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Cross border property market opens up

Ideas and Articles by David Robinson

27th August 2008

Category: Business / Property / Cross border

Level: Intermediate / Upper intermediate

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Cross border property market opens up

People who bought properties in Slovakia in the last few years are holding onto them hoping they will increase in value once the euro is introduced. Speculators of new flats in its capital Bratislava have partially helped create a bubble pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. Strong local demand due to shortages of new property has also fuelled price rises. These prices cannot be compared against local salary. During the summer prices did stagnate caused partially by the high prices, the summer lull and the euro conversion rate finally kicking in. Quite a lot of people in the city still live in communist high rises in suburbs like Petrzalka and Karlova Ves. Many now desire new flats or houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge.

Outside the city the demand has created a new market of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team to market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to an average price in Bratislava of €2,012 m2. In Wolfsthal, a mere 10 minute drive from the centre of Bratislava - with no traffic delays like on the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During the iron curtain years the village was the end of the earth for most Austrians. The area around Bratislava has begun to demonstrate how quickly a new Europe can evolve across borders through property investment and shifting living patterns. This new era of international property investment offers potential economic benefit for all.

START

1. CROSS BORDER PROPERTY MARKETS: What do you know about cross border property markets? Would you buy a property across a border in another country? Go round the room swapping stories. Change partners often.

2. DICTATION: The teacher will read some of the article slowly and clearly. Students will write down what they hear. The teacher will repeat the passage slowly again. Self correct your work from page 2 - filling in spaces and correcting mistakes. Be honest with yourself on the number of errors.Advise the teacher of your total number of errors. Less than 5 is very good. 10 are acceptable. Any more is room for improvement! More than 20 - we need to do some work

3. READING: Get students to read the passage aloud. Swap readers every paragraph.

4. VOCABULARY: Students look through the article. Underline/highlight any vocabulary you do not know. Look in dictionaries. Discuss and help each other out. The teacher will go through & explain any words or phrases you do not understand.

5. CROSS BORDER BUYING: Think of 2 countries across the border you might like to buy property in. Why these countries? Think of 3 reasons. Discuss with your partner.

1 2

The teacher will choose some pairs to discuss their findings in front of the class.

6. INTERNATIONAL PROPERTY BUYING: Think of 2 countries further afield you might like to buy property in. Why these countries? Give 3 reasons. Discuss with your partner.

1 2

The teacher will choose some pairs to discuss their findings in front of the class.

7. WHERE TO BUY? Where would you buy a property? Mix and match from the list below. Discuss with your partner.

  1. City - Downtown
  2. City - Suburb
  3. Town - centre
  4. Town - estate
  5. Village
  6. Mountain village
  7. By the sea
  8. In another country
  9. Other
  1. Studio
  2. Apartment - small/medium/large high rise / low rise
  3. House - small / medium / large
  4. Mansion
  5. Cottage
  6. Castle
  7. Prefab
  8. Houseboat
  9. Your choice
Would you prefer this property to be: renovated/you renovate/new/old

9. QUICK DEBATE: Students A think buying a property in another country is a good idea. Students B prefer only to buy in their own country. Explain why.

9. PROS & CONS: Think of 3 advantages and 3 disadvantages of issues you might encounter in buying a property in another country. Discuss with your partner.

Advantages Disadvantages
1 1
2 2
3 3

10. BUYING PROPERTY: Swap partners. With your new partner on the board write as many words to do with 'buying property' as you can. One-two minutes. Compare with other teams. Using your words compile a short dialogue together.

11. SENTENCES: Choose six/nine of the words from no 10. Write two/three sentences using two/three words in each. Underline your chosen words. The teacher will if necessary correct your work. Students might be asked to read their sentences aloud.

12. ARTICLE QUIZ: With your partner or in small groups: (1 point for each correct answer. Lose ½ point if you look at the article for help!)

    Student A
  1. Name the countries in the article.
  2. Name the property company.
  3. How many flats needed to be built in Bratislava a year ago?
  4. How much are quality new apartments in Bratislava?
  5. What does this new era of international property investment offer?
  6. How much per m2 are flats in Rajka, Hungary?
    Student B
  1. Who has positively welcomed Slovaks?
  2. What type of curtain is mentioned?
  3. How many minutes is Wolfsthal from the centre of Bratislava?
  4. Where was the end of the earth for many Austrians?
  5. Name the suburbs in Bratislava
  6. What happened to prices during the summer of 2008?

