Page 169

Prices have risen for the fifth consecutive quarter in a row, up an average of 3.3% over the previous quarter with a stronger rise of 4.3% in properties outside of Paris. It means that the average price of a property sold by FNAIM estate agents has now risen by 6.8% so far this year. The French Government is currently overseeing some radical tax changes to French property ownership. It is believed that changes such as the new wealth tax will make France an even more attractive location for international buyers. The new wealth tax rules coming into place are making France one of the most attractive destinations in Europe, as the threshold for this tax (ISF) is increasing from €800,000 to €1.3 million. Households with assets of between €1.3 million and €3 million will be subject to a tax of 0.25% and for assets over €3 million the tax will be 0.5%. Market volatility in some parts of Europe is also drawing buyers back to France, which has always traditionally been seen as a safe haven for investors. France will therefore continue to attract not only discerning property investors but also more expats looking for a new life and a new homeland.

Most expensive property in Spain sold in Mallorca The most expensive piece of luxury real estate in Spain, located in Pollensa Bay in the north of Mallorca, has been sold. La Fortalesa (The Fortress) on the peninsula of Punta de l’Avançada in the Bay of Pollenca has been sold by its British owner to a British financial investor for an estimated 40 million euro. Sa Fortalessa de Pollenca has for years been considered one of the most spectacular and exclusive properties in the Mediterranean.

Set on the peninsula of Punta Avancada and protected by Cabo Formentor and a military base, it has for many decades been considered as a possible high-security residence for dignitaries and heads of state. In reality Sa Fortalessa is more than just a residence, it is a 22-acre estate which houses a historic castle and seven buildings with a total of 17 bedrooms. There are also several beaches, tennis courts, marina for mooring boats, a forest, two pools and a helipad.

A retirement haven: Cyprus is a winner for those wanting to invest in a sun-baked location Realising the dream of moving abroad later in life can bring many advantages; warm sunny weather, better lifestyle, lower cost of living and of course lower taxation. An exceptionally popular destination for a retirement retreat that tick the boxes is southern Cyprus. It has a warm climate benefiting from southern Mediterranean sun, there are good medical facilities and infrastructure in place, as well as favourable taxation policies. Cyprus is a modern country that effortlessly marries European culture with a rich heritage. Amazing mountains, crystal clear waters, sandy beaches, green valleys, historic monuments and beautiful landscapes are all bathed in sunshine. Cyprus is the perfect place for those who enjoy al fresco living and a carefree life in the sun. Having some of the best tax breaks in the EU (if not the best) Cyprus is considered a taxefficient destination. It is easy to see why Cyprus is one of the world’s top retirement destinations. Feature provided by Leading Luxury Real Estate


THE ADDRESS Magazine No. 10  

THE ADDRESS Magazine celebrating luxury real estate, food and travel