Buying property abroad: tips

10.09.2010 07:41
Real Estate Market Analysis | Buying property abroad: tips The question of buying a property abroad is becoming an increasingly urgent. Given the constant rise in prices for apartments in Moscow and in the near and far suburbs, many Russians are turning their attention to the overseas market housing, which often is more affordable and attractive. However, between the decision to purchase real estate to obtain a treasured keys to the new apartment is not an easy way to select a suitable facility, and agreed and signed the necessary documents. To help you make the first step in the right direction, MirSovetov offers useful information about prices, offers and rules of purchasing property abroad.

Determined to

Began to study the proposals of real estate firms need to understand the purpose for which we acquire real estate abroad, "Overseas Property" - the notion of a very extensive and may include a house in the UAE, and a small studio in Italy or apartment in Bulgaria. Therefore, began to study the proposals of real estate firms need to understand the purpose for which we buy property abroad. The answer to this question will depend on which country and what price range we will search for our new home.

Related article: Buying a home abroad: Truth and Lies

* The motive for home purchase abroad may wish to secure their future by owning property in the country with stable economic and political life. In case of any disasters at home, a person can go abroad in his "spare" house.
* Purchasing an apartment in some countries is a good investment of money. In this case, the housing is purchased for rental or for subsequent sale at a higher price.
* Buy an apartment on the coast can be and just to relax during the holidays, but in the rest of the year to lease it.

Factors to be taken into account

Starting a choice of apartments, you need to keep a few factors are always relevant when buying property abroad.
Buying property abroad - Economic and political situation in the country. Remember that you are making a serious purchase, spending a lot of money on it. Therefore, we learn about how stable and consistent economy and politics of the country, how likely are crises, defaults, and the revolution. Notice how well developed law of the State. Generally, property prices in developed countries with well-established political and economic life, higher than the price of housing in developing countries.

- The process of buying real estate and taxation system. For each country, characterized by its own procedure for buying real estate by foreign persons. In some countries, such as the Czech Republic and Croatia, foreigners, acting as individuals, have no right to buy property, so that you'll have to register this company. And although real estate companies still decide for you this question, the procedure of purchase will be complicated.
It is worth paying attention to the existing taxes in the country that you have to pay in the transaction, and also to pay annually in the aftermath.
- Prices and forecasts. In search of real estate abroad, which will meet your budget, examine the general price trends for real estate in the country. This is especially significant for those who purchase an apartment as an investment in the future is going to sell it at a higher price. In this case, it is important to be sure that the property market, and with it, and housing prices, not will fall over the next few years.
- Visa. Travel to most countries of the world begins with obtaining a visa. It is known that a number of visa can be a real problem. And, considering the fact that from time to time you will go and see in its "overseas" apartment, and may want to obtain a residence permit in this country, then consider legislation governing these provisions in a given country will be very useful.
In many countries, real estate purchase entitles you qualify for a multiple-entry visa. As a rule, the presence of real estate is not grounds for obtaining a residence permit (permit), but nonetheless, it can be a good argument for applying for such status. The most simple and fast procedure for obtaining residence permits for property owners recorded in Turkey, China and Cyprus.

In which country is best to buy?

In which country is best to buy nedvizhimostPoliticheskie and economic surveys on a particular country, experts' forecasts, useful information about the law - all this can be found on specialized sites, covering the real estate market.
MirSovetov also offers you an overview of countries that are attractive in terms of buying property this year and in the next few years. Here, we stipulate the trends in prices, the nuances in the process of acquisition of new housing, as well as provide information about tax and visa laws in our chosen countries.

Property in Bulgaria

Bulgaria, with a warm sea, hot springs and membership in the European Union, today attracts not only tourists but also want to buy this apartment or house. The favorable political environment and successfully contribute to developing infrastructure of a large influx of investment capital into the country.
Perhaps at the moment Bulgaria - one of the most promising countries in terms of investing money perhaps, for the moment Bulgaria - one of the most promising countries in terms of investing money. Real estate prices here are not yet as high as in Europe, but, nevertheless, continue to steadily creep up. This means that housing can be purchased with success to lease (rent and growing), or to sell it after a while at a good price for yourself. In this case MirSovetov recommends buying a property for the first line of the sea, which will always be in demand of tourists as well as in Sofia and spas.
Conduct of business of rental, you can instruct the relevant company or do it yourself.

Buying property in Bulgaria, pay attention to the area of the object, since it is calculated an unusual way we can. In the area of the apartment is also credited, and the lobby area of the house, attic, basement, stairways and other common spaces at home.

All foreigners who bought property in Bulgaria are entitled to a visa valid for three years.

