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Greece - MD of Barrasford and Bird Worldwide to Judge Industry Awards
Greece - Property in Greece - No longer the same old Samos
Greece - 'Bodrum-Samos Ferry Service to Start in May'
Greece - Greece Set to Attract More Visitors
Greece - The Mail on Sunday (02.12.07) 'Halcyon days on Pythagoras island'
Greece - The Independent (25.09.07) Greece special: An island fit for heroes
Bulgaria - New route from London to Sofia announced by Easyjet!
Brazil - Real Estate Investment Surges In Brazil!
Malaysia - £1.46 flights to Malaysia take off
St Vincent & the Grenadines - International Airport to begin on schedule
St Vincent & the Grenadines - Buccament Bay moving fast
Spain - Spanish Capital Gains Tax Cut
Gibraltar - Gibraltar Airport
Bulgaria Joins the European Union
St. Vincent - Buccament Bay on television

Greece - Managing Director of Barrasford and Bird Worldwide to Judge Industry Awards

The Association of International Property Professionals has announced its distinguished  line-up of judges for the AIPP Awards with, Robin Barrasford, the Managing Director of Barrasford & Bird Worldwide, nominated as the single representative from within the overseas property industry.

The Association of International Property Professionals was established in March 2006 and represents a governing body to the overseas property industry. Members must adhere to strict codes of conduct if they are to remain AIPP Approved. The AIPP Awards were created purely to acknowledge achievements in the industry and will be selected from AIPP members only. 

On Friday 3rd October the winners of the first AIPP Awards will be presented with their respective awards including Best Agent and Best New Developer. These independent awards focus on excellence in customer service with agents and developers having the opportunity to receive a stamp of approval, recognising their achievements over the past year.

Robin Barrasford will be amongst a selection of renowned professionals from all aspects of the industry, including the Ombudsman for Estate Agents in the UK and member of the Bank of England Property Committee.

Robin Barrasford comments, “The AIPP awards represent an excellent opportunity for overseas property agents and developers to have their astounding achievements in customer service recognised. An AIPP award is a sought after accolade and I’m proud to be part of the independent panel of judges.”

Robin Barrasford created Barrasford & Bird Worldwide after the success of the sister company in the Eastern Europe property markets. Today he both develops and markets overseas property from a diverse portfolio of locations, including Greece, the Caribbean and Brazil. As a Founding Member of the AIPP he is a firm believer in the AIPP and what it represents in the fledgling industry of overseas property.

Greece - Property in Greece - No longer the same old Samos - The Saturday Telegraph  21/06/2008

The Greek islands have been unchanged for centuries - and tight planning laws aimed to keep it that way. Now, says Zoe Dare Hall, sensitive, upmarket developments are starting to gain ground.

Kokkari, a fishing village on the Greek island of Samos, is idyllic holiday-home territory, with its calm, turquoise sea flanked by a strip of waterfront bars leading to cobbled backstreets.
So, too, is Samos Town, its old quarter's rooftops so close together that residents would allegedly leap from one to the next to escape plundering pirates. And there is the pretty harbour town of Pythagorio, birthplace of Pythagoras, and the picturesque mountain villages of Manolates and Vourliotes.

But go to Samos, and you will be lucky to find anyone to sell you a home. "There are hundreds of people who call themselves estate agents on the island," says Vasilis Louizos, a local property developer. But, Vasilis, how many have shops you can walk into and see photos of properties for sale? He pauses. "Erm… one. Two, if you count the one that's part of a pizzeria in Samos Town."

And that is why Greek islands, such as Samos, retain an untouched beauty, most strikingly along the undeveloped coastline, where hillsides drop into crystal-clear Aegean waters. Despite the fact that Greece is the third most popular country among British holidaymakers, its tight grip on new development means the country has never seen the same kind of holiday-home explosion as Spain, Portugal or France.

"Samos has a great climate, a welcoming atmosphere and rich culture, with incredible ancient ruins dotted around the island, and there are direct flights from the UK between May and October," says Robin Barrasford, managing director of the property agent and developer Barrasford & Bird. "But very few people know anyone who has bought a property in Greece, except for Crete, which is more relaxed in its enforcement of planning laws: for example, it allows some development on beachfront land, where other islands prohibit building within 50 metres of the shoreline.

