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Green Air Taxes May Hurt Overseas Property Prices

by Carla Johnson, Investors Offshore.com, London

19 September 2007


Property prices may soon become directly affected by the call for new taxes on flights, according to a UK-based overseas property company.

“There has been more discussion and calls for action recently over the impact that air travel is having on the environment,” they say, “and one of the most obvious ways to cut air travel is to raise the price of travelling through taxes. From this perspective, it’s a win-win situation for governments, as they gain a higher tax revenue, whilst at the same time are being seen to combat the ever-increasing problem of global warming.”

Since the introduction of the first successful low-cost carrier flight in 1949, budget air travel has been booming, extending the possibility of cheaper flights not only to popular European holiday destinations such as Cyprus and Malta, but more exotic ones like the Caribbean islands and even Africa, too.

However, overseas property specialist Obelisk International are disputing the effects of greater air taxation, suggesting that the infrastructure of certain countries has solidified due to the higher accessibility foreigners now have to property abroad.

Kevin Prior, Obelisk International’s investment director comments: “Knowing exactly where the cheap flights are travelling to is a key element to investment success. Projection that the growth of budget flights is set to continue across the world ensures the viability of the fly-to-let industry.”

A prime example of this lies in reports that Bulgaria’s property and rental markets have increased significantly just three months after two well-known budget airlines announced flight schedules to the country’s ski and coastal resorts - resulting in a colossal GBP310 million worth of property being purchased there by overseas buyers.


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