The Azores welcomes €700m golf investment

The first golf tourist resort will be developed on the Portuguese volcanic island, the Azores. Oceanico and Siram Group will invest €700m on the project which will include a range of residential units and a hotel.

Simon Burgess, managing director of Oceanico Developments said: "We believe that we can create one of the world's best golf experiences and a very strong investment opportunity. With new direct flights from the UK scheduled to start to start in May, this is a key time for the Azores in the golf and tourism market."

New Dubai property law

Dubai residents will be entitled to outright ownership of both their property and the land in which it is built, according to the latest draft of the Dubai Property Law.

“ Dubai is keeping its promises. Dubai promised full title to the land. With the legislation, they’re going to deliver on what they promised. People purchased and put money into properties on the promise of freehold,” said Essam Al Tamimi, managing partner of Al Tamimi and Company.

If the law is ratified then a host of new investors are expected to flow in to Dubai.

Andrew Chambers, managing director of property developer Asteco said: "Many of them (investors) have mortgages lined up and are just waiting for the law to be announced.”