Global Property Scene

GLOBAL

PROPERTY SCENE ISSUE NO. 001

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This issue: Best summer festivals | Global exhibitions | Cooking in Turkey Cities that have changed | Should I move to Dubai? | The best Orlando theme parks

WHY SHOULD I INVEST? A GUIDE TO UK BUY-TO-LET

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Superb conversion of a period hotel building into high spec boutique student studios.

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Part of the Forshaw Land & Property Group Ltd A family company where pride in the spaces we create takes centre stage.

INSIDE Features

Listings

6. UK Buy-To-let

43. UK Listings

10. The Best Festivals of 2013

54. USA Listings

14. The Changing Face Of Global Property Exhibitions

58. Thailand Listings

18. The Resurgence Of Modern Cities

64. Turkey Listings

24. Should I Move To Dubai

67. Brazil Listings

28. Food From Turkey

69. Egypt Listings

32. GPS Review: Orlando Theme parks

71. General Europe Listings

36. Student Property

75. Luxury Property Listings

39. Q&A: Buy-to-let Investments

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ISSUE 001 GLOBAL

PROPERTY SCENE ISSUE NO. 001 FREE

www.globalpropertyscene.com

This issue: Best summer festivals | Global exhibitions | Cooking in Turkey Cities that have changed | Should I move to Dubai? | The best Orlando theme parks

WHY SHOULD I INVEST? A GUIDE TO UK BUY-TO-LET

1 www.globalpropertyscene.com

Contact Tel - 0161 772 1394 Email - info@globalpropertyscene.com www.globalpropertyscene.com

Credits Individual Samantha Jones, Patrick Kinsella, Richard Ellis, Alistair McGovern, John Power, Martin Copeland, Anton Balazh, Christian Bertrand, Marat Dupri, Sergii Figurnyi, Nadia Zagainova, Marka Bond Commercial Knight Knox International, X1 Developments, Fortis Developments, Forshaw Land, Heights Holdings, Coda, Holiday Lettings, Moneycorp, Buy Association, Blunts Solicitors, Loft-Interiors, PRIMO Property Management, Shutterstock

Editor Michael Smith So it’s here, the finished article. It has been a long couple of months piecing together the finer points of the very first issue of Global Property Scene. The first issue always sets the template, balancing the content between an informative business magazine, and a regional interest publication is the brief set before me. So here goes.

I do consider myself as someone with a keen interest in global property investments, the concept of sinking my capital into the pockets of banks has never been an appealing notion. Since the economic downturn my reservations have only further been cemented. If you want to see a good return on investment, old-fashioned bricks and mortar, a bit of knowledge on the industry and a keen eye for quality-I’d say you cant really go wrong.

Here at Global Property Scene the plan is to help enable the process. In this issue we start with UK buy-to-let, currently proving to be a dominant force in the property market. With banks still recovering from the economic aftershocks, the rental market in the UK is strong.

Also in this issue we explore the growing popularity of the global property exhibition, defining what you’d expect to find from it’s ever changing face. Should you become part of the mass western exodus into the UAE? I will try to convince you. And on a more lighthearted note we have some popular dishes from the renowned culinary destination of Turkey.

So there it is, a brief insight into this maiden issue. With the eclectic template in place it only remains for me to say it’s nice to be introduced, enjoy the first issue.

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UK Buy-To-Let Words : Samantha Jones View : Anton Balazh

“UK buy-to-let is once again a dominant force in the property market and the investment vehicle of choice for any savvy property investor.”

One of the most traditional forms of property investment, buyto-let properties have historically been the investment option of choice for savvy landlords seeking a regular return on their investment.

The rise in house prices over the past 3-4 years, coupled with a lack of construction in all areas of the country, has resulted in a lack of affordable housing, preventing first-time buyers from taking their first step onto the property ladder.

The 1988 Housing Act was the birth of the buy-to-let boom, de-regulating the private rental market and allowing landlords the power to exercise more control over their property. By the mid-90s, specialist buy-to-let mortgages were readily available through the high-street banks, opening up the market to an influx of first-time investors who took the opportunity to purchase a property purely as an investment vehicle, rather than a family home.

According to Jones Lang LaSalle, the number of first-time buyers in England has fallen to below 200,000 per annum, a staggering drop when you consider there were 600,000 in 1999. This massive fall in numbers can be attributed to many factors, including the lack of lending by banks, meaning that the average deposit now hovers around the 25% mark, in order to access a reasonable mortgage rate – something which is completely unattainable in today’s economic climate for the majority of potential home owners.

