Edition 4 by Knight Knox

GLOBAL

PROPERTY NO. SCENE ISSUE 004

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This issue: Feats of engineering around the world | Green/sustainable energy Best destinations to visit for Christmas shopping | A guide to living in Abu Dhabi

FOCUS ON : SALFORD QUAYS

THE WORLDS MOST EXPENSIVE CITIES

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INSIDE Features

13 Renewable energy

30 Welcome to the UAE

47 F1 in Abu Dhabi

54 Feats of engineering

The future of energy is highly uncertain and whilst ideas come in and out of fashion, many argue that we are just sticking our heads in the sand. Renewable energy is the cleanest, most sustainable solution, but right now it comes at a high cost, one that many aren’t willing to pay.

The Grand Prix is by far the biggest event in the Formula 1 calendar: Over the span of 9 months, from March to November, 22 drivers compete in 38 high-speed races across 19 different locations worldwide.

A task that could be seen as harder than designing and building the world’s most impressive structures would be to deem which is best or which make up the top five. Therefore, unlike the engineers and architects behind these structures who did anything but sit on the fence, we at GPS are going to do exactly that.

Listings

Regular Articles

85 UK

111 Thailand

114 Germany

With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.

Miles of white sandy beaches and lush tropical rainforests make this idyllic paradise an ideal choice for all.

Attracted by a stable property market and strong economy, German real estate is the hottest investment market in Europe.

105 USA

116 Spain

From a condo on the Florida Keys to a penthouse apartment in stylish Manhattan, the New World has opened the door to a flood of investment from overseas’ buyers.

With the outlook improving in the majority of major property markets now is the time to look to invest abroad.

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07 Market Focus : Salford Quays In 2014 the Guardian declared Salford one of the UK’s number one property hotspot. Property values rose faster than in any other city.

82 Should I move to Abu Dhabi? Well I did. Back in 1992, before Dubai had put the United Arab Emirates on the map with its manmade islands and towering skyscrapers.

ISSUE 004 GLOBAL

PROPERTY NO. SCENE ISSUE 004

EDITOR’S NOTE

The Number One Buy-to-Let Magazine | www.globalpropertyscene.com

This issue: Feats of engineering around the world | Green/sustainable energy Best destinations to visit for Christmas shopping | A guide to living in Abu Dhabi

FOCUS ON : SALFORD QUAYS

THE WORLDS MOST EXPENSIVE CITIES

The year’s end looms ever closer, the sun has become ever more elusive, and I find myself embroiled in a battle of what to wear for all conditions. It’s with this in mind that I introduce the close to 2014. Playing a key part in Greater Manchester’s successful improvement is Salford Quays. Its property values rose faster than in any other city and it even outdid the capital by approximately 4pc in July 2014. With the introduction of the most exclusive development outside of London, we look into how this former port is fast becoming a world leading investment hotspot.

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Credits Individual Samantha Jones, Grace Price-Salisbury, Patrick Kinsella, Richard Ellis, Alistair McGovern, Hannah Wilde, Rachel Sharman, Suzanne Todd, Callum Whiteley, John Power, Martin Copeland, Sue Hedges, Dee Barber, Mark Roberts Commercial Knight Knox International, X1 Developments, Fortis Developments, Forshaw Land & Property Group, Coda, Porsche, Moneycorp, Buy Association, Loft-Interiors, Gold Key Shove Media, Shutterstock, SMART, Property Investor, Red Spot Media Solutions

A region of the world which is no stranger to high levels of investment is the UAE. To date, over Dh7 billion has been allocated across the five emirates, creating a raft of potential investment opportunities. Take a look at our intensive overview - there’s sure to be a stand out candidate for your investment. It is widely acknowledged that Christmas shopping is all part of the excitement of the festive season, a time of preparation, anticipation, and generosity. In keeping with the end of year theme it seemed only fitting to look at the most interesting shopping destinations from around the world. A fitting gift for anyone these days seems to be mobile technology. In terms of the business world, technology’s most vital contribution could arguably be the increasing availability of WiFi and broadband connectivity across the globe. With smart phones at the forefront of this, could the traditional office space be under threat? All of which brings me to sign off for 2014. Enjoy this edition of Global Property Scene, thanks to our writers for contributing some great content this year. And of course to you, our readers, for making it all real.

Editor-in-chief Michael Smith

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Sovereign House, Sheffield

East Point, Leeds

Chronicle House, Chester

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MARKET IN FOCUS Salford Quays – A Future Capital for Investment?

Words : Christine Schulz | View : Callum Whiteley

Salford Quays – Stealing the Spotlight with MediaCityUK “All eyes on London” - or are they? For decades, London was the core focus of the UK property market. Yet times are changing and, challenged by strong competition from regional cities, the housing market in the British capital is slowly beginning to plateau. In the North, house buyers are faced with soaring house prices, rising by a colossal 76% from 2002 to 2012. Arguably the main cause therefore has been the North West’s pressing housing shortage. The Government’s forecasts state that the North of England will need an additional half a million new homes in the ten years following 2011. One area in particular stands out: Greater Manchester. In November 2014 Chancellor George Osborne announced the £1billion Manchester Devolution, meaning that Greater Manchester will have its first ever mayor in 2017. The new mayor will have power over the £300million Housing Investment Fund, alongside transport and planning freedoms. The mayor and a cabinet of ten leaders will receive increased control over the Greater Manchester County, enabling them to vastly enhance the transport system in the region. In addition to the Devolution, Nick Clegg recently signed a £476.7million Greater Manchester Growth Deal in line with his Northern Futures

campaign, which also aims at turning the North West into a Powerhouse, able to challenge the British Capital. This deal promises to construct 75,000 homes and generate an additional £80,000million of public and private investment into the region. Playing a key part in Greater Manchester’s successful improvement is Salford. In 2014 the Guardian declared Salford as one of the UK’s number one property hotspot. Its property values rose faster than in any other city, It even outdid the capital by approximately 4pc in July 2014. This is mainly thanks to its new sensational development site: MediaCityUK. History In the 1800s German political philosopher, Friedrich Engels, categorised Salford as a dirty and poor “working class quarter”. However, through the Industrial Revolution Salford managed to rapidly evolve from a minor market town into a major industrial centre with a focus on its rich textile industry. Its population grew by almost 600% in the 30 years leading up to 1842, causing extremely high levels of unemployment and hence poverty. Nevertheless the area of the Manchester Shipping Canal blossomed immensely through the formation of the Manchester Docks by Queen Victoria in 1894. The Manchester Docks, then comprising of both the Salford and Pomona Docks, had been transformed into one of Britain’s most important and busiest sea ports. When the Manchester Docks closed

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down in 1982, the unemployment rate exploded, with a total of 3,000 jobs lost in the process. Later Salford City Council acquired a great part of the land and rebranded it as Salford Quays. What followed then was one of Britain’s largest urban regeneration projects, which continues even through to this day. The City Council developed a so-called master plan for the Quays, with the aim of producing a high quality environment for people to work, live and play. During the Lowry project for example, the Lowry theatre, plaza, footbridge, outlet mall and Digital World Centre were built, driving the physical, as well as social regeneration of Salford and its community. In 2006 the BBC announced that it was planning to move part of the business away from its traditional headquarters and into Salford Quays, marking a large-scale decentralisation from London. This resulted in the birth of MediaCityUK. In 2011 the first phase of the innovative development site was completed, with the first BBC personnel moving offices. In March 2012 HRH Queen Elizabeth II ceremoniously opened the new BBC offices. Only a year later, ITV followed the BBC’s lead and moved its Granada Studios to the development site. Today, MediaCityUK is Europe’s leading international hub for creative and digital industries. MediaCityUK The construction of MediaCityUK, now Greater Manchester’s most exclusive waterfront destination, was driven by the desire to create an environment in which people can meet, do business and share and discuss creative ideas. Technology, media and creative industries continue to quickly grow in the areas of Manchester and Salford. In fact, digital and ICT businesses alone now account for over 45,000 jobs in Greater Manchester and generate approximately £2billion every year to its economic output. Viewed as a driver for wealth, MediaCityUK is one of the main forces behind the economic success of Greater Manchester. Not only is it home to broadcaster giants BBC and ITV, but moreover to popular TV shows such as Coronation Street, Dragon’s Den, BBC Breakfast and Match of the Day. Due to its dedication to ensuring the success and advancement of creative businesses, MediaCityUK now houses a diverse mix of more than 200 exciting and eclectic companies and contributes more than £1billion to the local economy. Moreover, MediaCityUK embodies the worldly and sophisticated lifestyle desired by many. In addition to its business aspect, it also plays host to a vast number of trendy cafes, fashionable bars and renowned restaurants. Life here offers something for everyone – whether it is a visit to Old Trafford Football Stadium, a shopping trip to the Lowry Outlet Mall, a tour of the Imperial War Museum North, or a show at the Lowry theatre. With such a buzz around the development site, it is no surprise that there are an enormous number of enthusiastic and driven investors, keen on taking part in its ever-evolving success story. At the end of 2013 it was estimated that due to regeneration projects like the Lowry scheme and MediaCityUK, over £1.4billion was invested from public as well as private sectors directly into the Quays. And this is just the beginning of the world’s new go-to-destination. Salford City Mayor Ian Steward considers MediaCityUK to be a key player in Salford’s regeneration programme. Yet the reputation and value of MediaCityUK are only going to get better with time, as there are a number of development plans lined up to enhance Salford Quays’ current condition.

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ITV, Salford Quays

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Future Salford City Council have already given permission for £20million worth of development plans to expand MediaCityUK, by adding extra hotels, offices and television studios, as proposed by the Peel Group. Key projects that have already helped to regenerate the area of Salford include: • The £26million development of Salford City Stadium • The £10million transformation of Chapel Street, Bridgewater Canal and the River Irwell • The construction of Greengate Square, set to generate an additional £400million in form of private sector investment • Exciting and innovative development projects such as Soapworks and The Landing at MediaCityUK

Additionally, a current project, the £138million construction of Port Salford, which is set to open in late 2015, is set to have an immensely positive economic impact not only on MediaCityUK, but also on Salford, Manchester and in effect all of the Northwest. Port Salford, with construction having begun in 2013, is a comprehensive conversion of what used to be the old Salford Docks, compromising a 153,000sqm warehousing facility that will be the only inland, multimodal distribution park in the UK that can be served by rail, road and the sea. The 150 acre development, affecting Barton, Eccles and the Shipping Canal, will not only lead to lower transportation costs for northern businesses; therefore enhancing their competiveness, but it will also generate an economic boost to the local area by creating an additional 3,500 jobs. The Property Market In 2014 it was revealed that property prices in Salford Quays have exploded by 12pc within as little as six months. Data from Lloyds Banking Group shows that British landlords, on average, received a return of 6.2pc between the months of April and June 2014. However investors seemed better off in the North West of the country with average yields of 6.4pc. As returns in central London stood at approximately 5.5pc, almost 1pc lower than in northern cities such as Manchester and Liverpool, these statistics clearly illustrate the property gap between North and South. Commercial real estate services Jones Lang LaSalle stated that this year, with 86% of all homes now being transacted outside the Capital, rental growth in Manchester and the Northern Corridor are accelerating quickly. Greater Manchester is a metropolitan county which consists of ten boroughs including two cities, Manchester and Salford. With all its cultural, technological and social aspects, Greater Manchester is a highly sought-after residential area. Nevertheless, Salford, especially Salford Quays, is progressively becoming the number one choice amongst potential tenants looking for the cosmopolitan lifestyle experience as well as first class transportation services, found at its popular development site MediaCityUK. With this region only being in the first stages of further development, but already comprising prestigious, premier properties, an increasing number of investors are recognising the remarkable long-term investment opportunity that is MediaCityUK.

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Liver Building, Liverpool MediaCityUK, Salford Quays

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“Setting the standard in luxury living”

MEDIA CITY Located in the heart of MediaCityUK, Salford Quays Studios from 1-Beds from 2-Beds from

£94,950 £119,950 £144,950

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LOOKING TO RENEWABLE ENERGY Is fracking the energy of the future?

Words : Rachel Sharman | View : TTstudio

Hydraulic Fracturing, or fracking as it is more commonly known, is infamous, controversial, and potentially highly profitable. The process involves drilling down into the earth and directing a high-pressure water, sand and chemical mixture at shale rock to open or enlarge fractures, releasing the gas and oil inside. These then rise or are pumped to the surface for refining. The UK government supports the plan. Ex-energy minister Michael Fallon told Radio 4 it would be “irresponsible” not to take advantage of Britain’s natural resources and the success story of the US should inspire us. Their freedom from the typical oil superpowers and the century’s worth of energy security they now have is reason enough to drill, if not the cheap petrol. The opposition are less impressed. They prefer to focus on the environmental damage fracking has caused and the vast overestimations of how much shale gas certain deposits contain. They too favour Britain’s natural resources, and in a country a fraction of the size of America, they question how much of the landscape would be destroyed in the hunt for a relatively short term solution.

Because frankly, fracking is not going to last forever; this everyone can agree upon. The future of energy is highly uncertain and, whilst ideas come in and out of fashion, many argue that we are just sticking our heads in the sand. Renewable energy is the cleanest, most sustainable solution, but right now it comes at a high cost, one that many aren’t willing to pay. The cost of investment, building the necessary structures and the subsequent expensive energy it produces are off-putting for a lot of governments, especially in developing nations. Some nations, however, have wholeheartedly embraced the idea of clean energy. Denmark, Germany, Portugal, Spain and Sweden are all leading the way with renewable power capacity per capita. Whilst Britain’s investments are far from unsubstantial, some believe not enough is being done. This is where fracking could come into play, as a potential bridge for this gap. Shale gas and oil could provide the nation with enough money and power to complete renewable energy projects, so when it does run out, we are not left looking for another answer. Those against fracking still express doubts. They claim it is just a distraction against renewable energy. Fracking could allow the

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Power lines at a fossil fuel power station

government to continue their reliance on fossil fuels without addressing environmental concerns such as waste water, ruined ecosystems and dangerous waste. To counter, the industry claims fracking generates much cleaner electricity than fossil fuels, with supporters saying that the ever-popular coal is twice as bad for the environment. The burning of fossil fuels is the single largest source of carbon dioxide emissions - a greenhouse gas which causes global warming. It is said that the process is not inherently dangerous to the environment if performed correctly. Debating about what could happen and how things may pan out relies on a lot of speculation. Fortunately Britain has an example to observe â&#x20AC;&#x201C; fracking in the US began to gain popularity in 2008 and has been going strong ever since. In fact, some say fracking has revolutionised the energy industry in the US. It has even helped the entire economy by adding 0.3 percent to the GDP in 2013 and 15% since 2008. Plus the nation has enjoyed the perks of cheaper electricity in comparison to the countries championing green energy. For example, in Louisiana, industrial electricity prices are just approximately 3.3p per kilowatt hour (kWh), whereas in pro-renewables Germany, the cost soared to 13p per kWh.

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Thanks to 7.4 million barrels of oil produced in 2013 (with the expected figure for 2014 to be 8.3 million) the US now produces more crude oil than they import. These enviable figures make fracking seem like a tempting proposition for the UK if we want to gain energy independence in the near future. However, occasionally these estimations can be overly enthusiastic. One example is the Monterey shale reserve in California, which was initially estimated to contain 64% of total shale oil resources in the US, approximately 15.4 billion barrels. The US Energy Information Administration, or EIA, has since slashed this estimation to a modest 600 million barrels of oil. The project had been massively glorified, and now does raise questions as to how well we can guess the potential of shale deposits. The 82,000 fracking wells in the US do little to quell environmentalistsâ&#x20AC;&#x2122; fears too. The Fracking by Numbers report, published in October 2013, claims that approximately 360,000 acres of land have been directly damaged thanks to fracking. Two billion US gallons of chemicals have been used and 250 US gallons of water. More shockingly, it claims that 280 billion gallons of toxic waste-water were produced in 2012 alone. Stories of oil spills and toxic drinking water are only a quick internet search away and certainly draw attention to the risks of fracking.

In the UK, one of the main concerns is how fracking wells will impact on local areas. With fewer inhabited areas than the US, the fallout would potentially affect a greater amount of people and wildlife. You only have to look at the 2011 earth tremors in Blackpool, which ultimately halted the testing sites there, to see how easily fracking can disrupt everyday life. Many people believe that the destruction fracking would bring to the British landscape is simply not worth it. Answering these damage concerns, the government has recently revealed plans to strongly regulate the fracking industry. Matthew Hancock, the new energy minister, believes that the UK’s vast national parks (which cover 16% of the country) could be perfectly acceptable locations for potential fracking wells as they have been used for oil and gas production for decades. However, the rules for companies wanting to drill there have been tightened. Alongside national parks, areas of outstanding natural beauty (AONBs) and world heritage sites will only be drilled into if the company can provide a comprehensive guide demonstrating their understanding of local needs. Simon Walker, director general of the Institute of Directors described this as “Another step forward on the road towards a dynamic, productive and well regulated shale industry in the UK”. Hancock further comments “Having domestic and secure energy supplies in a dangerous world is a big prize, but we’ve got to do it in a way that is careful and that’s why we’ve brought in stronger protections on the one

hand, but also are saying yes, let’s explore and see what opportunities we’ve got”. It is no surprise he was unwilling to reject drilling entirely though. A recent independent report estimated Britain is sitting on gas deposits which could last us up to 25 years. This is much higher than previous estimates and certainly makes the whole business seem much more lucrative, although the Monterey shale reserve overestimations are still fresh in the public’s mind. Overall, the UK government seems keen to begin fracking, even if it continues to divide public opinion. Drilling seems like a solution to an increasing problem, as it is no secret that foreign energy resources are getting more expensive in the UK and are no longer in high supply. However, the severity of the shortage is often overstated by the media. No-one actually knows how long fossil fuels will last. In fact, the UK actually consumes less energy today than in 1970, according to the BBC. Our population has grown by 6.5 million and there are 17 million more cars on the road, but the efficiency of production and usage of energy has risen enough to counter these factors, most notably in industry, where approximately 60% less energy is used than in 1970. There are exceptions however; the transport sec-

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tor, especially airlines, have experienced such a sharp increase in demand that innovation in technology simply cannot adhere to lower fuel consumption. Even more impressively, the Department of Energy and Climate Change (DECC) estimates our energy consumption could remain steady for the next fifteen years. They predict that energy efficiency will continue to offset population growth, so even in 2030 we will be using less energy than in 1970. However, the DECC does not make its predictions assuming we continue to produce energy as we do today. They factor in a greater contribution from nuclear power and, more notably, renewable energy. By 2030 the DECC expects that approximately 40% of energy used in electricity will be from renewable energy. Unfortunately, investments are down according to Ren21, a global renewable energy policy network which releases internationally recognised reports on the subject. In 2012 it was estimated that 10% of the worldâ&#x20AC;&#x2122;s energy came from a range of renewable sources (a further 2.6% from nuclear power and 9% from traditional biomass) but since then Europe has invested 44% less in renewable sources. In fact, China invested more than the entirety of the continent in the last year. However, it must be noted that there are exceptions to this decline: the UK along with

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Canada, Chile, Israel, Japan, New Zealand, and Uruguay all upped their investments in 2013. Also, in regards to new power- for the fourth year on the run renewables have had far more net investment than fossil fuels. 44% seems like a large figure but this global drop of funding is partly thanks to cheaper technology, whereby less money has to be invested to get the same results. Additionally, it allows renewable energy to no longer be just a first world concern. The Middle East and North Africa are exploring solar thermal power and wind power is gaining momentum in Africa and Latin America. Renewable energy has a multitude of environmental advantages as it is much cleaner than burning fossil fuels, but it is also becoming increasingly crucial for meeting energy needs. Some wonder if governments are distracting themselves with a continued reliance on archaic energy. The current system most countries have in place regarding energy is far from sustainable. Governments continue to pay increasing costs for fossil fuels to meet demand, with little thought as to what will happen when they run out or when they become too hard to come by.

