Property Investment Outside Europe

delanest

Just to start a discussion, has anybody invested or looked into investing in property outside of Europe.

I've been to Africa and South America where property is much much cheaper. With the world getting smaller and Air Fairs cheaper is this a good option.

Obviously, travel expences and potential income would be a major factor but some properties are going for the price of an new car.

mayotom

I bought in Cape Verde Recenly.
They are the nearest tropical islands to europe, a prosperous part of Africa.
there are several threads about the Cape Verde Islands

garred

I've always felt the Caribbeann as the Holy Grail. Year round sunshine/rental, best beaches in the world, tax haven.........
Will hopefully get over there next year and have a look for a bargain.

killeoin

mayotom wrote:

I bought in Cape Verde Recenly.
They are the nearest tropical islands to europe, a prosperous part of Africa.
there are several threads about the Cape Verde Islands

Taking Mr. Hobbs advice I presume? I hoped you looked into it properly, you know he is on commission for pushing that area don't you?

daveirl

This post has been deleted.

mayotom

daveirl wrote:

This post has been deleted.

At the moment its a bit awkward. Dublin-London-Lisbon-Sal
But there are direct flights shecduled to start from Birmingham and london soon. Also Dublin at the end of the year, through Slattery Sun
Also there are several tour operator's operating from Germany and Italy.

daveirl wrote:

This post has been deleted.

No nothing to do with him. didn't hear anything about his involvement with a cork company CapeVerde Developments[ untill I was over there. Did a bit of asking around about them. wouldn't advise anybody to go anywhere near them. for the following reasons

1) their Development "Paradise Beach" Didn't have planning permission when I was there. even though they had sold phase 1( 90 properties). heard this from some locals, and enquired with Capeverde Developments. They couldn't show me any planning approval documentation.

2) They wanted a €3000 non refundable Deposit

3)Paradise Beach is about 5 miles from the nearest town. but advertised as been close to everything.

4)they advertised that it was beachfront. but there is a tiny beach maybe 100meters long. surounded by jagged rocks. not sufficient for the size of the developments.

I bought through MacAnthony Realty International, after a hughe amount of research on both MRI and the builder and the Islands.

For anybody buying abroad. I would advise that plenty of research is essential, go see the area. never buy without seeing what your buying into

Gegerty

Can I ask how much is the average total cost for buying a property outside of Europe? Say a 2 bedroom apt with a balcony? New cars come in a wide price range :-)

mayotom

Gegerty wrote:

Can I ask how much is the average total cost for buying a property outside of Europe? Say a 2 bedroom apt with a balcony? New cars come in a wide price range :-)

2 bed in Cape Verde with large balcony were from about €115,000 upwards

Gegerty

mayotom wrote:

2 bed in Cape Verde with large balcony were from about €115,000 upwards

Sounds very reasonable . I take it mortgages work the same or are they cash deals only? Would you get a mortgage with an Irish bank or with the foreign bank or is a mortgage a bad idea?

mayotom

Gegerty wrote:

Sounds very reasonable . I take it mortgages work the same or are they cash deals only? Would you get a mortgage with an Irish bank or with the foreign bank or is a mortgage a bad idea?

Depends on your circumstances...

If you are a home owner here, maybe you could release equity. if not you would probably be more likely to get a loan for a ferarri.

Mortages are availible there but rates are about 7.5% down from 9.5% last year.

The company I bought from is owned by an Irish man based in Spain, they have links with financial institutions in several countries

Gegerty

mayotom wrote:

Depends on your circumstances...

If you are a home owner here, maybe you could release equity. if not you would probably be more likely to get a loan for a ferarri.

Mortages are availible there but rates are about 7.5% down from 9.5% last year.

The company I bought from is owned by an Irish man based in Spain, they have links with financial institutions in several countries

I haven't really put much thought into it. It's something for 2-3 years down the line. I'm a home owner and so is my girlfriend, so all things going well we'll be selling one of them in a few years. There should be a fairly large amount of equity, but maybe not enough to buy a holiday home outright. Maybe with a large deposit a mortgage or loan will be an option on the remainder.

mayotom

Gegerty wrote:

I haven't really put much thought into it. It's something for 2-3 years down the line. I'm a home owner and so is my girlfriend, so all things going well we'll be selling one of them in a few years. There should be a fairly large amount of equity, but maybe not enough to buy a holiday home outright. Maybe with a large deposit a mortgage or loan will be an option on the remainder.

2 houses between ye. anybank would be delighted to look after you.
you also have to consider that in 2-3 years the forgien property will be much more expensive.

Gegerty

mayotom wrote:

2-3 years the forgien property will be much more expensive.

True but as places get expensive new cheap locations start popping up.

mayotom

Gegerty wrote:

True but as places get expensive new cheap locations start popping up.

Very True