I have been living in the Pacific islands for several years. It is great and I plan to stay here. I love the sun, the ocean, the natural beauty, the laid-back lifestyle. So do a lot of other people from all over the world.

Everywhere you go in this part of the world you find expats. Americans, Aussies, Brits, Germans, Russians, Chinese, you name it. But there is no expat group as ubiquitous as the group from the Philippines. Why? It doesn’t seem to be for the sun, the ocean or the laid-back lifestyle. They have that in their own country. The Philippine economy just doesn’t seem to be able to provide everybody with suitable work.

Still, in spite of this, there is considerable interest from foreigners investing in the Philippines amid some signs and economic trends that might help alleviate this condition somewhat. This includes a potentially positive effect of the U.S. economic downturn on commercial real estate in the Philippines as reported by CNN.

7,107 islands, one nation full of potential

The Republic of the Philippines is an archipelago consisting of 7,107 islands located in Southeast Asia. As a former U.S. possession the Philippines has a long-standing history of cooperation and affinity with the United States. The country is well positioned geographically in one of the world’s premier economic growth regions and it has a highly educated, motivated workforce, which, for the most part, speaks English. There are approximately 91,077,287 Filipinos, and an estimated 10% of them are overseas workers.

Given its educated, English-speaking population that would presumably rather stay home than relocate to Dubai, it was only a matter of time before the Philippines became a prime site for outsourcing and this could present a really attractive opportunity for investors.

Where to invest in real estate in the Philippines

So what part of the Philippines is of particular interest to foreign property investors? When I discuss the Philippines with people who know the place, they usually mention Cebu. Cebu is the second largest city in the Philippines-but it is middle sized, with a population of 718,821 as of 2000. Magellan landed there; the Spanish colonizers made it their first capital.

“Cebu” refers to three things: an island, and a province, a metro area within the island and province, situated roughly in the center of the country. Many people contrast Cebu favorably with Manila, which is generally considered to be too big and too - well - many other things. If there is a place in the Philippines that seems poised to take advantage of the country’s competitive advantage in the area of outsourcing, it is Cebu. What is special about the place? A number of things stand out:

Special economic zones (PEZAs)

Cebu has seven special economic zones that the Philippine government has set up to encourage foreign investment. These so-called PEZAs grant incentives to property developers, exporters, and I.T. service providers - incentives such as 100% foreign ownership of enterprises; tax holidays; tax and duty-free importation of capital equipment, among other things. There is a proposal in the Philippine Senate to turn the entire island of Cebu into a special economic zone.

Tourism Potential

Of course, it makes sense to invest in a place that people actually want to come to and Cebu’s coral reefs, jungles, rivers and biodiversity make it an ideal spot for diving, ecotourism, and adventure sports. Cebu is getting a reputation as attractive location for expatriate retirement, and already has a large community of expats from all over the world. It seems to me that the Philippines has lagged behind some other tourist destinations in Asia, but that could be changing with Cebu investing heavily in promoting itself as a naturally exotic tourist destination.

An educational hub with booming BPO and IT industries

Cebu has an abundance of college graduates and is the educational hub for a large geographical area (most of the central and southern parts of the Philippines). Cebu boasts 8 Universities and 30 colleges and an impressive availability of training in a wide variety of disciplines.

It is also a business product outsourcing (BPO) center and encourages the establishment of such businesses. One of its PEZAs is Asiatown Information Technology (IT) Park, set up to attract information technology investment. The proposal to create an island wide PEZA could be particularly helpful to the technology industry in Cebu and some are even suggesting that Metro Cebu should be turned into a cyber city.

Cebu- a widely acclaimed city on the move

Cebu’s reputation as a rising star has generated international recognition. It was rated by Conde Nast Traveler as the 7^th best island in the Asia-Pacific for 2007 - and that’s out of a lot of islands. It was rated the 8^th Most Promising City in Asia by London-based FDI magazine. It was recognized as No. 9 among “Asian Cities of the Future”, No. 7 in “Quality of Life:” and No. 2 in “Best Business Development and Promotion” by AsiaBIZ Strategy in 2007. It has developed a reputation for safety and livability.

