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
mri overseas property
overseascafe
Bulgarian Dreams
www.overseascafe.com
bulgarian dreams expelled
mri overseas property complaints
mri complaints
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orient palace bodrum
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mri overseas property scam
mri overseas
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delhi airport
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damac dubai
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mri property scam
aipp bulgarian dreams
kendar
complaints about mri overseas property
Hans+Bartsen
blogs for the damac palm springs cancellation
MRI Overseas Property
mri property complaints
bulgarian dreams
kendar global
macanthony realty
mri overseasproperty
what is it like working for mri property
overseascafe.com
"MacAnthony Realty International" scam
damac palm springs
direct from the developer show
michael lynn
mri cyprus
harcourt developments
customer complaints about mri overseas property
bodrum orient palace
bulgarian dreams AIPP
mri macanthony
MRI Overseas Property scam in Bulgaria
MRI OVERSEAS PROPERTY
bulgarian dreams aipp
michael lynn fraud kendar holdings
mri overseas property blog
mri property blog
macanthony staff scam
who is MRI property problems with
spanish property mri problems
irish times article m lynn vantea
moneyweek
mri overseas property
Bulgarian dreams
dubai damac
medsea complaint
mri overseas properties complaint
mri property forum
mri bulgaria
bulgaria property demolish dncs
Hans Bartsen
AIPP BULGARIAN DREAMS
orient palace bodrum news
dubai project
spanish property
watchdog macanthony
palm springs dubai cancelled
AIPP BULGARIAN DREAMS
macanthony exhibitions
bulgarian dreams blog
michael lynn kendar
Irish Times MacAnthony Real Estate article
kolan group
"mri overseas properties" fraud
MRI property
spanish distressed sales
MRI Property Developers what is it like to work...
mri overseas property comments
damac palm springs dubai
distressed sales in dubai
overseasCafe.com
leaseback french property
mri real estate spain
MacAnthony Realyty complaints
having problems with mri overseas properties
macanthony MRI real estate company
mri property court cases in spain
"bulgarian dreams" problem 2008
KENDAR HOLDINGS
MRI overseas property blogs
florida distressed sales
mri overseas property review
sunday times ireland, aipp
damac cancellation
consumer reports on macanthony realty internati...
buyers+of+orient+palace+BODRUM
helen carson belfast telegraph
mri overseas property what is it up to
BULGARIAN DREAMS LEGAL ACTION
mri overseas louise
vantea
mri overseas property watchdog
kendar holdings
damac palm springs cancellation
working for mri property whats it like
mri property
MRI international property scam
orient palace + buyers
mri overseas cafe
bulgarian dreams complaints
distressed sales cyprus
helen carson
mri overseas property forum
complaints about MRi
distressed sales spain
palm springs dubai damac
distressed sales dubai
"michael lynn" black sea
mri problems cyprus
macanthony realty spain
"Mri property"
MRI overseas properties
macanthony realty complaints
simple overseas property complaints forum
mri global inspection trips
problems with mri oversea properties
how many irish people own overseas property
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fraud act bulgaria MRI realty
lisbon properties mri
bulgarian dreams Robert Jenkin
bulgaria MRI
macanthony scammers
robert jenkin bulgarian dreams
Tapu problems
exhibition devloper
"dubliner bar" ballsbridge address
mri overseas property reviews
michael lynn body
bulgaria property scam mri
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Damac, Palm Springs, Dubai
overseascafe,com
damac dubai cencellation development
palm spring dubai
mri property court
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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Register now to receive our informative newsletter, save searches and tailor your OverseasCafe.com experience to your own needs.

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.

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.

www.OverseasCafe.com

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

www.OverseasCafe.com

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.

www.OverseasCafe.com

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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Couple fail in case against Platinum Developments

This is a story that seems to have come in under the radar for some reason. It's a worrying one as it involves Platinum Developments in Sandyford, a company lauded for pulling its Sunset Beach Resort in Pomorie (pictured) out of the fire when the Dutch developer legged it with a bag of cash. Credit is most certainly due to the company for not folding its tent and heading for the hills as many others would have done. The company morphed from an agent to a substantial Bulgarian developer, the largest foreign developer in the country as far as we can ascertain, and completed this development. Credit where it's due then.

There would, however, still seem to be substantial problems at the original Pomorie development in relation to promised refunds, which the Irish company is foisting on the Dutch parent, the original cause of all the problems, but also with rentals and management. See the totally property forum if you want to get in touch with others in the same boat. The forum doesn't have a posting since last November, but we're not sure whether this is because everything was settled to the owners' satisfaction or if Platinum had it shut down (it doesn't appear to be closed though). AskAboutMoney.com was threatened by the company over a posting on its forum, which you'll find here, some months ago. It was subsequently suspended.

