CONTENTS: INTRODUCTION, WHAT IS A HOTSPOT?, JOLLY HARBOUR, ANTIGUA - ST. JAMES, BARBADOS - GOLDEN SANDS, BULGARIA - DUBROVNIK, CROATIA - DUBAI, UAE - EL GOUNA, EGYPT - FORTALEZA, BRAZIL - ACCRA, GHANA - GOZO, MALTA - BUDAPEST, HUNGARY - KINSALE, COUNTY DONEGAL, IRELAND - LIMASSOL, CYPRUS - CANCUN, MEXICO - NATAL MIDLANDS, SOUTH AFRICA - NAXOS ISLAND, GREECE - MOUNT MAUNGANUI, LEIGH, NEW ZEALAND - NIMES, FRANCE - ORLANDO, FLORIDA - PANAMA CITY, COSTA BLANCA, PANAMA - KRAKOW, POLAND - LAGOS, REDONDO, PORTUGAL - MURCIA, SPAIN - UNAWATUNA, GALLE, SRI LANKA - PHUKET, PATTAYA, THAILAND - FETHIYE, TURKEY - ISOLA D’ELBA, TUSCANY - QUEENSLAND, ADELAIDE
|KINSALE, COUNTY DONEGAL, IRELAND|
|Population||3.84 million persons|
|Land Area||68,890 sq km|
|Currency & exchange rate||1 Euro = 100 cents (~ 0.664547 GBP)|
|GDP-PPPMethod||81,484.0 millions of US dollars|
|GDP Per Head||21,215.0 Thousands of US Dollars Per Person|
|Financial||Interest Rate||Inflation Rate|
|National Bank||Central Bank and Financial Services Authority of Ireland|
|Political||Ireland assumed the Presidency of the EU on 1 January 2004 and their term will run for 6 months terminating on 30 June 2004, having overseen the enlargement of EU to 25 members.|
Parliamentary Elections took place on 17 May 2002. Fianna Fail and the Progressive Democrats increased their share of seats in the Dáil to form an overall majority government. The next Presidential Election will take place later this year.
The British and Irish Governments have worked very closely together for many years on Northern Ireland issues. This led to the 1998 Belfast Agreement. Simultaneous referendums were held in Ireland and Northern Ireland on 22 May 1998. In the former people were asked to vote not only on the Belfast Agreement but also on an amendment of their constitution ending the territorial claim to Northern Ireland embodied in Articles 2 and 3. 94% voted in favour of the Agreement and constitutional change. Northern Ireland Devolution took place on 2 December 1999.
|Customaries||The Irish are gregarious people, and everywhere animated craic (talk) can be heard. Close community contact is very much part of the Irish way of life and almost everywhere there is an intimate small-town atmosphere. Pubs are often the heart of a community’s social life. Visitors will find the people very friendly and welcoming no matter where one finds oneself in the country. A meal in an Irish home is usually a substantial affair and guests will eat well. Dinner is the main meal of the day and is now eaten in the evening. Handshaking is usual, and modes of address will often be informal. Smoking has been banned in all public places and is too early to make substantive comments on the impact of this.|
|Tax||Income Tax||Capital Gains Tax|
|Irish tax tear changed to a calendar-year basis as of the 1st January 2002.|
Non-residents taxed the same as residents.
Single or widowed individuals:
Married couple joint assessment:
|Capital gains are taxed at a rate of 20%.|
|Description||The US is Ireland’s largest single trading partner, along with the UK, Germany and France. The major industries are Computer software, information technology, food and drink, pharmaceuticals, tourism.|
The Irish economy, while quite small by EU standards, nonetheless outperformed all OECD countries in real GDP growth over the last six years by a wide margin. Ireland's economy expanded by about nine percent annually from 1995 through 2000. A competitive tax regime, ready access to EU markets as well as a low cost and well-educated labour force attracted substantial new, high technology investment. Ireland is very dependent upon trade with sales of exports of goods and services equivalent to nearly 100 percent of GDP.
Historically, Ireland suffered from high unemployment, high dependency ratios and the chronic loss of talented youth to emigration. But, resolute policy changes dramatically reversed these conditions in the late 1980s and formed the foundation of the robust Irish expansion of the past 15 years. The median age in Ireland is now approximately 30 years, easily the EU's lowest. The percentage of the population classified as dependent also is well below the EU average and its GDP per capita level has crossed over the EU average. Irish foresight in investing in its educational systems in previous years is now producing major dividends as the abundant, skilled labour pool has been absorbed to meet industry demands. An increased inflow of labour, including Irish nationals returning to the country and an increasing number of females in the workforce, have also contributed to the three percent increase in labour growth during the last five years. Ireland is actively recruiting skilled external labour outside the EU and has been issuing record numbers of work permits to supplement the domestic workforce. It is not an exaggeration to say that Ireland has worked a miracle in transforming its economy.
