Another Steep Property Price Rise For Tax Haven Andorra

The small European tax haven of Andorra has seen some startling rises in her property values in the last two years, with a repeat performance in 2007 possible.

In 2005 property inflation hit 19 per cent, and in 2006 the official property inflation reached sixteen per cent, and according to Andorra property specialists Tribune Properties 2007 is likely to see a further ten per cent rise.

‘There are three streams of buyers for Andorra’, say Tribune, ‘An active local market, second home buyers looking for ski apartments, and international buyers who want to gain residency in a tax haven. The international buyers add pressure on prices and often buy three or four bedroom apartments and chalets, making sure that the top end of the market is as active as the low and mid range properties.’

With a lack of snow for the first eight weeks of the Andorra ski holiday, the second home buyers could be thinner on the ground than usual. The number of tourists is down by some fifteen per cent, and that could impact the property market as some visitors like it so much they buy a property in popular resorts such as Arinsal and Soldeu. So we feel a ten per cent rise in Andorra property values could be realistic for 2007.’

Andorra as a tax haven destination has been benefitting recently from the high cost of real estate in Monaco. Monaco recently became the most expensive country for property in Europe, and while a 32m2 studio in Monaco will cost close to a million Euros including the closing costs, Andorra offers over 100m2 three bedroom two bathroom apartments at less than half the price – with the same tax advantages as better known Monaco, bringing out a map of Andorra for many investors recently.

The different type of buyers tend to head for different areas of Andorra, with the ski apartment buyers tending to purchase in the key ski resorts of Soldeu and Arinsal.

Those looking for residency go more for the year round villages and towns which have a resident community.

Outside of the capital (la Vella) these tend to be La Massana and the upcoming village of Anyos, Ordino and Arinsal, although Arinsal’s nightlife during the ski season early December to late April tends to steer many newcomers to La Massana and Ordino.

New Hotels

In addition to attracting international buyers in increasing numbers for residency, the Andorra authorities have invested heavily in their ski infrastructure, boosting the country’s tourism potential and subsequently Andorra’s real estate market.

And for this year’s ski season Andorra has opened a new family friendly ski park in Arinsal, moving away further still from her old image of a cheap and cheerful ski holiday for 18-30 year olds to one that caters well for all.

One of the few drawbacks when taking residency in Andorra compared to Monaco has been access to a major international airport. While Monaco enjoys close proximity to Nice Airport, with a ten minute helicopter ride available, Andorra’s nearest airports have been Barcelona and Toulouse, three hours away, with no direct flights to Andorra .

Recent road improvements between Barcelona and Andorra has cut this by thirty minutes, and there is a possibility of a scheduled helicopter service, Andorra weather permitting, or more likely ten minutes from the Spanish Andorra border, allowing quicker access to international flights for business people considering Andorra residency.

Other improvements within Andorra include new tunnels, allowing quicker access to the ski fields, and driving around Andorra easier.

With more demand from international buyers who want to take advantage of Andorra residency, the Andorra government announced in February that it was increasing the number of residency applications from the previous 200 year a year to 500.

‘Andorra is becoming more popular among the international buyers’, comment local travel guide YourAndorra, ‘And with Monaco real estate prices sky high it comes as no surprise that the government has moved favourably by allowing more residents. But it’s not just the tax free living they come for – it’s the Andorra weather as well for many who see the ideal opportunity to live in a tax free environment and enjoying winter sports too.’

About the Author

For property and residency in Andorra information is available at andorraproperty.info

Terrible times in Vegas

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Terrible’s is, well, a terrible name for a casino, but a great little locals hangout where one still can buy a complete prime rib dinner, with salad, baked potato, veggies and beverage, for seven bucks and change.

Tucked away on East Flamingo, a mile or so from palatial Strip resorts such as Bally’s, Caesars Palace and Bellagio, Terrible’s formerly was known as the Continental, a decrepit, decaying hotel-casino patronized primarily by Las Vegans who turned out in the wee hours to drink in entertainment offerings by hit act Cookie Jarr and the Crumbs.

“Eyesore” was the word most frequently used to describe it.

The property was purchased several years ago by Jerry Herbst, a member of a dynastic Sin City family, and totally remodeled.

Its recently-built and always-filled parking garage, snaking buffet lines ($5.95 for a superb breakfast, compared to at least three times as much at other places) and spring and summer pool parties are testimonies to the refurbished resort’s growing popularity.