"Also, in Greece you can only build freehold properties on 2 per cent of a plot. Compare that with 80 per cent in Spain. It is just not cost-efficient to build holiday homes, because for a 100sq m house, you need to buy 20,000sq m of land."

Now Barrasford is building Halcyon Hills, the only new resort on the island. But even he was thwarted on his first attempt a few years ago.

"I flew to meet the landowner looking every inch the businessman in my smart suit and carrying my laptop and briefcase. He told me to sit on a rock and just look at the view. When I suggested we build a modern holiday complex, he replied that he wasn't going to sell the land to me," he says.

"He felt it would ruin the natural beauty of this spot that had remained untouched for generations. So he told me to drink ouzo with him before I left empty-handed. But I always had it in mind to return and build something more sympathetic to the natural surroundings - something the local people would approve of."

It may not please the original landowner, but new Greek planning laws are now making it easier for developers like Barrasford to build new resorts in Greece - opening up the supply of property available to foreign buyers.

It doesn't mean the Greek hills will now be carpeted with new-build apartments in Costa del Sol style - planning laws are still far too strict for that - but the new laws, part of the government's moves to increase tourism on the islands by 50 per cent by 2013, allow developers to build on up to 20 per cent of their land, providing they are based around a hotel of at least four-star standard.

At resorts such as the five-star Halcyon Hills, whose 236 properties on five acres of gently shelving land overlooking the idyllic Klima bay and Turkey, owners can put their property in the hotel's rental pool and receive a government-backed, guaranteed rental return of 8 per cent a year for three years.

Halcyon Hills's buildings will be no more than two storeys high and a quarter of the site is dedicated to communal facilities including three swimming pools, three restaurants and a spa run by Blue Spa. There will also be a 38-berth marina.

Prices start at £158,000 for a one-bedroom, single-storey house, rising to £825,000 for a three-bedroom waterfront villa. There is also the option to buy some of the properties on a fractional ownership basis from £50,000, which allows two months personal usage each year. Properties can be bought only on a leasehold basis for the first five years, converting to freehold status after that.

Buyers at the development should add 4 per cent of the purchase price to cover taxes and legal fees (for other property purchases in Greece, this figure can be nearer 10 per cent - and bear in mind that VAT of up to 19 per cent on newbuild properties is not usually included in the quoted price).

"The move to encourage upmarket tourism is a good thing for buyers when they come to sell because, unlike some areas of the Mediterranean, which are carpeted with hundreds of similar properties, vendors here won't face great competition," says Mr Barrasford. "We have also seen surprisingly high demand from Greek buyers, mainly from Athens, which shows there is a strong local market. That is a good sign that the island's property market isn't an artificial bubble inflated by foreign investors."

Finding old rural properties to convert on Samos can be tricky, due to the lack of English-speaking agents to point you in the right direction, and prices are not as low as you might expect from an emerging market.

Samos Properties has rustic houses with land from about £115,000, including a two-bedroom house in Heraion on the south coast for £250,000. It also has a traditional, two-storey, stone house in Agios Konstantinos, in need of renovation, for £170,000 and a beautifully renovated stone house in Kokkari for £310,000. A large house in Mitilini village, requiring a total overhaul, costs £25,000.

But buying older properties can be "a bit of pot luck", warns John Batty of Aegean Blue. "We bought an old wreck on Crete to renovate and wished we hadn't," he says. "Ensuring you have a clean title is the main problem throughout Greece as there is no organised land registry. There were no title deeds with our house, so we had to ask two old local residents to swear that no one had lived there for a certain number of years. In most cases it's not a problem, but you do hear of long-lost cousins emerging from the fields to claim the house."

Buyers should check what the island is like out of season, bearing in mind that direct flights from the UK tend to stop between October and May, meaning a day's travel via Athens.
"Samos is a large island with a life of its own outside tourism, so it doesn't close down completely in winter. Crete, Corfu and Rhodes are similar in having year-round life," says John Batty.

While it is difficult to track property price-growth on Samos yet, because the market is in its infancy, Savills says that Greece saw double-digit growth last year, with a rise of 15 per cent.
"I believe Greece is one of the best places you can invest at present," says Robin Barrasford. "It has natural beauty and good infrastructure, but it also has the potential to offer serious capital returns, unlike other markets that have been hyped and seen a mad rush of foreign investors. Greece has never allowed the building of huge housing estates by the sea and that is its strength. Its property market will never become saturated."