As buying patterns changed, so too did the trend for living in the suburbs instead of central urban areas. Traditionally, apart from London, UK city centres did not have many habitants, but the conversion of vast amounts of warehouse land in the regeneration projects of the 1990s provided ample space for leisure, commercial and residential centres, attracting a host of young professionals into the cities, as they competed for trendy living spaces without the annoyance of a long commute.

Fuelled by the introduction of cheaper and more easily available mortgages, plus a rising demand for city centre living, the property market exploded and tenant demand in major cities like Manchester, Liverpool and Birmingham grew at a phenomenal rate, leading to a wave of new construction projects across the UK. Attracted by the hands-off style investment opportunity that the conversion and building of new properties presented, the new generation of landlords found that the concept of buy-to-let became even simpler and, with lower maintenance costs and fully-managed buildings, the buy-to-let proposition became an increasingly attractive one.

A nation of private renters Fast forward to the present day and the collapse of the property market in 2008 irrevocably changed Britain from a nation of home-owners to a nation of private renters, in the process moving the UK to the bottom of a market cycle, which has presented a new range of opportunities for buy-to-let investors.

Demand for rental accommodation is the highest it has ever been, with an estimated 1.2 million more households renting from private landlords at the start of 2011 than there were in 2006, compared to a decrease of 130,000 in owner-occupiers over the same period.

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A market under pressure The issue of a deposit in the early boom years would have been resolved quite easily through a loan from the ‘Bank of Mum and Dad’, but as the shape of the housing market changed, so too did the division of housing wealth across the generations, creating an uneven split between who holds the bulk of the equity in the market.

According to research by Savills, two thirds of the UK’s housing wealth is now held by the older generations (categorised as 55+) and we are faced with a high percentage of our property market tied up by owner occupiers who are mortgage-free, with no desire to release the equity in their property until much later in life, either through inheritance or by downsizing – a timespan that is much longer than is required by the younger generation of buyers.

Given the constraints that the housing market is currently under, it is little wonder that the government has come under increasing pressure to produce a solution to the nation’s housing problem.

Whilst there is an on-going debate about the sustainability of the Help-to-Buy scheme, it has been welcomed by some sections of the property community for giving an injection of liquidity to the market, enabling a number of first-time buyers to take that first step on the property ladder, as the deposit they need to put together is considerably smaller than on the open market.

In addition to trying to stimulate the housing market with policy reforms, like the ones imposed in 2011 in regards to Stamp Duty for large-scale landlords, the government has also accepted the findings of the Montague Report, and is actively looking to implement the recommendations made, which will remove the barriers for institutional investment into the Private Rented Sector.

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The Montague Report Compiled by Sir Adrian Montague, the report is a review of the Private Rented Sector (PRS) and delivers a set of recommendations on how the barriers to institutional investment can be overcome.

• A task force to encourage and support build-to-let investment from the private sector, and to develop voluntary standards that future landlords would meet and tenants could expect • Government incentives to encourage the development of build-to-let business models (e.g. sharing development risk in the short-term) • Government allocation of public sector land for the building of build-to-let developments • Government collaboration with councils and the GLA to identify a number of sites where there is good demand for rental housing and make them available to developers Information taken from: Jones Lang LaSalle Advance Report, September 2012 & ARLA

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So committed is the government to finding a solution to the problem, that it has already announced plans to unlock £200m of funding, in addition to £10bn of guarantees for those institutions which plan to invest, as a way to stimulate house building and create a long-term, ‘built-to-let’ sector, which will work alongside its home ownership schemes.

“UK Private Rental Sector (PRS) Figures” • Number of households in the PRS have increased by 28% since 2007 • By 2020 it is estimated that 1/3 of the population will be a private tenant • Average rents are up 3.9% year-on-year, as of April 2013 • Private rental stock now worth an estimated £898 billion Figures taken from; Jones Lang LaSalle Advance Report, September 2012, Knight Frank Residential Research Market Update, May 2013 Savills Residential Property Focus, Q1 2013

The UK has experienced a severe lack of construction in regards to residential stock in its regional towns and cities over the last five to six years, which means that many properties which will previously have been classed as ‘new build’, are now reaching their 10-year anniversary. As properties age, they require more maintenance to keep them at a level regarded as the minimum standard required by tenants, leading to a larger outlay by landlords in the long-term on repairs and maintenance etc.

