Real advantage

Tightening of mortgage credit a number of Russian banks, high interest rates on loans reduces the investment appeal of the Moscow real estate. In these circumstances, real estate companies offer the Russians to invest in real estate in Cyprus, Bulgaria, Greece and Montenegro. At a comparable cost of real estate investing in it could be quite attractive - with price increases of 20-30% per year and low interest rates on mortgages. A letting of your property makes it easier to repay the loan. The choice of these Mediterranean countries is obvious: they are not only a favorite resort of Russians, but also differ in low prices for residential real estate. Cost per square meter of residential real estate in Greece - from? 1-3 thousand in Montenegro - from? 2,5 thousand apartments in Bulgaria can be bought on the basis of cost per square meter? 850-900. Property in Cyprus do not try to sell meters, says the head of the company Alexander Cybarco Shadr. The cost of one bedroom apartments ranging from? 150 thousand, with two bedrooms - from? 250 thousand, the cost of the villa area of ​​200 square meters. m - from? 460K Price will depend on the proximity to the sea, infrastructure, including its own swimming pool, tennis courts, security and maintenance personnel, as well as the prestige of the location and quality of finishing materials. In this case the value of residential real estate in these countries continues to grow steadily. According to the executive director of Cosmopolite International Realty Sergei Bulavin, prices in Cyprus for the past two years was 20-25% per year. He believes that in 2008 the price increase will continue as the state enters the euro zone and enters the VAT on the ground (about 15%). "This year's price increase in Bulgaria's consistently high - 30-40 %",-- says development director Sergey Demchenko Lemestria Group. According to him, with the introduction from 1 January 2008, the countries of the Schengen area, real estate prices continue to rise on average by 30% per year. Over the past three years property prices in Montenegro increased by three times. The average price of apartments of 50 square meters. m to 200 m from the sea has risen from? to 50 thousand? 170 thousand, says Larissa Lang from the company Largoestate. From a legal point of view of investment in overseas property Russians are legitimate. According to the law "On currency regulation and currency control", the Russian residents only required to notify the tax authorities of their registration for opening accounts in foreign banks. The rest of the scheme property purchase abroad is quite simple. The least expensive option is to buy a home on credit. List of required documents for submission to the local bank is standard: earnings statement showing the position and size of the salary, bank statements and recommendations of the bank, who was involved in servicing customer accounts at the place of its registration. These documents, translated into English, is available in a Russian bank. To obtain a loan to buy property in Greece will also need a tax return for the past two years. To expedite the application process in Cyprus can be useful proof of the consistency of the borrower (possession of other real estate securities). At the same time, as explained by a senior lawyer of law firm "Legal Megapolis" Valeria Taglina, "real estate agencies of Cyprus, Bulgaria and Montenegro represent a comprehensive service, from the transfer of the necessary documentation in two languages ​​to full registration." They check the legal purity of the object and provide a service for liability insurance. The cost of registration in Cyprus has some peculiarities. You will need to pay stamp duty at the rate of 0.15-0.2%, the registration fee - not less than 3% of property value. There is a real estate tax, which amounts to 0.35% if the value of the property exceeds $ 550 thousand on the island, there are municipal taxes, which amount to $ 80-220 per year per facility. When buying real estate in Greece, easy to use mortgage Cypriot bank. "Greek banks will not lend to non-citizens to the European Union", - says Natalia Kovaleva from company Real Estate Services. Credit is given for 60% of property value at a rate of 6.5% per annum in the euro. In Cyprus, the mortgage loans provide all the local banks. The loan rate depends on the currency from 4-4.5% in Swiss francs, up to 7% per annum in U.S. dollars. In Bulgaria mortgages for non-residents is still lacking. "We worked out the legal framework in relation to the EU requirements and it is planned that in 2008 Bulgaria's banks will start issuing mortgages and non-residents", - says Sergey Demchenko. In Montenegro, the interest rate on loans to non-residents is 8% per annum in the euro. However, non-residents can receive credit only for legal person. At the same time to pay off a mortgage, you can use funds from rental housing to rent. However, to fully succeed only in Cyprus. "If the property is acquired in a popular coastal area, the owner for nearly a year can receive rent at the rate of 8-10% of the value of the property and thus dampen credit", - says Alexander Shadr. Earn on renting property in Greece will not work. "Donating real estate can only resort on the holiday season, equal to four months - says Natalia Kovaleva .-- earned income may be sufficient only for the maintenance of real estate, but to earn it will not allow." In Montenegro, the prohibitions on due date does not, however profitable to take only 100 days a year, experts say. "The cost of leasing depends on the site - says Larissa Laing .-- apartment, a room of 15 square meters. M to the kitchen for three people, will it cost? 50 per day." Source: Kommersant, by Igor Orlov