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Key period for new key holders - 9 January 2007
The first quarter of 2007 will be one of the most important times for the fledgling overseas property markets in two of the most talked-about destinations in international real estate.
Developers in Cape Verde and Dubai are expecting to deliver large numbers of units to their owners in the next few months. This will provide the biggest test to date of the claims of developers in areas from build time and quality, to the potential rental income owners might be able to expect in the future.
Cape Verde will see the first completion of a development phase on the island of Santiago from March, when the Sambala luxury resort is scheduled to hand over its first properties. The first phase of 450 freehold townhouses sold out within months of being released, and as the first tranche of properties become ready for habitation, the developers are claiming that no other development in Cape Verde is moving forward as quickly.
This is not to say that the development is surging ahead with no concerns for the environment. The developer has adopted a rigid environmental approach from the outset, in order to protect the natural resources and reduce the carbon footprint of the building process and the completed resort. Continuous research is going on into the use of renewable energy sources, recycling and encouraging the nesting of turtles near the resort.
In Dubai, the situation is slightly different. The property market there is much more established, and thousands of units have already been delivered. However, this could prove to be a key year in the Emirate as well. The first of the ambitious Palm islands, Palm Jumeirah, is due to be completed this year, along with an estimated 69,000 units to be released to their new owners across the rest of Dubai.
Although there is already an established rental and even resale market in Dubai, this volume of new properties coming into the live market will no doubt have quite an effect. The cap on raising rental rates is still in place, and likely to stay that way with the more and more properties competing for the short and long terms letting markets.
Also of key importance over the next months and years is whether the Emirate can attract the projected volumes of visitors once the full range of planned attractions and the airport expansion are completed.
This stream of new properties coming to fruition in the early part of 2007 could also lead to further emigration from the UK, as families and individuals who have been waiting for their new properties to appear are finally able to make their life-changing move overseas. Recent research reveals that up to 200,000 British citizens a year choose to leave the UK. This number could increase significantly in 2007.
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