Halcyon Hills: www.bandbw.co.uk, 0800 1 303 101 Samos

Planning for the future

The lack of a national computerised land registry in Greece (every local area has its own registry and files can be accessed only by your lawyer) means that getting reliable title deeds to older properties can be problematic. A nationwide Land Registry is being set up (see www.ktimatologio.gr), due to be complete by 2010. But its absence until then, and the lack of supply of property due to tight building restrictions, has meant that it has been harder to buy a holiday home in Greece than in other parts of the Mediterranean.

For buyers who prefer to avoid that element of risk, the new £650 million Greek tourism initiative, launched last year to increase tourist numbers, has brought about the simultaneous easing of planning laws to make second-home ownership easier for foreign buyers. The tax system has been simplified with fewer buying taxes for investors.

The Greek government is encouraging new upmarket tourist resorts by allowing developers to build on 20 per cent of a plot of land. Previously, it was just 2-5 per cent, depending on plot size, whether the plot borders a municipal road and if the plot is in a town or village. Individuals can only build on 2-5 per cent of a plot of land (more in a town or village), but the planning laws are changing, with more bills going through, which are likely to make it easier to buy and/or build holiday here.

Halcyon days

Jonathan Snell, 28, and Marie Ewen, 25, both teachers from Devon, have bought a one-bedroom house at Halcyon Hills for £158,000. They intend to manage their own rentals once the resort has gained a reputation. They say: "It's a working island, which isn't reliant on tourism. The developer and agent are the same firm, so you can keep track of what's going on."

For sale: Samos

Two-year-old villa with 13,000sq m of land in the olive groves above Kervelli. Four bedrooms, basement, heated pool, Jacuzzi, and a terrace overlooking the Turkish coast. Available furnished for £916,000. Barrasford & Bird (www.bandbw.co.uk; 0800 1 303 101)

For more information on Halcyon Hills, Samos, Greece, click here

Greece - Turkish Daily News (March 13, 2008) 'Bodrum-Samos Ferry Service to Start in May'

A ferry service between the Aegean coastal town of Bodrum and the Greek island of Samos will be launched in the first week of May.

Ferry services between Bodrum and the Greek islands of Kalymnos, Kos and Rhodes operate throughout the year, transporting some 350,000 tourists to Turkish cities and nearby Greek islands, Mahmut Kocadon, Bodrum Trade Chamber chairman, told a recent press conference held to announce the launch of the ferry services. Lack of organization, however, has resulted in great financial loss, he said.

“Through tourism packages that we have prepared with the Samos Trade Chamber and Turkish and Greek tourism agencies we will get a share of the tourism cake in the Aegean," he said. 

"Tourists visiting the Greek islands will be able to enjoy a longer holiday in Bodrum. Thanks to the friendship between both countries, at least 600,000 tourists will be able to travel between Bodrum and neighboring islands,” Kocadon added.

He said preparations began during his talks with the Greek consul general in İzmir, Hara Skolari, to ease visa restrictions for Turks travelling to the Greek islands.

“Each year 85,000 people travel to the Greek islands from Bodrum, whereas 270,000 Greeks visit Bodrum. We work hard to provide a 48-hour-valid visa that was previously valid for 24 hours.”

Kocadon said the slogan “Visit the islands and cities of gods – become immortal” has been used in brochures prepared by Turkish and Greek companies.

Bülent Güven, Bodrum Ekspres Feribot A.Ş. executive board member, said the boat ride from Bodrum's Yalıkavak district to Samos will last approximately 75 minutes and cost 35 euros. “Our main goal is to carry at least 50,000 passengers by 2009,” Güven said.

Click here to view the full article ...

Greece - Lastminute.com (April 2008): Greece Set to Attract More Visitors

The number of bookings for holidays in Greece has gone up this year, according to an online travel agency. Lastminute.com stated that the amount of reservations for April 2008 is 15 per cent higher than it was at the same time last year. This means that there will be greater demand for tourist accommodation across the country, particularly in hotspots such as Kos, Corfu and Rhodes.

