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US $1 equals
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Despite the current peace process, you may think that Belfast is a rather bizarre place in which to invest. Think again. Its chief city, Belfast, is booming. There's been a tidal wave of inward investment here in everything from supermarkets to luxury housing developments. A, 23 million Hilton Hotel is currently under construction in the city's dockland regeneration zone beside the River Lagan. Northern Ireland has lots of catching up to do, and its growth potential is enormous. As the province recovers from its years in the economic doldrums, tantalizing opportunities are also unfolding for small-scale investors and speculators. Decades of strife had a lamentable impact on property values-although prices are on the up, this is still one of the cheapest places to buy within the UK. Where else could you purchase a house in a major city for under f,10,000? Agents describe Ulster's housing market as "buoyant," but parts of Belfast remain ludicrously inexpensive. It's no exaggeration to suggest that you could buy a whole row of houses here, for the price of a single town house in central Dublin or, indeed, any British city. Valuewise, properties at the lower end of the spectrum have been hardest hit. Belfast is basically an industrial city, and much of its housing stock consists of two-story terraced dwellings, built during Victorian times for the families of mill workers, shipbuilders, and factory hands. Although the street-corner gas lamps have gone, many districts look very much as they would have at the turn of the century. In Dublin, such artisan-type properties have been gentrified beyond recognition and sell for a minimum of E59,000. Move the same house to a southern U.K. city like Cambridge and vendors are asking an astonishing, 135,000. In Belfast? Identical inner-city terraced houses in reasonable condition are still often priced at between E14,000 and E20,000. Completely unmodernized houses (i.e. no bathroom and with an outdoor privy) sell for as little as E5,000. The UK hasn't seen values at these levels since Tony Blair was in short pants. Low prices
lure investors
Do note "expected," though. Belfast is a place where nothing should ever be taken for granted, and it's a case of caveat emptor all the way. A distress-level price tag may indicate a not-too-salubrious district under the control of local paramilitaries. The city's sectarian divide means that a landlord of the opposite "tradition" is unlikely to be welcomed with open arms. Suburban Belfast and the city's leafy university quarter offer less adrenaline-charged opportunities for generating capital growth and income. Properties suitable for renting out as flats or transforming into student bedsits are often very attractively priced. For E60,000, the Halifax agency has a gloriously gothic investment property that's ripe for conversion into 10 bedsit flats. In suburbia, most semidetached family houses are priced between E45,000 and 00,000. Depending on location, monthly rents achieved for such properties vary between YA50 and 000. If you're considering buying a property for rental purposes, most letting agencies charge a commission fee of around 10 % of rental income. Gentry homes
in quiet suburbs
Any detached property in this neighborhood will cost you 000,000 plus. According to Carterhouse, a major rental agency, houses in the Malone Road area command monthl2 rents of between E675 and E750. To the northeast of Belfast, on the County Down coast, commuting professionals are creating an insatiable demand for houses in the genteel town of Holywood and the quaint seaside villages of Helens Bay and Donaghadee. All are regarded as desirable, trouble-free locations with prices expected to continue upward. Holywood Mortgage Centre seeks offers of around 9127,500 for a former coastguard's residence near Helen's Bay. Bordering a country park, a stone's throw from a golf course, this handsome two-bedroom cottage dates from the 1870s and has spectacular views across Belfast Lough to County Antrim's distant hills. Carrying a range of County Down properties, Eric Cairns (Web site: www.ericcairns.co.uk) lists Holywood town houses starting at Y,59,950. At Donaghdee, a short stroll from the town's historic harbor and lighthouse, a three-bed fisherman's cottage on the coast road is available for 79,950. Coastal
cottages from $30,000
Near the village of Greyabbey, a six-bedroom country residence of almost 3,000 square feet carries a guideline price of f,175,000. Newtownards Mortgage Centre say it's suitable for a "tourism-related enterprise" like a bed-and-breakfast or guesthouse. In Newtownards, town, a similar-sized property with an additional self-contained apartment is priced at 185,000. The present owners appear to be keen gardeners; the grounds contain everything from a cascading waterfall to pergolas and a Japanese style bridge. Other charming properties along the peninsula include an old schoolmaster's house in Carrowdore. A three-bedroom villa, it has its own little stables, a paddock, and an adjoining tack room; the price is E120,000. At the tip of the Ards Peninsula, Portaferry is a pretty holiday town guarding the gateway to Strangford Lough. High above the town's rooftops, Windmill Hill comes with panoramic views of the Mountains of Mourne and Portaferry Harbor. Here a cottage-style home with three bedrooms and a flower garden is priced at f,120,000 (also through the Newtownards agency). Northern Ireland's best-known tourist attraction is, of course, the Giant's Causeway in County Antrim. Whether you're seeking a property for your own use or for use as a vacation rental, this is an area well worth considering. Templeton Robinson is offering apartments and courtyard houses at Runkerry, the former country estate of Lord MacNaughten. The estate perches right on the headlands of the causeway, and prices start at E150,000. Reach them at their Website: www.templetonrobison.co.uk by Steenie Harvey Contacts w Halifax
Property Services, 41 Arthur St., Belfast; tel. (44) 1232230211, produces
a monthly brochure detailing properties on sale through its various Belfast
and provincial agencies.