Nuclear power station

However, every country has different resources as well as different priorities. Ren21 have compiled a number of tables detailing the top five countries for each type of renewable power. One table shows the annual investment or production in 2013, whereas another highlights the capacity or generation as of the end of 2013. For the most part, the world superpowers top these tables, but with some rows measuring the share of the 2012 GPD invested or the renewable power capacity per capita, REN21 sheds an interesting light onto the state of renewable power throughout the world.

proudly claims that 40% of the capital’s population cycle to work, and that the cycling culture highlights the society’s want for sustainability. Denmark predicts that by 2050, it will be powered completely by renewable energy. This is an astounding figure, and surprisingly they are the only country to give an actual date for their complete freedom from fossil fuels. BRAZIL

Denmark is the world leader in renewable energy, being number one in the world per capita and having stronger and more impressive green predictions than anywhere else. They already use wind power to produce 20% of the nation’s energy, a figure most other countries are looking to achieve sometime during the next decade.

The natural resources of Brazil are almost unparalleled across the world. One example is their high ethanol production, made from native sugarcane, which now fuels 50% of all passenger vehicles. Gamesa, a Spanish company who have made 37% of their sales in Latin America, have also seen the country’s potential and are building four new wind farms to provide up to 214 MW (Megawatts) from 2014-2015 and in total, the company has orders which could create 1,968 MW of power in the country. Brazil aims to triple their use of renewable energy by 2020, to 27 GW (Gigawatts).

The national view on renewable energy is also different to many parts of the world. It is not only the government’s responsibility, but the Danish population themselves strive for a greener future. The government website

Ultimately though, it is the hydropower industry in Brazil which is booming. Including hydropower, Brazil ranks 3rd in the world for renewable power capacity or generation, and are also ranked third in

DENMARK

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the world for investing into water energy. Considering these tables are often topped by OECD nations and China (due to its population size), Brazil’s priority of renewable power shows a strong dedication to a sustainable future. Hydropower has been steadily growing over the past years. Countries such as Turkey, Vietnam, India and China have all installed a high capacity turbines during 2013. One of the most exciting projects in Brazil’s renewable pipeline is the hydroelectric Belo Monte Dam. It is currently under construction and when completed later this year, will create up to 11,233 MW and will be the second largest hydroelectric dam complex in Brazil. JAPAN The 2011 Fukushima nuclear disaster shocked the world, prompting many countries to think twice about the importance of safe and clean energy, not least of all Japan. Since 2010, nuclear output has fallen by an astounding 95%. In 2012 the Asahi Shimbun newspaper and the prestigious Hitotsubashi University created a survey which found 80% of Japan’s municipal governments were keen to promote renewable energy. The government is responding to this interest and as a result is investing massively into renewable resources. Generous government green energy subsidies have encouraged huge amounts of investment and money into the country. Although they do not yet feature on the top five capacity or generation tables, they are third in the world for investment into renewable power, and second for investment into Solar PV capacity. Also the solar market in Japan is truly is flourishing. According to IHS, a global market research firm, Japan’s market for solar inverters is set to become the largest in the world in 2014, producing approximately £1.33 billion in sales. Inverters convert the power from solar cells into an alternating current which can go straight to the grid or be used at home. Japan has always been famous for its technology, and these latest developments promoting green power are no less innovative. USA Despite all the hydraulic fracturing going on, the US has not overlooked the importance of renewable energy. According to the Federal Energy Regulatory Commissions Office’s Energy Infrastructure Update report, 55.7% of newly installed generating capacity in 2014 was made up of various renewable energies. Whether you include hydropower or not, the US sits second in the Capacity or Generation table and they are number one when it comes to bio power generation and geothermal power. In fact, in July 2014, the US Energy Department announced that they would be investing approximately £18.69 million towards a geothermal project which is estimated to provide 100 GW of power. Geothermal power and heat accounts for a total global capacity of around 12 GW. Although this is not as large as the amount of power solar, wind, or hydro produces, governments are still eager to invest and pursue new technologies to improve the efficiency of the process. CHINA China consistently tops tables in investment, capacity and generation, as well as energy use and greenhouse gas emissions. As it is such a large country, it is inevitable that they are going to need a lot of energy. Although the smog choked cities of Beijing and Shanghai do not paint an environmentally conscious picture, they are a strong motivation for change and the green sector is growing rapidly. Additionally, China’s reputation as the global production capital has not been quelled by the green movement, as they are currently the world’s number one for the manufacturing of solar panels and wind turbines. Unlike many other countries which pledge or promise to make drastic changes in the future to cut emissions, it looks like China is on track for running at 20% renewable power by 2020. Recent measures mean they should achieve 100 GW of wind energy capacity by the end of 2015 and their targets for a solar power capacity of 35 GW, also in 2015, are easily achievable given that 13 GW was added in 2013 alone. GERMANY Germany is the main superpower strongly taking on fossil fuels. Also prompted by the Fukushima disaster, in 2011 it was announced that its 17 nuclear power plants were to be closed by 2022. Despite the high cost of

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Hydroelectric power station

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closing the facilities, many Germans are very much in favour of them being shut down as they strive towards a future powered by renewable energy. Renewable energy, though costly, has taken nuclear’s place. In the first quarter of 2014, renewable energy produced 27% of the country’s electricity demand, beating the 23% nuclear power used to produce. The government has high ambitions to be using 80% renewable energy in 2050. To achieve this, they have already installed a record amount of Solar Photovoltaics (PV) and by the end of 2013 were the world leaders in this market. Solar panels are many people’s first thought when it comes to green power, and consequently are one of the most popular forms of renewable energy having had a record year in 2013 and are now producing over 139GW globally. Production costs are falling, unit prices are stabilising and the efficiency of solar cells are increasing, meaning that the solar PV market is growing in popularity all around the world. What is clear to see is that most countries recognise the importance of renewable energy. Goals and predictions, investments and technologies are different around the world, but ultimately the dependence on fossil fuels needs to stop. Unfortunately, despite many investments into renewable power, global consumption of fossil fuels rose more rapidly than production in 2013, primarily in China and followed by the USA. Although, on a more positive note, the EU and Japan saw some of their lowest levels of consumption since 1995 and 1993 respectively. Oil is still the most popular fuel, although it continued to lose its market share for the fourteenth year on the run to only 32.9%. Through fracking, the US weakened crude oil prices in the beginning of 2013, only to see it even out later on. Natural gas prices also dropped globally in 2013 for the first time since 2010, except in North America and the UK. Usage of coal rose by 3%, although this is below the 3.9% average growth over the last decade, and its share in global consumption reached 30.1%, the highest since 1970. No one can truly put a date on when we will ‘run out’ of fossil fuels. Some estimate it will be within the 21st century, others say we have centuries’ worth of reserves. Ultimately the earth has such a vast amount of natural resources that no one knows how much left there is to explore. Does running out mean literally stripping the earth of every piece of coal or millilitre of oil? Or will we get to a point where the extraction of fossil fuels becomes so difficult that more energy is used to locate and refine them than we would receive? So what does this all mean? The media can paint a bleak picture of black-outs, nations feuding over oil, nuclear wastelands and ruined countrysides thanks to those ugly wind farms, but ultimately the future of energy is impossible to predict. Renewables are increasing by approximately 4% every year according to Forbes, and by 2018 the world’s energy will stand at almost 25% renewable power. How nations proceed over the next few years could be crucial to the future of energy. Committing to renewables and moving away from fossil fuels can only benefit the environment, even if it isn’t the cheapest or most immediate option. Solutions like fracking could work to the UK’s advantage if it is done properly, giving us a boost in money, energy, and independence. Or it could leave us with ruined landscapes and no more options in twenty five years. But whilst it is easy to blame the government for not investing enough, ultimately it comes down to the people. Energy may seem like an abstract concept discussed by politicians and environmentalists, but if everyone made the decision to be just a little greener we could concentrate on saving, rather than spending, energy.

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Solar power station

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WORLD’S MOST EXPENSIVE CITIES Looking for a high standard of living? Words : Grace Price-Salisbury | View : Bucchi Francesco

If you thought the likes of London were expensive, then think again. The English capital doesn’t even make the top 10 in the Economist Intelligence Unit’s 2014 Worldwide Cost of Living Index. Looking at over 130 cities and basing its findings on more than 400 different price indicators, the survey found that Singapore is this year’s most expensive city in the world to live, overcoming last year’s winner Tokyo, who interestingly has moved down to 8th in the rankings in this year’s list.

2. Paris, France Nicknamed ‘the city of lights’, Paris is one of France’s busiest resorts for tourism and living. Romanticised endlessly for its Eiffel Tower, ambient restaurants and eclectic art scene, once you take a trip to this vibrant city you won’t want to leave! Considered one of the fashion capitals of the world, if you’re looking for a cultural lifestyle there are plenty of things to enjoy.

In ascending order, here are the ten most costly cities of 2014: However, expect to pay £4 for a cappuccino in an expat neighbourhood, £9 for a cocktail, and £8 for a bottle of table wine from a supermarket. Rent in the famous City of Love will cost you about £900 for a one-bed in the As a country that is basically just one giant city, Singapore was listed as the city centre. The housing crisis means converted storage cupboards, most expensive city in the world by the Economist Intelligence Unit’s 2014 garages, and chambres de bonne (maid’s rooms) are being rented illegally as cheap accommodation. Everyday expenses like groceries, utilities, and Cost of Living Index. However, those figures only reflect the cost of living for expats, not local residents, who make up 75% of Singapore’s economy. rent are very high in cost, although vices like alcohol and tobacco are A brand new Volkswagen Golf will cost over £75,000...but only expats own pretty cheap compared to other European cities. cars, due to the high cost of gas, taxes, and road fees. Singapore recently 3. Oslo, Norway set a minimum monthly wage of £475 for cleaners, and a monthly transit pass is £45. If you’re visiting and not living there though, Singapore can be pretty inexpensive, although not as cheap as its neighbouring countries. A When a Big Mac meal costs almost £10 and two tickets to the cinema hostel would cost you about £10, street food costs £2-£5, and even a beer are over £20, you might think Oslo is the most expensive place to live on Earth...and you’d be right. However, a McDonald’s employee makes is pretty cheap in the grand scheme of things, at £8 in a pub or £2.30 in a between £10-£15 an hour, and salaried workers make an average monthly supermarket. wage of £2,900. In addition, Norwegians pay one of the highest income 1. Singapore, South-East Asia

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Paris, France

taxes in the world, but any tax-paying resident (citizen or not) has access to free healthcare and university education. Not a bad deal, even if gas is £7.50 a gallon. However, if you’re a fan of modern city living combined with the great outdoors, Oslo will suit your needs perfectly. Being the capital of Norway, it’s only natural that Oslo has many things for tourists and native residents to experience. For the arty types, there is Vigelandsparken Sculpture Park; for active people who want to try their hand at snowboarding, there is the Tryvann Winter Park; and for those looking for a little bit of heritage, there is the Akershus Fortress. Norway boasts a plethora of natural beauty and not only is it an ideal winter vacation, but it is also great if you want to look into renting or buying a property here. That being said, Norwegian properties are notoriously expensive due to their sought after locations and high energy prices, so it’s essential that you have a rough idea of what you’re looking for. 4. Zurich, Switzerland Zurich is notorious for its high costs, high salaries and even higher buying power which, when combined, ensure a fantastic quality of life. Zurich is the largest city in Switzerland, with a population of over 380,500. People are attracted to its cleanliness, abundance of things to do and good international rail links. Additionally, its property market is constantly developing which is another reason why living in Zurich is expensive but at

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the same time appealing. In some ways it seems almost impossible in the world of cheap Chinese electronics that a brand-name microwave in Zurich will cost you around £200. A beer in a pub costs about £4.50, while a mixed drink cocktail will set you back a hefty £11. If alcohol isn’t your style, a cappuccino costs £3.50 (no report on whether that’s a large or a small). However, with take-home pay of almost £3,400 per month for a salaried worker, it turns out Switzerland is mostly just expensive to visit—budget travellers can expect to spend a minimum of £50-70 a day, and that’s staying in a campsite, hostel or self-catering accommodation, in addition to hitchhiking instead of taking taxis or trains. 5. Sydney, Australia Sydney holds just under 20% of the total population of Australia. It is considered a popular but costly city for leisure and tourism, and as a result has been voted Australia’s most expensive city. Whether you’re into art and culture, sports, animals or good old fashioned retail therapy, Sydney has it all! A truly fantastic place to live, the properties available in Sydney shouldn’t go unmentioned as they are spacious, with outstanding views. Although Sydney is a vibrant, bustling metropolis with tons to see and do, paying £2 for an avocado, £10 for a cinema ticket, and up to £15 for a pack of cigarettes (thanks in large part to high taxes) can make you wonder if

Sydney, Australia

it’s even worth it. That being said, basic retail jobs average about £14.50 an hour, and a typical annual income is around £28,000. The Australian dollar is also not very strong and has a tendency to plummet, which makes visiting as a foreigner great, but less appealing for the residents of Sydney, generally referred to as Sydneysiders. 6. Caracas, Venezuela The overall cost of living in the Venezuelan city of Caracas is not for the faint-hearted. There are pros and cons to living in every city, but it can certainly be said that the pros definitely outweigh the cons in Caracas. Famous for its modern cityscapes and exotic climates, Caracas is one of the most impressive places to visit in the Caribbean. And so it goes without saying that property prices are higher than average. Despite having suffered major damage from earthquakes in the past, the properties remain breath-taking. With swimming pools, spacious rooms and a mixture of the modern and the traditional, it’s worth buying a holiday home in Caracas for an authentic taste of Caribbean living (if you can afford it, that is). 7. Switzerland, Geneva Geneva is Switzerland’s second largest city, and what makes it so special is that it is extremely rich in history. Boasting natural beauty united with historic architecture, Geneva is well known for attracting a large number of

tourists every year. This beautiful city is the perfect holiday destination for those seeking delicious cuisine, magnificent buildings and distinctive scenery. However, a tube of toothpaste in Geneva will set you back £4 (no news on whether that’s Colgate or a fancy organic brand), and buying a small house could easily cost you over a million pounds. While all the countries around it adopted the Euro, Switzerland bowed out, making its currency (the Swiss franc) very strong compared to members of the EU. While dinner for two might cost you over £50, the ingredients are high quality and well regulated. 8. Melbourne, Australia In 8th place is Australia’s second-largest city, Melbourne. One thing this city is never short of is sunshine. Famous for its hot temperatures and friendly locals, it’s easy to become part of the Australian community, so long as you are enthusiastic about sports and wildlife. Melbourne is home to a number of major cultural and sporting events like horse racing, cricket and football, which attracts tourists every year. Melbourne has gone down two places in the Worldwide Cost of Living Survey from last year, but Australia on the whole is still considered to be an expensive place to live, having not one but two of its prime cities in the list this year. Research has indicated that in Melbourne, a 750ml bottle of table wine will on average cost over £13.50, and a packet of 20 branded cigarettes will cost £9.30. Although the latter figure doesn’t sound unreasonable, it is above and beyond higher than the Index’s average of £6.18. Furthermore, leisure activities in Melbourne can Castlefield, UK www.globalpropertyscene.com |

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Tokyo, Japan

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Copenhagen, Denmark

also prove to be costly, with a three-course dinner for two known to cost in the region of £180, and a trip to the cinema costing in excess of £10 per person. It has been said that the cost of living in Melbourne is now almost 50% higher than in New York, a city synonymous for its costly living.

being more expensive than back home are restaurants (small portions mean you pay more to eat a lot), fruit (which are considered luxury items), school fees, cinema tickets, alcohol (almost twice the cost as in the UK and four times what it costs in Germany), and skin care products. Generally, for most of these things, the extra cost means higher quality, and a beer in the supermarket is only £1.50, compared to a cocktail in a downtown club, which would cost about £6. Overwhelmingly, imported “foreign” food—like pizza—is very expensive compared to local street vendors, so expecting to eat the food from home at similar prices will leave you disappointed.

However, it’s not all bad news for the residents of Melbourne, as the city has recently been accredited with the title of the world’s most liveable city, according to the Economist Intelligence Unit’s Global Liveability Ranking. Melbourne has earned a 100% rating for its healthcare, education, and infrastructure, and above 95% ratings for stability and culture & environment, earning this incredible city an equally incredible overall rating 10. Copenhagen, Denmark of 97.5% for its liveability. This means that, whilst Melbourne has proved to be a great place to live, it also comes at a high price. A meal for two in a nice restaurant with coffee and dessert might cost almost £100, but the Danish capital is most famous for Smørrebrøds, or open-faced sandwiches (mostly herring), which can cost as little as £5 for 9. Tokyo, Japan giant portions. Similarly to other Scandinavian countries, the high cost of Tokyo is an overwhelming place to visit, and to live here would be a brave living is made up for by high wages, excellent social services (including decision - but a great decision too! There are endless weird and wonderful free healthcare), and cheerful happy Danes everywhere you look. activities to keep you entertained in Tokyo, from soaring lit-up skyscrapers However, expats and students who don’t speak Danish can find getting and over-sized shopping arcades to extravagant bars and restaurants to a job very difficult, so expecting to make your average £850 rent on your explore. Tokyo really is a place that never sleeps! one-bedroom apartment on savings alone could prove challenging. If you’re just visiting, same rules apply as any other expensive country: stay in hostels, self-cater, and try not to go out drinking too often. While Tokyo is often seen as being a very expensive city for foreign visitors, some things are more expensive depending on where you’re coming from and what you are used to. The six things foreigners see as

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WELCOME TO THE UAE The United Arab Emirates; more than just Dubai and Abu Dhabi Words : Samantha Jones | View : Rus S

If you were to take a straw poll, how many people do you think could name all seven of the states that comprise the United Arab Emirates (UAE)? In fact, how many people are actually aware that the UAE is a country in its own right, and not just the collective name for Abu Dhabi and Dubai? Established on 2nd December 1971 in anticipation of the end of British rule, the sheikhdoms of Dubai, Abu Dhabi, Ajman, Fujairah, Sharjah and Umm al-Quwain entered into a union called the United Arab Emirates (with Ras al-Khaimah joining slightly later in 1972), effectively creating a new, more powerful Middle Eastern country, providing each Emirate with a form of protection after the departure of the British. As each state was already governed by a hereditary Emir, it was decided that they would jointly sit on a Federal Supreme Council, ruling the country together under an elected president – currently the ruler of Abu Dhabi, Sheikh Khalifa bin Zayed Al Nahyan. Boasting the second largest economy in the Arab world, the UAE attracts rich amounts of investment and is a powerful player on the global stage. Yet much of this growth can be attributed to only two of the seven emirates: namely Abu Dhabi and Dubai. In real terms, these two states are far ahead of their northern counterparts; immense oil wealth in Abu Dhabi and a trade and tourism industry to rival any European country in Dubai have set these two apart for the past couple of decades – but things look set to change.