Terrible’s now serves as the hub or headquarters of Herbst’s gambling enterprises, which consists mainly of a chain gas stations with video poker and slot machines, though one-armed bandits have been installed in other outlets such as grocery and convenience stores.

The joint was jammed for last week’s opening four days of March Madness, especially when UNLV was playing.

Every seat in its small but well-equipped sports book, carved out of a ground floor north-side corner, was filled.

Late bookmaker Sonny Reizner, best known for turning the old Castaways into an internationally-known establishment, likely would call it another “hole-in-the-wall” book.

Detroit native Doug Beil, characterized as a wild and crazy Red Wings fan by one friend and former associate, oversees race and sports operations.

Tall, impecably dressed and youthful appearing, Beil cut his teeth in the betting biz at Bally’s under veteran bookmaker John Avello, who now runs the bet shop at Wynn Las Vegas, and did a stint at the Hilton before obtaining his current position.

The doting father of two — one a track star, the other a soccer player — Beil’s the type of guy who’s instantly hard not to like.

“He loves oddball European sports like soccer, auto racing and things like the Tour de France,” said Hamilton Ward, who worked with Beil at the SuperBook.

“He put up Mexican soccer odds long before Hilton did.

“He does lots of contests and takes good care of his customers.”

Beil was busy, as usual, on Tuesday, but took time out to discuss a wide range of subjects of the mainline variety.

Basketball

“Sweet 16 action has been slow, but we’ll get a lot on Thursday and Friday,” he said.

“So far, betting has been split between UNLV and Oregon, but by Friday I expect we’ll get a lot of UNLV money.

“Right now, they’re (gamblers) playing Georgetown and Ohio State.”

The Hoyas are favored by 7 1/2 over Vanderbilt and the Buckeyes are a 4 1/2-point pick over Tennessee, with both games slated Thursday.

Georgetown is the second seed in the East, while top-ranked Ohio State is the South’s No. 1 seed.

Beil will be pulling for the Rebels, a 2 1/2-point underdog to the Ducks, along with most of the city’s gambling community.

“They can win, that’s why Oregon is a small favorite,” Beil said.

“UNLV plays great defense, they’re tenacious and deep.

“If they get past Oregon, Florida will be tough to beat, though all of the pressure would be on them and UNLV would have nothing to lose.

“If Florida and UNLV played 10 to 15 times, the Rebels would win a couple and maybe this would be one of the times.”

Baseball

Right now, Beil says, baseball bettors are so into hoops that the Boys of Summer are being overlooked, though futures wagers “trickle” in daily.

“And everyone’s betting the Cubs,” Beil said, echoing the lament Vegas bookmakers have had for years.

Chicago’s Northsiders have plunged from 50/1 to 4/1 in Terrible’s World Series futures book.

“Do I think they can win?” Biel said.

“I don’t think so, but this year we’ve had more bets on the Cubs than usual.

“I wouldn’t be shocked to see them do something, but I don’t think it will happen.”

Chicago’s Southsiders are another matter.

Beil expects the White Sox, 2005 Fall Classic champions, to be right back in the 2007 picture.

“They’re a strong team that plays good defense, but nobody else really leaps out at me,” Beil said.

“The sames teams that battled it out last year should be doing it again this season … the Yankees and Red Sox in the East, Chicago and Detroit in the Central.

“The White Sox didn’t make the playoffs last year, but I think they’ll be right back in the mix.

“The Twins have good young pitching and it depends on how that comes through, especially (Francisco) Loriano.

“In the AL West, I’d look at the Angels.

“The A’s have lost some players.”

In the National League, Beil likes the Mets, Cardinals and Dodgers.

“As far as betting goes, we always get the most money on teams from New York, Chicago and LA,” he said.

“Once the season begins, or a month or two into it, you’re going to see more money (bet) on the Mets and, of course, Yankees.

“I like The Cardinals again in the Central, not the Cubs.

“The Dodgers could be a contender and I’m not totally hooked on the Giants.

“There’s a lot of parity and mediocrity in the NL West.

“It’s wide open and I think strong pitching will be the deciding factor.”

Horse racing

Beil doesn’t have a Kentucky Derby favorite yet.

“You have to watch for horses that jump into the water late,” he said.

“The highly-touted 2-year-olds don’t necessarily do well as 3-year-olds.

“Horses grow up and mature at different times.”

About the Author

Brian Gabrielle is a documented member of the Professional Handicappers League. Read all of his articles at www.procappers.com/Brian_Gabrielle.htm