Spying in
Sudzal
It was a short bus ride-only one hour-from Moscow to Sudzal. Our first stop here was the kremlin in the center of town. The enclosed white stone fortress features a clock tower and mosaic tiling and is open day and night. Down the hill, you will find the only other imposing structure on the skyline: the Pokrovsky Monastery. This 16th-century monastery is still inhabited by nuns; today, it houses a small bed-and-breakfast. Each three-room cottage has two twin beds, a table, chairs, a full bathroom, and a closet. The rates are a reasonable $40 per night, including a breakfast of sandwich, fruit, a roll, and coffee, Although Sudzal is a summer retreat to many Muscovites, thanks to the KI'azma River nearby, winter doesn't shut the town down. At the Hotel GTK, "ski doos" are for rent by the hour or day. If you want to feel like Sean Connery in a Bond film, nothing beats Sudzal by snowmobile at night. You'll first receive protective snow gear including boots, bib, jacket, gloves and helmet. And you'll need it: Temperatures can reach -40F. From there, either Sergei or Vlad, will lead you about 10 kilometers outside of town-at 50 to 60 mph on a snowmobile through a beautiful valley, And afterward, a shot of vodka awaits you at the hotel. For a true winter adventure, contact Departures International for a spot on its Goldenring by Snowmobile tour. This seven-day excursion takes you from town to town on a snowmobile and costs $900. Contact Elaine Laird at Departures International, 179 Union St, San Francisco, CA- tel. (415)563-5959, fax (415)563-5935. by Kerstin Czarra A hotel
with business benefits
In addition to helpful English-speaking staff, the hotel has a business center to help entrepreneurs jump start a business. You'll have access to phones, fax machines, word processing services, desktop publishing, graphic designers, copiers, interpreters, secretaries, offices, consultation services, and business publications. The Slajanskaya also has good restaurants, a fitness center, a movie theatre, and helpful concierges. NEWS AND NOTES Cruising
along the Dalmatian coast
ROW River Odysseys has scheduled a cruise to these islands. It includes visits to the best of these hidden treasures: red-tiled villages, hidden coves, and beautiful natural wonders. You'll have plenty of time to swim and snorkel in the warm waters of the Adriatic and to hike across some of the islands. Each cabin is equipped with a double bed and its own bathroom. The trips are 12 to 14 days, three of which are spent at a hotel. The trip is scheduled for Sept. 10 through Sept. 21, 1998, and costs $1,795 per person for 11 -14 members, $1,995 per person for eight to 10 people. International Living subscribers receive an automatic 5% discount. The price includes all meals, captain and crew, all ground transportation, and hotel costs. Contact ROW River Odysseys Worldwide, P.O. Box 5 79, Coeur d'Alene, ID 83816, tel. (208)765-0841 or (800)451-6034, fax (208)667-6506. Russian
roulette
I'd been told that the dollar is king here, but this is not always the case. Numerous trips to the hotel's currency office, local ATMs, and banks left me penniless. Remember these rules: If you plan to use an ATM or credit card in Russia, let your bank know before you leave. Also, find out what universal money exchanges will work best with your card. Bring as much cash as you think you'll need. Russian ATMs charge a fee of up to $2.50 each time you withdraw cash. Get about half rubles and half U.S. dollars. It's difficult to know which currency will work here. For example, in a popular Western restaurant where the menus and prices were in English, U.S. dollars were not welcome. On the other hand, a small grotto selling Russian crafts said "nyet" to rubles. Know the new and old money. The old rubles will be in the amounts of 1,000 to 100,000. One U.S. dollar equals about 6,000 rubles. The new rubles are printed in single digit numerals. If you are having trouble converting, simply add a thousand to each bill. For example, 1 =1,000 rubles. Be sure to ask the currency office to give you either all new or all old rubles. If you're completely exasperated, hold out your money for storekeepers to take what they deem fair. if you don't know if you paid $1 or $100 for that nesting doll, just remember that Russia learned capitalism from the best. A road by
any other name
Also, although almost every car in Moscow is a cab (simply extend your hand and wave a car over), I found that I got much better rates when I used regular taxi drivers. To get a fair price, try both methods a few times. by K.A.C |
A
Survivor’s Guide To Living In Ireland - 