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Since 2012, property sales have been rising steadily in the Balearic Islands of Mallorca, Ibiza, Menorca and Formentera. In 2012 annual sales were just under 8,000 and in 2017 they were just under 16,000. However, 2018 tells a very different story: the year-on-year figures in May were 45% down and another 18% in June. On the other hand, the other parts of Spain popular with overseas buyers have seen an increase in the number of sales, so what has happened in the popular islands?

According to real estate agents operating in this market who spoke with Spanish Property Insight’s Mark Stücklin, the Balearics, which have a particular appeal to upmarket buyers, have enjoyed the longest and strongest recovery in property sales since the Spanish market turned around. However, that couldn’t last forever and it was inevitable that there would be a slow down at some point. One of the causes of this downturn are the restrictions that create a shortage of land to build on, and as they are islands, there really is no place left to go for developers.

Spokespersons from the major real estate agencies, the building contractors and developers all have a view on what is happening in the region.

For example, Marc Pritchard, Sales & Marketing Director of Taylor Wimpey said, “Much of the declining sales rate is actually attributable to a significant shortage of available properties at affordable prices on the islands,” but added, “demand is still strong and Taylor Wimpey has seen reservations go up by 25% in 2018.” His view is that the market is still strong, but looks weaker because of supply problems.”

Lone Schaefer of Kelosa Selected Properties in Ibiza said, “I think it’s probably a blend of factors including a shortage of homes that people want or can afford, the holiday-rental restrictions turning off some buyers, but some segments completely unaffected, such as the large villas and country estates.”

In Mallorca, Alastair Kinloch, RICS surveyor and head of Property Works remarked that “only premium properties are shifting easily and those seen as ‘development opportunities.” He also believes that prices may have risen too steeply in the last couple of years and more competitive pricing is needed.

It would therefore appear that the depressing sales figures for 2018 are not a reflection of demand for this successful Spanish market – supply simply can’t keep up with it in the sectors below the most expensive properties.

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For many people Salzburg is Austria’s most beautiful city and can even trump Vienna for charm and culture. Even Austrian’s think it is “more Austrian” than Vienna, so if the locals think that, who are we to argue. The city has so much to offer in the form of music, restaurants, sightseeing and shopping, plus it sits in the heart of Europe, making access easy by any form of transport, and is surrounded by some of the most stunning countryside.

  1. Salzburg’s Aldstadt
    Salzburg’s Old Town is famous for its Baroque architecture and it is one of the best-preserved examples north of the Alps and was listed as a UNESCO World Heritage Site in 1997. The city has three universities, so as you can imagine it has all the buzz and culture that comes with a student population and the setting here makes it comparable to Oxford or Cambridge. It’s also a small city, so it is easy to get around and the Alpine scenery that is its backdrop is an added attraction.
  2. It’s the birthplace of Mozart
    As the birthplace of Wolfgang Amadeus Mozart, Salzburg has flourished as a European centre for music and music festivals. Naturally, there is a Mozart museum and if you’re a fan of “The Sound of Music”, this city played a role in the film and you’ll be able to do the tour of all the main places used in this eternally popular film.
  3. It’s close to the Eastern Alps

    Many expatriates who plan to live in Salzburg are no doubt further attracted to the city for its close proximity to the breathtaking Central Eastern Alps, and the potential for adrenalin-fuelled weekends on the slopes. There are numerous ski resorts in the area that can be reached in under an hour from the city centre, meaning that skiing and snowboarding can be your new sports of choice.

  4. It’s not far from Munich or Vienna
    With Germany just a short distance away from Salzburg you can easily visit Munich. Trains run from the city centre every hour and the journey only takes 90 minutes. Alternatively, if you want to experience the hustle and bustle of Austria’s capital, you can, for example, travel by rail to Vienna in under 3 hours.
  5. There’s plenty of work in Salzburg
    Anyone from EU, EEA and Switzerland can work in Austria without the need for a work permit. After Vienna, it has the biggest job market in Austria with many small and medium sized companies based there. Jobs in the tourism industry are plentiful, and because of its location near the German border, Salzburg is also a hub for automobile companies, many of which have their registered head offices in the city. Furthermore, the city’s location at the heart of Western Europe makes it a popular choice for the European headquarters of many international companies. The Salzburg W.A Mozart Airport is just a 15-minute drive from the city centre and offers flights to destinations throughout Europe, perfect for those who travel regularly for business.