Commenting on this trend, Lastminute.com said people are planning to head abroad during next month''s school holidays.

John Bevan, managing director at the firm, added that the poor weather in the UK has also influenced people''s destination choices. He remarked: "The unusually cold weather has led to incredible demand for late Easter sun holidays."

This comes after Holiday-Rentals revealed that the number of Greek properties it has on its books went up by almost two-thirds last year.

Greece - The Mail on Sunday (02.12.07) 'Halcyon days on Pythagoras island'

New planning rules pave the way for a luxury development on the Greek isle of Samos. 

Ginetta Vedrickas reports follows two clients of Barrasford & Bird - Andrea and Brian Woodall, as they purchase a one bedroom villa in the Halcyon Hills Resort. 

'Investment is important but we've also bought for our own use...' stated Andrea. 

Click here to view the full article ...

 Greece - The Independent (25.09.07) Greece special: An island fit for heroes

The deities of ancient myth went island-hopping long before any backpackers arrived. Suzi Feay visits Samos, a tranquil retreat where one divine honeymoon lasted 300 years

So why go to Samos? It's not the obvious choice of Greek island for a holiday, lacking the fleshpots of Mykonos, the nightspots of Santorini or the holy atmosphere of Patmos. There's not much development, few obvious tourist hotspots, and even local traditions are scant; for much of its history it hasn't even been Greek. Looking like a chunk of bread torn off the coast of Turkey, the island was depopulated at the end of the 15th century, remaining deserted for more than 60 years. Unlike other islands, Samos does not have its own distinctive customs or dances (though as a vegetarian, I was grateful for the delightfully named Samian balls - lentil fritters).

Although it might seem like a backwater among Greek islands today, this island of quiet charm has a rich and fascinating history dating back millennia. Despite its remoteness, green and tranquil Samos was of huge strategic and political significance to ancient Athens. A tablet unearthed near the Acropolis showed Athena clasping hands with Hera, symbolising Athenian gratitude for Samian loyalty. In mythology, Samos was the birthplace of the goddess Hera, who spent her honeymoon night here with Zeus. The night lasted 300 years, which perhaps explains why Samos has never been a top honeymoon destination.

The importance of Hera's cult can be gauged by a visit to the Heraion, close to the sea on the south-east side of the island. This vast temple attracted devotees from all over Greece and the near east in its heyday - the collection of ritual deposits in the archaeological museum in the island's capital, Vathy, gives an idea of the geographical extent of worship for the island's divine patroness. But the grandiose temple commissioned by the tyrant Polykrates in the sixth century BC was never completed, and the site became a useful source of building materials during the Byzantine period.

There's scarcely one stone left on top of another, but the huge area and the massive carved foundation stones give a sense of the scale. One solitary column has been reconstructed to hint at the building's awesome size. The more ornately carved stones are fenced off, and should you, in seeking a closer look, innocently rest your sandal on an unremarkable looking piece of rubble, as I did, you'll be roused from your classical reverie by a loud and shaming peep on a guard's whistle. The Samian attitude to all this archaeological bounty is nothing if not pragmatic; part of the Sacred Way leading to the temple is now under the airport runway.

The nearest sizeable town to the Heraion is Pythagorio, itself a fascinating mixture of archaic and modern. Echoes of the past abound; it was named (as recently as 1955) after Pythagoras, its most famous son. Tyrannical Polykrates made his capital here and used slave labour to improve the harbour; today's harbour keeps its ancient proportions. The 19th-century Logothetis tower, built by a local chieftain, dominates the shoreline, near to the beautiful Orthodox church. Winding through narrow sloping streets of colourfully painted houses, you come down to the lively harbour, where ho-hum, overpriced cafés and bars cater for the island-hopping crowd.

Pythagorio's harbourfront is great for boat-watching, though more quirky sights are to be found on the hills behind the town. Most impressive is the Efpalinio tunnel, an astonishing feat of ancient technology, again undertaken at the behest of Polykrates. (He got a lot done before the Spartans toppled him in 523BC.) Two teams on opposite sides of the hill bored a narrow shaft right through, to ensure permanent access to a water supply for the town. Such was the accuracy of the calculations that the two teams met in the middle only slightly out of true. Descent is via a staircase in a shaft: you can't walk all the way through the tunnel, which is just over a kilometre long, but as it's slippery, dimly lit and creepy. Visitors tread cautiously along a narrow, uneven ledge, with a second, lower tunnel visible through a grating. The scale of the achievement is stunning.

