| The call for new taxes on flights to
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| | There could be a glut of properties come
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| reduce carbon emissions could impact the
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| | to the market which will send prices
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| prices of properties, according to a UK
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| | downwards.'
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| based overseas property company.
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| | Exceptions to the rule could be in the
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| 'There has been more discussion and calls
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| | two European tax havens of Monaco and
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| for action recently over the impact that
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| | Andorra, where there is no income tax for
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| air travel is having on the environment,'
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| | residents.
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| they say, 'And one of the most obvious
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| | 'Historically tax havens have been
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| ways to cut air travel is to raise the
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| | popular no matter how the economy is.
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| price of travelling through taxes. It's a
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| | When someone buys a property in Monaco it
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| win-win situation for governments, more
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| | often doesn't matter to them if it's a
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| tax revenue and being seen combating
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| | few million Euros as they're going to
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| global warming at the same time. It's
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| | save more than that in tax during the
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| only a matter of time before cheap air
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| | time they stay there. Andorra is slightly
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| fares on the scale we see it today comes
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| | different as it's a tax haven but also
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| to an end'.
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| | people buy ski apartments there, adding
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| Owning a second home and a property
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| | to demand'.
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| abroad has shown to be an aspiration for
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| | Andorra property prices have risen an
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| the majority of UK residents by recent
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| | average of ten per cent a year in the
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| surveys, and low cost carriers have
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| | last decade, and some predictions are for
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| opened up new overseas property markets
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| | that figure to be closer to fifteen per
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| by flying to destinations not covered by
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| | cent for 2006.
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| other airlines, or forcing flight prices
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| | If governments do start introducing new
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| down where they compete directly with
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| | air fare taxes to slow and possibly
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| more established carriers.
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| | reverse the rise in air travel there
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| Property prices within a one hour drive
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| | could be good news for some property
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| of regional airports served by the low
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| | buyers though.
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| cost airlines have tended to escalate in
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| | 'In some areas the second home market has
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| recent years, and it is these areas that
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| | increased prices significantly, with many
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| would be hardest hit by any increased
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| | of the younger local population being
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| taxes on flying.
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| | forced to move away from their towns and
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| The areas which would feel least impact
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| | villages.
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| would be northern France, which many UK
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| | The UK and US populations are quite
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| second home owners access via ferry and
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| | mobile, but in some countries popular
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| the Channel Tunnel, and areas where
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| | with holiday home buyers there are three
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| owning a property abroad was in vogue
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| | or four generations of the same family in
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| long before the new airlines started, and
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| | a village or town. But as overseas
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| when air fares were proportionately
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| | property buyers have moved in and pushed
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| higher than they are today. Access to
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| | prices up, the younger generations ahave
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| France from the UK has improved recently
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| | been forced to look away from these
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| with Eurotunnel cutting the journey time
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| | popular areas because they cannot afford
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| by twenty minutes.
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| | a property in their home town anymore,
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| 'The Costa del Sol for example we feel
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| | and a lot of the local employment has
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| wouldn't be impacted much by increased
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| | become seasonal. If real estate prices
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| air taxes - although over development
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| | come down they might be able to afford to
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| could bring prices down there anyway'.
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| | live in the villages where they were
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| But there is a warning that the lower
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| | brought up if they choose to do so. Some
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| priced end of the market could be hit
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| | will still move away but at least they
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| more than the top end.
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| | will have a choice.'
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| Bargain Properties
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| | Conversely, far from changing traditional
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| 'There has been a significant increase in
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| | towns and villages into holiday resorts,
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| second home ownership in the last
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| | overseas property buyers can sometimes
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| decade', say the company. 'Gone are the
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| | have a positive affect on preserving
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| days when it was just the wealthy who
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| | traditional village life.
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| owned an overseas property. Developers in
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| | 'In France for example, many of the rural
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| Spain, Greece and Cyprus have built
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| | villages were dying a slow death as the
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| apartment blocks with units of two and
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| | younger generations moved away to the
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| three bedrooms that are affordable for a
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| | bigger towns and cities to find work.
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| lot of middle income families. Given that
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| | British second home buyers have revived
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| mortgages are readily available and it's
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| | the villages by buying run down
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| often just twenty per cent of the asking
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| | properties and renovated them, breathing
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| price that needs to be found an overseas
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| | new life into the communities. The
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| home has become reality for millions of
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| | property market is nothing if it isn't
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| Europeans. But if air fares increase
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| | adaptable,' they conclude, 'And while
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| significantly and the holiday makers who
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| | there will be regions that will suffer as
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| rent the owners apartments and villas
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| | a result of a declining market, there
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| declines, quite a few will need to sell
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| | will be winners too.
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| as the rental income pays the mortgage.
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