14. SENTENCE STARTERS: Finish these sentence starters. With your partner talk about the sentences you made.

  1. Cross border property ____________________________________________

  2. The property market _____________________________________________

  3. Price rises _____________________________________________________

  4. Traffic in ______________________________________________________

  5. A bubble ______________________________________________________

AFTER READING / LISTENING

1. TRUE / FALSE: After reading the article guess whether these sentences are true (T) or false (F): If false, why?

a.

50,000 flats still need to be built in Bratislava

T / F

b.

Many Slovaks are buying flats in Prague

T / F

c.

The local mayor in Rajka is Slovak

T / F

d.

Traffic is much lighter when coming from Wolfsthal to Bratislava

T / F

e.

Prices per m2 have stagnated in Bratislava recently

T / F

f.

Shortages of new property has fuelled high prices

T / F

g.

Property prices cannot be compared against local salary rises

T / F

h.

Affluent young Slovaks are now buying property in Bulgaria

T / F


2. SYNONYM MATCH: Match the following synonyms from the article:

a.

Desire

Wage

b.

Kicking in

Leader

c.

Stagnate

Pause

d.

Salary

Period

e.

Lull

Starting

f.

Value

World

g.

Mayor

Advantage

h.

Earth

Worth

i.

Era

Want

j.

Benefit

Flatten


3. PHRASE MATCH: Match the following phrases from the article:

a.

People who bought properties in

new flats or houses

b.

Speculators of new flats

against local salary

c.

Strong local demand due to

to market properties across the border

d.

These prices cannot be compared

still live in communist high rises

e.

During the summer

shortages of new property...

f.

Quite a lot of people in the city

cheaper properties is huge

g.

Many now desire

started snatching up new property...

h.

Demand for

in its capital Bratislava

i.

...a new cross border team

prices did stagnate

j.

Affluent young Slovaks actually

Slovakia in the last few years

GAP FILL: READING

Put the words into the gaps in the text.

 

People who bought __________ in Slovakia in the last few years are holding onto them hoping they will increase in value once the euro is introduced. ___________ of new flats in its capital Bratislava have partially helped create a bubble pushing prices of quality new city centre __________ to around €8,300 m2. City centre prices currently average around €3,320 m2. Strong local ______ due to shortages of new property has also fuelled price rises. These prices cannot be compared against local salary. During the summer prices did ________ caused partially by the high prices, the summer ____ and the euro conversion rate finally kicking in. Quite a lot of people in the city still live in communist high rises in _______ like Petrzalka and Karlova Ves. Many now desire new flats or houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge.

lull

suburbs

apartments

stagnate

speculators

demand

properties

Outside the city the demand has created a new market of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team to market properties across the ______ in Austria and Hungary. ________ young ____________ Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to an average price in Bratislava of €2,012 m2. In Wolfsthal, a ____ 10 minute drive from the centre of Bratislava - with no traffic delays like on the eastern side of Bratislava, the local _____ has positively welcomed Slovaks. During the ____________ years the village was the end of the earth for most Austrians. The area around Bratislava has begun to ___________ how quickly a new Europe can evolve across borders through property investment and shifting living patterns. This new ___ of international property investment offers potential economic benefit for all.

demonstrate

affluent

mere

Iron curtain

mayor

professional

era

border

GAP FILL: LISTENING:

Listen and fill in the spaces.

Cross border property market opens up
People who bought properties in Slovakia in the _______________ holding onto them hoping they will increase in value once the euro is introduced. Speculators ________________ capital Bratislava have partially helped create a bubble pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. _________________ due to shortages of new property has also fuelled price rises. These prices cannot be compared against local salary. During the summer prices did stagnate caused partially by the high prices, the ___________________ euro conversion rate finally kicking in. Quite a lot of people in the city still live in communist high rises in suburbs like Petrzalka and Karlova Ves. Many now _______________ houses. A year ago 50,000 new flats _________________ built. Demand for cheaper properties is huge.

Outside the city the demand has ____________________ of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying __________________ like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new ____________________ market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares ___________________ in Bratislava of €2,012 m2. In Wolfsthal, a mere 10 minute drive from the centre of Bratislava - with no traffic delays like on the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During ________________ years the village was the end of the earth for most Austrians. The area around Bratislava has begun to demonstrate how quickly a new Europe can evolve ____________________ property investment and shifting living patterns. This new era of international property investment offers potential economic benefit for all.

DISCUSSION

STUDENT A's QUESTIONS(Do not show these to student B)

  1. Did the headline make you want to read the article?
  2. What type of property would you like to live in?
  3. Where do you live?
  4. What is the most popular type of property among your friends to live in?
  5. Is there strong demand for properties in your area?
  6. Would you consider buying in another country?
  7. Would you consider owning more than one property?
  8. Would you consider buying this property in another country?
  9. Are you a young affluent professional
  10. Is cross border buying the new 'n thing'?