Pros and cons of investing in the Philippines

From what I hear, doing business in the Philippines has a definite downside. The Philippines has some pretty sound foreign investment laws, but it seems to be better known for problematic government. That’s probably not irrelevant to why so many people have to leave to find work elsewhere. Neither Transparency International nor the World Bank in its “Ease of Doing Business” survey gives the Philippines particularly high marks.

If you talk to someone from the Philippines about what is good and bad about their country it doesn’t take long for the subject of graft and corruption to come up. People I know who do business there seem to regard official corruption as simply a cost of doing business. Cebu is hardly immune from allegations of corruption, but it seems that local business groups such as the Chamber of Commerce are taking strong stance against it.

The Philippines clearly has to get a handle on this problem if it expects to progress and people taking a strong and vocal stand against governmental corruption is a good start.

Nevertheless, despite its shortcomings, the problems are outweighed by the attractions. The Philippines has immense potential. And Cebu seems to be in the vanguard!
Further reading:

Cebu city guide

Cebu City Government

Construction on multi-family units in the United States was up somewhat in January 2008, according to figures released by the US Census Bureau and the US Department of Housing and Urban Development. The level of starts in December 2007 for single-family homes was as low as it has been since 1991.

Compact property is the new trend in the cities

Home builders are encouraged with the slight increase in the numbers of people walking through their newly built homes. They believe the traffic hints that business may soon be picking up. David Seiders, chief economist for the National Association of Home Builders, believes the data indicate that home buyers are beginning to take a look at their options once more. And if they are looking for a place in the midst of a vibrant city center, they have a new type of option to consider.

It could be that perceptions of “the good life” are changing in the United States, as some home buyers are beginning to take the position that bigger is not necessarily better. Developers are taking note and playing to an interesting and growing trend in large metropolitan areas like New York City, Los Angeles and Seattle: teeny, tiny apartments and condos, running from 250 to 450 square feet.

Available space utilized to the max

They’re affordable, they’re cute, and for some buyers, these small units are just the right size. Because of their diminutive proportions, it is difficult to build luxury extras into individual properties, so developers are building amenities into the community instead, including film screening rooms, courtyards, and rooftop gardens. And the more reasonable price tag of a smaller home means that residents can afford to live close to the social and cultural heart of some of the nation’s most desirable cities.

Proponents of living small say it is entirely possible to create a comfortable, warm environment in a small space (see photos). It requires determination to reduce clutter and organize the space; the process starts with an inventory of possessions and the will to discard nonessential items. The end result can be perfection in miniature. Folks who love their down-sized living space do have a couple of cautions, however: these homes are not designed for entertaining, and they do not readily accommodate a family with children.

Smaller properties remain strong amid the American real estate slowdown

Real estate industry insiders expect to see fewer home sales and lower sale prices in California during 2008. Despite this news, prices for smaller, one-bedroom units in San Francisco have been rising pretty consistently since early 2003, and it appears that they continue to hold their own. In Manhattan in the early months of 2008, prices for smaller properties also seem to be on the rise. One positive note for sellers: real estate professionals suggest that the current weak dollar is encouraging more international buyers to invest in some of the city’s most expensive properties.

Apparently, many prospective buyers are discovering that lenders are reluctant to make loans. Still, one mortgage loan industry watchdog encourages people to take heart: some lenders out there are still making mortgage loans, and in fact, they welcome new business.

With more stories of the Morris Properties scam still emerging in the last week or so and more and more people jumping on the bandwagon with complaints against various companies, it is about time that the investor took the advantage back. After all, it is your money that you are spending when it comes to any property investment so it will only be you who suffers if it all goes wrong.

In fact, although blaming the company that sold the property seems to be the thing to do at the moment (and in a good few cases, the correct thing to do as well), there is one thing all investors can and should do for the sake of their investment and peace of mind - ask questions. Too many investors do not ask any questions at all, and those that do rarely ask the right ones.

Whether you happen to be buying property at home or abroad, you should persist with your questions until you are completely satisfied with the answers. There are four essential questions to ask before putting a firm offer on the table:

What scale is the development?