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Accounting for only an estimated 13% of the UAE’s economy, and just a third of its population, the five northern emirates have a long way to go before they attain anywhere near the same level of wealth or global notoriety as Dubai and Abu Dhabi. Aware of this gulf, in 2005 President Sheikh Khalifa donated Dh16 billion to be used for improvement works in the five states, with a view to expanding both their infrastructure and profiles. This donation was later turned into a government initiative, with a comprehensive plan and approved budget for works. To date, over Dh7 billion has been allocated across the five emirates, resulting in the completion of more than 24 ports, hospitals, schools, 2,000+ houses and numerous highway infrastructure projects, which are steadily bringing Ajman, Fujairah, Sharjah, Ras al-Khaimah and Umm al-Quwain in line with their southern counterparts. Always on the lookout for the next investment opportunity, Global Property Scene takes a closer look at the ‘other’ emirates and asks the question: Which will be the new shining light in the UAE’s crown? - Ajman - Population: 361,160 - Emir: Saud bin Rashid Al Mu’alla The smallest of the seven emirates by area ( just 260sq km), Ajman is located along the Persian Gulf and has a population of just over 360,000

Burj Al Arab, Dubai

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people, 95% of which live in the city of Ajman. After witnessing the successful rise of Dubai’s property market, Ajman was the second emirate to offer foreign investors the opportunity to hold full freehold title on a property. It is also the only emirate to offer fully transparent, 100% freehold titles to investors of any nationality, which has proven extremely popular amongst the international community, prompting the government to implement numerous development projects that will both enhance the value of both the property market, and encourage inward investment in all sectors. Whilst many earlier projects like ‘Emirates City’ were never started after the 2008 crash, Ajman has now committed to allocating 40 per cent of its 2014 budget towards work on new developments, in addition to economic and social projects, that aim to boost tourism in the emirate and contribute towards the overall aim of improving its infrastructure.

due to the global crash and, as a result, has been on hold ever since. Almost a decade since the first plans were laid out, tenders have finally started to be submitted and it looks like work is to begin. Expected to initially hold one million passengers and a minimum of 400,000 tonnes of cargo, the airport is anticipated to open in Q1 2015 and will open up Ajman to increased trade and tourism, particularly from the other emirates. Sea > The director of the Ajman Municipality and Planning Directorate has recently announced that the Ajman Marina project is nearing completion. Estimated to have cost in the region of Dh100 million, the Marina comprises jogging, walking, cycling and skating tracks, in addition to restaurants, cafes and recreational areas. - Fujairah

Land

- Population: 152,000

> Completed in 2013, the Dh300 million Al Hamidiya intersection is the largest and busiest in Ajman, helping to relieve congestion on the emirate’s busiest roads.

- Emir: Sheikh Hamad bin Mohammed Al Sharqi

Almost completely mountainous, Fujairah’s coastline lies solely on the Gulf of Oman and is recognised as a large-scale shipping port. With a slightly > In 2007, a state-of-the-art sewage plant was completed, which at the time more temperate climate than the other emirates due to the was regarded as the largest project ever undertaken in Ajman. higher-than-average rainfall each year, Fujairah has a thriving tourism industry based around its clean beaches and numerous water sports Comprising 22 pumping stations and a water treatment facility, the plan centres. utilises a network of pipes that extends over 275 kilometres, connecting more than 127,000 houses to the facility. Because the federal government owns the majority of the businesses in Air the emirate and therefore employs most of the local workforce, there are very few privately-owned businesses operating in Fujairah. Whilst > The long-awaited Ajman International Airport finally looks to be foreigners are prohibited from owning more than 49% of a business in the underway. Construction began in 2008, but stalled almost immediately

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Business Bay, Dubai

majority of the emirate, this is not the case in the designated free zones, where full foreign ownership is allowed.

- Ras al-Khaimah - Population: 263,217

Land - Emir: Saud bin Saqr al Qasimi > The 370km Habshanâ&#x20AC;&#x201C;Fujairah oil pipeline was completed in 2011, allowing the daily transportation of up to 1.5 million barrels of crude oil from Abu Dhabi, through Sharja and Ras al-Khaimah, to Fujairah, bypassing the Hormuz Strait and off-setting the countryâ&#x20AC;&#x2122;s reliance on Persian Gulf oil terminals.

Air

A 45-minute drive from Dubai, Ras al-Khaimah (RAK) is slowly closing the gap between itself and its southern counterparts. Often seen as a cheaper option to investing in Dubai, the market started to change with the arrival of Al Hamra Village, a 77million sqft residential and leisure development that offers freehold ownership to all nationalities. Whilst hit just as hard as Dubai by the economic crisis, RAK learnt from the experience, putting measures into place that have both regulated the market and protected investors. For example, the establishment of the RAK Real Estate Regulatory Agency in 2008 provides an extra layer of protection for buyers, as developers are now legally required to open an escrow account in which to hold the funds.

> May 2014 saw an agreement signed between Fujairah Airport and Abu Dhabi Airports for a development master plan that will see the expansion of the Airport in Fujairah, which at present can handle up to two million passengers annually.

The RAK government has also committed to provide funding for infrastructure projects in the emirate. To date, Dh1.84billion has been invested in tourism projects alone, in addition to a Dh5.7 billion investment in its water and electricity infrastructure.

Sea

Land

> The only multi-purpose port on the Eastern seaboard and the second largest bunkering port in the world, the Port of Fujairah opened in 1978 and offers a wide range of services including general and bulk cargo (including oil), port facilities for small craft and container activity. Built to anchor up to 100 vessels at any one time, the port is currently in the midst of yet another expansion project, which will see the first crude oil tanks in the Middle East for independent storage purposes.

> Previously, the only specialist hospitals in the UAE were located in Dubai and Abu Dhabi, meaning that residents of the other five emirates had to travel for miles to receive life-saving treatment. Ever-open to the needs of its citizens, in 2014, the Fujairah government, funded by a grant from the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, opened the brand new Sheikh Khalifa Specialist Hospital (SKSH). One of the largest specialist hospitals in the Middle East, it is equipped with the latest technology and provides medical services for cancer, cardiology and

> Since it opened in 2011, the 45km Fujairah-Dubai Sheikh Khalifa Highway has cut journey times between the emirates from 90 minutes to 50, having a huge impact on both business and family life, and effectively opening up a direct route from the east of the country to the west.

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chronic diseases, in addition to treating trauma patients, instead of having to airlift them to Abu Dhabi or Dubai.

levels throughout. Sea

> There also is currently an $822 million plan to improve RAK’s road infrastructure. The Ras al-Khaimah ring road is due to be completed in 2020 and is an extension of the Emirates highway. > Additional plans include the upgrading of the entire sewage network by 2015.

> The only emirate to have ports on two coast lines, Sharjah has three ports in total (all deep water), with each port benefitting from extensive investment over the past decade to ensure that its Maritime facilities anticipate future demand. - Umm al-Quwain

Air - Population: 72,000 > On 17 February 2006, Space Adventures announced its plans to develop a $265 million commercial spaceport in Ras al-Khaimah for space tourism. Whilst the initial response to the news was positive, indeed it was backed by the UAE Department of Civilian Aviation and His Highness Sheikh Saud Bin Saqr Al Qasimi; however, there have been no reports since as to the status of the project. Sea

- Emir: Saud bin Rashid Al Mu’alla The least populous of the seven emirates, Umm al-Quwain (UAQ) covers an area of approximately 800 square kilometres and lies solely on the Persian Gulf. Their economy relies heavily on the fishing industry, in addition to date farming, and is famous in bird watching circles for having the third largest Socotra Cormorant colony on the planet.

> Saqr Port is the Middle East’s largest bulk-handling facility for aggregates, Land bulk cargoes, oils and cereals. Committed to continually investing in its > In 2013, UAQ finally saw the opening of the Dh750 million Sheikh Khalifa facilities, the port has recently achieved certification for its commitment to General Hospital, offering world class medical services to the people of the environmental management. Northern Emirates. The 49,000 sqm site will offer paediatrics, > Al Marjan Island is RAK’s first man-made island project, consisting of four gynaecology, radiology, emergency services, dialysis, dermatology, urology islands that are host to numerous high-end restaurants, hotels, water parks and a blood bank, in addition to having one of the best CT scanners in the world. Plans are also underway to build a new dental practice next to the and beaches. hospital, to cope with the growing number of patients in the emirate. - Sharjah > Whilst there are no public buses in UAQ (the most common way to get around is by taxi), The Ministry of Public Works has undertaken a number of - Population: 946,000 road improvements in recent years, including a connecting road between Shaikh Ahmed bin Rashid Al Mualla Road and Union Road, in addition to a - Emir: Sheik Dr Sultan bin Mohamed Al-Qasimi complete renovation of the Shaikh Ahmed Road, and the construction of two new roads in the Falaj Al Mualla area. The only emirate where alcohol is banned, Sharjah is also one of the only emirates to actually complete the majority of the infrastructure projects it > High quality drinking water is now available to all residents of Umm Al set out to achieve. Quwain, thanks to a Dh126 million investment in new pipes, which have the Furthermore, it is home to the Gulf’s first low-cost carrier, Air Arabia, which capacity to carry 18 million gallons of water per day. added eight new destinations in 2014 and has been credited towards the Air increased passenger numbers at Sharjah International Airport. Land A 40 sqm project, Al Qasba is Sharjah’s leading tourism destination, featuring a 1 km-long man-made canal, and a 60m high observation wheel –the Eye of the Emirates. Designed to be completely unique in its architecture, Al Qasba is comprised of a myriad of pedestrian bridges, canals and boats, all of which allow visitors access to the Al Khan and Khalid lagoons. > The Al Majaz Waterfront was completed in December 2011 after a complete redevelopment. The new park, located between Jamal Abdul Nasser Street and Khalid Lagoon Corniche, covers an area of three km2 for recreation, including six new buildings with restaurants and a 100m tall water fountain. > Whilst not set to be completed until 2025, the Heart of Sharjah is a cultural heritage site that is already attracting thousands of visitors annually. The first five phases are underway and will become home to a boutique hotel, retail shops, art galleries, markets and much more. > A $65million project to reduce the flooding protection around the National Paints Roundabout has finally been completed, ending years of congestion on one of the busiest routes in the emirate. Air > Although Abu Dhabi and Dubai are both investing heavily in their airports, Sharjah is convinced that its 2030 master plan, which is looking to be completed ahead of schedule, will attract new airlines due to its expansion. In a move not common in the rest of the emirates, Sharjah will review its expansion every five years until 2030 and assess the growth at each stage. This measured response will ensure that budgets are not overstretched and that the airport will be able to maintain performance

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> There are no plans as yet to develop an airport in Umm Al Quwain, meaning that residents have to travel to neighbouring Sharjah approx. 34km away, or Dubai International Airport which is 66km away. Sea > Work started on the Dh30 million Al Naqqa port in 2013, preserving UAQ’s fishing industry and restoring the 35-year old Marina that was on the verge of collapse. The 300-berth port (which has the capacity to increase to 400 berths) also has 20 allocated spaces for elderly fishermen, who wish to continue with their trade. UAE Vision 2021 To celebrate the golden jubilee of the union, the United Arab Emirates have implemented a 2021 Vision to be among the best countries in the world. H.H. Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai launched the vision in 2010, after identifying the need for a unified approach for both the private and public sectors in order for them to receive sustainable development. Whilst this vision is clearly being implemented, with major infrastructure plans underway throughout the country, there continues to be a sizable gulf between the northern emirates and their more modern counterparts Dubai and Abu Dhabi. Determined to press forward with the 2021 Vision and bridge this economic gap, Dr Abdullah Belhaif Al Nuaimi, Minister of Public Works is quoted as saying “Each emirate has different needs, but it would be fair to say that by 2021, their basic requirements will be fulfilled and their infrastructure will be advanced to the extent that we can build on it”.

Burj Kalifa, Dubai

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INTERVIEW WITH KNIGHT FRANK Words : Samantha Jones | View : Sanchai Kumar Name: Greg Lewis Title: Senior Sales Negotiator, UAE Residential Based in: Dubai

Name: Jon Mcgloin Title: Dubai Commercial Leasing Manager Based in: Dubai

Name: Matt Dadd Title: Real Estate Director, Knight Frank UAE Based in: Dubai

A leading independent real estate consultancy, Knight Frank offers the highest standard of property advisory services on residential and commercial property across the globe. In our UAE feature, GPS talks to three specialists who can give us a unique insight into the current state of the Abu Dhabi and Dubai property markets, in addition to their predictions for the future and a glimpse of upcoming stand-out projects in the region.

Regis Hotel and Park Hyatt hotel, not to mention numerous golf and beach clubs.

Dubai and Abu Dhabi are arguably the most successful and most recognised of the seven UAE Emirates; can you give us an insight into the driving force behind this growth and what made these two regions dominant forces in the global property markets?

Greg> I think that arguably one of the strongest reasons for the growth of Abu Dhabi and Dubai is their accessibility to the Western world. Dubai is now a common stop-over on most long-haul flights and the tourism trade has boomed in recent years, particularly as it has become known as a holiday destination in the cooler months for visitors from Russia, Asia and Europe.

Matt> The State of Abu Dhabi owns c.90% of the Emirates’ natural resources and in 2006 launched the ‘Abu Dhabi Economic Vision 2030’, with the intent to expand and diversify their economy away from oil and gas, allowing the government to spend heavily on infrastructure projects (investment into education is particularly popular) which satisfy the international market and lessens the Emirate’s dependence on its natural reserves. The vision of Abu Dhabi becoming a more global destination is exemplified by Saadiyat Island, a flagship development that encompasses a wide range of education and leisure projects, such as the New York University and the English Cranleigh School campuses, in addition to a St.

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The utilisation of the revenue it has made from the oil fields is enabling Abu Dhabi to play a slow and steady game, as their economy is no longer reliant on a finite source.

Jon> Similar to Abu Dhabi, Dubai made a conscious decision to move its GDP away from oil, in the main by relaxing the barriers to entry, which has allowed numerous Fortune 500 companies to base themselves in the Emirate, in addition to the establishment of numerous free zones where business start-ups are encouraged. Dubai is also more liberal to Western eyes; which allows for more direct foreign investment into the company. The global crisis hit the Dubai market particularly hard – has it fully recovered and what levels are property prices currently at, compared with those in Europe and Asia?

Sheikh Zayed Road

Greg> The Dubai residential market dropped by 60% during the recession, but has since risen to almost pre-crash levels - with a 29-30% rise recorded last year, making it one of the fastest growing markets in the world. The current mortgage caps however mean that expats can now only borrow 75% below a value of 5million dirhams, and 60% above 5million dirhams. Transfer costs (the equivalent of stamp duty) have also doubled to 4%, which has impacted on the number of properties purchased.

Matt> Abu Dhabi was hit as hard as the rest of the world, but due to its strong level of cash reserves, was able to weather the storm better than most, particularly as the government took the time to take stock of what they were building, and switch their focus on spending more prudently on what mattered most to its people and the economy.

During the recession, capital slowed right down. Fast-forward to the present day, and returns are starting to climb back up, but prices are nowhere near those seen back in 2007, with rises of only 1% recorded by Knight Frank in this quarter.

Greg> When the new cooling measures came in 8-9 months ago to stop investors ‘flipping’ properties and inflating local prices, the market definitely changed. The expectation that Dubai is an easy money maker is no longer there, and we are seeing investors coming in who are looking for much longer-term gains, which may have slowed the prime residential market down initially, but is now allowing for a more steady flow.

When comparing the value of the Dubai market to the rest of the world, it actually ranks very favourably in regards to value for money (London Kensiongton Palace £8,500psft, Hong Kong Deep Water Bay Road £8,200psft, New York Central Park West £8,100psft and Dubai Palm Jumeirah £820psft). Since the market opened up to overseas buyers, we have seen a huge increase in the number of Russian buyers choosing the Dubai market over the more ‘traditional’ investment destinations of London and New York, as they are simply too expensive. Was the market in Abu Dhabi similarly affected?

All prices have been converted from local currencies and are correct at the time of print

Prime residential real estate has always been a focus for the Dubai market, particularly amongst foreign investors, is this still the case?

What is the landscape of the Prime Residential Market in Abu Dhabi? Matt> The prime residential market in Abu Dhabi has only really emerged over the past 4-5 years. Popular locations for expats include Saadiyat Island and Al Raha Beach, although the residential market is still heavily driven by local Emiratis as we just don’t see the volume of international investors that Dubai has. This could mainly be due to the fact that foreigners cannot buy land freehold in Abu Dhabi, even in investment

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zones, which may potentially deter some investors. Where are the prime locations to invest in residential property in Dubai/Abu Dhabi? Greg> In Dubai: Palm Jumeirah, Downtown and Emirates Hills all command a high premium, and all move within half a percent of each other. Business Bay is also a popular destination, as it is right besides Downtown, and people are not paying premium rates, due to the majority of buildings that were abandoned after the recession and consequently, now need filling.

government-backed, which is reflected in the type of developments being built. The expatriate community in both states is thriving – does this have an impact on property prices and if so how? Greg> Emiratis make up less than 10% of the population of Dubai; in theory, the expats are creating the demand, they drive the prices up due to volume, but then also push rents up – so in essence are creating a mini economy within the larger property market.

Jon> From a commercial perspective, you are restricted as there has not been a huge surge in land transactions over the past couple of years. However, Downtown will always have traction as there is demand in that area. Investors also tend to gravitate to that area due to the freehold nature of investment assets.