Nearby, the tiny monastery of Panayia Spiliani conceals another subterranean secret: a fissure in the cliff opens out into a damp, greenish grotto, sloping down to a tiny, icon-adorned shrine, lit by sputtering candles. Legend has it this was Pythagoras's cave (he gets everywhere), a pirate's hideout or the HQ of a sibyl. The monastery itself is in a beautiful spot, high on the hill with dramatic views over the sea.

Vathy (also known as Samos) is a pleasant town, with lively markets and peaceful squares. Here you can organise an excursion to the ancient ruins of Ephesus in Turkey. Tiresomely, my trip included an indifferent meal, an excursion to a carpet factory and free time in Kusadasi's charmless streets. But Ephesus itself is stupendous, with its temples, theatre and long marble main street.

You might think nothing could impress you after that, but back in Vathy the archaeological museum, situated in leafy gardens close to the centre, has one star exhibit, a superb kouros (male statue); at 5m it's the largest ever found in Greece. It was uncovered at the Heraion; also on display is a family group of statues from the Sacred Way; replicas stand on the spot where they were found.

And Samos has one last attraction: its wine has been famous since antiquity. For Byron, however, it symbolised Greek apathy under the Ottoman boot. "Dash down yon cup of Samian wine!" he admonished in "The Isles of Greece", his call to arms during the Greek war of independence. "I dreamed that Greece might still be free ...." We did not to heed Byron but headed for unspoilt Kerveli beach and ordered a bottle of the golden nectar to wash down tzatziki and Samian balls and contemplate the purple coast of Turkey.

First Published: 04 June 2006

 Bulgaria - New route from London to Sofia announced by Easyjet!

The direct flights from London Gatwick to Bulgaria’s capital will run three times weekly and commence on November 6th 2007.  The no frills airline will offer return tickets from just £51 making the city appealing as a weekend break destination as well as an easily accessible second property hot spot.

Brazil - Real Estate Investment Surges In Brazil!

Northeastern Brazil has begun to emerge as a viable international tourism destination for discerning travelers. The region is known for its pristine beaches, year-round sunshine, gastronomic and cultural riches as well as the incomparable hospitality of its people.

The upsurge in domestic and international tourism has sparked an unprecedented boom in tourism-related real estate development.  Such projects not only include major hotel development projects, but also large-scale infrastructure development and a wave of vacation property purchases by foreigners looking to enjoy summer stays in Brazil.

Recent research by Brazil’s Central Bank illustrates this dramatic surge in foreign interest in the nation’s real estate sector.  The volume of foreign investment in Brazilian real estate projects surged 410% between January and November 2006, reaching a total of US$1.35 billion.  During the same eleven-month period in 2005, total foreign investment in the sector was a mere US$296 million.

Europeans represent the lion’s share of this investor base, with Portuguese, Spanish, Italian and Scandinavian capital heading the list. British companies have also shown substantial interest in the region and are actively looking for local partners to develop new initiatives.

The dramatic expansion of tourism-related real estate investment in Brazil is not merely the result of the nation’s natural beauty and tropical climate. The country boasts the largest economy in Latin America, as well as a stable democracy that respects the rights of foreign investors.  Because the rules of the game are well-structured and transparent, foreign investors enjoy greater security and can more accurately forecast ROI before commercial real estate transactions are formalized.

Felipe Cavalcante, president of ADIT NORDESTE stated “Brazil offers excellent opportunities for growth in tourism-related real estate development …The professionalism of domestic players in the sector, a strong and transparent regulatory framework and a robust macroeconomic environment offer unparalleled opportunities for foreign investors. Because of this, we believe that North Americans, like the Europeans, will soon begin to capitalize on the great potential of Brazil’s tourism and real estate markets,".

(Source: Brazilian-American Chamber of Commerce, inc. March 28, 2007)

Click here for further details of our Brazilian properties

Malaysia - £1.46 flights to Malaysia take off

For less than the cost of a Sunday paper, overseas property buyers can fly all the way from Manchester to Malaysia.Today (Friday), Malaysian-based AirAsia announced the first long-haul budget routes on AirAsiaX, for as low as £1.46 one-way. Until now, the average cost of a ticket was around £500 from Heathrow.