If you are planning to buy property as an investment, then the answer to this question is essential knowledge. It is very also relevant to those buying a new personal home just in case they ever want to sell it. At any given time, 10 to 20% of the property in a typical finished development is either up for sale or available to be rented. If your potential home is on a plot of land with 1000 other units, you may find that it takes a lot longer to sell or rent out than if you had property on a plot with 100 other units. Of course, it is all relative to the particular case, but failure to consider this point carefully could lose you an awful lot of money in the long run. Sometimes, the smaller the better, although that’s by no means a hard and fast rule.

How experienced is the builder and where could you see an example of his work?

There are so many cowboys around today that most potential investors stress about how well the properties will be built. Will they be of good quality? Will they be safe to live in? Will the properties be structurally sound for the next hundred years? You need to know the answers to these questions and the only way to reveal the answers is by looking at the building company’s previous work. You should ask to see at least two properties and try to talk to the people who own them as well. If your builder is not sound then neither will your house be!

Have the people local to the area bought any of the properties?

The best people to ask about the success of a property development may not be in the building trade, but do have great knowledge of the area - the locals themselves. Locals will usually buy new builds if they are worth the money that is asked for and can be a very helpful source of advice. If the local people will not touch a new development with a bargepole, then you need to find out why because this will affect the profitability of your property if you plan to sell or rent it out. Make sure that they like the property, are buying into the development, and are happy with it being where it is!

Are actual sales living up to the extent of sales projections?

Sales projections provide the overall level of success that each property development achieves. All new builds are generally in demand and will get close to target if they do not manage to meet or exceed them. If sales projections are not being met though, there is almost certainly some kind of problem with the development. It may be that the advertising has targeted the wrong audience or that people have to meet certain criteria to qualify for purchase. Both of the above ‘excuses’ are unlikely but not outside of the realms of possibility. What is more probable however, is that there is a problem with the site or the property development itself, in which case the building company in question should not be trusted with your money.

Asking the four questions above will definitely help you to weed out the good investments from the bad and get you the investments you deserve instead of twenty or more years worth of heartache and financial difficulty.

The Whistler Blackcomb Ski Resort in British Columbia, Canada was recently voted the top ski destination for 2008, which is great news for property investors.

Whistler Blackcomb came top of the poll, produced by the UK Association of Independent Tour Operators, for the second year running. It’s the largest ski resort in North America and has numerous ski runs, off-piste areas for snowboarding, high speed gondolas and ski lifts. Whistler is very popular with skiers from all over the world and has a lively nightlife scene, yet less than 50 years ago it was merely a quaint summer getaway in the British Columbia Coast Mountains.

It was not just creative development and marketing that transformed this tiny mountain village into an internationally recognised ski resort. Whistler is renowned for having some the best snowfalls in the world. Last year, for example, there was 46ft of snow! What’s more, it is an all year round ski destination, albeit supplemented at times with artificial snow to boost the skiing conditions.

Already a popular area because of its fantastic snow, property in the resort is likely to become even more sought-after in the next few years as Vancouver and Whistler will be playing host to the Winter 2010 Olympics and Paralympic Winter Games. There are already many properties in the area offering holiday lets for visitors, but demand will likely increase and this event will put the area onto the map for still more people.

As can be expected wherever any major event is occurring, infrastructural developments are already in action. One notable improvement is that work is underway on all major roads - $775 million is being invested just on upgrading the road that links Vancouver and Whistler. Another $2 billion is being spent on a brand new fast transit train line linking Vancouver Airport with Richmond, the city centre and False Creek, which will be the base for the athlete’s village. The transit line has already had a good effect on the commercial property market in the area.

So, if you’re debating whether to invest in ski property, Whistler Blackcomb in British Columbia looks like it could be a very promising choice. There will be a demand for accommodation at the time of the Olympics, so if you want to take advantage of this in 2010, consider buying in areas close to the key Olympic locations. On a more long-term basis, with Whistler’s great snow record and good reputation, ski properties are likely to rent well for many years to come.

Property prices in Whistler Blackcomb currently vary, depending on the type of property you’re looking for and exactly where it is located. Whether you’re after a basic studio apartment or a large luxury chalet, there’s plenty to choose from, including many off plan properties. At the bottom end of the budget, some studio apartments can be found for as little as £123,000 ($240,000), but four bedroom chalets will set you back at least £800,000 ($1,560,000).