Matt> Dubai has more of an international demographic and is therefore more westernised than Abu Dhabi, which is a smaller market (in terms of the volume of stock and investment flows), but which now has a prime residential market, which is attracting more investment. Abu Dhabi traditionally didn’t have the infrastructure – e.g not enough schools. which affected the expatriate market and therefore the investors. This is slowly changing, but due to the restrictions on freehold title, the state will, for the foreseeable future, have more of a local Emirati market than expat.

Matt> Abu Dhabi is driven by the local investor; foreign investment is coming in, but in smaller quantities and the main developers are generally

Where are Emiratis looking to buy when investing in property outside of the UAE?

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The Grand Mosque, Abu Dhabi

Jon> Commercially speaking, Emiratis will specifically look to invest in London, but of late they have started looking to UK regions like Manchester and Birmingham, where there is less institutional demand, meaning that access to developments is not as restrictive. The British market is also very accessible for Emiratis; they understand the market, and the time difference means that there is only a 3 hour gap between business hours. The due diligence carried out when buying commercial property is extensive, so being able to stay in touch constantly is important. The physical process of buying property is also more agreeable and comfortable for investors from the Middle East, not to mention the cooler temperatures, culture and lifestyle on offer, which ensures the UK is always viewed as a good investment opportunity. Matt> There is a lot of wealth in Abu Dhabi, with many investors looking to the UK, and specifically towards Manchester, due to the city’s links through Manchester City Football Club and the extended routes of Etihad Airways. Dubai is perhaps most famous for its ambitious construction projects, namely the Burj Khalifa and the Palm Islands. What are the Emirate’s plans for further projects? Is everything going to be bigger and better than before?

All prices have been converted from local currencies and are correct at the time of print

Jon> Contracts are being awarded again, cranes are going up and there is something being constructed in every free zone. When the recession hit, 700,000sqft of construction projects were put on hold, which are now being put up. In terms of flagship developments, the first phase of the Dubai world trade centre is being released in 2015 and there are plans to build a replica of the London Eye – but twice as big! There is also a lot more speculative building happening again, which is a sure sign that the economy is improving. There is enthusiasm again in the industry, from the developers through to the buyers. Dubai still wants to lead the world with engineering masterpieces, but is a lot more mature now in wanting ideas to be more palpable. Dubai still has ambition, but has learned from its mistakes. From a commercial perspective, theme parks are shooting up, which will improve tourism and have a positive impact on the hotel industry. Norway Island for example (part of The World project), will have live animals walking round and snow – an ambitious project and a sure sign that confidence has returned to the market. Greg> The Dubai Expo 2020 has also created a lot of confidence in the

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market. Their marketing campaign to achieve this has been fantastic. Winning this has given more comfort to buyers, developers and investors, and was a massive driving force for price rises last year. What are your predictions for the Dubai/Abu Dhabi market over the next 5-10 years? Greg> One of the main differences we are seeing are the different sorts of buyer in the market. Historically, Dubai was a destination for cash buyers that wanted to make a quick return on their investment. Today, people seem to want a more tangible product and are looking to make a return over a longer period of time. We are also seeing more diversity in the nationality of the buyers; Russia, Britain, Chinese and Indian investors are much more prolific, and are all capable of generating finance in different ways. Jon> There is a large amount of positivity in the commercial market at the moment. GDP is improving, and the whole of Dubai is looking towards Expo 2020 as focus point for future growth. In the commercial markets particularly, occupiers are committing to the region for longer terms, which in turn breeds inherent value. When companies are looking at longer leases etc., it implies much more trust in the market and I would predict

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that we will potentially see 5% growth in rents. Greg> The residential market is currently performing well; however you canâ&#x20AC;&#x2122;t predict more than 12 months ahead at the moment as there is still too much uncertainty. I would say that if the markets continue at the same rate, then even if it drops off a bit, confidence will still be high in the UAE. One of the main reasons for the stabilisation of the Dubai market is the cooling measures that were introduced by the government this year. To date, we have recorded 28-30% less transactions this year compared to last, which can be attributed directly to the new mortgage caps and the doubling of the transfer fee to 4%. Jon> There are numerous commercial and mixed-use developments coming on-line in Abu Dhabi. The expansion of routes into Midfield Airfield is encouraging tourism, in addition to a large amount of spending on infrastructure, including education, hospitals and healthcare. For example, the Cleveland clinic now offers world class medical care, which will stop medical tourism to Europe and the US, attracting much more inward investment. There is also a new commercial and mixed-use developments coming on

Coastline, Dubai

called Sowwah Square, which is the new financial district of Abu Dhabi, adding a luxury element to the area. There is also the Khalifa Super port to look out for, which is already operational, but has more elements to be added, and which will allow an increased amount of trade into the country. Matt> I think that the market will improve in 5-10 years because of the Emirate’s growth and development. It is looking to expand its airport terminals and build on the success of projects like Yas Island, currently home to a brand new Formula 1 race track and marina, Ferrari World Theme Park and Yas Waterpark, the island is a part of the government’s strategy for diversifying GDP away from natural resources. Abu Dhabi traditionally does not do big, brash mega-projects, instead investing in more slow and solidated growth. The cultural distract on Saadiyat Island is one of the main areas of growth at the moment, the District Mall being the main one; it’s a futuristic project which will put Abu Dhabi on the map in regards to retail attractions, which has traditionally been focussed on Dubai.

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HOW TO SETUP BUSINESS IN THE UAE Words : Hannah Wilde | View : Standa

Joe is the founder and first CEO of the British Centres for Business (BCB), joining the initiative in December 2013. He is responsible for developing & delivering the project in both Dubai and Abu Dhabi, working in collaboration and the British Business Groups (BBGs) UKTI and local governments in both cities. In your opinion, how easy is it for a company to establish themselves in the United Arab Emirates? This a difficult question, as there are many nuances and potential pitfalls to consider. There are lots of different options and ways of going about establishing a business in the UAE. If you want to operate on-shore, you need to have a local partner in your business. However, there are free zones in the UAE where this rule does not apply, but the downside to this is that you cannot conduct business within Dubai from a free zone. I would advise any UK company to speak to a lawyer early on in order to establish the specifications and exact requirements of your business. So is it pivotal to do a lot of preparation and research before you set up in the UAE? Yes, certainly. The UAE has a good market, but it is extremely competitive. British companies setting up in the UAE can be naĂŻve when establishing themselves here, particularly after the boom years, but as long as the correct research has been undertaken first, then it can be extremely rewarding. Are there different rules and regulations for setting up a business across the different states in the United Arab Emirates?

Each Emirate within the UAE is its own jurisdiction; for example, a trade license for Dubai may not be applicable for trading in Abu Dhabi, so it is simply a matter of gaining an understanding of this from the outset and seeing which intra-emirate regulations you will need to adhere to or apply for. So in terms of legal implications, itâ&#x20AC;&#x2122;s all about your own due diligence first and foremost? Yes, I would say that is certainly the case. In terms of international investment from the UK, is this generally regarded as a positive thing? The sentiment in the UAE is very much pro-international investment; in fact the Government actively supports international investment as a source of income for the country as an essential element to allow the expansion and diversification of the economy, as well as a source of private sector employment for Emirati nationals. Before the economic crash, you could say that a rising tide lifted all the boats, but now in this new post-crash economy, it would be easy to fall into the trap of trying to compete on price, as the largesse of previous years quickly evaporated. However, we would advise UK firms to focus

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on providing a high-quality product or service that will not run the risk of damaging their brand, and at the same time will allow them to compete on their strengths. Britain in particular is still viewed as having extremely high standards, and companies are welcome here if those standards are adhered to. In the current economic climate, are there certain industries in the UAE that are thriving? There are certainly specific sectors that are drawing business. Trade and tourism now make up 8.5% of Dubai’s economy in 2014, according to the World Travel and Tourism Council, but there are numerous industries grouped under this umbrella. For example, tourists help the retail economy and the hotel industry; even taxi drivers benefit from the trade generated by an influx of tourists, and the aviation industry is an obvious cog too. In fact, the aviation sector accounts for a staggering 20—25% of Dubai’s GDP.

British entrepreneurs in the UAE market, but it is hard to quantify, as there are no concrete figures. However, those UK businesses that are currently trading in the UAE are very active and, through the well-established British Business Groups in both Dubai and Abu Dhabi are seen as representatives of the UK private sector and a key part of the positive bi-lateral relationships between the UK and the UAE. How different is the business culture in the United Arab Emirates when compared to the UK business culture? There are certain local cultures that should be acknowledged, like dressing appropriately and respecting Islamic customs. Generally though, the business culture is not drastically different, as you are still dealing with people from all over the world. Although in the UAE specifically, there is a business cycle in terms of decision-making, which is driven by both the climate and the Islamic calendar, featuring religious events like Ramadan. Is there a hierarchical system in the world of Emirati business?

How big is the expatriate business market? We know that there are a lot of UK companies, start-ups, and successful

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Well I wouldn’t compare it to somewhere like, say Asia, with a rigid business structure. In the UAE, you tend to deal with more expatriates

RGB

British Centre for Business The BCB is a new business-to-business professional services company established with the mandate to provide operational support and market entry services in Dubai and Abu Dhabi to British companies. As part of the joint UK Trade and Investment (UKTI)/ British Chambers of Commerce Overseas British Network Initiative, it is responsible for the delivery of the scheme in the UAE.

but, as previously mentioned, you do need to acknowledge local cultural nuances in order to do business with local Emiratis.

for expatriates in all Emirates of the UAE.

What about the economy in the UAE?

So once a business is established, what is the policy for setting up the staffing; are there any specific regulations in place?

Abu Dhabi relies heavily on energy, whereas in Dubai, only 5—10% of its GDP comes from hydrocarbons, so Dubai has had to create a more diversified and sustainable economy. If you set up a business in Dubai, your customers will generally be from the private sector, whereas in Abu Dhabi the market is dominated by the government and government-related entities.

In some sectors, when a foreign firm gets to a certain size, there is an obligation to engage with locals and employ Emiratis to enhance their business. Any company operating in the UAE should consider working with local nationals to familiarise themselves with local markets, which will help with the company’s localisation, which in time will become a positive part of the business’s commercial offer.

As previously mentioned, Dubai welcomes expats into the country, but are there caps in place to limit the number of international businesses operating in the UAE? No, this is not the case; Expatriates can only buy properties in certain areas within the United Arab Emirates, but apart from that there are absolutely no restrictions in place to slow down the country’s inward investment. From a trading perspective, local Emiratis will always have priority in terms of business, but that being said there is still a huge market

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THE ABU DHABI GRAND PRIX Words : Hannah Wilde | View : ZRyzner

This world-famous competition has seen some incredible changes in recent years: Question is what to expect from the coming season?

The Grand Prix is by far the biggest event in the Formula 1 calendar: Over the span of 9 months, from March to November, 22 drivers compete in 60 high-speed races across 20 different locations worldwide. The 2015 Grand Prix is a thrilling mix of old and new, from old classic circuits like Belgium’s famous Spa-Francorchamps, to the debut of the new Russian circuit Sochi International, and many more besides. Taking place over five different continents, the Grand Prix has always been a diverse cultural experience, from the varying track styles to the incredible locations. Adding to the excitement of the biggest motor racing event in the world, no two Formula 1 tracks are the same, making the Grand Prix a thrilling and unmissable global event each and every year. This world-famous competition has seen some incredible changes in recent years: as well as featuring the established and well-known circuits like Silverstone and Spa-Francorchamps, the 2015 Grand Prix has led to the inclusion of some fairly new additions to the race line-up. These new tracks are shaking up the preconceived notions of Formula 1, each proving more daring and innovative than the last, further cementing the Grand Prix’s status as one of the most diverse, and exciting, sporting events in the world.

Yas Marina Circuit, Abu Dhabi, United Arab Emirates (27—29 November 2015) One such new and innovative circuit is Abu Dhabi’s Yas Marina Circuit, a track that made history on its 2009 debut as the most expensive Grand Prix circuit in history, as well as the home of the first ever Formula 1 day-night race, starting at twilight and finishing at night. Allowing a race to play out during the transition between day and night was a revolutionary development for Formula 1, and one of the many things that make the Yas Marina circuit so unique. The track has already proved popular among Formula 1 drivers and its 50,000-strong audience as during the race, the whole circuit becomes illuminated by 24 x 40-metre tall outfield floodlights which serve to enhance the already charged atmosphere around the course. Established just five years ago, Yas Marina is one of the newer tracks in the Grand Prix lineup, and has certainly made its name as a driver favourite. German driver Nico Rosberg was quoted in the press praising the track’s unique corners, whilst two-time Spanish world champion Fernando Alonso concurred, paying homage to Yas Marina’s diverse and exciting track. The circuit certainly is diverse: at 3.451 miles

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long, Yas Marina is the fourth-longest circuit in the 2015 Grand Prix (behind Silverstone, Spa-Francorchamps and Russia’s brand-new Sochi circuit), contains 21 exhilarating turns, and at the height of the race demands a maximum speed of 192.6 miles per hour. During its Grand Prix fixtures, drivers circuit the course 55 times, totalling an overall distance of an impressive 189.739 miles. Yas Marina was created by well-known F1 circuit designer Hermann Tilke and is one of the few racetracks that run in an anti-clockwise direction, yet another revolutionary feature. It was the Yas Marina circuit that truly and resolutely put the United Arab Emirates on the Formula 1 map, encouraging the growth of sporting culture in the area and allowing Abu Dhabi to take supreme pride in being one of the few bespoke centres for motorsports excellence in the Middle East. The only other notable Middle-Eastern circuit on the Grand Prix calendar is Bahrain, a circuit also featured in the upcoming Grand Prix, but Yas Marina is noticeably more spectator-friendly and generally more aesthetically impressive than its pre-established counterpart. As well as a firm driver favourite, Yas Marina is also much-loved by Formula

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1 fans because of its renowned hospitality. As the only Grand Prix circuit to completely cover each of its five grandstands from the harsh desert sun, the circuit’s number-one priority is the comfort and enjoyment of its spectators. Furthermore, Yas Marina is also home to the luxurious 5-star Yas Viceroy, making it the only hotel in the world be built over a Formula 1 circuit, as the 12-storey hotel forms a bridge over the 18th and 19th turn. Further enhancing its status as one of the most luxurious tracks in the Grand Prix calendar, Yas Marina offers premium access to the Sun Tower, its exclusive VIP tower located right on the start/finish line, 60 metres high and offering a luxurious panoramic view of this remarkable, beautiful and record-breaking circuit. The unquestionable luxury of Yas Marina came at a considerable price however, as speculation is rife that construction costs were in excess of USD$1 billion, making Abu Dhabi’s Yas Marina Circuit by far the most expensive Formula 1 track in the world. Sochi Autodrom, Russia (9—11 October 2015) Making only its second grand prix apperance is the new Sochi Autodrom. The inclusion of this unique circuit is a momentous step for Formula 1, as this will mark Russia’s second Grand Prix in 100 years, with the country’s

Yas Marina Circuit, Abu Dhabi

debut in the 2014 season greeted by critical acclaim. Designed around the infrastructure built especially for the 2014 Winter Olympics, Sochi Autodrom is dynamic and exciting, featuring 19 corners, track width varying from 13 to 15 metres, and even a section making use of 1.7km of public roads. Sochi is expected to become an instant hit with Formula 1 fans and drivers alike, since the track’s mix of straights and fast corners, as well as some parts of the course demanding a top speed of 198 miles per hour, will make Sochi the one of the fastest Formula 1 circuits in the world. In addition, the fourth corner of this track, a long sweeping circular corner, is a notable inclusion in the design of this circuit, as it will see cars enter at 80 miles an hour and exit at 190 miles an hour. Many believe this particular corner will make Sochi notorious as the home of one of the hardest turns in Formula 1, which will no doubt gain admiration and trepidation in equal measure from fans and drivers alike. Yet the process of creating such an incredible circuit proved no easy feat for Formula 1’s resident architect Hermann Tilke, who sought to make the track cut through the middle of the Winter Olympic Park and intricately weave in between the stadiums and arenas to utilise all available space in and around the Park. Although significantly cheaper than its Abu Dhabi counterpart, the price of

building the Sochi Autodrom was in excess of $330 million as of February 2014, even before its completion. However, the growing cost of the brand-new circuit was no cause for concern, since the aim was to create a first-class Formula 1 facility to house the Grand Prix for at least the next 7 years, until 2021, as per the agreement between Russian president Vladimir Putin and Formula 1’s CEO Bernie Ecclestone in 2010. It is thought that Sochi will increase tourism in the area, as well as encouraging domestic fans to show their support by paying the high ticket prices to attend the event. Sochi Autodrom is an exciting new addition to the Grand Prix line-up, in the wake of the circuit’s successful debut in October this year. Marina Bay Street Circuit, Singapore (18—20 September 2015) Like Yas Marina, Singapore’s Marina Bay Street Circuit perfectly utilises night conditions, making it Formula 1’s first and only completely night-time racetrack. Making its Grand Prix debut in 2008, this circuit is arguably one of the most exciting, offering drivers a tough circuit through the picturesque streets of Singapore lit only by artificial lights, whilst simultaneously offering a fantastic atmosphere for all of its 110,000

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spectators. During the race, in an attempt to enhance the gorgeous Singaporean skyline that surrounds the circuit, floodlights are used around the whole track to emulate daytime conditions, which requires an incredible 3,180,000 watts of electricity, making Marina Bay four times brighter than any football stadium in existence. Despite only hosting seven competitive races to date, Marina Bay has been praised by drivers, who have complemented its difficulty level and the excitement of driving at night that only Singapore offers. Fans are equally fond of this unique circuit because, despite it being one of the slowest of the Formula 1 season, Marina Bay adopts an unforgiving stop-start nature, which always makes for a dynamic and unpredictable race from start to finish. Bernie Eccleston, Formula 1’s CEO, is particularly enamoured with Marina Bay, so much so that he hailed the circuit “the jewel in F1’s crown which keeps getting polished”. However, even in the face of exciting new innovations and unique track additions that have dominated Formula 1 of late, fans still reserve a certain level of reverence and affection for the older circuits on the Grand Prix calendar. Arguably the most famous are the pre-established tracks, some of which are distinguished not just in Formula 1 circles, but worldwide, as a tourist attraction in their own right. Silverstone, UK (3—5 July 2015) Dubbed the home of British Motor Sport and easily one of Formula 1’s most recognisable circuits, Silverstone has put the UK on the Formula 1 map. No Grand Prix is complete without a trip to Northamptonshire, Silverstone’s home since 1947 on the site of an old RAF airfield. Although this course remained largely unchanged for nigh on 35 years, a feat almost unheard of in the constantly-changing Formula 1 world, the Silverstone circuit finally underwent a major redesign after the 1990 Grand Prix, the results of which proved popular with both fans and drivers alike because, despite its complete aesthetic overhaul, it was unanimous that the circuit still managed to retain its ‘oldschool’ feel. Silverstone is renowned for many things, notably its impressive circuit, its unparalleled atmosphere, and its notoriously bad weather. The circuit is also steeped in history, as the host of the first ever Formula 1 race in 1950, an event attended by King George, who still to date remains the only British monarch to ever attend a Grand Prix. Even now, Silverstone is still immensely popular because of its tantalising mix of high-speed flowing sections and complex corners, heightened only by its incomparable spectator atmosphere. Spa-Francorchamps, Belgium (21—23 August 2015) Another course often frequenting the top-spot on the list of popular Grand Prix circuits is Belgium’s Spa-Francorchamps, arguably the best, and oldest, circuit in the Formula 1 repertoire. Boasting a lap length of 4.352 miles, by far the longest of any other circuit featured in the 2015 Grand Prix, Spa-Francorchamps is a crowd favourite, situated along the picturesque Ardennes Mountains. Having hosted its first race in 1922, making it more than 80 years old, one of the many reasons that the circuit remains popular to this day is due to its exciting assortment of high-speed rises and falls, juxtaposed with tight and sudden deceleration zones. The inclusion of Eau Rouge, one of the most exhilarating and notoriously difficult corners on any Grand Prix course, as well as mix of long straights and fast corners, make Spa-Francorchamps just as exciting for its 90,000 spectators as it is for its 22 drivers. Spa-Francorchamps is renowned by Grand Prix aficionados as one of the most challenging in the world, proven by the fact that only six drivers have ever managed to win the Belgian Grand Prix more than twice. Unsurprisingly, Formula 1 legend Michael Schumacher is the only driver to have won this notorious circuit an incredible six times, earning him the unofficial title of the ‘Master of Spa-Francorchamps’. It is unsurprising that the most famous driver in Formula 1 history has a remarkable fondness for arguably the sport’s most famous circuit, as it was here that Schumacher started his illustrious career: his first Grand Prix, and later his first competitive win, both happened here at Spa-Francorchamps, a popular circuit bathed in history and notoriety.