Construction has started again in regional cities like Manchester, Leeds and Liverpool, and investors are increasingly turning towards off-plan developments and refurbishment projects, as a means of building up their portfolio without having to outlay a large part of their capital on the upkeep of the building. In addition, the

realisation that the new-build developments come complete with management and lettings agents already in place, in most cases there are even on-site management suites, makes the new wave of buy-to-let investments extremely attractive in the present climate.

The new buy-to-let landscape The re-introduction of easily accessible mortgages, alongside the stabilisation of house prices, has led to a renewed interest by property investors into the buy-to-let market. Currently sitting at the bottom of a market cycle, yields for rental properties, particularly in large urban cities like Manchester and Leeds, have been rising for the past couple of years, with landlords reporting average yields across the country of 6.3% in 2012, according to research by specialist lender Paragon Mortgages.

In addition to portfolio investors, many now see property as an alternative to a pension, viewing it as a tangible asset that will always be in demand. The UK property market is extremely sophisticated in terms of legal structure and ownership, allowing for a long track record of transactions and values, supporting growth over the long-to-medium term.

The potential to earn a high return on a property is greater now than in the height of the boom, when landlords were purchasing property based on the capital appreciation of the asset and achieving rental yields of less than 4%. With property values having fallen dramatically in the period since 2008, some by up to 40%, yields have now more than doubled, presenting landlords with a generous income with which to re-invest in their portfolio.

When held alongside the knowledge that the property generates a rental income which, in most cases more than covers the cost of the mortgage, then it is no surprise that private investors are eager to once again turn to a more familiar form of investment.

All stats accurate at time of print (2013)

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The

Best Festivals of 2013 Words : Patrick Kinsella View : Christian Bertrand

Songkran Festival

Songkran Festival is the traditional celebration of the Thai New Year and has been proclaimed as the ‘festival of water’ due to activities which take place during the festival, such as the pouring of water into the hands of the elderly and blasts of water which douse the festival visitors.

The festival starts in a tranquil and respectful manner with young people pouring fragrant water into the palms of the elderly as a gesture of humility and to ask for their blessings, in a ritual called the Rod Nam Dum Hua. This tranquil feeling is soon lost when tourists and Thai nationals parade the streets of Thailand arming themselves with garden hoses, water guns and buckets to take part in what can only be described as a gigantic water fight. People have been known to sit upon elephants who fill their trunks with water before drenching the crowd, which was normally responded to with buckets of water being thrown back in the direction of the elephants - but there is always only one winner in that battle!

During this time, most office buildings, banks and restaurants shut down completely to observe the holiday. Buddhists take part in an important religious ritual on Songkran where they pour fragrant water over Buddha statues and attend numerous Buddhist ceremonies.

Songkran takes place from 13 to 15 April every year and the water, which douses locals and tourists, symbolises the washing away of the misfortunes of the last year, allowing festival-goers to enter the New Year with a fresh start.

Benicàssim Festival Located only an hour’s drive away from Valencia, this sun-blessed Spanish music festival hosts established household names from the British and American music scene, as well as a selection of up-and-coming bands throughout a four-day line-up. With the music taking place throughout the much-cooler night, days can be spent slumbering on the beach recovering from the long night before, with the music only coming to an end at around 4 AM. Festival-goers also often head to the nearby water park tackling vertical slides and soaking in Jacuzzis; a wide array of food can also be found on the town centre’s main street which is a two minute walk from the festival site.

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Holi takes place in March every year across India in several different states. The Hindu festival pays respect to the legend of Prahlad who was coaxed to sit in the lap of Holika, the sister of Prahlad’s father who ordered his death, as she sat in a blazing fire.

Holika died in the flames, whereas young Prahlad, who chanted the name of his Lord, came out unharmed as the lord blessed him for his devotion. The festival celebrates this victory of good over evil; burning an effigy of Holika and Prahlad’s father in a bonfire on the eve of Holi.

The day which follows the bonfire is known as Dhuleti; on this day, a vast array of colours coat the people and the streets as revellers who have either bought colour from the markets or made it themselves, jubilantly throw it over one another. The celebration is backed by the singing of popular Bollywood songs and dancing to the beat of the dholak – a north Indian hand drum.

