy a condo in a housing market that is rapidly on the slide, then be prepared to be offered the option of ‘getting your kit off’. No, it’s not Spencer Tunick contemplating reaping the rewards of being a successful developer, it is just a condo development trying to cash in on an alternative lifestyle market. The developers of Arbors at Branch Creek, a Tampa condo conversion, are hoping a clothing-optional pool will attract buyers, because, it appears, nothing else is attracting them at the moment. Whatever about buyers, it may certainly invite onlookers.

"We know there are people out there who will enjoy this amenity," said Christine Pirkle, director of sales for project-developer Eden Condominiums. "It's just become more accepted and people who want this option don't have very much of it. "She noted that only some Florida counties allow nudity on beaches. "Here, at least you have the choice," she said.

Some would call it ‘bare-faced cheek’ others may think that naturists simply don’t have deep enough pockets. But you can’t knock them for trying.

If you want to get an idea of what they've got in mind you'll find it here. there's no nudism on there by the way, the lead pic for this blog is as steamy as it gets. If that's what you're looking for you'll have to search for a far more steamy site. 'Down with that sort of thing'.

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Florida

For a listing of property in Florida click here.

For a listing of Florida Estate Agents click here.

For a listing of Exhibitions showcasing Florida Property click here.

USA

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.

For new releases and product updates from US agents click here.

For a selection of property exhibitions featuring Turkish property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Tempted Buy - Sunday June 22nd

Readers of the Sunday Independent on June 22nd may have noticed that OverseasCafe.com has provided the properties for its Tempted Buy... overseas property section. This week's category is property available from under €80k. If you visit the site (links below) you'll be amazed at how much choice there is out there for this relatively modest sum of money.

These properties may or may not be available online on the Indo's website later, if this does happen we'll have a link to it here, but for those of you who can't wait you'll find the property listing for this week at TemptedBuy.com.

A selection of properties for less than €80k from around the world can be found 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.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

How Have People Found the OverseasCafe.com Blog?

One of the questions we're often asked is, 'how have people found the blog?'

Well, it is found through a variety of means as it is listed on a number of blog sites, but the most common way to find the blog is via search engines such as Google, Yahoo and Live.

We've collated a list of the top 150 most popular search terms to bring up the blog since its inception in February. There are thousands more but we didn't reckon anyone would want to read through them all. These are in order of importance and have not been altered in any way from how they were typed into the search engines.

bulgarian dreams
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Bulgarian Dreams
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AIPP BULGARIAN DREAMS
macanthony exhibitions
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MRI Property Developers what is it like to work...
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MACANTHONY REALTY INTERNATIONAL WORKING FOR

So there you go, that is the kind of stuff people are searching for on the internet when the OverseasCafe.com blog pops up.

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General Property/News/Agent News/Editorials

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.

Taxing Times for Overseas Property Buyers

If you're looking at a property overseas one of the unfortunate items you'll encounter somewhere along the way is that wicked word 'tax'.

It's an unfortunate reality of the world that anything involving the transfer of money normally involves consideration of the tax man at some stage. When it comes to overseas property you're better off to weigh up your options earlier in the process rather than later. It will save you a lot of money in the long term.

With this in my why not visit these links to articles on the site by Property Tax International to keep you right up to date with what's going on in the taxing world of overseas property.

View all tax related articles in the advisory section here.

If you want to be updated when there are new tax related articles uploaded to the advisory section then log into your account, click on the link above and then click on 'Save Search'. Each time a new piece on taxation issues is loaded on to the site you'll be updated by email. It couldn't be simpler.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

Sell your Dubai Property

OK, so good news on the property front is fairly scarce at the moment, which means we've very happy go bring some good cheer to those trying to sell a property in Dubai. There is an Irish company that will buy your property from you, or so it says in any case. We've not checked out the fine print so we're passing the information on as received in good faith. 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 claims to have a panel of investors who are actively seeking properties from Irish investors who, for whatever reason, cannot complete on purchase and it is looking for a mixture of off plan, near construction or 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." Have you ever heard of a 'distressed seller, making a lot of money out of their property? No, neither have I. 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.

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.