Fast forward to the year 2030. Now picture yourself owning a property within a building in downtown New York City. It is a beautiful mixed-use building with an A-list restaurant on the main floor, office space above and stylish luxury apartments. When you bought this property back in 2008, it was considered a trophy, but not anymore.

Now you’re in the crosshairs of New York City’s environmental agencies, because your building is neither energy-efficient nor environmentally friendly. In fact it’s exactly the opposite, it has high quality finishes that were imported from Italy, materials that are high in ‘off gases‘, incandescent light bulbs throughout the entire building, an energy wasting HVAC system, poor air quality because of the outdated ventilation system and underrated insulation. What’s more, your building doesn’t even have solar power or any other proactive carbon offsetting systems. What are you going to do with this dinosaur on your hands?

Green property is the way to go

The writing is on the wall. If you don’t begin with a sustainable approach when buying or selling any property today, be it residential, retail, industrial or commercial, you will be potentially facing costly liabilities in the future. This tune rings the same for real estate investors - one must buy smart to sell at a profit.

Because of rising energy costs, buildings are becoming increasingly expensive to operate. With this in mind, developers, owners, investors & property managers stand to benefit from the slightly higher initial investment to go green, because future costs will be limited and tenants will be happier to know they can depend on a fixed operating cost. Not only will your tenants or future owners be pleased but your pocketbook should swell a little fatter as well, thanks to a sound investment. We’ve all heard it before; developing for green makes sense socially and environmentally, but what few people realize is that it does make sense financially and economically too!

In spite of that, there seems to be a disconnect between perception and reality. Respondents to a 1,400 person global survey had many misconceptions about building green. They estimated the additional cost of building green at 17% above conventional construction. This is more than triple the true cost difference of about 5%. At the same time, survey respondents put greenhouse gas emissions by buildings at 19% of the world total, while the actual number is a stunning 40%.

Sustainable buildings of the future - a very sound investment today

The fact is, sustainable materials are becoming practical materials. Most of these materials, such as solar panels & LED or Fluorescent lighting make more sense because they increase the value of the property and reduce carbon footprint at the same time. For an investor, buying green is the smart approach to planning for the future. Green property is valuable and its value will only increase over time. With the current market as it sits you can buy low and sell for much higher with a green property than without. Not to mention the property will likely sell faster because green is still a small niche market rapidly increasing in demand. Developing with a green conscience provides long-lasting buildings, as well as clean and safe environments for those who choose to work, live or shop around them.

Although the average cost of building green is 5% higher than conventional construction, it is arguable that the sustainable building will be worth at least 5% more today than its conventional neighbor, and appreciate at a faster rate too. Not only does developing a green-smart building offer better value, green is quickly becoming a very strong selling point that offers a tremendous opportunity to differentiate the finished product to consumers when it is brought to market. After all, it is possible to dramatically decrease energy demands while delivering world-class design and discerning consumers will realize that non-green homes are heading toward obsolescence faster than the floppy disk. If they don’t go green now, they are destined for an upgrade later.

Keep in mind that large cities will continue to put increasing pressure on developers and owners to develop green buildings. ‘Local Law 86 of 2005‘ already requires most New York City construction and renovation projects to meet certain standards for green building. Projects that cost over $2,000,000 must achieve a LEED Silver or higher rating and projects of higher value are subject to even more stringent regulations. Both consumers and investors will be increasingly concerned about the possibility of their real estate investment growing in obsolescence instead of value, as time goes by.

Have you got the foresight to be among the green property pioneers?

About 20% of architects, engineers, and developers have been involved in building green projects, compared with only 9% of owners and tenants. Developing green is growing faster than any other real property trend. The financial markets are taking notice, including investment banks, hedge funds and mutual funds. Fannie Mae and Freddie Mac even have programs that allow people to qualify for a conforming loan to purchase a more expensive personal residence if it meets their standard energy efficiency tests.

Also, investment banks and entrepreneurs are gearing up for the ‘Carbon Credits’ market, which has already reached $40 billion worldwide. Put simply, individuals, companies, & countries could offset their C02 emissions by purchasing ‘credits’ from others that are releasing less green house gasses than regulated maximums. This is an additional potential revenue stream from the property you buy and something to keep an eye out for in 2008.

