Buyers Beat The Budget
When it comes to purchasing property abroad, there are two types of property buyers
. Those that purchase property as an investment and those that buy property abroad for the lifestyle aspect. The recent Budget will have impacted those two groups of purchasers in varying ways but not nearly as much as some economists were predicting.Whilst the high earners will suffer an increase in capital gains tax, it could have been far worse with rumours of a 40% tax proving unfounded. However, whilst the higher tax bracket consider their options, the middle earners have escaped the tax hike unscathed. It is these middle earners that invariably set their sights on overseas property both as an investment and a lifestyle option. Plus the popular SIPPs (Self Invested Pension Plans), a favourite tool of the part-time property investor, were left untouched by the new coalition government.
Bricks and mortar is still one of the most financially rewarding and stable investments today. Whilst stocks and shares are subject to sharp rise and falls in this volatile market, property prices follow a trend lending them to an element of educated prediction. The added benefit of property investing rests in the fact that should the market waiver slightly, owners have the options to sell, rent or keep their investment.
So has the Budget scared buyers off? Not in the least. Now that the Budget has passed, were seeing property buyers take stock of their choices and plough on regardless; enquiries are up 10% immediately following the Budget. In contrast, prior to the Budge, new enquiries slowed; understandable given the quotes from the Finance Minister George Osbourne that the Budget would be the most severe for decades; however, Osbourne did a grand job of preparing us for the worst, leaving us all curiously surprised when the drastic measures didnt materialize. A spokesman at Knight Frank commented, In reality the changes announced today seemed to be carefully considered, and the certainty created by the announcement will serve to underpin the market.
Property investors and lifestyle purchasers are still buying because property remains the safest and most profitable place to park your cash. Property opportunities are still out there, providing ample options for savvy purchasers. As long as the product is sound, the investment secure and the developer established there is no reason to postpone that overseas purchase. In fact, with the plethora of deals and opportunities available, there probably has never been a better time to invest in the overseas property market.
One such deal is the limited 150% buy-back guarantee at Halcyon Hills, Samos, Greece. The luxury resort offers a variety of properties from hotel suites to lavish premier villas, full or fractional ownership. The developers of the resort say the buyback guarantee is a reflection of the confidence in the Samos property market plus it gives purchasers a definite exit strategy, exactly what post-budget buyers want.
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