Holi

Holi’s tradition of throwing colours comes from Lord Vishnu who took pleasure in playing pranks on the village girls by drenching them in water and colours. The festival has become acclaimed all over the world in recent times and has become an event which has been celebrated by both Hindus and non-Hindus alike, as everyone desires to be a part of the joy and excitement of ‘the festival of colours.’

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Harbin International Ice and Snow Festival is home to some of the world’s most magnificent ice sculptures. Lasting for over a month, ice carvings designed as anything from churches to tigers line the streets of the northern city of Harbin in China.

With average winter temperatures of -16C, the ice city of Harbin could not be a more perfect destination for the festival which runs from December through to February. The city’s climate furnishes the festival with its materials, with ice being cut from the nearby Songhua River to build the gigantic ice structures.

The ice figures are illuminated from within during the cold nights making the collection of sculptures resemble an idyllic winter wonderland. Thousands of tourists travel from all over the world to give their Christmas the perfect ending; artists and ice sculpture experts are also known to make the visit to gaze upon the beautiful creations.

Ice sculptures stand in different areas of Harbin and depict different themes; those that are built within Zhaolin Park represent themes such as Chinese classic works or religious customs, while those that that stand in the ice and snow world often depict famous world-wonders such as the pyramids of Egypt.

The festival is not only famous for its innovative use of ice, huge snow sculptures are also carved out and join together to make a wonderful world of snow in the Sun Island Park, which also contains the planet’s largest indoor ice and snow art museum. The ice sculptures known as ‘ice lanterns’, which in the past have resembled arches, large bottles and illustrious churches, have all been showcased in Asia, Europe and North America since the festival was ordained in 1963.

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Harbin International Ice and Snow Festival

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The Changing Face of Global Property Exhibitions Words : Samantha Jones View : Richard Ellis

What images spring to mind when you think of property shows and events? Draughty exhibition halls filled with white-toothed salesmen in flashy ties, trying to win you over with their slick sales patter? Or maybe it’s the smell of Paella and croissants wafting across the aisles, your senses assailed by a mixture of fragrances as agents try to entice you with the cuisines that each country is famous for?

properties and convince potential investors of the value of their stock.

Whatever your thoughts, it is abundantly clear that there has been a gigantic shift in the physical make-up of property exhibitions and events. Over the last 15 years, the global property market has undergone many changes; from the ‘splash the cash’ days, when investing in property was the proverbial cash cow of a generation, to the global economic crash, a destructive time which saw billions of pounds wiped off the value of property markets around the world, forcing many developers and agents into bankruptcy and effectively calling a halt to the wholesale investments which were commonplace around the world. So has everything now come full circle?

Fast forward to today and exhibitions are no longer the ostentatious affairs they once were; instead, they are now viewed as an important part of the sales process, a way for companies to put both their brand and product directly in front of the consumer.

In the heady days of the late 90’s and early noughties, overseas property sales rose with such popularity that the market was awash with shows and events, all designed to showcase the best that each country had to offer. The properties on sale were invariably local to that country – it was very rare that you would attend an event that tried to sell you property in another country, let alone another continent, thus making it an extremely competitive market place in which to sell in. Exhibitions at this time were grand affairs – organisers would spend a tremendous amount of money on hospitality, delegates would be wined and dined and the stands were an opportunity for developers and agents to showcase their

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Then the market crashed, and the sharp drop in potential investors, coupled with dwindling stock due to the amount of repossessions that had taken place, made the cost of attendance so prohibitive that the majority of events were cancelled outright.

As we become a population that is increasingly transient, the general population are more aware of the benefits of investing in economies that are considered more profitable than their own and are not held back by the inevitability of having to travel to view their property. The amount of money spent on stands and promotional activities etc. is slowly starting to creep back up, with the quality of the exhibitors beginning to rise, as companies once again look to showcase their excellence at these events.

Yet it’s not just the frequency and demand for exhibitions that has changed; the way in which property investments are viewed has altered the way the market works. The last 10 years have seen a shift in the focus of many investors, in regard to the locations they are willing to buy property in. The global crash caused particular trouble for the traditionally popular Eurozone countries like Spain, France, Italy and Greece, causing many people to look to more far flung parts of the world. Thailand and the USA in particular have proven extremely popular with investors, due to the low entry

levels and high returns on offer; as have some of the more stable economies in Europe like Germany and Turkey, as investors seek out markets which offer good capital appreciation on their assets.