---------------------------------------------------------------------

STUDENT A's QUESTIONS(Do not show these to student B)

  1. What do you think about what you read?
  2. How are property prices where you live?
  3. Do you think property prices will rise or fall in your area in the next year?
  4. Have you seen a property bubble develop in your area?
  5. If yes to answer d, has the property bubble burst?
  6. Has Schengen opened the door for cross border property developments?
  7. Are property prices crazy in your area?
  8. Have you ever witnessed a property crash?
  9. What is the traffic like to work/school from where you live?
  10. Did you like this discussion?

SPEAKING

CROSS BORDER BUYING:

In pairs or small groups: You want to buy a property across the border in another country. It is up to you which country or countries you choose to buy. Discuss together.

Findings

1) What sort of property will you buy


2) Which country


3) How much? - include price per m2. Compare against local price


4) Why this country


6) Off plan / new / old / renovated etc...


7) Specification - no of rooms, type of kitchen etc...


The teacher will choose some pairs to discuss their findings in front of the class.

LANGUAGE:

CORRECT WORD:
Choose the correct words from a-d below and write them in the article.

People (1)__ bought properties in Slovakia in the last few years are holding (2)__ them hoping they will increase in value once the (3)__ is introduced. Speculators of new flats in its capital Bratislava have partially helped create a (4)__ pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. (5)__ local demand due to shortages of new property has also fuelled price rises. These prices cannot be compared against local salary. During the summer prices did (6)__ caused partially by the high prices, the summer lull and the euro conversion rate finally kicking in. Quite a lot of people in the city still live in communist high rises in suburbs like Petrzalka and Karlova Ves. Many now desire new flats or houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge. Outside the city the demand has created a new market of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team to market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to an average price in Bratislava of €2,012 m2. In Wolfsthal, a (7)__ 10 minute drive from the centre of Bratislava - with no traffic delays like on the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During the (8)__ curtain years the village was the end of the (9)__ for (10)__ Austrians. The area around Bratislava has begun to demonstrate how quickly a new Europe can evolve across borders (11)__ property investment and shifting living patterns. This new era of international property investment (12)__ potential economic benefit for all.

1. (a) whose (b) to (c) they (d) who
2. (a) unto (b) into (c) onto (d) to
3. (a) yen (b) euro (c) dollar (d) pound
4. (a) ball (b) mountain (c) bubbly (d) bubble
5. (a) strong (b) medium (c) weak (d) stronger
6. (a) falter (b) stagnate (c) stall (d) stag
7. (a) mere (b) measly (c) merely (d) long
8. (a) bathroom (b) iron (c) plastic (d) steel
9. (a) earth (b) world (c) planet (d) road
10. (a) all (b) may (c) many (d) most
11. (a) though (b) thorough (c) through (d) thought
12. (a) offered (b) offer (c) offers (d) offering

GRAMMAR 1: MIDWAY

Put the words into the gaps in the text.

Cross border property market opens up
People (1)__ bought properties in Slovakia in the last few years are holding onto (2)__ hoping (3)__ will increase in value once the euro is introduced. Speculators of new flats in its capital Bratislava have partially helped create a bubble pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. Strong local demand due to shortages of new property has also fuelled price rises. (4)__ prices cannot be compared against local salary. During the summer prices did stagnate caused partially by the high prices, the summer lull and the euro conversion rate finally kicking in. (5)__ a lot of people in the city (6)__ live in communist high rises in suburbs like Petrzalka and Karlova Ves. Many (7)__ desire new flats or houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge.


still

they

these

them

now

quite

who

Outside the city the demand has created a new market of cross border buying in nearby Austria and Hungary. (1)__ Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team to market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to an average price in Bratislava of €2,012 m2. In Wolfsthal, a mere 10 minute drive (2)__ the centre of Bratislava - (3)__ no traffic delays like on the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During the iron curtain years the village was the end of the earth for (4)__ Austrians. The area around Bratislava has begun to demonstrate (5)__ quickly a new Europe can evolve across borders (6)__ property investment and shifting living patterns. (7)__ new era of international property investment offers potential economic benefit (8)__ all.

for

through

most

with

from

since

this

how

GRAMMAR 1: EASY

Put the words into the gaps in the text.