For new releases and product updates from Dubai agents click here.

For a selection of property exhibitions featuring Dubai property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

UK Land Banking Scams

For those of you who have ever considered one of those 'small investments' in UK land which is being presented as land with the potential for 'rezoning' then you may well need to have a read of the following and the Guardian's piece here.

This particular area of the property market is fraught with danger, particularly for those with no knowledge of the UK property market and the ins and outs of the planning process across the UK. In the main the UK is very slow to rezone green belt land, so be very careful about what you're buying, no matter how inexpensive it may seem. That is, of course, unless you are happy to lose your 'investment'. 

If you visit the UK Land Investments site all you'll find is a letter from the administrators. This liquidation of companies is a typical ploy by land bankers, which usually just pop up again a couple of months later with a different name. Although on this occasion they may have been helped along the way by the UK's Financial Services Authority (FSA).

There are a few operatives outside the UK which also look pretty dodgy but nothing concrete has been proven against them yet so we'll refrain from mentioning them until there is proof that we should do so. 

The FSA has released the following statement for those considering investing in Land Banking schemes.

Read an advisory article about Land Banking on the OverseasCafe.com site. 

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UK Property Links

For a selection of property in the UK click here.

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

For independent articles on overseas property click here.

For advice on purchasing in the UK click here.

For news on the UK property market click here.

For new releases and product updates from UK agents click here.

For a selection of property exhibitions featuring UK property click here.

Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

www.OverseasCafe.com

Tempted Buy - Sunday Independent

If you are readers of the Sunday Independent you may have noticed that OverseasCafe.com has provided the properties for its Tempted Buy... overseas property section this Sunday, June 8th.

We're fairly sure these will be available online on the Indo's website later in the week, and when this happens we'll have a link to it here, but for those that are too impatient to wait until this happens you'll find the property listing for this week at TemptedBuy.com.

A selection of Stone Properties from around the world can be found here.

www.OverseasCafe.com

OverseasCafe.com in the News

OK, so this isn't the most timely news in the world, but it slipped under the radar somehow and it would be remiss of us not to mention it so now is as good a time as any.

Back in February the website got a very honourable mention in the Irish Independent, in a piece written by none other than our 'boss' Eilís FitzGerald.

The piece is based on the, now legendary, statistics published by the website each month. In the piece Eilís gives some good advice.

"There is no doubt that our interest in property abroad is as strong as ever, so the key to success is research, research, research. Property markets abroad tend to be strongly influenced by foreign investment in the region, and this is unlikely to happen in an unstable political environment. A politically stable country with a growing economy will attract foreign investment and tourism, which leads to higher capital appreciation and greater rental demand."

You'll find the full text of the article here.

In case you're not all that aware of what the site is about you'll find a few links to pertinent areas of it below.
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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.

www.OverseasCafe.com

LA Struggles for Harcourt Developments

The Irish Times reported at the beginning of May that a company backed by businessman Pat Doherty and former broadcaster Mike Murphy is facing a legal battle in the US over a €500 million Las Vegas property development.

Las Vegas developer Glen, Smith Glen (GSG) and two linked companies are suing Harcourt Developments, its Nevada subsidiary, Mr Doherty himself and a number of others for breach of contract in a Nevada court. GSG is Harcourt's local partner on its Sullivan Square project, a €550 million mixed apartment and commercial development that the pair are building in Las Vegas.

GSG and its co-plaintiff, Sullivan Square Harcourt and GSG DSM Holdings, began proceedings in the court on May 1st. According to documents filed with Clark County district court, GSG and Sullivan Square say that Harcourt Developments and Harcourt Nevada have defaulted several times on their obligations to fund the project. This has resulted in contractors and consultants working on the development not being paid. They have taken two other lawsuits against the company. Also a number of them are claiming a share in Sullivan Square as compensation. GSG, run by businessmen Alan Glen and Kenneth Smith, owned Sullivan Square and began working on the project itself. An acquaintance introduced them to Mr Doherty and Harcourt.