At Umuzee.com we have properties for sale in the Salzburg area – live here and you’ll have all the benefits of living in an historic yet progressive city that is surrounded by Alpine scenery and great ski slopes.

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Portugal is one of Europe’s hottest spots at the moment, and we’re not just talking about the weather. More people than ever are flocking to the country for holidays and to buy property, among them some of the world’s richest and most famous people. And, whilst many are looking at the less known parts of this delightful country, its Algarve region still holds a strong attraction for a significant number and here are five reasons why.

  1. Property at great value prices
    Property prices here are at a great level and there are so many options. On top of the pricing, which is more advantageous than in similar areas of southern Europe, the rental potential is strong here, especially for investors who don’t plan to be here all year round.
  2. Fantastic tax breaks
    Portugal’s new tax legislation is paying huge dividends for the country. The tax breaks for foreign investors, especially pensioners, with non-habitual resident status, means they can receive their pension tax free for 10 years. And if you haven’t retired, there is also a cap on income tax for a range of professions for services billed from Portugal.
  3. High standard of health care
    Portugal has a national healthcare system called SNS – Serviço Nacional de Saúde and it offers residents access to low cost care. There are also excellent private hospitals and clinics available all across the Algarve, and general health insurance is always available to cover most costs.
  4. Developed expat communities and businesses

    One of the things that makes Portugal attractive to overseas buyers is the fact that there are well-developed expat communities and that they have a good relationship with local residents. Many expat communities are meshed into the local social life and a good number of newcomers have thriving business ventures within the Algarve. In the Algarve there is an exciting expat and local community spirit built around activities at pubs, sports centres, golf clubs and restaurants, which all embrace the multi-cultural scene. You’ll never feel out of place or completely away from home in the Algarve.

  5. Outstanding weather and leisure
    A fantastic year round climate, a rich cultural heritage, a celebrated cuisine and a diverse landscape that ranges from golden beaches to ripening vineyards, plus excellent golf courses and vibrant cities all combine to make Portugal and the Algarve one of the most outstanding places in Europe when you’re looking for a lifestyle that will add years of pleasure to your life.

Browse the properties for sale in Portugal at Umuzee.com

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Florida is the ideal state for Europeans looking for winter sun. It’s a shorter journey than to California and it has well-established expat communities, which will make you fell right at home straightaway. However, it is the USA and you might find that there are tax and compliance issues that are ‘foreign’ to you, but with plenty of advance planning and expert help it will all be fine – otherwise fewer expats would buy property in Florida.

Here are a few of the issues you should plan for before buying in Florida.

How will you pay for the property in Florida?

If you’re paying cash, no need to concern yourself with sorting out a mortgage. If you do need a mortgage for a U.S. property, it is best to go to a licensed mortgage expert. Not only do they undergo continuous training, they also keep up-to-date with all the current special offers and can often offer you lower rates and better set-up costs. Banks on the other hand are limited to what they have to offer in-house, and their deal may not be the best for you.

What are the Florida tax requirements for property owners?

There are several of these and you should consult a tax expert to minimise your payments within the legal requirements.

You will need to pay income tax to the IRS if you rent out your property, even if you mostly live overseas, unless IRS withholding tax has been applied, and then you don’t.

Read more…
Moving overseas?

There is a tangible personal property tax on furniture and fixtures in rental and business properties. Tax returns reporting the value of these assets must be filed to the Property Appraisers’ office by April 1st.

Property tax must be paid annually. The Property Appraiser’s Office establishes the assessed value of a property and prepares the tax roll. You’ll usually receive the tax statement around the beginning of November each year.

If you’re renting out your property and it is for less than six months of the year, there is a tourist development tax and a sales & use tax. A management company can handle this for you, even if you collect the income in your home country.

There is also a local business tax that rental owners have to pay annually. And then there is the capital gains tax, which applies to a sale once you’ve owned the property for more than one year. And, U.S. tax law also demands that any non-resident alien who sells an interest in a U.S. property is subject to a withholding tax of 15 percent of the gross sales price.

It probably sounds more complex than it is, but it is still better to get expert advice and ensure you know exactly when to pay and what you are liable for.

Take a look at the properties for sale in Florida on Umuzee.com – bring some sunshine into your life!