The bottom line is developing green property really does make economic sense; even more so when you consider the political and social impacts of not being environmentally responsible.

• Urban sprawl
• Loss of unique plant & animal communities
• Increased pollution of water & air
• Material waste
• Increased consumption of diminishing energy resources.
• Economic dependence on foreign energy sources

Start looking at real property with an environmentalist eye and you will be ahead of 80% of all the other developers, architects and builders out there and 91% ahead of the other owners all because you have the foresight to develop & build green now, not to mention the intelligence to pull it off with style!

Watch out for more on Carbon Credits, continued next week.

Further reading:

NYC.gov is the entry portal to the New York City government’s various websites. These include the Dept of Buildings and various green initiatives. It is a great resource for finding out about anything related to building in NYC and a good potential resource for you moving forward. From NYC.gov:Green Building Initiative

Sustainability Laws and Building Regulations

City Hall press releases on green development you may find useful:

Efficiency and supply initiatives push back need for additional electricity resources to 2012

PlaNYC initiative will plant one million trees in the next decade

What do Australians do upon retirement? They play golf.

A host of new residential “golf communities” are under construction In Australia, with famous golfing names such as Greg Norman, Karrie Webb and Adam Scott assisting to design courses for the estates, so retirees can just walk out their front gate for an international standard golf game.

And new research is showing that passionate golfers are spending on average an extra 200 per cent in some areas of Australia to have a view of the green!

A nation of golfers

The most recent government study into Australians’ participation in sport and physical recreation, conducted by the Australian Bureau of Statistics found that there were 875,500, or 6%, of Australians who participated in golf in the 12 months prior to the survey, two thirds of whom play more than once a week.

New South Wales and Victoria recorded the highest number of golfers. Those aged 55-64 years had the highest participation rate, running at nearly 10%, and with a rapidly ageing population, the demand for golf courses is sure to increase.

Growing demand for property in ‘lifestyle’ estates

Golfing estates are a new phenomenon in Australia, which has lagged behind the US and Japan in the trend of golf-themed residential property. But local developers are now more than making up for it.

Australian property researcher Michael Matusik conducted an analysis that showed that golfers in Queensland are spending an extra 92% on land on or close to fairways, while property in “branded” projects backed by alliances with international golfers, can prove even more sought after.

And they appear to be holding their value!

Matusik told the Australian Financial Review that owners of property close to the fairways in Queensland are seeing an annual growth in land value of 13.4%, compared to properties further away from the course growing in value by just 7.6%.

A 2006 report conducted by Ernst and Young and commissioned by the Australian PGA found that between 2000 and 2006, 33 new courses have opened across Australia, two-thirds of these as part of residential and/or resort property developments. Properties on estates with golfing facilities tend to sell for an average 25% more than property without this luxury, and property in developments with a course designed by golfing royalty can attract a premium of up to 200%.

The report found that since 1999, 24,300 golf-related residential blocks have been built, or are in the process of being built, as part of existing residential master plans to satisfy the growing interest in golf-themed living. This makes up about 3% of new property construction in Australia.

The buzz around the 19^th hole

The golfing world is full of endorsements, but endorsements are not all that it’s about. Many of the new golfing estates have internationally successful Australian golfers heading up the course design teams to bring the latest trends and technologies from the pro-circuit.

World Golf Hall of Fame member Greg Norman, who had 91 career victories, including 20 on the PGA tour, has a joint venture with Macquarie Group to develop golf-themed residential estates. Under the Medallist brand, a range of projects are under construction in the US, South Africa and Australia.

Norman’s current projects include Settlers Run, located just outside Melbourne, which was opened late last year, with land still available under a gradual release program. Sydney will get its first Greg Norman golf course with the opening of Stonecutter’s Ridge, an 820 lot master-planned development which began construction late last year.

LinksLiving, which is in a joint venture with professional golfing body the PGA, is one of the premier golf property developers in Australia. Currently, a massive purpose built estate 40 minutes south of Melbourne, the Sandhurst Club is under construction and will host almost 2000 residential homes, priced from $149,000 to $580,000. One quarter of these properties have been sold to date.

The development features 36 holes of golf, designed by golfing champion Peter Thomson and Ross Perrett, and includes a proposed 200 bed hotel and serviced apartment complex.