|Investor Profile:||Cash & Equity Investor|
|Climate:||Hours of Sunshine Per Day in Summer||Days of Rain Per Year||January||July||Average|
|Proximity to:||Airport||Beach||Nearest City|
|Castlepark Marina Centre, just under two miles out of town, There's a lovely sandy beach two minutes' walk away from the centre||Cork City|
|Restaurants and bars:||Kinsale is a well-known gourmet centre – it even has a gourmet festival which is generally held during the first and second week in October (if you plan to stay – or eat – here, then, book well in advance) and has numerous good – and expensive –restaurants. Details can be obtained from the tourist office, but actually this quaint town is small enough to make wandering the streets and browsing the menus in the windows an attractive proposition.|
Kinsale has the complement of convivial bars that you might expect in an historic town turned tourist centre and the place is so compact that most of them are within a couple of minutes' walk of each other.
|Sports and leisure facilities:||Kinsale is a top class centre for sailing and waterspouts activity. There are three golf courses including the world-famous Old Head course. Field sports are well represented with horse riding, clay bird shooting and archery all available close to the town.|
Castlepark Marina Centre, offers deep-sea angling, scuba diving and harbour trips. At the sandy beach two minutes' walk away from the centre, you can rent wind-surfing equipment, dinghies and canoes at very reasonable prices
|Connections to all major rail-linked towns and cities in the country can be made from Cork's Kent Station. Eleven trains operate daily to Dublin with connections to Limerick and the West of Ireland. Several trains operate from Dublin to all major towns and cities in Northern Ireland.|
Kinsale taxis can collect and return visitors to Cork airport, Cork railways station, Ringaskiddy Ferryport or visiting cruise ships.
|The journey from Cork to Kinsale must be made by taxi, hire car or bus. The roads are in good condition with full accessibility.|
|Main types of employment||Tourism and Leisure are the main employers, though there is a broad range of manufacturing and agriculture businesses present.|
|Future plans:||As the “Gourmet Capital of Ireland”, Kinsale intends to build on and improve in its tourism services in addition to sustaining an environmentally aware approach.|
In addition to this, the planned expansion of Cork Airport will add to the demand for property in Kinsale. The town has attracted a growing number of commuters who work in the UK. The quality of life and the high standard of education available is proving too tempting for some. Some believe this trend will continue to grow.
|Yield range||4 – 6%|
|Type of property||Entry Price||Rent-|
|Average Annual Yield|
|2 bed apartment||€200,000||€1000 p/m||€700 p/m||5.1%|
|3 bed apartment||€210,000||€1000 p/m||€700 p/m||4.85%|
|3 bed townhouse||€210,000||€1000 p/m||€700 p/m||4.85%|
|Detached||€250,000||€1200 p/m||€800 p/m||4.8%|
Demand for letting
|Finance and leisure scores:||Total (out of 10)||Financial (out of 5)||Leisure (out of 5)|
|Flights scheduled from:||London and most major cities. Connection through Dublin.|
|Typical cost of flights:||Peak||Off Peak|
|140 – 220 GBP||80 – 150 GBP|
|Operators:||Aer lingus, British Airways, Lufthansa|
|Description:||Kinsale can easily claim its place amongst Ireland's most historic locations for this has been a centre of population, commerce, trade and fishing far beyond memory and record. In its earliest days the estuary of the Bandon River gave it great importance as the river is tidal as far as Innishannon and water transport was dominant until the 18th Century.|
The Town nestles between the hills and the shoreline, a maze of narrow streets, never far from the water and little changed in many hundreds of years. Amongst buildings of later periods are those of another age with historical links to the French, Spanish, British and Americans. The town has a number of excellent galleries and design shops, with an emphasis on ceramics, pottery and glass. The Good Food Circle promotes the gourmet efforts of 10 or so restaurants in the town.
This is a safe investment. The area is already developed so voids will be minimal. The yields are low so I would not recommend that you gear up more than 50% Loan To Value as interest rises will hurt. This area will give you a solid return as there is strong demand from the influx of contract workers that arrive and will offer you above average capital growth as the prices are lower compared to the rest of Ireland.
|Michael Galvin Estate Agents||Market Buildings, Bandon, West Cork, Ireland||+353 (23) 44958||http://www.mgalvin.ie/|
|Kinsale Estate Agents||Margaret Buckley||Pearse Street|
|+353 (21) email@example.com|
|+353 (21) 4772168||http://www.o-neill.ie/|
|Sheehy Brothers estate agents||Market St|
|+353 (21) 4772338||www.sheehybrothers.com|
|Michael Galvin Estate Agents||Market Buildings, Bandon, West Cork, Ireland||023 44958||http://www.mgalvin.ie/|
|Sheehy Brothers estate agents||Market St|
|+353 (21) 4772338||www.sheehybrothers.com|