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Should you move abroad? For some people it’s an easy decision to move abroad, while for others there is an element of hesitation about what it might mean. Neither is right or wrong; we all have our different views of how to handle our lives. But here are some suggestions as to why it might be a good idea.

Moving abroad builds character

Moving abroad presents you with plenty of new challenges. Some of them seem simple, like trying to track a delivery in Spain when you don’t speak Spanish yet. But those who have been through this particular situation will tell you that it will take all your patience to get that parcel delivered. However, once done – look what you’ve achieved!

Read more…
Moving overseas? Here’s our top tips about moving in to your new home overseas
What is the best time of year to buy property in Spain?
Understanding Spain’s Golden Visa

If you move abroad you can become more employable

Young people who can add moving abroad and living abroad to their CV are viewed favourably by employers. You will be able to demonstrate that you’ve learnt and developed additional life skills and if you’re applying for a role at a multi-national business that has offices around the world, having an extra language is a bonus.

Moving abroad means discovering a new culture

You will essentially learn a new way of living and see how the different attitudes in the country of your choice define how people go about their day-to-day lives. Whether it’s the siesta in Spain or an evening gelato and coffee in Italy, you will soon embrace these cultural norms and understand why they have them. In some cases, moving abroad can also enrich your health.

Explore the country in-depth

When you’re on holiday, you can’t pack everything into two weeks. By moving abroad and choosing to live in another country, you will be able to travel around at your own pace and can spend numerous weekends visiting other regions and cities. Plus, over time you will meet so many local people showing you sights you would have never see as a tourist.

More from Umuzee…
Best places to buy a holiday home in Europe right now
Weird and wonderful places to live
Why your passport is a valuable document

A sense of achievement

You can be proud of the challenges you have faced and overcome, of having learnt another language and made a new set of friends. You will have grown as a person and that is something you might not have done to such an extent if you hadn’t made that decision to move abroad.

Now all you have to do is browse the properties for sale at Umuzee and find your ideal place for a move abroad!

Money Corp

Umuzee’s list for the best places to buy in Europe right now – Where are more people looking for properties because there are bargains to be had, plus the lifestyle and climate tick all the boxes? We’ve selected our top country choices if you’re thinking of buying property right now, and to be honest, it’s pretty likely that this list will be similar next year, but who knows, there could be some new trends in the near future – Turkey being one of the destinations that European buyers are flocking to right now due to the collapse of the Turkish lira, which means a great exchange rate if you’re buying with pounds or Euros.

Buy property in Spain

Spain still remains Queen of the Holiday Homes. The Spanish property market continues to grow at an increasing pace, simply because Spain does deliver what everyone wants and it has an excellent infrastructure in place now in many resort areas, so that overseas buyers are able to enjoy services and products from their native countries. Property in Marbella and Estepona continue to attract buyers, although those looking from an affordability perspective should take a look at property for sale in Costa Blanca and Almeria.

Read More…
Spanish Property Guide
Boom in holiday Spanish home sales

Property in France

France is very tempting for its affordability and of course it is the lifestyle that has drawn people here for decades. Its diverse landscape is another big plus, as you can choose between seaside towns to rural villages and mountain retreats. The Dordogne is a perennial favourite, although the Charente region is very up and coming as is Brittany.

Portugal Property

It’s impossible to ignore Portugal these days, as it has become one of Europe’s most trending countries for holiday homes and even commercial property. Instead of heading to its Algarve, many new buyers are heading to its capital city Lisbon, or to its second city Porto, and the Silver Coast is all drawing a new swathe of buyers.

Italy

Irresistible Italy is on many buyers’ list of countries they’d like to live in and nothing has changed in this regard for many decades. It exudes a style and class that other countries can’t quite match, and while Tuscany may be historically the most fashionable place to buy a home, the southern regions of Puglia and Cantabria are fast picking up dedicated fans due to the value for money you can get there.

Read more…
Properties for sale in Italy 
It’t a good time to buy in Italy 
3 great places to live in Italy 

Cyprus

Cyprus has some exceptional pluses: English is widely spoken; it has mild winters and it has a Golden Visa scheme. It also has fabulous resorts and offers a safe and stable lifestyle in a country with a vibrant history. Paphos is still popular and the southwest coast in general still draws in overseas buyers.

We have properties in all these countries on Umuzee.com – you can browse for your holiday home by area, or by type of property. Take a look and see – it’s very easy to search with Umuzee.com

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