Cross border property market opens up
People who bought properties in Slovakia in (1)__ last few years are holding (2)__ them hoping they will increase in value once the euro is introduced. Speculators of new flats in its capital Bratislava have partially helped create (3)__ bubble pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. Strong local demand due to shortages (4)__ new property has (5)__ fuelled price rises. These prices cannot be compared against local salary. During the summer prices did stagnate caused partially by the high prices, the summer lull (6)__ the euro conversion rate finally kicking in. Quite a lot of people in the city still live (7)__ communist high rises in suburbs like Petrzalka and Karlova Ves. Many now desire new flats (8)__ houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge.


of

and

the

a

or

onto

also

in

Outside (1)__ city the demand has created (2)__ new market of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team (3)__ market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property (4)__ both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to (5)__ average price in Bratislava of €2,012 m2. In Wolfsthal, a mere 10 minute drive from the centre (6)__ Bratislava - with no traffic delays like (7)__ the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During the iron curtain years the village was the end of the earth for most Austrians. The area around Bratislava has begun to demonstrate how quickly a new Europe can evolve across borders through property investment (8)__ shifting living patterns. This new era of international property investment offers potential economic benefit for all.

on

to

an

and

the

in

a

of

HOMEWORK

NEWSPAPER ARTICLE: Write an article on "Cross border property today" (Minimum 200 words)

Read what you wrote to your classmates in the next lesson. Which article was best and why?

WRITING: IN CLASS:

FIVE MINUTE ARTICLE: Write an article on "Cross border property today" (Minimum 200 words) You have five minutes. Afterwards swap articles with your partner. Read through their article and correct any mistakes. The teacher will select some students to read out their work.

Countdown: Every minute the teacher may say, "You have xx minutes."

 

 

SPELLING TEST

The teacher will ask the class individually to spell the following words that are in the article:

1 international

11 benefit

2 curtain

12 economic

3 affluent

13 cheaper

4 demonstrate

14 potential

5 era

15 properties

6 investment

16 fuelled

7 stagnate

17 speculators

8 communist

18 evolve

9 snatching

19 countries

10 lull

20 suburbs

Your score : 12 = pass, 15= good, 18 = very good, 20 = excellent

 

ANSWERS:

TRUE / FALSE:

a. F b. F c. F d. T e. T f. T g. T h. F

SYNONYM MATCH:

a.

Desire

Want

b.

Kicking in

Starting

c.

Stagnate

Flatten

d.

Salary

Wage

e.

Lull

Pause

f.

Value

Worth

g.

Mayor

Leader

h.

Earth

World

i.

Era

Period

j.

Benefit

Advantage

PHRASE MATCH:

a.

People who bought properties in

Slovakia in the last few years

b.

Speculators of new flats

in its capital Bratislava

c.

Strong local demand due to

shortages of new property...

d.

These prices cannot be compared

against local salary

e.

During the summer

prices did stagnate

f.

Quite a lot of people in the city

still live in communist high rises

g.

Many now desire

new flats or houses

h.

Demand for

cheaper properties is huge

i.

...a new cross border team

to market properties across the border

j.

Affluent young Slovaks actually

started snatching up new property...

GAP FILL: Cross border property market opens up: People who bought properties in Slovakia in the last few years are holding onto them hoping they will increase in value once the euro is introduced. Speculators of new flats in its capital Bratislava have partially helped create a bubble pushing prices of quality new city centre apartments to around €8,300 m2. City centre prices currently average around €3,320 m2. Strong local demand due to shortages of new property has also fuelled price rises. These prices cannot be compared against local salary. During the summer prices did stagnate caused partially by the high prices, the summer lull and the euro conversion rate finally kicking in. Quite a lot of people in the city still live in communist high rises in suburbs like Petrzalka and Karlova Ves. Many now desire new flats or houses. A year ago 50,000 new flats still needed to be built. Demand for cheaper properties is huge. Outside the city the demand has created a new market of cross border buying in nearby Austria and Hungary. Since Schengen and cross border controls were lifted more Slovaks are now buying in border villages like Rajka in Hungary and Wolfsthal and Hainburg in Austria. Local property firm Bond Reality in Bratislava has recently set up a new cross border team to market properties across the border in Austria and Hungary. Affluent young professional Slovaks actually started snatching up new property in both countries about two years ago. In Rajka (15 km from Bratislava) prices are €897.84 per m2. This compares to an average price in Bratislava of €2,012 m2. In Wolfsthal, a mere 10 minute drive from the centre of Bratislava - with no traffic delays like on the eastern side of Bratislava, the local mayor has positively welcomed Slovaks. During the iron curtain years the village was the end of the earth for most Austrians. The area around Bratislava has begun to demonstrate how quickly a new Europe can evolve across borders through property investment and shifting living patterns. This new era of international property investment offers potential economic benefit for all.

LANGUAGE WORK

1 - d 2 - c 3 - b 4 - d 5 - a 6 - b 7 - a 8 - b 9 - a 10 - d 11 - c 12 - c