The most recent story about Platinum is in last Wednesday's Indo and Times (you need to be a subscriber to view the whole lot). The Indo version (it was on page 4 beside a picture of Bono in Japan) doesn't seem to appear online for some reason but Eircom, God bless 'em, appear to be able to provide the full story, even though it too came from the Times.

Some excerpts:

"Mr and Mrs Uwen had said they remortgaged their home in England in 2003 to invest in the Pomorie Golf and Beach Resort in Bulgaria, owned by a Dutch company, NV Capital Ground and Building Investment (CGBI). It was developing the lands through a holding company.

The Uwens say they paid CGBI €215,000 for 14 apartments and two commercial units, representing 20 per cent deposits on the purchase, and received receipts.

In mid-2004 the Dutch authorities froze CGBI's assets after it hit financial difficulties. Works ceased with about one-tenth of the complex complete, Daniel Simms, for Mr O'Reilly, told the court.

Mr Simms said Mr O'Reilly, whose Platinum Developments firm had acted as a selling agent for CGBI, put together a team of investors to "salvage" the project, and they acquired the CGBI holding company. This firm's name was changed to Sunset Resort OOD and, in letters to the Uwens, Mr O'Reilly said he was the owner of Sunset.

In an affidavit, Mr O'Reilly said the Uwens were offered options on how to deal with their investment, and they chose repayment on completion of the development.

Mr O'Reilly denied they were entitled to receive €215,000, and said the amount was just €12,800. CGBI had informed Sunset the Uwens had paid that latter amount, he said in his affidavit.

Because the Uwens had chosen a refund on completion, they had no contract with him and acceptance of this option stipulated that the laws of Bulgaria would apply in any dispute, he said.

The Uwens claimed Mr O'Reilly repeatedly ignored letters seeking a refund and was "deliberate" in trying to avoid refunding them.

If Mr O'Reilly was sued in the Bulgarian courts, he would say there was no contract between his firm and the couple, they said. Despite Mr O'Reilly saying in May 2007 that the resort was complete, they had not been repaid."

The Uwens were essentially told to go sue Neill O'Reilly in Bulgaria although the judge did agree that they appeared to have a case and granted them costs.

The full story is here.

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Spanish Property on Today with Pat Kenny

It was great to hear our Advice and Editorial contributor, Diarmaid Condon, interviewed in studio on the Today with Pat Kenny show yesterday morning. The piece was a rundown on the trials and tribulations of the Spanish property market, where things stand at the moment, is this a buying opportunity, etc.

We thought it was very informative and Diarmaid very much held his own in the company of the esteemed Mr. Kenny.

The link to the Spanish discussion on the programme is here, you'll need iTunes to play it which can be downloaded for free from the Apple Website.

On a more amusing aside. Straight after the Spanish property interview two musicians, a lady and a gentleman, entered the studio. Diarmaid had no idea who was to follow his interview and, shook hands with the gentleman not knowing who he was. It was only when he heard the ensuing music from outside the studio afterwards that he realised he had just shaken hands with Sir James Galway. Way to not be overawed.
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Wife Says Lynn in Portugal

The wife of missing solicitor Michael Lynn has told the High Court that she saw her husband two weeks ago in Bulgaria.

Brid Murphy is giving evidence in an attempt by ACC Bank to recover a mortgage it gave Mr Lynn on a €5.5m house in Howth, Co Dublin.

Ms Murphy told the court that her husband collected her from the airport in the Bulgarian capital Sofia last Monday week.

She said she left Bulgaria seven days later and that Michael Lynn has now returned to Portugal.

From Irish Independent.

According to the Irish Times: "The wife of missing solicitor Michael Lynn has told the High Court she remains in touch with her husband and last saw him just over a week ago in the Bulgarian capital, Sofia."

"Ms Brid Murphy said she knows where her husband is, that he had collected her at the airport in Sofia from where she left on Monday week last and that he went to Portugal the following day. She remains married to Mr Lynn, she added."

"Ms Murphy told the court that, when she married her husband in April 2006 having been with him since 2004, he was a solicitor with his own practice and property company and she trusted him completely in relation to financial affairs, including dealings for the purchase of Glenlion. She had worked as a nurse earning some €46,000 a year before their marriage but gave up work in early 2006."

See the full article here.

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