Tickets can be bought through AirAsia.com.In a statement earlier today, AirAsia said, "AirAsiaX's network will cover destinations which are more than four hours in flight duration from Kuala Lumpur, offering daily point-to-point frequencies to popular destinations in China, India and Europe."The new service is scheduled to launch in July and will fly to Kuala Lumpur.

Other flights to China (Shenzen and Hangzhou), India and Australia are expected to follow. Though seats at the launch price will be limited, regular fares will be significantly lower than the previous market rate.The news provides a double boost for the Malaysian property market after the government announced new laws making it easier to buy homes in the country.

As part of its intention to attract more inward investment, the government seeks to increase sales in luxury homes by removing the need for approval from the Foreign Investment Committee.Additionally, buyers will not face any limit on the number of homes they may buy, according to the Prime Minister's office. Planning restrictions have also been eased to cut bureaucracy.

St Vincent & the Grenadines - International Airport to begin on schedule

“We are making progress.” The manager of the International Airport Development Committee (IADC), Dr. Rudolph Matthias, said that work on the international airport will begin on time.

“There is nothing that we are doing now that suggests to me that we will not be able to execute the project that the Prime Minister discussed in his August 2005 speech,” Dr. Matthias said.
He also noted that, according to his information, earthworks on the site were expected to begin sometime between the middle and the end of 2007.

He denied the June date that had been previously reported.

The relocation issue

Dr. Matthias told THE VINCENTIAN that, while earthworks had been a substantial part of the project, the relocation of residents proved to be a bigger task. He said that, while relocating residents was critical, it was proving difficult. According to Dr. Matthias, of the 133 affected property owners at Argyle, 115 had already held negotiations with the IADC. Eighty-five percent of residents already engaged in negotiations had come to a settlement.  

He admitted that the process was difficult as in some instances owners were living abroad. He highlighted persons not having access to deeds as another encumbrance to the negotiating process, but encouraged persons to come forward and negotiate, thereby avoiding the government having to resort to the acquisition of the property. According to Dr. Matthias, the majority of those yet to go to negotiations were commercial property owners. However, Dr. Matthias said that the IADC was making good progress on the relocation effort and will be ready to begin work on the airport project soon.

Works schedule

Dr. Matthias said that, although the IADC would have already paid residents for their property, they had been given until November 2007 to occupy such areas. This posed a problem in itself as this was the period that initial work is scheduled to begin, given that the assistance from Cuba and Venezuela would be in place. However, Dr. Matthias is confident that by the time works begin, most of the homeowners would have already relocated.

In keeping with the work schedule, works should begin at the southern end of the runway, early in the second half of the year. Once the work begins, it will become difficult to live.  The IADC has taken this into consideration and is prepared to assist those whose settlements might not have been finalized, to relocate. “Everybody will have to work together for this national effort,” Dr. Matthias said.

What to expect

Final detailed drawings for the actual earthworks should be ready sometime this month or in February. Dr. Mathias noted that the final alignment design had been completed and would be on display at two venues around Kingstown. He also said that they were expecting heavy equipment and their operators soon. Locals can expect to see the erection of various temporary buildings in and around the site to facilitate the construction phases of the airport.  

Data with respect to the wind patterns was currently being collected to determine if a crosswind runway was required. This information is expected to be ongoing for the next 2 to 3 years. Motorists will continue to use the current stretch of road until the construction of the new route is completed. The IADC Manager said that as of now, the situation was not one that warranted the immediate construction of the road project, but this will be needed once airport construction gets underway.

St Vincent & the Grenadines - Buccament Bay moving fast

Ken Picknell, Project Manager at the Buccament Bay, is pleased with the progress at the site thus far. He anticipates that 25 of 200 cabanas slated for construction would be ready for the 2007 World Cup. He reflects that there has never been any project on mainland St. Vincent of the magnitude as what is going on at Buccament Bay.

He is convinced that in the eight weeks since work has been on the way, “..nothing has been built in St. Vincent and the Grenadines that quickly.”

He admitted that the only possible cause for delay is the arrival of finishing material expected by boat. He is hopeful that there would be no disruption in shipping.