LinksLiving has also proposed developments in the Whitsundays, off the Queensland coastline, and others in NSW and Victoria.

Former world number one female golfer Karrie Webb has headed up the design team for Laguna Investment’s Jagabara course in Queensland, to make up part of an already developed estate containing another course.

Nearby, Adam Scott, the 27-year-old Australian golfer who made it to number three on the PGA money list in 2006, has designed the course for the Whitsunday Shores property development, near Bowen.

With so much to choose from, investors should primarily weigh up the position of their property in relation to the course, and convenience of access, but also keep in mind that a celebrity-designed course is going to yield better returns in the long run.

India is globally recognized as a booming economy, making it a preferred real estate investment destination for both commercial and residential properties. Still, there is always the dilemma of whether to invest in an established area or in potentially more profitable - but also potentially more risky - emerging cities.

Some cities in India offer attractive real estate investment opportunities because they are already well-established commercial hubs. For example, Mumbai, called the Financial Capital of India, is very sought-after by people making investments in commercial and residential property. But, because so many people want to invest in Mumbai, the property prices there are sky-high. In fact, according to a recent survey, renting office space in Mumbai is even more expensive than in Manhattan!

So, if you want to get maximum returns from your real estate investments, consider investing in Indian cities that are still growing, and have the necessary ingredients for long sustained economic development. Here are some cities to look out for in India:

Real estate investment in Delhi-NCR (National Capital Region)

NCR, or National Capital Region, comprises areas that are on the outskirts of the capital city of Delhi. India is working hard to become an economic superpower by 2020, for which the Delhi is getting ready with the 2021 Master Plan.

Projecting into the future, the NCR cities, including Delhi, Noida, Ghaziabad, Gurgaon, Sonepat, and Bhiwadi are set to become hot destinations for real estate investments.

A variety of NCR residential complexes are available, from middle-income housing to ultramodern duplexes and luxurious penthouses. Investments in these properties have fetched double returns since 2003/04 and buying real estate in the NCR region still makes for a very attractive investment that offers healthy profit margins.

Within the NCR region in India, Gurgaon and Manesar in Haryana are excellent for purchasing real estate as they are the hub of industrial activity and have attracted a lot of foreign direct investment from Japanese and European Companies. Good IT infrastructure and the availability of highly skilled workforce are also developing these areas into the IT capital of the India.

Real estate investment in Ahmedabad

Ahmedabad also called ‘The Manchester of the East’ is the commercial capital city of Gujarat in India. Gujarat, best known as the land of Mahatma Gandhi, has a vibrant economy, with rich agricultural produce, several industries, and active participation in the Indian stock markets.

Ahmedabad’s proximity to Mumbai is a big plus. A huge, young middle class, round-the-clock water and electricity, good roads, and a stable infrastructure makes it an attractive city for property investment compared to other cities in western India.

Ahmedabad offers you a choice of both commercial and residential properties, including high-rise buildings, palatial homes, office complexes and retail space.

Real estate investment in Pune

Pune is a vibrant city in the state of Maharashtra. Until recently, Pune was only known as an industrial town, however, India’s rapid economic growth has changed it into an urban, cosmopolitan city.

Today, Pune is an active IT hub and Infosys and WIPRO - two of India’s biggest IT companies - are planning to open sprawling campuses there. The city is also seeing a major growth in other sectors, including service industries like retail, insurance, and banking.

This change in Pune’s economic structure is reflected in the increased real estate development in the city. Construction of both commercial and residential properties is on the rise and a number of township projects are also coming up in Pune.
Buying real estate in Pune is a good investment, as you are bound to get long term capital appreciations and significant returns on your investment.

Real estate investment in Hyderabad

The picturesque city of Hyderabad in Andhra Pradesh has emerged as a popular outsourcing destination. Some time ago, Hyderabad was known for its old world charm and generally relaxed attitude to life. But today, it is one of the fastest growing cities in India.

The growth engines are largely information technology and business process outsourcing companies. A large number of big corporations have established offices and IT Parks in Hyderabad, which is also home to Ramoji Rao Film City - one of the biggest regional film studios in the world.