In August 2006, the Irish company agreed to fund the development in return for a 60 per cent share. GSG's complaint states that last October, Harcourt Nevada defaulted on its obligation by "failing to timely provide sufficient funding for development and construction of the project, and failing to fund the overhead for GSG dedicated to the project". The court papers say that in February, Mr Doherty personally assured GSG that Harcourt would meet its obligations in 24 hours, but failed to do this. Also during February, Harcourt approached GSG and asked it to change the agreement to give a third party a 20 per cent stake in Sullivan Square to secure funding. GSG was to hand over 9 per cent. The plaintiff says that Harcourt subsequently admitted that there was no new third party and that it wanted 9 per cent as a condition for providing funding. GSG states that it reluctantly agreed to give Harcourt 9 per cent, cutting its share of the project to 31 per cent.

The documents state that Harcourt cannot plead inability to pay as the plaintiffs are aware that the defendants "maintained lavish and extravagant lifestyles" during the period. Harcourt Developments principals include Mr Doherty, Mr Murphy, and English businessman, Andrew Parker Bowles, former husband of Camilla Parker Bowles.

The project was launched in Ireland with much media publicity just a year ago. There are a number of other reports on the case here & here.
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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.

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Who's Been Looking Where - May '08

For those of you with an eye for statistics you'll no doubt be interested to see what areas are proving most popular with Irish web surfers.

May results are out and can be found on the site here. There is also a listing of percentages from January to May which gives a more accurate estimate of interest for the year-to-date. Monthly figures can be affected by new, in the news, hot-destinations, although negative sentiment has been more obvious in the market this year which has brought the old reliables of the UK and US to the fore.

In a more positive vein, however, there were a total of 94,300 searches conducted over the past month which is an increase of over 20,000 on April figures. April would traditionally be considered a stronger period than May for overseas property interest so this may be an indication of a turning tide for agents and developers overseas. To date this year the industry has been having a terrible time so any good news will be gratefully accepted.
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Property in the UK - click here
Property in the US - click here
Property in Spain - click here
Property in France - click here
Property in Portugal - click here
Property in Italy - click here
Property in Lanzarote - click here
Property in Tenerife - click here
Property in Turkey - click here
Property in Bulgaria - click here

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Kevin O'Kane - Turkish Scam Update

For those of you who have been following the story of Bellaghy native, Kevin O'Kane's, story in Turkey you may be interested in the latest update, you'll find it here.

O'Kane, along with his Turkish business partner, Kubilay Atmaca, is accused of selling property to 70 couples in Altinkum, on the south coast of Turkey, and providing fake title deeds so that they would think that they owned property which they in fact did not. The case is currently running in the Turkish courts but there are also outstanding cases against O'Kane in his native Northern Ireland.

If you're not familiar with the case you'll find some background information here, here, here, here & here. There's also some comment here, and probably plenty more if you do a search on the internet and you're anxious for more information. It's a big story in Turkey and, obviously O'Kane's native Northern Ireland from where most of the purchasers originate.

O'Kane denies all the charges, claiming that his Turkish partner, Atmaca, is entirely responsible for the scam.
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For a selection of property in Turkey click here.

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

For independent articles on overseas property click here.

For advice on purchasing in Turkey click here.

For news on the Turkish property market click here.

For new releases and product updates from Turkish agents click here.

For a selection of property exhibitions featuring Turkish property click here.

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Ryanair Full Year Results

For those interested in what the future may hold for the price of flight tickets based on the rising cost of oil then the announcement of Ryanair's end-of-year results yesterday may prove interesting, if not entirely uplifting.

All you need, as usual, is Mick O'Leary's comment: "I've now come to the view that I hope oil does stay at $125 or $130 a barrel during the winter because I think that will bankrupt half of the airlines flying today, in which case we'll still be the lowest-fares airline in Europe, bur our fares won't be €40 a passenger, they might be a little higher."
I suspect they may be not a little, but quite a lot higher Mick. I doubt very much if you're going to sit and watch your airline make no profits while travellers still avail of low fares. Less competition changes the game for everyone and those left standing can name their price.

You can find the full article here.

Aer Lingus' decision to hike fuel surcharges to the US again today will not fill the market with much cheer either. See full story here.

Click here for articles related to the aviation industry on OverseasCafe.com.

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