Ukraine, Europe 50

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Red Bull F1 Team

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Circuit de Monte Carlo, Monaco (21—24 May 2014) Another crowd favourite is Monaco’s Circuit de Monte Carlo, which boasts 78 high-impact laps, the most out of any 2014 Grand Prix circuits, but ironically is the shortest race in terms of distance, at only 161.880 miles. Famous among Formula 1 fans for its slow, tight corners through the gorgeous streets of Monaco, Monte Carlo demands precision and control from all its drivers, leaving no room for error. Former triple world champion Nelson Piquet even likened the circuit to “trying to cycle round your living room” in an attempt to describe Monte Carlo’s narrow, and some would say treacherous, streets. This race is without doubt one of the most dangerous of all the circuits in the motorsport calendar, with numerous serious accidents to date, which adds to the tension from fans who dutifully watch as drivers try to navigate this notoriously difficult circuit. Due to its legendary status in the Formula 1 world, Monte Carlo is known to give all 120,000 spectators an incredible show of skill and speed, the perfect mix of exhilaration and danger. It is for this reason that Monte Carlo still remains a firm favourite in the Formula 1 line-up despite being 85 years old, and remains largely unchanged to this day. Interestingly, this circuit is the only one featured in the Grand Prix not to have an iconic winner’s podium, instead favouring setting up the winners’ celebration on the steps of the royal box. Autodromo Nazionale Monza, Italy (4—6 September 2014) Another highly popular circuit is the Italian Autodromo Nazionale Monza, constructed by architect Alfredo Rosselli in 1922. Despite not being the oldest of the Grand Prix tracks, Monza has hosted 63 Formula 1 races to date, the most out of any other Grand Prix circuit in the year’s line-up. This circuit is bathed in history as the first purpose-built venue to stage a Grand Prix, as well as the first to charge its 115,000 spectators for entry. Adding to Monza’s incredible record-breaking history, the circuit’s 2003 Grand Prix went down in history as the fastest Formula 1 race ever recorded, with winner Michael Schumacher’s speed retaining an average of 153.84 miles per hour. Its status as one of Formula 1’s fastest circuits has particularly pleased the Tifosi, the collective for die-hard Italian Ferrari fans, who for this reason have dubbed their home circuit as ‘The Temple of Speed’. Although Monza has enjoyed a long and illustrious 92-year history, this hasn’t been without its share of tragedy. After a string of high-profile fatalities, numerous safety precautions have been implemented around the Monza circuit over the years, which have by no means diminished its status as one of the top circuits in Formula 1. Even now, fans can always expect a tense, high-speed, high-octane race at the Autodromo di Monza, a circuit that its passionate Italian home-crowd affectionately calls ‘La Pista Magica’, meaning ‘The Magic Track’. Whilst there are 13 other Grand Prix tracks featured in this year’s Grand Prix from all over the globe, bringing the total to 20, the difference between the old circuits and the new are vast, yet both seem to gain equal respect in the world of Formula 1. With each circuit completely unique, it is hard to ascertain which one would triumph—the new circuits like Sochi and Marina Bay boast the glitz and the glamour of modern-day life, rich, ostentatious and highly specialised, whereas old circuits like Silverstone and Spa-Francorchamps boast years of experience and notoriety, an electric atmosphere, and a history that no amount of money can buy. Formula 1 has always been a perfect juxtaposition of old and new, offering its 530 million+ fans all the traditions of the past, with all the excitement of the future, and its most famous race is no exception. The Grand Prix is, and will always be, a varied mix of cultures, exotic locales and incredible landscapes, an event synonymous with billions of dollars, fast cars and a variety of exhilarating and utterly unique circuits, each more different than the last.

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Ferrari F1 Team

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FEATS OF ENGINEERING Words : Patrick Kinsella | View : Guido Akster

Today’s rapid advancements in technology would lead many to believe that the tools now at our disposal would result in modern engineering far outscoring feats from the past A task that could be seen as harder than designing and building the world’s most impressive structures would be to deem which is best or which make up the top five. Therefore, unlike the engineers and architects behind these structures who did anything but sit on the fence, we at GPS are going to do exactly that, as deciding upon the best would be arbitrary and undervalue the appreciation that these monuments to human achievement truly deserve. Today’s rapid advancements in technology would lead many to believe that the tools now at our disposal would result in modern engineering far outscoring feats from the past. Yet, who could take aim at the credentials of the pyramids which were raised as a result of immense human toil over 4,000 years ago? Who can dispute the beauty of the numerous domes of the diamond in Istanbul’s crown – The Hagia Sophia built in 415 AD? The only way to decide our focus then is to concentrate on a period of time. As a magazine which focuses on today’s developments in investment, regeneration and infrastructure, it’s only fitting that we focus on feats of engineering from recent times. Instead of summing these feats up in a few words, we will look at how they were built, how they look and in fitting with our investment approach – if they are or were in demand. Starting with the Millau Bridge and ending with the Islands in Dubai, our manmade feats have taken humanity into the sea and ultimately up to the

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sky and, with the hadron collider recently making our imprint in space, it’s clear that the sky is anything but the limit. Millau Bridge Life in the grassy commune of Millau changed dramatically in the 21st century when it was recognised as a potential tourist hub. Previously a sleepy medieval town bursting with Roman architecture and ornate churches, Millau became a tourist hotspot when the potential of its idyllic grass sweeping landscapes was unearthed; exploding it into the key tourist centre it is today. At the head of this movement was the Millau Bridge, one of the world’s most architecturally acclaimed viaducts. In fact, the building of this bridge alone symbolises the transformation of Millau, as one of the main reasons it was developed was to clear summer traffic jams around the once sleepy town. Hailed as a ‘miracle of equilibrium’ by former French president Jacques Chirac, this bridge looms larger than the Eiffel Tower and truly is an engineering miracle, appearing to float among the clouds. Eagle Eye View More than 300m high, Millau Bridge is the world’s second tallest bridge,

Millau Bridge, France

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just nine metres smaller than the world’s largest, China’s Hutong Bridge. Providing glorious views over the River Tarn, the bridge is the last section of the A75 motorway, which not only completes the north-south motorway through the heart of France, but also provides a less congested route between Paris and Spain. Although initially designed to reduce traffic, the bridge has ironically become a must among sightseers, with many detouring miles to pay the €7 toll (€8.90 in July and August) in order to see the bridge’s towering piers line through the clouds. Most visitors stop off at the dedicated viewing station to marvel at this feat of engineering, before taking a trip downwards to the information centre, which has its own museum explaining how the bridge was built through pictures and films. Alternatively, visitors can journey into the commune of Millau to see the bridge from below and contemplate the sheer size of this magnificent viaduct.

have had a better track record, having previously built the world-famous Eiffel Tower. Beginning in 2001, Eiffage first built seven huge piers, the highest of which climbed 244.96m into the sky and the smallest of which scaled a still unimaginable height of 77.56m. What followed the construction of the piers was a much harder task. This involved the building of a 2460 metre long deck which proved difficult enough, even before it had to be lifted 245 metres into the sky to rest on the towering spires. It is near impossible to imagine the thought of a huge deck being lifted in front of your very eyes, yet this is what happened in Millau.

Construction

This complicated lifting process meant a state-of-the-art advanced hydraulic system was required to lift the deck into place. When lifted, the deck was pushed by seven temporary metal piers; all of which contained hydraulic launching devices to lift and push the deck. The surprisingly light deck then landed in place as a result of an adjustable nose structure at the end of the deck, which allowed it to land on each pier as it approached.

When English architect Lord Norman Foster completed his designs for the Millau Bridge, the task of turning them into a reality seemed an impossible one. Taken on by construction group Eiffage, these developers could not

This launching process was started on the western slope with two launching devices, each with two 120 ton cylinders, before finishing on an even grander scale when there was capacity to push 5280 tons from

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Antartic Island, Dubai

the southern slope and capacity to push 2400 tons from the northern slope. This huge amount of strength allowed each push to move the deck 400mm in four minutes, until it was perched securely on top of the piers. The huge scale of this impressive final stage shows the immense brainpower required in raising this €394 million historic bridge, which continues to attract visitors from miles around who cross the bridge and feel as if they are in a dream, slowly crawling through the clouds, peering at the shimmering river below. The Islands, Dubai Claimed to be the eighth wonder of the world, the manmade islands in Dubai are truly mind-blowing and seem so futuristic that they could surely not be a product of our generation. Yet Dubai really does have one archipelago of islands representing a palm tree and another comprising over 300 islands which form a miniature version of the world map itself. Whenever The Islands are brought up in general conversation they nearly always provoke a passionate reaction. Some argue that the islands represent Dubai’s latest move in the global competition to be bigger and better than everyone else, while others, including environmental specialists, claim that they could cause significant damage to coral reefs

and shift water currents. However, one thing that is agreed in all quarters is that they are one of the most impressive engineering feats the world has ever seen. Not only are they so extensive that they can be viewed from space, unlike the myth surrounding the Great Wall of China, they are also likely to provide a long term economic plan B for Dubai, when the oil really does run out. Therefore, despite the controversy, they do make economic sense and also possess the other most significant factor – market demand. This is something which was demonstrated following the launch of the Palm Jumeirah archipelago, when all the islands were sold to investors within 72 hours, and the launch of ‘The World’ archipelago, when 70% of the islands were sold years before completion was even in sight. The Palm Jumeirah and The World are undeniably Dubai’s most impressive islands and possibly the world’s, excuse the pun. Therefore, although there are scores of artificial islands dotted across this playground for the rich and famous which deserve a mention, these islands will form our focus. GPS details the mind-blowing construction behind them, the high class resorts upon them and their outrageous levels of luxury, which of course Dubai is more famous for.

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Palm Jumeirah Landscape Once the world’s largest manmade island before Dubai decided to go one better, Palm Jumeirah was the first of the acclaimed Palm Islands, the others being Palm Jebel Ali and Palm Deira, which are at varying stages of completion. Regarding its landscape, the hint is in its name with the Palm Jumeirah of course representing a gigantic palm tree. Covering an area equal to 800 football fields, this archipelago is so elaborately detailed that it has a central trunk, a crown with 16 fronds and a crescent, which is an island by itself and also a 6.8 mile long breakwater which safeguards the archipelago. The Jumeirah, which is the smallest of the palm islands, is located just off the Jumeirah coast in Dubai. Construction Constructed with enough material to build a two-metre wall circling the globe three times, the Palm Jumeirah was designed by some of the most highly skilled engineers in the world and came at an immense cost. The creation of the islands can be very simply described by focusing on two stages in the construction process. The first of these is called rainbowing; named due to an arc which is created during the process, whereby dredging ships shoot sand over a particular area, as decided upon by a system named the Differential Global Positioning System (DGPS), which ensured the sand placement was within 0.39 of an inch in order to form the specific palm shape. Overall, 3.2 million cubic feet of ocean sand was used in its construction; all of which was dredged from the sea floor of the Persian Gulf. To make the sand solid enough to build upon, it was vibro-compacted into place; this process increases the density of loose sand by shooting it with jets of water and vibrating it with probes. The blocks of sand were then surrounded by a huge breakwater, which is made up over 7 million tonnes of rock taken from nearby mountains which are dropped in several stages reaching as far as the sea bed. This breakwater also encourages the creation of a natural reef and is expected to provide habitats for sea life. The construction of the archipelago started in 2001 and was officially ready to be populated from 2006. Extraordinary Features • Palm Monorail – Opened in 2009, this monorail runs across the trunk of the archipelago from the island’s entry to the luxury Palm Atlantis Hotel which lies on the other end of the Jumeirah. It not only provides a unique way of viewing the island, but ultimately it is anticipated that the monorail will connect to the mainland by way of linking it to the Al Sufouh tram system. • Artificial Reef – Amazingly, this reef was created from two sunken North America F-100 Super Sabre jet fighters and provides a truly unique way for divers to view wildlife and the sea floor. • Underwater tunnel – This tunnel is perhaps an even better way of travelling around the island than the monorail, offering tourists and residents alike the opportunity to travel all the way to the breakwater at the far end of the archipelago in an underwater tunnel. • Hotel Atlantis – Possibly the centrepiece of the island, this luxury £800m hotel has its own giant aquarium and luxury suites costing up to £13,000 a night. Most impressive though is its waterpark; this 17 hectare site is home to the largest slide in the world and the longest zip line circuit in the Middle East, making it a once in a lifetime experience. This hotel is by no means the only one on the island though, with the Hilton and Radisson also offering high class accommodation on the archipelago.

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The Palm Jumeirah, Dubai

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The World Landscape Like the Palm Jumeirah the clue is again in the name, with this archipelago representing a miniature version of the map of the world. Comprising of 300 small islands, “The World” cost around $14 billion and covers an area of over 5.5 miles; each island covers an area between 14,000sq.m and 42,000sq.m, with the distance in-between each island being around 100m. Lying four kilometres off the shore of Jumeirah, this archipelago was left reeling following the 2008 economic crash, as scores of investors pulled out of the project. Unfortunately, this has created a situation where the islands are complete, yet there is very little commercial development on any of them. However, developers Nakheel Properties have recently claimed that there has been a resurgence in market demand regarding the islands following the world economic turnaround, meaning that the end of the world is no longer in sight. Construction Built mainly from sand dredged from the sea floor of the Persian Gulf, ‘The World’ reached completion as a result of similar construction processes seen in the building of the ‘Palm Jumeirah’. Overall, 321 million cubic metres of sand was used in the construction, all of which was ‘rainbowed’ to form the shape and then vibro-compacted to solidify it into the island itself. Also in similarity with Palm Jumeirah, a huge breakwater was built comprising of over 31 million tonnes of rock from nearby mountains in order to surround and protect the island. After the project was unveiled in 2003 by Sheikh Mohammed bin Rashid Al Maktoum, ‘The World’ sped towards completion, with all 300 islands being formed by 2006. Despite Lebanon being the only island which has been developed commercially, work has begun to bring the other islands up to the same standard. This will start with Germany, which will form part of the much larger ‘Heart of Europe’ which will span six islands and re-create European life with villas, hotels and marketplaces set to be dotted across the cluster of islands. It has recently been predicted that this commercial development will have soon spread across ‘The World’, with building anticipated to last until the end of 2016.

Extraordinary Features • The Heart of Europe’s weather conditions will reflect life in the continent, with snow and rain set to fall on the islands as a result of leading German technology. • The buildings on the Heart of Europe will replicate the varying architectural styles of the continent’s separate countries. So, expect to see buildings inspired by Germany’s gothic architecture and structures representing the riches and luxuries of Rome. • It has already been confirmed that the island of Monaco will represent the French Riviera, and that Sweden will have its own huge marketplaces replicating life in Stockholm. • It has been predicted that 13,000 people will visit the Heart of Europe every day, either as guests, visitors or workers. • A Dubai-based seaplane operator has been contracted to fly tourists over the islands, allowing visitors to see the whole world within one day, nevermind 80.

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Dredger building “The World” Dubai

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WORLD MARKET VIEW The global financial crisis plunged property markets into a downward spiral. Seven years on and Global Property Scene takes a look at the recovery in key markets around the world and how they are performing in the current climate.

2. Bogota, Colombia Colombia’s residential real estate market is finally cooling after a decade of rising prices. Home prices rose to a record high last year, with luxury homes in Bogota costing 88% of the prices in Rio de Janeiro. However, the country’s Housing Minister maintains that house price “‘are going to stabilise” in the near future.

4. Sau Paulo, Brazil Despite reports of bubble bursts, Brazil’s housing market remains strong, with stable house price increases. Government investment into the housing market has been evident, and house prices in Brazil are forecasted to see higher price-gains than any other country’s housing market by end-2014.

1. Istanbul, Turkey Istanbul has seen a steady increase in residential sales prices in Q2 2014, albeit at a slower rate compared with the same period in the previous year. Housing projects in the city targeting middle- and lower-middle income brackets are still in high demand, so regional growth in the residential market is expected to continue.

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5. London, United Kingdom July has seen house prices in the UK’s capital finally hit an average of £514,000, recording an incredible 19.1% year-on-year increase. However, the pace of growth has since slowed marginally, indicating a cooling off period compared to the same time last year.

3. Dublin, Ireland Residential property prices in Dublin are burgeoning, thanks to increased demand and a shortage of supply. Demand is so high in the area that average rentals in Dublin (€1,290) are twice those outside the capital (€613), with the PRTB/ ESRI Rent Index indicating that this trend is set to continue.