Large pharmaceutical companies are also making their base in Hyderabad and as these are all high growth industries, Hyderabad is another Indian city where investing in real estate will definitely offer good returns on capital.

Further reading:

India among top three global realty markets

FAQs on acquisition of property in India by a person resident outside India

You may have heard about the recent slight downturn in the UK real estate market - however, according to recent news, certain off plan properties are still selling like hotcakes.

Vermont Developments Boasts of Record Off-Plan Property Sales

According to the Liverpool Daily Post, the Liverpool based Vermont Developments stated that in one development, 83% of the 187 apartments in the first phase were sold in the last week - breaking records. In total, all of the apartments, located at Parliament and Sefton Street, were sold off plan. Vermont believes that this feat will translate into successful sales of the 112 apartments in the second phase.

The Elektron Development Continues to Sell Its Apartments Off-Plan

Further, the Elektron Development built by Barratt, in the London Docklands has sold 379 off-plan apartments as of February 12^th of this year. As such, at that time, only 38 one and two bedroom apartments remain to be sold in this development. A Barratt salesperson says that he is not surprised by the popularity of this development as the building is located near Canary Wharf and the Docklands Light Railway station. The available apartments are on the 13^th and 14^th floors and are priced from £305,000 to £420,000.

All in all, this news is not bad for a real estate market that is supposed to be in a bit of a slowdown!

Ever thought of living in a Spanish cave house? Probably not! And yet there are many reasons to get deeper underground. In fact, more and more people are starting to think that the best way to experience Spain is not in some cramped apartment perched up high above a ‘Brits-abroad’ coastal town, but underground in a converted cave home.

Imagine a whitewashed English country village basking in the sun of rural southern Spain. Imagine each property having all the modern conveniences possible - broadband internet, telephone, satellite TV, electricity and sewerage - plus vast amounts of living space.

Now imagine that most of each property is underground.

A tough task? Maybe. You may be thinking that living in a cave means a damp, dirty, dark hole, but cave homes are probably the most efficient and environmentally-friendly way to buy and live in Spain.

What is a modern cave home like?

The south of Spain has a cave-dwelling history stretching back more than 500 years, many with huge rooms carved out of the side of the hills. Several of these homes were abandoned in the 1960s after the mass coastal tourism industry boomed.

But now cave homes are being restored and converted like never before and their popularity among those looking to live in ‘the real Spain’ is soaring.

Modernised cave houses typically consist of two parts - part cave built into the side of a hill and part conventional property, with rooms built onto the front. In this way you get the best of both worlds, with light, airy exterior-facing living rooms and cooler cave bedrooms further back.

Some cave houses can have eight or more bedrooms and gigantic living space, illuminated by natural light coursing through specially drilled light ducts.

Most of these properties are built into the side of hill, giving owners spectacular views across the valley below. And because they are hewn out of stone and well insulated from the elements, these homes are easier to heat in the winter and cool in the summer.

Keep cool underground

While the weather outside does its thing, cave homes stay stable around a comfortable 20 degrees Celsius.

Inside, you will find there is no sense of underground claustrophobia - instead, there is a cosy feel, with muted lighting and softened sounds.

Builders of cave houses work wonders with light, with most properties oriented to take advantage of existing natural light. Besides, light ducts and the typical white matte finish of cave homes also transmit light throughout the building.

The lower cost of cave homes makes them attractive to those people who might want to enter into the housing market but are not afforded many options.

Cave homes are up to 40 per cent cheaper than a bricks and mortar equivalent, and by buying off-plan, investors can save a packet - often three-bedroom modernised homes cost as little as €100,000.

Possible disadvantages and things to look out for when buying a cave house

One thing to bear in mind is that cave communities tend to be in small, rural villages where stimulating entertainment might be difficult to find, but that’s only a disadvantage if tranquillity is not what you’re after.

The number one enemy to cave dwellings, and something to watch out for before you buy, is an accumulation of water or excess moisture.

A cave that can breathe is a healthy one and ventilation is obviously important, especially with the use of gas appliances. These should actually be avoided - especially gas heaters - but constructors will usually take into account the use of gas in the layout of the home, with any such appliances being placed toward the front of the cave.

Another thing is that because of the way the original caves have been excavated you can often find that one bedroom leads into another and yet one other. In most cases bedrooms in traditional cave dwellings were typically separated only by thick curtains, but this layout simply does not fit with modern norms of privacy.