Ready for Warm-up matches

While 25 units would be ready for occupation in time for the warm-up matches scheduled for Arnos Vale Playing Field March 5 to March 9, some 40 structures would be up by that time.
By December 2008, the entire venture ought to be complete. That would add another 500 rooms to this country’s hotel capacity.

Some 265 persons are working on the project at the moment, but Picknell expects the figure to go up to 400 by February next year. He does not envisage any problems getting workers, for by that time, the Arnos Vale Playing Field would have been completed.

Workmanship and training

Picknell was high in praise for the quality of workmanship put in by the Vincentian labour force. He indicated that there has been a shortage of electricians and plumbers. Twelve electricians are working on the venture, but he expressed the need for more.

Training is a part of the construction company’s mode of operation. He stressed on a training component that his company, Ridgeview Construction (SVG) Limited,  has been exercising. Each Vincentian supervisor trains a junior and that junior in turn becomes a supervisor.

Sewerage control

Picknell dismissed suggestions that wastes from the development would be ejected into the sea.  Sewerage would be stored inland in a special system which Picknell boasted would be the “..best in the island.”

A sense of environmental sensitivity has been entrenched in the venture and there are river defence mechanisms designed to secure the project as well as the neighbouring communities.  According to Picknell, “It fits in with the environmental study undertaken by the government.”

Ideal setting

The site, adjoining the shores of Buccament Bay on the Caribbean coastline along the leeward end on mainland St. Vincent, has Picknell’s greatest admiration. He regards the landscape and surrounding areas as ideal, complete with tropical verdure and a natural aesthetic setting.

It comes as a gateway to the Caribbean Sea, open to the Grenadines and the rest of the tranquil and serene regional atmosphere.   Picknell has worked in a number of Caribbean settings, as well as in the international market.  He expressed surprise with the rains which have been unleashed with some regularity in December. He has served in the Grenadine area of Canouan formerly, and has been sufficiently oriented to appreciate the value of rain to the farming community.

Relocation issues

Picknell also alluded to the issue of farmers and other persons whose occupation of the land threatened to put some choke on the progress of the venture. He outlined however that the farmers have been given alternative lands, and residents have been allocated new houses.
He pointed to one lady remaining and, according to him, “We are busy building her house. She should move over in January.”

Prime Minister Dr. Ralph Gonsalves has continually referred to the Buccament Ba Project as one of the many concrete demonstrations of the economy’s poise for a take- off.

Spain - Spanish Capital Gains Tax Cut

The Spanish Senate has approved legislation to reduce the Capital Gains Tax payable.  Therefore, as of January 2007, the Capital Gains Tax for non-residents will be reduced by almost half - down from 35% to 18%.

This new legislation means those planning on selling their Spanish property could achieve greater profits.

In addition, the Senate approved a reduction in the withholding provision that non-residents pay when selling property in Spain from 5% to 3%. 

Click here for further details on Spain

Gibraltar - Gibraltar Airport

A new low-cost airline Fly Gibraltar is due to take off in March 2007. It will operate scheduled flights to Gibraltar from Stansted, Bristol, Manchester, Birmingham and Dublin. 'In-flight' food and seat allocation will be in the ticket price.  Further information can be found at www.flygib.com

The opening up of Gibraltar airport to cheap flights from the UK will undoubtedly have a very positive effect on prices in the region, especially with the prospect of a new Disney World nearby.

Overseas Dreams are currently marketing properties in Morocco and the appropriately-named Punta Paloma development in the Costa del Sol.

Please click here for further details on Punta Paloma.

Bulgaria Joins the European Union

The average prices of apartments in Bulgaria rose by 4.6% from July to September in 2006 – and up 14% year-on-year.

There has never been a better time to invest in Bulgarian property, especially as Bulgaria joined the European Union on the 1st January 2007 and prices are set to dramatically rise as investment begins to pour into the Eastern European country.

Overseas Dreams markets exclusive properties in Bulgaria.

Please click here for further details of our Bulgarian properties.

Buccament Bay is featured on 'The Next Big Thing Caribbean - Part 1', on Real Estate TV, Sky channel 279.

The show features St Vincent and Barbados and compares the two islands and the differences in their property markets.

There is also a three minute advert currently on the channel showing footage from the site.