hi all again. another question regarding the subject of property developing and my question is do most developers purchase most of their properties at a property auction or do they also source properties from the open market as this traditional way is easier to achieve the required finance for the purchase which leaves more of a budget for the development phase? Thanks again.

The differences of opinion on areas which have potential for Property Development are very interesting. There are undoubtedly areas which have more potential than others and it is useful for people to give their views on this but in my view the most important consideration when embarking on property development is the person that wishes to develop property. It is like any other business, you have to manage it properly. Chris you have some invaluable skills which will undoubtedly save you alot of money when developing and you have the enthusiasm. You must have an enquiring mind to be on this website which is a good sign. Hopefully you have also read some of the PS books which are excellent (I am not a PS employee!!) In my view it is essential for a Property Developer to at least have some of the following skills and where these are lacking go and get training or buy in this expertise:- 1) Knowledge and understanding of the building trade 2) Financial and Budgeting skills 3) Managerial and decision making skills 4) Communication, flexibility and listening skills The last being one of the most important as things change all the time and you have to adapt constantly and listen to the experts. There are opportunities in most areas for Property Developing, otherwise there would never be any new build or renovation as it wouldn't be profitable. You just have to find out first what it is that people want in that area and not just build what YOU like or what YOU can afford - this the mistake that so many people make and as Peter has pointed out, the Developers often build the WRONG HOMES. I know of an area where 5 new developments have gone up over the last few years, 3 of them went up quickly and the houses all looked very 'Plastic' and similar. The other two developments were built at a slower pace with care and the use of many natural materials, good landscaping and nice features, the potential purchasers often involved in the design and build plus choice of finishes. Both of these developments sold out before completion which was a few months ago now, achieving prices which have never been heard of in this area before and which the Estate Agents could hardly believe. The other 3 developments still have not sold out - big name Developers who did not understand the needs of the area and didn't do enough research.

Hi Chris: I have bought an off plan prop in Panama and easily got a HSBC 70% mortgage, and I am very happy with my investment, there are just so many perks. Brazil does not offer good financial products at present but I am interested in the Natal area of Brasil where there is going to be the biggest International airport built in south America, so wait and see what happens over the next few years

hi lynn, thank you for your views on panama and brazil interesting place and property markets i'm sure however what did interest me is the finance you achieved on the properties was it with HSBC over in the country or do they loan on international properties as i have been looking into our cyprus mortgage and the similar cost of one here and the mortgage in cyprus is costing us alot more per thousand borrowed if we could refinance to our rates then i would be very interested.. Developing is the direction that i wish to venture into and this i hope will employ me full time also. I feel that i would like to stay in the UK to develop as the finance and legal framework is all fairly straightforward here and the real problem i have is either releasing all of the finance to purchase or to arrange finance to purchase at a property auction so anybody with any views on this are more than welcome.. Many thanks Chris.