1. Istanbul, Turkey House Prices (12 month % change): +14% Cost of Living City Ranking: 135 (out of 211), -50 places since 2013

2. Bogota, Colombia House Prices (12 month % change): +12.3% Cost of Living City Ranking: 98 (out of 211), -38 places since 2013

3. Dublin, Ireland House Prices (12 month % change): +12.5% Cost of Living City Ranking: 51 (out of 211), +10 places since 2013

4. Sau Paulo, Brazil House Prices (12 month % change): +10.8% Cost of Living City Ranking: 49 (out of 211), -30 places since 2013

5. London, United Kingdom House Prices (12 month % change): +11.6% Cost of Living City Ranking: 12 (out of 211), +13 places since 2013

6. Dubai,UAE

6. Dubai, UAEi

Dubai , United Arab Emirates House Prices (12 month % change): +24% Cost of Living City Ranking: 67 (out of 211), +23 places since 2013

In Q2 2014, Dubai’s real estate market has maintained its buoyancy, despite house prices and rents increasing across most areas. There are signs that the growth rate will slow down in the coming months, since Q2 has seen a marked slowdown in the volume of residential sales.

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SHOPPING FOR CHRISTMAS It is widely acknowledged that Christmas shopping is all part of the excitement of Christmas, a time of preparation, anticipation, and generosity Words : Hannah Wilde | View : Sergey Nivens

Christmas. A time of festive cheer, elaborately decorated Christmas trees and of course, Christmas shopping. December is the time for the giving and receiving of gifts in celebration of the birth of Jesus, which accounts for the fact that in the UK alone, total spending in December was £31 billion, of which £14 billion was spent in the two weeks leading up to Christmas. On average around the festive period, Britons will spend approximately £660 on gifts, £160 on food, plus an additional £100 on Christmas cards and decorations for the home, meaning that shopping is at fever pitch during this time of year, with Christmas preparations costing each household in excess of £920 every year. It is widely acknowledged that Christmas shopping is all part of the excitement of Christmas, a time of preparation, anticipation, and generosity. Christmas shopping is a ritual annually undertaken by consumers in almost every single country in the world, to similar ends: the hectic Christmas rush, elaborately decorated shop fronts, the beautiful Christmas lights, and the purchase of an abundance of cards, wrapping paper and food to complete the festive celebrations. When shoppers have exhausted all the ornately decorated shops on the high-street, most cities play host to one of Christmas’s oldest traditions, the famous Christmas

Market. Small ephemeral villages, consisting of hundreds of beautiful wooden chalets, are established in busy central locations in the run-up to Christmas, each housing local wares like unique handmade crafts or a selection of regional and European delicacies. Traditionally, Christmas markets around the world pay homage to Germany, the country in which this tradition was founded, aptly named Christkindlmarkts. These markets offer the best of German festivities, including favourites like glühwein, a traditional hot spiced wine, and lebkuchen, famous Bavarian gingerbread. However, each Christmas market is as unique as the country in which it resides, which makes for an exciting and unique addition to any shopping experience the world over. Whilst Christmas is fundamentally the same celebration all over the world, each country chooses to celebrate this global event in its own way. Christmas, especially in the UK, is a hugely lavish commercial affair, with each major UK city choosing to herald in the Christmas period in a different way. Of course, London leads the way in the country’s celebrations, with Oxford Street, one of the world’s most famous shopping streets, illuminated with lights and ornate shop-fronts. Some of London’s most famous stores are completely transformed at Christmas-time, basking

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in the beauty and traditions of such a festive and frivolous time of year. Knightsbridge’s Harrods, one of the most famous department stores in the world, was the first to develop their own ‘Christmas World’, a 2000-square foot section of the store completely dedicated to the Christmas season. Almost all other retailers have also followed suit, with the iconic Fortnum & Mason food store filled with opulent decorations and a whole range of gorgeous culinary treats, from festive Christmas hampers to beautiful designer Christmas crackers, and Selfridges’ flagship store also offers a huge selection of luxurious festive goods. In addition to the high-street wares on offer, London is also home to one of the biggest and most impressive Christmas markets in the world, Hyde Park’s Winter Wonderland, complete with an ice rink, a display of ice sculptures, and even a circus. This market is a highly modern take on the old-fashioned notion of Christkindlmarkts, as Winter Wonderland is a tantalising mix of old and new. As expected from a European market, it still contains the traditional wooden cabins carrying an array of homemade gifts, but also offers incredible eating facilities, including a replica of a Bavarian village, an outdoor fire pit, and even an après bar modelled on an alpine ski lodge. Just north of the capital, the UK’s unofficial ‘second city’ of Manchester is also home to some incredible Christmas shopping opportunities. In the centre of this diverse city is Manchester’s retail hub, an alluring mix of boutique and designer stores, all adorned with decorations and festive Christmas trees. Just five miles west of the city centre sits the Trafford Centre, a hugely lavish shopping centre nicknamed by its developer ‘The People’s Palace’, an attraction in itself that draws 35 million visits annually. At Christmas time however, the Trafford Centre’s incredible baroque architecture is enhanced by an abundance of beautiful decorations, including a huge Christmas tree that creates a gorgeous centrepiece in the heart of this shopping mecca. If you’re looking for both high-street and designer shopping, the Trafford Centre is the perfect place to complete your Christmas shopping in style. However, the true highlight of Manchester’s festive calendar is its Christmas markets, situated in the heart of the city and adorned with a selection of German, European and regional goods, offering everything from Hungarian goulash and Spanish Paella, to French-style hot chocolate and the traditional German glühwein. More than 9 million guests visited the markets in 2013, helping to boost the local economy by more than £90 million throughout the festive season. A celebration of diversity and internationality, Manchester’s Christmas markets are now approaching their 16th consecutive year, and in 2013 were named ‘the best Christmas market in Europe’. Manchester, the home of incredible Christmas shopping opportunities and an equally incredible Christmas market, is one of the most interesting and culturally diverse places to visit during the festive season. In addition, mainland Europe has a lot to offer visitors seeking extensive opportunities for festive shopping, starting with Germany, the birthplace of the iconic Christkindlmarkt. The country’s capital, Berlin, is home to a fabulous shopping metropolis, with its mix of brand and vintage stores, as well as the famous KaDeWe department store, the largest in Europe and dubbed ‘the Harrods of Berlin’. A little over 270 miles away is the German city of Nuremberg, home to arguably the oldest and most popular Christkindlmarkt in existence, dating back to the mid-16th century. More than 180 stalls transform the city’s main market square into a festive metropolis, with each festively decorated hut selling everything from handcrafted Christmas ornaments, mulled wine and gingerbread, to the famous Nuremberg Plum People, prunes delicately modelled into handheld figurines. This old and richly traditional Christmas market, nicknamed ‘Little Town from Wood and Cloth’, attracts more than two million visitors every year. Germany’s neighbouring country of France is also one of Europe’s best shopping destinations, especially at Christmastime. With Paris widely considered one of the world’s fashion capitals, it is no surprise that France’s capital is a serious European contender for some of the best Christmas shopping in the world. Avenue Montaigne is home to the most luxurious Parisian boutiques, housed within beautifully-architected buildings, perfect for those seeking expensive luxury designer goods. However, the streets of Paris are also lined with trendy boutiques, luxury bespoke fragrance shops, tantalising chocolatiers, and gorgeously traditional bookshops, with each storefront lit up and beautifully decorated during the Christmas period and filled with gifts to suit every taste and budget. Paris, too, is home to a unique transient Christmas market,

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Christmas Market, Berlin

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created as an amalgamation of German and French cultures, containing all the traditions of a German Christkindlmarkt complete with wooden chalets, but also including a regional twist, by offering delicacies such as pain d’épices (spiced bread) and other such French foodstuffs. Further along the French border is Italy, another incredible destination for Christmas shopping. Milan’s Via Montenapoleone is one of the most exclusive addresses in the world, an avenue lined with top designer boutiques, perfect for those shoppers seeking luxury designer labels. Each storefront is a true testament to the beauty of an Italian Christmas, with lights, trees and decorations ornamenting each store, enhancing its beauty and enticing its customers. However, for those seeking a more traditional Christmas shopping destination, a little over 5 hours away, Italy’s capital city of Rome plays host to the one of the biggest and best Christmas markets in the country. In true festive spirit, the city square of Piazza Navona is utterly transformed with stalls gleaming with twinkling lights and selling all kinds of festive wares, including handcrafted gifts and sweet treats. Rome’s Christmas market hosts nativity scenes to ensure that the true meaning of Christmas is recognised, as well as hosting a range of festive family fun such as carnival rides and fortune tellers. No matter what your budget or preference, there is always something for everyone to enjoy in one of Europe’s many beautiful Christmas destinations. Across the Atlantic, some 4,000 miles away from the delights that Christmas in Europe has to offer, is New York, one of the world’s bestknown shopping destinations. Ever since 1933, the Christmas season in this incredible city begins in early December with a traditional ceremony: the lighting of the Rockefeller Centre Christmas tree. In true American style, the Rockefeller Christmas tree is the biggest in the world, illuminated by over 30,000 LED lights, and perfectly situated in the middle of the world’s most famous seasonal ice rink. Boasting what is arguably the most iconic street in the world, Fifth Avenue, New York City is synonymous the world over for its incredible shopping potential, never more so than at Christmastime. Fifth Avenue is a mix of the old and new, with classic and iconic stores like Tiffany and Co. rubbing shoulders with a huge state-of-the-art 24-hour Apple Store. A short way down the block will lead you to the famous toy store FAO Schwartz, home of the iconic floor piano as immortalized in the 1988 Tom Hanks film Big, a popular destination for children and adults alike at Christmastime. New York’s Fifth Avenue is certainly impressive at the best of times, but at the height of the Christmas period it is almost otherworldly in its beauty and festive cheer. High-street stores like H&M and Abercrombie & Fitch rub shoulders with designer giants like Louis Vuitton, Prada, Gucci and Cartier, and with each store decorated more lavishly than the last, even window-shopping is an adventure on Fifth Avenue. In addition to the festivities found in the main shopping areas of the city, New York also has its share of Christmas markets, each embracing the glamorous Manhattan lifestyle. One such market is the indoor Holiday Fair which takes place in the city’s iconic Grand Central Station, selling an array of handmade Christmas trinkets. For a more traditional outdoor market, New York has its fair share, from innovative and unique glass huts selling food, drink and gifts as found in Bryant Park, to Columbus Circle’s Holiday Market, which sells sundries like handmade wooden puzzles, artisan chocolates and truffles, home accessories from local makers, and jewellery from up-and-coming designers. New York City truly is a shopping haven, not more so than at Christmastime, meaning that there is something for everyone in this incredible shopping capital. If however, you are seeking all the traditions of Christmas but in a more unconventional setting, the majestic country of the United Arab Emirates is an incredible shopping destination in its own right. Although fundamentally a Muslim country, the UAE observes all the overtly Western traditions associated with Christmas wholeheartedly, a notion that epitomises the inclusivity of the festive season. Shopping is always an incredible experience in the United Arab Emirates, but at Christmastime, the country’s capital of Abu Dhabi leads the way in its festive celebrations. For the past 10 years, Abu Dhabi has been home to The Swiss Christmas Market, one of the most unique markets in the world, set in the courtyard of the beautiful Abu Dhabi Beach Rotana Hotel. Despite December temperatures often in excess of 25 degrees Celsius, this proves no hindrance to the locals who wish to experience all the traditions and excitement of a European Christmas.

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Ice Rink, Rockefeller Centre, New York

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With the help of the Swiss Embassy, the Swiss Christmas market is strenuous in its attempt to replicate an authentic, open-air Swiss alpine village, seeking to present its visitors with all the joy and spirit that Christmas in Europe has to offer. Despite the heat, chalets in the hotel courtyard are lavishly decorated, showcasing a number of trinkets and gifts. School choirs are on hand to provide a repertoire of traditional Christmas carols, which are the perfect soundtrack to the festive season. Furthermore, an abundance of appetizing Swiss food is available, from the lusciously rich Swiss chocolate, to Raclette, a Swiss delicacy of potato and cheese. Despite the fact that Christmas Day is a normal working day in the Muslim country, Abu Dhabi is still rigorous in its observation and appreciation of the worldwide tradition of Christmas. This market is a true testament to both the Swiss culture and the universal Christmas celebrations, proving the city’s almost endless tolerance to other religions and cultures. Just 88 miles away from the capital is Dubai, the home of the United Arab Emirates’ largest outdoor Christmas festival. This celebration sees all the traditions of Christmas mixed with a regional twist, and is more suited

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to those seeking designer discounts than locally hand-crafted goods. Although relatively new to the Christmas scene, celebrating only its third year in operation, in excess of 30,000 visitors are expected to flock to the unique three-day event this year. Not to be outdone by the incredible spectacle in Abu Dhabi, Dubai has pulled out all the stops for this winter extravaganza, with features including a music stage featuring carol singing and live bands, Santa’s Grotto, a fairground, ice-rink, a Snow Fight Zone, and even a Christmas Pantomime. Whilst traditional festivities like Gingerbread house-making workshops are still acknowledged, Dubai’s Christmas celebrations are far removed from the traditions of the famous Christkindlmarkts that populate Europe. Instead of quaint wooden huts selling local fares and glasses of hot German wine, Dubai’s Christmas Festival offers heavily discounted designer products, with a selection of famous chefs from some of Dubai’s hottest restaurants providing delicious local food. Although high-street shopping is more the focus of this incredibly modern and one-of-a-kind festival, Christmas is still the recurrent theme, with festive traditions like the Christmas Tree Lighting Ceremony are still enjoyed by all, allowing the

Dubai Mall, Dubai

Christmas spirit to truly thrive. The incredible dedication of the United Arab Emirates to embrace foreign traditions truly goes to show the true spirit of Christmas, and that the traditions of the festive season extends to every country in the world, regardless of race or religion. Whilst there are many more incredible Christmas destinations all around the world, it is truly refreshing to see each country celebrating the festive season in its own unique way, mixing all the traditions of the past with all the promise of the future. Christmas shopping, whilst fundamentally a commercial venture, seeks to prove what the true meaning of Christmas is all aboutâ&#x20AC;&#x201D;kindness, generosity, and basking in the joy of the Christmas season. The inclusion of Christkindlmarkts in major cities allow people to come together, as towns, cities and countries join in celebration, as well as allowing local merchants and craftsmen to share in the prosperity that Christmas brings. These markets have been a part of Christmas traditions since the 16th century, and will undoubtedly continue to be a part of our future for many years to come.

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LOOKING FOR PROPERTY TO BUY? BE SURE TO VISIT THE

The UK’s largest and longest running property investment event is presented at ExCeL London every April and October. The major names in UK and international property will be out in force with plenty of ‘off-market’ bargain deals and show exclusives to choose from.

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SHO Y ENTR

IS THE TRADITIONAL OFFICE BECOMING REDUNDANT? Technology makes ‘working on the move’ a real possibility Words : Patrick Kinsella & Hannah Wilde | View : Sergey Nivens

Just a few short years ago, clients and associates at opposite ends of the world could only be reached at the latter end of a long day, after a short residency in an airport lounge and an exhaustingly long flight on-board a stuffy, confined plane. While those far corners of the world could once only be reached after one such journey, innovative technological advances of recent years has meant that this has become a thing of the past—people in far remote countries can now be reached within the time it takes to press a button on your smartphone, tablet or laptop. Technology has changed everything about our daily lives, from the way we organise our day, to how we manage our contacts and social events, and everything else in between. These changes have truly revolutionised the way (and ease) in which we communicate, which inevitably has drastically changed the business world beyond recognition. 2014 is unquestionably the age of technology. We now live in the era of high-tech gadgets, with a dizzying array of smartphones, tablets, iPods, laptops, Kindles and Macbooks on offer, each fulfilling an equally dizzying array of functions to enhance our daily lives. A mobile phone, at one time used only for sending and receiving text messages and phone calls, is now all things to all users: a phone, a portable Internet device, an MP3

player, a games console, and a remote email server all in one. Everyone in the developed world seems to own a smartphone, so much so that reports indicate there are 1.5 billion in the world, which equates to one smartphone for every 5 people in the world. During the digital migration of recent years, other gadgets are also featuring more and more prominently in everyday life, with market research firm Strategy Analytics reporting that 1 in 10 people will own a tablet computer by 2016. And what is the one common denominator between all these gadgets? Internet access. Most of these modern devices rely on Internet usage, so it is unsurprising that in this time of increased connectivity, public Wi-Fi connections have quickly become commonplace. This is particularly true in some of the world’s most prosperous cities, with the likes of New York, Beijing and London all spearheading city-wide schemes to ensure that the Internet can be connected to from any given point within the city borders. The ease in which one can access the Internet is profound all over the world, with Britain prolific in the accessibility of public Wi-Fi, pledging to ensure that 95% of the country’s population will have access to superfast fibre-optic broadband by 2017.