Real estate prices

To date, the minimum average cost of Bulgarian apartment. m - 1000 ?. The most active growth in house prices marked in Sofia (square meter on average, estimated in 1480 euros), Varna (average cost of square meters. M - 1300 euros) and Burgas (the average cost of square meters. M - 1100 ?). But in the town of Veliko Tarnovo can find a good option at the rate of 550 euros per square meter. Among Bulgarian resorts in the most cost-effective housing supply can be found at spas, where the average cost per square meter is 722 euros.

The best time to buy property in Bulgaria, as in other resort areas, is considered to fall when prices are traditionally lower. The least profitable time - the summer months, which accounts for the peak tourist season.

To obtain the Bulgarian visa requires the following documents: passport, photo, application form, confirmation of hotel booking and payment, the availability of cash (100 euros / day), health insurance for 30,000 euros, the presence of air or train tickets.
The owner and his immediate family are eligible for a visa with multiple-year total duration of stay in Bulgaria not exceeding 180 days a year.
Availability of real estate is not grounds for obtaining a residence permit in Bulgaria. At the same time, buying real estate in Bulgaria for the amount of $ 500,000, will be a strong argument in favor of receipt of this document. The residence permit is also issued to foreigners has opened in Bulgaria of foreign company or registered in this country a new firm.
Buying process
The process of buying an apartment in Bulgaria is quite simple. The main stages through which one must pass to the buyer, the following: selection of an object; signing a preliminary contract with the seller and the listing of his advance, verification by a notary legal cleanliness of the facility; registration of a notarial deed, the transfer to the seller the remaining amount, registration of a notarial deed in the district court, the acquisition of property rights.

It is important to note that foreigners have no right to acquire land in Bulgaria for an individual. So if you decide to buy another and plot, then you have to register here firm.

Experts expect a significant increase in housing prices in Bulgaria, as well as increases in construction, both residential and commercial real estate taxation
When buying an apartment in Bulgaria to take into account the following taxes: a tax on the purchase (the average rate of 2%, depending on the location of the purchased property); registration of a notarial deed - 0,1% annual property tax - 0.15%.

Projections for the future

Experts expect a significant increase in housing prices in Bulgaria, as well as increases in construction, both residential and commercial real estate.
The nearest significant jump in property prices will be in 2011, when the planned entry of Bulgaria into the Schengen Union. However, it is expected, and improving the infrastructure of the country.
Similar trends in the property market showing Montenegro and Slovakia. Housing prices in those countries below the European, but their steady growth provides a good chance for profitable investments in the short term.

Property in Germany

Over the past few years housing prices in Germany are about the same level of purchasing an apartment in this economically and politically stable country - the perfect solution for those who choose to protect their savings through their investments in foreign real estate. Over the past few years housing prices in Germany are about the same level. Consequently, a significant income from rental housing or its subsequent sale, is unlikely. MirSovetov must also say that, in addition, forward-looking Germans have introduced a special tax on property sales. This means that by selling the object to which you've owned less than ten years, you have to pay 20 percent (as of 2009 25 per cent) of capital gains.
Nevertheless, owners of real estate in Germany can be fully confident that their savings in the form of apartments will be intact for many, many years.

Real estate prices

In Germany in recent years housing prices if they rise, it is extremely small. The most cost-effective options can be found in eastern Germany, because it is believed that the quality standards of facilities in the region inferior to the real estate in West Germany. Average cost per square meter of housing in the former GDR - about 1.4 thousand euros. However, the real estate in such ancient cultural centers of East Germany as Leipzig and Dresden, is rated higher - an average of 1.7 thousand euros per square meter. meter.
Among the cities of West Germany is considered the most expensive in Munich, where a square meter typical apartment costs an average of 3,600 euros. Frankfurt am Main Apartment prices fluctuate around 2.8 thousand euros per square meter. meter. And decided to buy an apartment in Berlin, should be guided by an average of 2,000 euros per square meter. meter. On the outskirts of cities is quite possible to find apartments and at lower prices.
Buying a home in Germany, we must remember that a tangible item of expenditure is the subsequent maintenance of the apartment or house. Even if the apartment is empty, the minimum amount each month will have to give, will be of 127 euros. In the case of people living there, respectively, are added costs for electricity consumption and use of hot water. A landlord will need to provide for the cost of mandatory cleanup of the area surrounding the house, ice, snow and mud.
To obtain a visa to Germany the following documents: passport, two questionnaires, three photos, a statement, the presence of armor in the paid your hotel, airline or train tickets, show that the sum of the rate of 50 euros per day, guarantee the return to home country (income statement, marital status, property ownership), a medical policy with a sum covering 30 000 euros.
Home ownership in Germany is not grounds for obtaining a residence permit in the country, but gives the right to obtain a visa for the total duration of stay in Germany for more than 180 days a year. Acquisition of real estate amounting to EUR 500 000 will greatly facilitate the process of obtaining a residence permit. In other cases, a residence permit in this country would be quite problematic. You will have to demonstrate what the economic interests of Germany will be taken into account when you receive the status of residence permit.
Buying process
The process of buying real estate in Germany is somewhat more complex than in other countries the process of buying real estate in Germany is somewhat more complex than in other countries. This is explained mainly German thoroughness and solidity. Thus, the procedure of buying: the choice of the object; verification of legal purity of the object as a lawyer, a notary public execution of the contract for the purchase of the facility; transfer the advance of the transaction (through a notary), notary public opening of bank account (through which all payments under the transaction), verification of legal purity of the object by a notary ; transfer the remaining amount of the transaction, registration documents and receipt of property rights.
Homebuyers are waiting in Germany the following taxes: purchase tax - an average of 4% of the purchase price (tax amount depends on the location of the apartment); fee for notary services - 1.5% of property value; fee for brokerage Provision - an average of 4% of the purchase price (depending on the location of the object); annual property taxes - an average of 1% of the purchase price (depending on the location of the object), the annual property insurance - an average of 3500 euros (depending on the location of the object).
Projections for the future
In the near future on the German real estate market does not expect any drastic changes. Pricing policy will remain unchanged and the growth in property prices is likely to be very small. Given the economic and political stability of Germany, bought an apartment in this country would be a safe investment of their funds.