Still, It is often possible to get around this disadvantage by constructing alternative entrances to the bedrooms, but keep in mind that in other cases there could be no way around the situation.

John and Pauline Salinas and their off-plan cave investments

John and Pauline Salinas, who live in Cheshire, UK, first stumbled across cave houses through the Internet in 2004 while thinking of investing in property abroad.

They bought two off-plan ‘unreformed’ cave houses near Granada, southern Spain, last year and are waiting for them to be built before renting one and part-renting the other, using it as a holiday home.

Pauline (49) says: “Cave houses tend to just start as a hole in the rock, and local laws say they must have been lived in previously to be developed.

“Many of them were lived in hundreds of years ago, some going back to the Byzantine period.

“The local town council say they can only be restored to a certain size and should be reformed along the same style as they were originally built, but inside you can have them designed just how you want them right down to the type of wood used.

“Initially we were looking at cave homes in Croatia, Bulgaria, France,

all around, and got interested when we saw pictures of ones that had already been fully formed.”

Pauline and John (55) went with Spanish developers Casa Cueva, splashing €95,000 on a two-bed cave home and €64,000 on a one-bed cave, both off plan, due for completion at the end of this summer.

On current exchange rates this works out to £118,984 for two properties set in idyllic Spanish countryside. Hardly a bad deal at all!

Pauline adds: “The location for our two is absolutely beautiful, in a village called Galera, with fantastic scenery of hills, mountains - it’s what we call ‘real Spain’ as well, where local people have a simple way of life.

“You regularly see donkeys carrying produce around the village and there are the local shops and cafe-bars.

“Cave homes are definitely catching on. Television travel programmes have started taking an interest and it would be worthwhile for an investor to buy a collection of them in bulk - there’s a lot of EU money going into Galera and you can still buy unreformed cave houses at a good price.

“In years to come the supply of unreformed caves will run out and the cost of buying one will soar.”

So, grab them while they’re hot! Err…  cool, sorry!

Located in the heart of Manitoba, Winnipeg is one of Canada’s fastest growing cities. If you’re thinking about buying property in Canada, be sure to consider the city of Winnipeg. You may just discover some wonderful surprises about one of the country’s most underrated cities!

Top-notch arts and culture

Winnipeg, Canada’s 8^th largest city, boasts a thriving arts community, including the Royal Winnipeg Ballet, Canada’s premier ballet school and company. There are also numerous annual festivals, including the Winnipeg Fringe Theatre Festival, the Winnipeg International Writers Festival, and the Jazz Winnipeg Festival. These festivals rival events in bigger cities like Calgary and Vancouver, and include big name artists and featured performances.

Winnipeg also produces some of the biggest Canadian music stars. Neil Young, the Guess Who, Bachman-Turner Overdrive, and the Weakerthans all hail from this modest city of about 700,000. If you’re looking for a city with a developed local culture, Winnipeg is very well worth a look.

Amazing employment opportunities

Winnipeg is an important Canadian center of commerce, industry, finance, and government. Employment opportunities abound, including everything from publicly-funded jobs at the University of Manitoba or in the military, to large private employers like Boeing and Bristol Aerospace.

If you’re planning on opening your own business in Canada, Winnipeg could be a very good choice too. In 2007, the city boasted Canada’s third fastest growing economy with a solid 3.7% growth in GDP. Also, in 2006, Winnipeg was rated one of the lowest-cost Canadian cities in which to do business.

Get in on a hot real estate market

In the spring of 2007, the Winnipeg Real Estate Board achieved record sales volumes, the highest ever in its 104-year history. Property investors and residential buyers are coming to Winnipeg in droves to take advantage of the amazing quality of life the city has to offer. Whether you’re building or buying, check out listings in Winnipeg for that property you’ve been waiting for.

It’s a small wonder that people are finally sitting up and taking notice of Winnipeg. Not only does the city have a fantastic arts community and stellar job opportunities, it also has a wonderful education system, a dropping crime rate, and is close to many beautiful lakes and hiking trails, to boot. No matter what you’re looking for, Winnipeg just might have what it takes for you to settle in and call it home.