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The changing business landscape Therefore, it is unsurprising that this culture of near-constant connectivity has given rise to the era of ‘remote working’—that is, working away from the office—which has surged in popularity over recent years. This could be due in large part to the increasing number of Wi-Fi hotspots all over the world, as well as an influx of new gadgets and apps perfectly suited to fulfil the needs of the modern-day working life. Gone are the days of handwritten reports and daily face-to-face meetings—the Internet has well and truly revolutionised the business landscape. In the place of handwritten reports are spreadsheets and digital documents that allow users to easily read, amend and share with others, while physical business meetings are often eclipsed in favour of the easy and cost-effective alternatives of video conferences and phone calls. This ability to utilise technology to work almost anywhere has led to what Merlyn A. Griffiths and Mary C. Gilly of the Universities of North Carolina and California respectively have called ‘a new class of teleworkers for whom the office is wherever they can access a wireless signal’. Therefore, this poses the question: with the influx of modern mobile technologies on offer, is there still a need for the traditional office space? In this day and age, technology can bridge the gap between any location in the world, meaning that anyone with access to either a computer or a mobile phone is, in essence, available at the touch of a button. As previously mentioned, the rising popularity and increasing functionality of a vast array of gadgets to which we now have access means that we are all in a prime position to have access to everything at our fingertips. Emails

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can be accessed on a smartphone; video conferencing can be achieved through the Skype app on a tablet computer; advancements in data storage mean that Virtual Private Networks (VPNs) can allow users to access networks remotely via a laptop or desktop computer. Therefore, the rise in flexible remote working has increased in direct correlation to the increase in technological advances of the past decade, simply because massive obstacles have been overcome to ensure that a user can always stay connected. In this landscape, there are two options when considering the potential of working away from the office: either working from home, or working on the go. Working from Home Despite all the potential distractions that could come from the merging of the workplace with the home environment, technological innovations mean that it is feasible for the same level of work be completed at home that can be achieved in an office environment. Emails are accessible on almost every internet-enabled device; documents can be written, re-written and edited an infinite number of times on a laptop or desktop computer; phone calls and conference calls can be made on one’s smartphone; and video conferencing can be easily achievable via the FaceTime or Skype application featured in a new-generation iPad or tablet. All these mobile technologies allow their user to complete work remotely and without restriction, meaning that any amount of working capabilities can be just as easily accessed from home as from the office. However, it has to be said that working away from the workplace is restrictive, only applicable to certain business and administrative sectors, but for those

who fit this criteria, home-working can be rewarding, self-motivating and an exercise in self-sufficiency. Working ‘on the go’ Since the majority of these new technologies are small enough to encourage user mobility, there are no restrictions on when or where you use your devices. You don’t even need to be at home to be connected to your work. Nowadays, smartphones are pocket-sized, and laptop and tablet computers can easily fit inside a bespoke laptop bag or handbag, meaning that it has never been easier to take advantage of the ‘on the go’ working environment that has swept the working world. As long as there is sufficient Internet connection, all manner of work can theoretically be undertaken in the most unconventional of places—on trains, in cafés, and even on aeroplanes. The latter location has seen an incredible rise in remote working in recent years, with over 40 airlines, including American Airlines, Etihad Airways and British Airways, offering Wi-Fi services on selected international flights. For many, there is no better time to work remotely than on a plane, as one finds themselves with an abundance of free time through the duration of the flight, which has proved to be an opportune time for logging on to do some remote working from the relative comfort of your aeroplane seat. However, 30,000ft up in the air is not the only place that has seen a surge in remote workers using their location as their base in recent months. Cafés and trains are two such places that have a growing capacity for remote workers, since both often offer both Wi-Fi and power sources for

when their much-used mobile devices require a much-needed recharge. The provision of both Wi-Fi and plug sockets in most places mean that there is an almost limitless capacity to do work anytime and anywhere, making the transition to join the thousands of people who are part of the mobile working community almost effortless. Technology Both working from home and working on the go require similar technological specifications. However, all you really need is two pieces of technology: a smartphone, best for calling and keeping up-to-date with email updates, and a laptop, best for perusing the Internet and writing or amending a spreadsheet or Word document. With just two gadgets, you have everything you will possibly need to stay connected with colleagues and clients, all accessible at the touch of a button. Furthermore, the beauty of such widely accessible technologies such as mobile phones and laptops in the developed world is that they are not mutually exclusive—not just the elite can afford the technology that businesspeople use. Technology of this calibre is so widely acquiesced in this day and age that everyone from teenagers to the older generation, affectionately named ‘Silver Surfers’, have access to the latest ‘it’ technology. The Western world’s almost avid need to buy into the latest technology is so widespread that Cisco, the world’s largest maker of network equipment, has predicted that in by 2017, there will be 2.5 Internet-enabled devices for every single person on earth, which equates to 5 devices for every Internet user in the world. To enhance the usability of these new gadgets, new technologies have

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been developed to operate within these devices: namely, the rise in apps, an acronym of the word ‘applications’. The two biggest makers of smartphones in the world, Apple and Samsung, both have an extensive collection of apps that can be used for a whole number of functions. Have you ever heard the popular saying: “There’s an app for that”? This has never been more true than right now, with applications made for almost anything, like apps to improve fitness, countless apps that allow users to play games, and even apps to help you procrastinate, such as iNap@ Work. However, the majority of apps are useful and productive, with a growing number of apps purposefully designed to assist even the savviest businessperson. Here is a list of five apps that are used to enhance your working life: 1. Skype—A remote businessperson’s best friend, Skype is an all-encompassing app that allows users to video or voice call contacts, message them in real-time, and share a whole host of files remotely. Skype is so commonplace in the business world that it has been turned into an adjective: ‘Skyping’ refers to the act of setting up a video call between yourself and a recipient, perhaps to an international business client or even a colleague based in the office. The beauty of Skype is that it can be accessed from almost any Internet-enabled device, so you can be connected on your laptop, tablet and phone at the same time. 2. Dropbox—This innovative app allows users to drop files into a remote folder that can be accessed by multiple recipients. Anything that is added to Dropbox will automatically show up on all your devices, and even on the Dropbox website, so you can access your files anywhere, anytime. 3. GlobalMeet—Whilst lesser known than the previously mentioned apps, GlobalMeet is an incredibly innovative way of changing the way web conferencing is conducted. This app allows for an easier and better way to share presentations online and collaborate with large groups of invited participants, meaning that meetings have never been easier, even when you’re away from the office. Like its counterparts, GlobalMeet is another app that has gone mobile: it is easily downloadable via laptop, tablet, or smartphone. 4. CupCloud— Cupcloud is a free cloud application that allows you to save, open, and share multiple documents and web pages quickly and easily. It has never been easier to pick up where you left off, as the software is designed to help you continue workflow, stay organized, and collaborate with others as easily as if you were in the office. 5. Worksnug—Perfect for those remote workers always on the move, as this app for your smartphone shows available working places nearby, as well as rating them on Wi-Fi quality, socket availability and noise level, so you can pre-plan the best places to work without the hassle of trying to find a suitable workspace. Pros and Cons of Remote Working Now that it has been established that most people have access to the technology needed to work successfully out of the office, one wonders at which point the office starts becoming redundant. With technology as abundantly available as it is in 2014, it has been established that any amount of work can be done remotely. But do the obvious positives of remote working outweigh the few small but pivotal negative aspects? The positives of home-working are undoubtable. In this day and age, with the help of smartphones and a whole array of gadgets, it has never been easier to stay connected. We are perfectly placed to email and text colleagues, to video conference clients, and to phone managing directors wherever we are in the world, so by this token it no longer matters whether we are communicating from the office or from a train, a café, or even from the comfort of your living room. Technology means that we are always in constant communication. Furthermore, file sharing has also revolutionised the ease in which remote working has made its way into the mainstream. The likes of email attachments, social media’s downloading and ‘private message’ functions, remote file sharing programmes like Dropbox and Apple’s iCloud, and even external devices like hard-drives and USB memory sticks have all aided the transition to home-working, as any file from any system in the world can be shared and transferred to another computer in the shortest time possible. Thanks to a whole host of incredible technologies that have made their way into the modern digital landscape, transferring, sharing and editing files remotely has never been easier, perfect for those remote workers who can now easily have access to any file they need at the click of a mouse. However, while remote working seems to be almost infallible, there are

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two distinct limitations with this flexible employment strategy. The first, and most important, factor to be considered is the ever-present threat of losing connectivity. How many times have you heard the words ‘lost connection’, ‘slow Internet’, or the terrifying admittance that your ‘computer has a virus’? In an office environment, these glitches and a whole array of others can be fixed by a quick visit to the IT department, made up of a group of specialist technological experts who are perfectly placed to fix any computer-related conundrum you could possibly face. However, when you work remotely, you are both literally and figuratively on your own, meaning that troubleshooting can only be done either manually or through a laborious step-by-step phone tutorial from the self-confessed geniuses at Apple, or some other technical virtuoso. This long and often sluggish process means that work cannot be done until the problem is fixed, meaning that that the connectivity which is so vital to the lifeblood of the remote worker is severed, however temporarily. This also overlaps the other issue faced by the remote worker—solitude. Working alone day after day means that there is a physical distance between themselves and their co-workers, meaning that should a problem arise or even when looking for likeminded peers to talk to, there is an insurmountable distance to be overcome first. Conclusion—Is the traditional office space an outdated, or important, business convention? In conclusion, it is hard to tackle the question of whether the traditional

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office space is indeed redundant. It is clear that communication has never been easier, and files, folders and documents can be easily accessed from one computer to another, meaning that work can always be retrieved from anywhere in the world. However, the question is not can the work be done from out of the office, but rather should it? Interestingly, a report published by the Westminster Sustainable Business Forum suggests that, rather than being detrimental for businesses, employees working outside of the conventional office environment is beneficial for the UK economy, allowing employers across the country to save a collective £7billion from property costs alone. Furthermore, PricewaterhouseCoopers (PwC)’s report has showed that a staggering 86% of Brits do not want to work in a traditional office in the future. Therefore, it is clear to see that the business climate is changing in the burgeoning era of technology, so much so that it seems that there is no real need for an office environment anymore. However, that said, an office space is entirely dependent upon the nature of work undertaken by your company, and the kind of working environment you want to promote. Although technology has made remote working a real possibility, and in doing so dramatically changing the way we work, it is yet to bring around the absolute death of the traditional office—the office will be intrinsically linked with the business world for as long as we actively keep the notion alive. Sure, we may not necessarily need an office space in this day and age, but whether we want one is a different question altogether.

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Q & A It’s time for GPS to answer some of our readers most pressing questions Words : Samantha Jones

Q. What is the difference between purchasing a freehold and

leasehold property?

Are there any taxes I have to take into consideration when buying and owning Spanish property as a non-resident?

A. There are advantages to both options;

A. When buying a property in Spain, there are a few different taxes and

costs that you will need to account for, and this differs if you are buying a If you purchase a freehold property, you alone are responsible for the resale property or a brand new property from a developer. These charges upkeep of the building and all of its grounds. Traditionally, houses are sold can also be different depending on what region of Spain you are looking freehold, which means you are free to make any changes within the to invest in. structure of the building, without asking permission from the local council. However to keep it simple, you should allow for around 9-10% of the Leasehold properties are usually apartments where the freeholder will purchase price as your costs if you are buying a resale property, and own the land (the freehold) the building stands on, so you will pay an between 12- 13% if you are buying new from a developer. These costs can agreed ground rent for the length of the lease, which can be anything up also increase if you are purchasing with a mortgage. 999 years. It is normal practise to purchase leasehold properties and, whilst you will have to pay a yearly ground rent and With regards to the ongoing costs of ownership as a non-resident, in maintenance/management fee, this option does have its advantages, as addition to the general maintenance and community fees, then there are the owner may not be responsible for the upkeep of the building and a few taxes that you will need to take into account. Personal Income Tax grounds, or for any external repairs that need to take place. (Impuesto sobre la Renta de No Residentes – IRNR) and Annual Wealth Tax (Impuesto Sobre Patrimonio) are just two of the taxes that you will need to From a legal standpoint, the difference between owning your property pay. It is also advisable to use the services of a local Gestor (local advisor freehold or leasehold is the difference between owning your property on legal/taxation issues etc.) to advise you on these matters. outright, or ‘leasing’ the property from the freeholder. The majority of apartments will fall under a leasehold purchase, as you will not own the physical building, only the apartment that you have bought.

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When considering which properties to invest in, should I be concentrating more on yield or capital growth?

A. This will all depend on what you are looking to gain from your

A. Today’s student accommodation developments are purpose-built projects that are usually let and managed by an established lettings company, with experience in this sector.

investment. If you are looking for something long-term that will generate you a reliable income over time, then a strong yield will help you to achieve this.

If you decide to invest in a student accommodation project, any reputable company will ensure that the day-to-day management of the building, including letting the property out to students, is dealt with by them, which is covered by the management fee.

If however you are looking to make a profit on your purchase, then buying an off-plan property is the better option, as you are likely to sell the property for a higher price than you purchased it at. Generally, off-plan properties are sold at below-market-rate, due to the more risky nature of the investment. This does mean though that the potential for capital appreciation on the project is much higher, leading to a healthy return on your investment.

In regards to ensuring that your property is tenanted annually, most management companies offer an assured rental return for a minimum of one year, which means that you will receive the specified net return, regardless of whether the property is let or not. It is in the management company’s interest to ensure that the property is fully let each year, at the highest rents achievable, which is why they proactively market the accommodation.

If I invest in a student development, do I have to find the tenant myself? If not, what happens if the specific unit I invest in doesn’t get tenanted?

Any established management company should be happy to explain how they could manage your property.

ASK THE EXPERT Blunts Solicitors

I live in the UAE but am looking at purchasing a property in England. Are there any obstacles in regards to the English legal process of which I need to be aware?

A. Firstly, we can easily overcome the practical difficulties that arise

when buyers are based outside the UK. Email is almost exclusively used for communication, including the sending of documents. There are certain documents that must be signed by buyers and returned to England, but use of email allows the buyer to print off documents and return by courier, to minimise delay. There are no restrictions on the purchase of property in England by overseas investors, but all buyers must be at least 18 years old. If it is intended to purchase property for the benefit of children, for example, a trust must be set up to allow adults to hold the property for the benefit of the younger owners. The solicitor dealing with the property purchase should be able to set this up as part of the process.

All buyers’ solicitors must verify the identity of their clients and the origin of funds, in order to satisfy the anti-money laundering regulations. Every buyer must be prepared to provide evidence of identity and money for any purchase must be sent from the buyer’s own bank account. If the worst happens and the owner dies, English law will determine who the property passes to. We recommend that each buyer has a will drawn up at the time of their purchase as this allows the buyer to determine who should benefit from the property. If there is no will, other legal provisions will automatically apply and this could mean that the property passes to someone who was not intended to benefit. [One final point to note, England and Wales share the same legal system, but property law in Scotland differs. If you buy in Scotland, you will need to appoint a solicitor familiar with the Scottish legal system.]

*The following questions and answers are provided for general information only and may not be completely accurate in every circumstance.

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SHOULD I MOVE TO ABU DHABI? Words : Lindsay Smith | View : ventdusud

Should you move to Abu Dhabi? Well I did. Back in 1992, before Dubai had put the United Arab Emirates on the map with its manmade islands and towering skyscrapers. Even before McDonalds had managed to stake claim with its golden arches flag. I stayed there until 2000, when I moved to Dubai for a couple of years, which was a very different place to what it is now. My experience back then will of course be the foundation of my opinion on this matter, though I travelled back to both Dubai and Abu Dhabi at the start of this year, so my opinion is not 100% rooted in the past. The United Arab Emirates is only 43 years old this December, though the country and most certainly its capital, Abu Dhabi, have a lot to show for this short time. Sheikh Zayed bin Sultan Al Nahyan, was appointed ruler when the country was founded in 1971, and it was his profound vision and strong leadership which brought the success of the country. He was a hands-on leader, all buildings impacting the skyline were to be approved by him. He focused on education and making sure that the country had a strong infrastructure to grow on. He wanted to create a true oasis or utopia of sorts, where culture, business, community and luxury all came together in beautiful harmony. I’ll never forget getting off the plane when I first arrived, the arrivals terminal (which has changed since), was stunning; with mosaic tiled walls, the scents of Arabic perfume in the air, and an electric atmosphere. Outside, the roads were smooth and new, lined with palm trees and

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colourful flowers despite the heat and sprawling camel dotted desert beyond. As you crossed the bridge and entered Abu Dhabi City, you were suddenly surrounded by colourful skyscrapers and towers, and round every corner there was a beautifully decorated mosque, park or fountain display. It was incredible. A favourite place was The Corniche; 8 kilometres of beautiful landscaped waterfront with fountains, parks, cafes, and a walk way whizzing with cyclists and rollerbladers. So I think that sums up that it was a great place, but we all know that it’s the people who really make the place, and this is where Abu Dhabi really shone. The Emirate community is one we could all take a few lessons from; their generosity, warmth and tolerance are great strengths. When we moved into our first villa, the neighbours invited us over straight away and welcomed us into their home; they asked about our culture and taught us about theirs, the women even drew beautiful henna on my hands. During Ramadan, I’d love looking out around iftar to see everyone dashing through the streets taking big dishes to both their neighbour’s and to those in poorer communities. Charity was incorporated into everything, the community always striving to make the world a better place, even if just a little. 14 years have passed since I lived in Abu Dhabi, but the awe I felt watching their record breaking firework display, has still yet to be beaten. Mediocrity is not acceptable there. Abu Dhabi has many world records

The Grand Mosque, Abu Dhabi

under its belt, from the world’s biggest jeep to the world’s furthest leaning building; yes that’s right they’ve beat the Leaning Tower of Pisa! Flag poles, flower displays, the most expensive number plate or hotel, and the list goes on. The world’s largest hand-woven rug and the world’s largest mosaic are two world records which live in one of Sheikh Zayed’s final visions, The Grande Mosque. The Grande Mosque is reason enough to visit Abu Dhabi, it is truly breath-taking. I was told by the tour guide when I first visited it that Sheikh Zayed wanted to create a place so heavenly that it would inspire anyone who visited it to be good and to affirm their faith. Sadly Sheikh Zayed passed away in 2004, aged 85, before The Grande Mosque was completed. It was Sheikh Zayed’s absence that I felt when I returned earlier this year. The skyline certainly wasn’t being monitored anymore, with obscure towers scattered along the front. The Corniche looked a bit run down and less green, clearing not being maintained to the high standards of when he used to walk it himself. Though there certainly was more of a modern and Western touch to the city. This would probably help soften the culture shock I had experienced all those years ago. I remember how hard the adjustment was when I moved to Dubai in 2000 as it was so western, with American accents carrying across every restaurant floor and girls in shorts in every mall.

Abu Dhabi does live in the shadow of Dubai at the moment, which is growing at a mind boggling pace. Where I used to camp in the ‘desert’ in Dubai is now a high rise city, and the skyline I knew so well is almost unrecognisable and dwarfed by all the new magnificently high buildings. Visiting Dubai feels a lot like visiting the future; everywhere is clean and spacious, designed with glass and contours resembling the CGI futures Hollywood often portrays. If we do end up with flying cars, they most certainly will be in Dubai first and won’t look out of place. So if you want to indulge your senses to Arabic wonders, open your heart to new cultures, and have the future on your doorstep, Abu Dhabi is the place for you. If you aren’t convinced, make the United Arab Emirates your next holiday destination. There is something for everyone, whether a sunset stroll down The Corniche, enjoying fine dining, shopping in Dubai, dune bashing in the desert, or popping to Fujairah for a swim with sea turtles in the Indian Ocean. My family are often accused of over selling Dubai and Abu Dhabi to those who haven’t been, and we’ve sent many a friend out there with high expectations, none of which have been disappointed. So what are you waiting for?

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KNIGHT KNOX INTERNATIONAL Specialists at providing buy-to-let properties to the private investor market, Knight Knox International has a wide range of developments available across the globe. Working alongside a team of experienced developers, solicitors and agents in over 50 countries worldwide allows Knight Knox International to provide expert advice and guidance on a range of investments. Over the next 19 pages you will see a selection of the investment opportunities available through Knight Knox International.

+44(0)161 772 1370 www.knightknox.com Market leaders In Worldwide Property Investment

Market Leaders in World Wide Property Investment

*Prices correct at time of publishing All prices have been converted from local currencies and are correct at the time of print

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X1 MEDIA CITY Salford Quays PRICES FROM :

ÂŁ94,950 > 6% NET rental returns Studios, 1, 2 and 3-bedroom apartments Lettings and management company in place Private communal facilities Great transport links and close to shopping Most exclusive development outside of London

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With 1,036 apartments covering an area of approx. 544,820sqf, X1 Media City is the largest residential development in the Northwest. The development itself consists of four iconic towers, each containing a mixture of studios, 1, 2 and 3 bedroom apartments. With spectacular views over the city and MediaCityUK, the apartments are available fully furnished in a high-end, elegant flair.