Property in Spain

Property in Spain due to the banking crisis in Spain, to date, construction has declined, many construction and real estate companies left the market, and prices halted their growth. According to experts, since 2008 in Spain, came the most opportune moment for those who buy real estate, not selling. Observed for ten years a rapid boom in the Spanish housing market ended in 2007. Along with him stopped rising prices, and in some areas the cost per square meter was significantly lower.
Experts believe that this trend will last several more years. Therefore, invest money and get a quick profit in this situation will not work. But look for an apartment or villa on the Mediterranean coast over a sufficiently attractive price is now more real than a few years ago.
Real estate prices
Check prices, we must remember that the real estate market of Spain is mosaic and can vary greatly depending on the region of the country and type of property.
The most cost-effective suggestions can be found on the coast of Costa Blanca, deemed a favorite place for Russian tourists. Very dense buildings, noise and traffic jams define low, compared with other areas, real estate prices. Statistics show that in the resort town of Torrevieja on the Costa Blanca square meter on average, estimated at 1,849 euros. And the most expensive city of the coast is Benidorm, where the average cost per square meter - 3,153 euros. Coast with reasonable prices is also considered Costa Calida, a square meter of housing there is estimated to average in 1995 euros.

Of all the categories of greatest decline in Spanish property prices touched the model apartments, located on a heavily built-up coastal areas.

A somewhat different pattern is observed in the segment of luxury villas and apartments in upscale areas. On the "elite" and the coasts of Costa Brava Costa Daurada property prices still very high. Prices per square meter at these resorts varies around 3000 euros.
To obtain a visa for Spain, the following documents: passport, application form, picture, medical policy at EUR 30 000, certificate of employment income, evidence of the existence of the sum of the rate of 60 euro / day, copies of airline tickets, hotel booking confirmation.
The owner of Spanish property, as well as his family members, whose names are recorded in deed, can get a visa total duration of stay in Spain more than 180 days a year.
Residence permit with the right to work in Spain can be obtained as follows: for registration of a company in this country, if an employment contract with a Spanish employer (in this case, the validity of residence permits will be equal to duration of employment).
And obtaining residence permit becomes more real by the end of five years from the purchase of real estate in this country.
Buying process
The process of buying property in Spain is easier than in the German process of buying property in Spain is easier than in Germany. Its basic steps are: selection of an object; verification of legal purity, opening a bank account, a preliminary agreement and advance payment, receipt of an alien identification number for processing the transaction at the notary, signing the final contract and paying the remaining amount, registration of documents in the register of ownership and registration of the object in cadastre.
Buying property in Spain, you pay 7% of the price specified in the contract of sale (in this case there are some differences in the tax on housing, acquired in new and secondary housing), services of a notary - 1% of the value of the purchased real estate; annual council tax, whose rate depends on the cadastral value of the object; annual tax for the existence of property (in this case - the real estate), whose rate is also calculated depending on the value of your property.
Projections for the future

Experts predict that a similar situation with lower prices will last on average one and a half years. Then the price of Spanish property, especially in the attractive resort areas will go up again. Therefore, after a few years, Spain will once again be attractive to foreign investors.

To summarize, we say that the countries listed in this article, for investment in the short term the most suitable Bulgaria, where there is a steady rise in prices on the real estate market. Germany will be a great solution for those who mainly want to protect their savings through their investments in German real estate market is robust. Spain is one of the leading resorts in the future will return its attractiveness for investors, given the long period of the holiday season, the owner of Spanish property can get good rental income.
Thus, proposals for foreign real estate market is very diverse. So meditate, choose and realize their dreams!
Content tags: Overseas property Property
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