SOVEREIGN HOUSE Sheffield PRICES FROM :

ÂŁ59,995 > 8.35% NET rental returns

A modern refurbishment of a long standing building in the heart of Sheffield. Let by a company with a great track record, Sovereign House is a hassle-free, hands-off investment that is perfect for any property portfolio.

Assured NET rental yields Lettings and management company in place Private communal facilities Great transport links and close to shopping Built by an experienced developer of both residential and student properties www.globalpropertyscene.com |

THE QUEEN’S BREWERY Manchester PRICES FROM :

£73,500 > 6.5% NET rental returns 73 luxurious 1 and 2-bedroom apartments Private courtyard and parking 10 minutes from Manchester city centre High-end fixture and fittings Extensive refurbishment of a landmark Grade II listed building 88

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The last barrel was to be rolled out in late 2012 and the building at the centre of Hyde’s history would brew no more. However, even though the brewery is now being turned into buy-to-let properties, much of its historic prowess will remain. The Queen’s Brewery is a Grade II listed building and beautiful features such as the romantic clock tower and the hand-fed hopper will remain in the building.

X1 EASTBANK Manchester PRICES FROM :

ÂŁ110,000 > 6% NET rental returns

X1 Eastbank is enviably located on the edge of Manchester city centre in the thriving area of Ancoats and New Islington. This luxurious development will have all the advantages of being a short walk away from the local parks and independent shops of suburbia, but also the vibrant bars and restaurants of the city.

Phase 1 - 112 apartments / 40 parking spaces Phase 2/3 - 172 apartments with private parking Assured rental yield available Walking distance to Manchester city centre High rental demand in local area

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X1 THE EXCHANGE Salford Quays PRICES FROM :

ÂŁ97,500 > 6% NET rental returns 140 residential 1 and 2-bed apartments 6% assured NET yield for year 1 10 minutes from Manchester city centre Private parking on selected units 10 storey building

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Comprised of 140 high-end apartments, this 10-storey building will be furnished to the highest standards and ready to accept residents by Q4 2015. Built by the experienced developer behind the successful X1 Salford Quays Phase 1 (completed) and Phase 2 (under construction), X1 The Exchange is one of the most exciting developments to hit the Manchester market so far this year.

THE COURTYARD AT X1 THE QUARTER Liverpool PRICES FROM :

ÂŁ89,950 > 6% NET rental returns Finance options available Experienced Management company in place Proven rental demand 5 minute walk to Liverpool ONE Opposite Liverpool Marina

Built by an experienced developer in the residential buy-to-let market, The Courtyard at X1 The Quarter presents a unique concept in luxury living for the residents of Liverpool. Upon completion in September 2014, the development will contain 77 modern 1, 2 and 3 bed apartments, in addition to 3 bed townhouses. Offered at an extremely competitive purchase price and with virtually no maintenance required due to the new-build status of the development.

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BURGESS HOUSE Newcastle PRICES FROM :

ÂŁ64,995 > Circa 9.16% NET rental returns Assured rental yield for 2 years Our 38th development since 2012 Experienced student management company Experienced student accommodation developer Within walking distance of both university campuses 92

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Our twelfth project to be launched in partnership with Fortis Developments, Burgess House is a five-storey development located on St. James Boulevard. A conversion of a former office block, the building will be transformed into 110 studio units, complete with communal areas including a gymnasium, laundry room, secure bicycle storage and fully-equipped entertainment lounge, designed to cater for the needs of todayâ&#x20AC;&#x2122;s students.

THE STUDIOS AT X1 THE QUARTER Liverpool PRICES FROM :

ÂŁ64,500 > 7% NET rental returns 7% assured NET yields for 5 years Planning permission granted Parking available on selected units Perfect for students or young professionals Fitness suite and communal area on ground floor

As the UKâ&#x20AC;&#x2122;s private rental sector continues to grow, prime buy-to-let developments in large regional cities like Liverpool present the perfect opportunity for savvy investors to expand their portfolio. Comprised of 221 fully-furnished studios and containing a private fitness suite and communal areas on the ground floor, this 10-storey building will appeal to both students and young professionals alike, due to its proximity to both the town centre and Liverpool universities.

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EAST POINT Leeds PRICES FROM :

ÂŁ100,000 > 6.5% NET rental returns Completion within 12 months 6.5% NET rental yields High rental demand in local area Located in the heart of Leeds city centre Luxury one-bedroom apartments

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East Point is the perfect place for the young professional, just a minutes walk from Leeds City Centre, The Calls and Harvey Nichols with its vibrant club scene for when weekend arrives. Recent research has revealed that approximately half of people living in the city are aged between 26 and 35. Approximately 60% of city apartments are occupied by two people and of these 73% are couples and 23% are housemates sharing a home.

DUNFIELDS Sheffield PRICES FROM :

ÂŁ44,000 > 10% NET rental returns Designed by award-winning architects Unique townhomes design ECO-friendly investment Located in trendy Kelham Island, Sheffield

One of the first truly boutique student residences in Sheffiled, Dunfields has been designed by award-winning architects Coda Studios to embrace a new, modern concept in student living. Unique in its design, the 82 individual single and double units will be divided between 18 three-storey town homes, all of which will be eco-friendly and built to Code 3 of the code for sustainable homes, anticipating that this will reduce the energy bills for the development, further enhancing the rental income for investors.

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X1 THE EDGE Liverpool PRICES FROM :

£54,950 > 8% NET rental returns 8% NET yields for 5 years Fully managed and let by X1 lettings 231 double en-suite rooms Built by the developer of X1 Arndale House Prime location in the heart of Liverpool’s student community 96

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An opulent new-build development, X1 The Edge will cater for today’s more discerning students. Built by the developer behind X1 Arndale House, the building will be fully let and managed by X1 Lettings and investors will receive an assured yield of 8% NET for the first 5 years. The seven-storey building, which will have amenities including a laundrette, bicycle storage and a private residents’ courtyard, has already received full planning permission from Liverpool City Council.

CHRONICLE HOUSE Chester PRICES FROM :

ÂŁ64,995 > 8.5% NET rental returns Experienced student accommodation developer Rental assurance available On-site management company Private communal facilities available Secure bycycle storage

Chester is a quintessentially English City set in the North West of the country. With three campuses in Chester, one in Warrington and an affiliation with the University of Liverpool, demand for both places and private accommodation is high. Chronicle House has been designed to address the needs of todayâ&#x20AC;&#x2122;s more commercially-minded students and will offer a high-end, fully-managed residence which will rival anything currently on the market.

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LANDCROSS HOUSE Manchester PRICES FROM :

ÂŁ61,950 > 7% NET rental returns Experienced student accommodation developer Rental assurance available On-site management company Private communal facilities available Secure bycycle storage

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Launched by an experienced developer in the residential market, these self-contained studios are the perfect solution for students or young professionals who are looking for a competitively priced property that is close to the city centre. Let and managed by PRIMO Property Management, Landcross House is a hassle-free, hands-off investment that is perfect for any property portfolio.

X1 LIVERPOOL ONE Liverpool PRICES FROM :

ÂŁ69,950 > CIrca 9.16% NET rental returns Assured 7% rental income for 7 years Fully-furnished Phase 1 comprises 86 apartments Located in the centre of Liverpool city centre High rental demand in Liverpool

Built by X1 Developments, the developer behind the successful Liverpool student accommodation projects X1 Borden Court and X1 Arndale House, the facilities in X1 Liverpool One are second-to-none. This luxurious accommodation offers students a highspec gymnasium, cinema room, and communal areas in which to relax after a hard day studying. Normally, such an enviable location comes at the cost of space, but these amenities offered prove X1 Liverpool One is fully dedicated to creating the epitome in luxury student accommodation. www.globalpropertyscene.com |

THE GALLERY AT X1 THE QUARTER Liverpool PRICES FROM :

£94,950 > 6% NET rental returns 1, 2 and 3-bed apartments 6% NET assured for 5 years Let and managed by X1 Lettings Private parking on selected units Prime waterfront location

100

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Located in Liverpool’s picturesque waterfront quarter, The Gallery at X1 The Quarter is comprised of 1, 2 and 3-bed apartments, all of which are fully tenanted – generating investors an immediate income from the moment of purchase. Part of a five-phase development, The Gallery is let and managed by an experienced management company, and offers investors the opportunity to own a prime piece of real estate in one of the most sought-after locations in the city.

TRINITY CHURCH Bolton PRICES FROM :

ÂŁ54,950 > 9% NET rental returns 9% assured NET yields for 2 years Managed by PRIMO Property Management Completion in time for September 2014 intake Great central location Built by an experienced developer

A modern refurbishment of a beautiful church in the heart of Greater Manchester, these studios and 1-bed apartments have attached such a hugh interest among investors, that there are now only a few units remaining! The historic Grade II listed building will be transformed into a three-storey apartment block containing 42 studio flats.

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Avalon Court Nottingham PRICES FROM :

TBC > COMING SOON Assured NET yields Designated letting service Fully furnished High-end fixtures and fittings Great central location

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Located in the heart of Notingham and offering investors strong yields for assured periods, Avalon Court is a great option for the savy investor.

RATHMELL HALL York PRICES FROM :

TBC > COMING SOON Assured NET rental yields Lettings and management company in place Private communal facilities Great transport links and close to shopping Built by an experienced developer of both residential and student properties

A high-end refurbishment of a classical building in the heart of york. Offering investors good size apartments and large communal facilities. A hugely popular tourist destination, historic York is known, amongst others, for its Minster, City Walls, Jorvik Viking Centre, National Railway Museum and Cliffordâ&#x20AC;&#x2122;s Tower.

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GEORGE LEIGH STREET Manchester PRICES FROM :

TBC > COMING SOON City centre location Private parking available Highly experienced developer In Manchester’s trendy Northern Quarter Close to Manchester Victoria train station

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Ranked by HSBC as being the fourth best ‘Buy-to-Let Hotspot’ in the country in 2013, Manchester is a city which has a chronic undersupply of housing, in relation to its population.

GLOBAL Market Leaders in World Wide Property Investment

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CYPRESS COVE USA PRICES FROM :

ÂŁ44,599 > 8% NET rental returns 8%+ Net rental returns Priced 60% lower than peak Luxury community in great location Resort style swimming pool Relaxing spa

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Knight Knox International have an exclusive allocation of 1 bedroom apartments priced significantly below market comparables and already tenanted, immediately yield producing for the international investor buyer. The community is a high spec, luxury community attracting quality tenants being right on the Atlantic Coastline in the popular beach destination of Melbourne. There is a pool gym and clubhouse on site and the community is located only 1.5h from Orlando and all of the theme park attractions.

VILLAGES AT TALLAHASSEE USA PRICES FROM :

£29,950 > 8.5% NET rental returns Choice of 1 & 2-bed apartments from £29,950 NET rental yields of 8.5% assured for first year Properties refurbished and pre-tenanted Ideal for buy-to-let investors Less than 3 minutes drive to Florida State University

The Villages in Tallahassee is found in the capital of Florida, Tallahassee and is located on the Florida ‘Pan Handle’. The development is in an area of high rental demand, being only a couple of minutes drive to one of Florida’s largest Universities and employers, Florida State University. The local area supports 70,000 students a year and the University itself is Tallahassee’s second largest employer, employing over 20,000 people.

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VEER TOWERS USA PRICES FROM :

£147,425 > 6% NET rental returns Priced at 40% lower than the peak of the market 6% NET for the first 2 years Great location in the heart of Las Vegas Large rooftop sun deck Secluded driveway with valet parking services

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This is your opportunity to own a trophy property in one of the world’s most vibrant cities, Las Vegas! Veer Towers is the best place to live in Las Vegas, with a premier CityCenter location. It’s an enviable lifestyle of fashion, luxury, comfort and convenience and now it can be yours. This is a limited opportunity and the time to take advantage of that opportunity is now!

UNIVERSITY VILLAGE USA PRICES FROM :

ÂŁ79,900 > 6% NET rental returns 6% NET rental assurance for 2 years Fully-managed, hassle-free investment Located close to all of Disney attractions High-end fixtures and fittings Heated swimming pool

Situated a short drive from DisneyWorld, Universal and Sea World, University Village offers investor buyers the chance to invest in high quality, fully-managed, 3 bed apartments priced at only ÂŁ79,904. Knight Knox International has secured exclusive units and pricing, occupying some of the best positions on the development. All apartments are generously sized, with the added benefit of an on-site tennis court, pool and clubhouse.

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CRESCENT PLACE USA PRICES FROM :

ÂŁ61,000 > 7% NET rental returns Price 60% lower than the peak of the market Great Orlando location Large outdoor swimming pool On-site Gym and sauna Taxes and Management Fees Paid for 12 months 110

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Crescent Place Orlando is the ideal location to live, work and play. Located in one of the most affluent areas in Central Florida, this surprisingly affordable community offers a wide variety of amenities for a very reasonable price. We have 1 to 3 bedroom apartments for sale all rented producing solid NET rental returns.

THE PALMS CLUB USA PRICES FROM :

ÂŁ58,911 > 6% NET rental returns High spec Orlando Investment Prices 60% lower than peak price Range of 1 to 3 bed units available Clubhouse and meeting area Fitness centre

There is no other condominium residence that flawlessly combines style and attainability like The Palms Club Orlando. Knight Knox International have an exclusive allocation of 1 to 3 bedroom condominiums located near to all of Orlandoâ&#x20AC;&#x2122;s attractions at a fantastic price point. With prices significantly reduced from the peak of market and an onsite management presence to take care of day to day rental of your investment, there has never been a better time to purchase in the Sunshine State.

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SERENE RESIDENCE Thailand PRICES FROM :

ÂŁ16,980 > 6% NET rental returns High spec luxury apartments Rental-ready furniture packages Interest-free payment plans Sheltered parking Fitness centre

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Serene Residence is a new condominium development located in Bang Saray on Thailandâ&#x20AC;&#x2122;s renowned Eastern Seaboard. Just 250m from the beautiful Bang Saray Beach, this beautiful fishing village is known for its stunning beauty, unspoilt beaches, great seafood and rural charm. The project features the latest designs and great facilities to offer an unparalleled living experience in one of the most sought after locations in the region.

LANNA Thailand PRICES FROM :

£54,500 > 6% NET rental returns 5 minutes from Samui International Airport 24 hour on site staff Fully equiped gym Pool side bar Air conditioning in all rooms

Lanna, is a collection of studios, 1 Bedroom apartments and 2 bedroom penthouses, designed, built and furnished to the highest standards. Found in the heart of Koh Samui, Bang Rak was chosen for its convenience of location to Great beaches, shopping, the night life centers of Chaweng and ‘Fishermans Village’ and the airport. ‘Lanna’ is set on a very spacious 3 rai of lush landscaped tropical gardens.

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MITTE LIVING Germany PRICES FROM :

£192,000 Unbeatable location in central Berlin Perfect buy-to-let investment New-build and already in construction Additional parking spaces are available Enviable luxury apartments boasting high quality development standards

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A brand new development in the heart of Mitte, Berlin’s first and most central district. Located on Chausseestrasse, this street is one of Berlin’s top locations and a magnet for galleries, cafes and new businesses catering to the area’s large concentration of creative individuals.

KAISERDAMM APARTMENTS Germany PRICES FROM :

The Kaiserdamm property in Charlottenburg-Wilmersdorf (built in 1910) was once the luxurious headquarters of Berliner Volksbank (the cityâ&#x20AC;&#x2122;s main savings bank).

ÂŁ149,900 Prime location next to shopping area Listed building with beautiful features High capital growth prospects Completion: end of 2014 High quality fixtures and fittings

The distinctive corner tower of the front building still emphasises the outstanding architectural merit of this property even today. In the context of the reconstruction of the existing building, we are planning to develop 31 residential units, 2 commercial units and 20 underground parking spaces with an overall area of 1,191 square metres.

Knight Knox International | www.knightknox.com | 0161 772 1370

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COLOSSO Spain PRICES FROM :

ÂŁ84,000 Large communal swimming pool High specification kitchen Great beach side location Close to all local ammenities Short journey to local airport

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Colosso is located just a few meters from the sea in the outlying part of Benalmadena. This area rarely offers newly built projects, which makes Colosso a true investment opportunity and a gem for the whole family. Dont miss your chance - the project will not be on the market for long.

DUQUESA Spain PRICES FROM :

ÂŁ76,000 High quality fixtures and fittings Marble floors throughout Large master bath Built-in air conditioning Large outdoor swimming pool

Duquesa is position in a great location close to all bars, shops and resaurants. The site offers investors great quality fixtures and fittings along with large communal areas and swimming pool. This is one of the best value Spain investments currently on offer.

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LA RESERVA Spain PRICES FROM :

ÂŁ54,500 Green areas and pool Jacuzzi and sauna Heated indoor swimming pool Large gym Equipped bathrooms

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Offering large duplex apartments La Reserva offers investors a beautifully designed and apointed apartment. With a large array of facilities onsite, there is plenty for any guests to experience. Located close to one of the best beaches in southern Spain.

THE BEST OF

BUY-TO-LET

A market leader in the UK buy-to-let sector, Knight Knox International has launched 35+ developments onto the UK market, totalling more than 3,000 units at a value in excess of ÂŁ195million. By forging strong relationships with a select number of developers, we work in partnership with them on their projects and, as such, are able to provide our investors exclusive access to prime developments across the country.

Knight Knox International Market Leaders in Worldwide Property Investment Tel: 0161 772 1392 Web: www.knightknox.com

Missed the motorway exit. Missed the turn to the office. There are days when everything works out perfectly. The new Cayenne. For further information call 0115 986 0911 or visit www.porsche.co.uk/cayenne

Porsche Centre Nottingham Electric Avenue Riverside Retail Park, Queens Drive Nottingham NG2 1RS info@porschenottingham.co.uk www.porsche.co.uk/nottingham

Official fuel economy figures for the Porsche Cayenne range in mpg (l/100km): urban 17.8 - 37.2 (15.9 - 7.6), extra urban 31.7 - 47.1 (8.9 - 6.0), combined 24.6 - 42.8 (11.5 - 6.6), CO2 emissions: 173 - 267 g/km. Official fuel economy figures for the Cayenne S E-Hybrid in mpg (l/100km): urban N/A, extra urban N/A, combined 83.1 (3.4), CO2 emissions: 79 g/km. The mpg and CO2 figures quoted are sourced from official EU-regulated test results, are provided for comparability purposes and may not reflect your actual driving experience.