Witnessing this shift in the make-up of the traditional property exhibition are Alasdair and Alice Macdonald. Based in the Costa Del Sol, Alasdair and his wife Alice are veterans of the exhibition circuit, with over 60 years collective experience between them. After running their own highly successful property business for many years, the couple are now employed by North West property investment firm Knight Knox International, as part of its global exhibitions department.

The husband and wife team travel around the world, attending a plethora of events where they showcase KKI’s extensive portfolio of products. Attending a regular circuit of shows in countries such as Malaysia, Singapore, Dubai, Australia, Holland, Sweden, Hong Kong, Russia and Egypt, the dynamic duo are well versed in the rigours of continental travel and appear to be immune to the strength-sapping jet lag that is all too common with long-haul flights. Indeed, so comfortable are they at moving from one time zone to the next, that they often attend shows backto-back, flying from Spain, to the UK to Dubai to Thailand and back again, with unnerving ease and affability.

“Exhibitions are in our blood” says Alasdair, “after almost three decades of working in the property industry; it’s a way of life for us that we wouldn’t change for anything”.

So why do they think the industry has found momentum again after such a long time?

“Now that the market has started to pick up, it’s a mixture of good old fashioned branding and face-to-face contact”, concludes Alasdair.

“Whilst our Head Office is based in the UK, over 50% of our client base live overseas, so the exhibitions are a great way of establishing face-to-face contact and allowing both existing and potential customers to ‘put a face to the brand’, which helps to build trust and a closer working relationship with Knight Knox as a company”.

So where does the demand now lie for investment properties?

According to the Macdonald’s, the most popular country by far, perhaps surprisingly is the UK, closely followed by Thailand.

“Over the past couple of years we have noticed a huge upsurge in requests, particularly in the Middle East and Asia, for two distinct types of properties” comments Alice. “People seeking a high-yielding investment instantly look towards the UK, particularly the student accommodation and residential buy-to-let markets as they are familiar, and allow investors to feel comfortable with their purchase.

For those wanting somewhere in a year-round climate that can be used as both a second home and as a financial investment, then Thailand undoubtedly has the most to offer and has been our most popular product by far with investors”.

Having ascertained that there has indeed been a shift in focus on the location of the properties that are exhibited, there has also been a change in the number of additional products and services which are on offer. Prime examples of this can be seen at the Property Investor Show and A Place in the Sun Live, two of the most internationally recognised property shows on the UK circuit.

Each organisation puts on two large events a year and over the past

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couple of years, has experienced year-on-year growth from both exhibitors and delegates alike. Both events are a prime example of how the organisers have diversified into different areas, offering a differential advantage to the more ‘traditional’ type of exhibition that investors were used to.

Alongside the familiar agents and developers selling investment and lifestyle properties, a much more diverse mix of products is now being advertised, including a rising number of alternative investments, such as ethical forestry, student accommodation, storage facilities and oil. In addition to these products, seminars and lectures, where delegates can listen to a panel of experts speak on a range of topics, a host of peripheral services including magazines, financial & legal services, portals and lead generation companies, all now seek to target a much broader audience than their online presence will allow.

Whilst not around to witness the global recession, the first Property Investor Show took place back in 2002 and, once the market started to pick up again in 2010, has reported a steady increase in both the number of exhibitors and delegates in attendance at both their Spring and Autumn events, recording an increase of almost

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1,000 delegates at their Spring shows in the period from 2010 to 2013.

Sumit Pal, Sales Director at Property Investor Media Ltd states “The period between 2009-2010 was an extremely tough time for the property industry and was felt across the board for all businesses trading within our industry. Even during the difficult period we continued to deliver a platform for our exhibitors to meet active UK investors through our shows.

“Over the last couple of years we have seen a positive shift in the market, which has led to not only an increase in the quantity of exhibitors and visitors at the show, but also the quality, and myself and the team will continue working towards delivering more diverse products for our visitors in the years to come”.

As exhibitors continue to diversify as a means of keeping pace with an ever-fluctuating global property market, it is clear to see why exhibitions are the perfect medium through which to present an ever-growing range of investment opportunities to a wider audience.

The Resurgence of Modern Cities Words : Patrick Kinsella View : Marat Dupri

“We look at how the world’s leading cities have overcome warfare, starvation and destruction to become the global economic centres that they are today.”

Bangkok The people of Bangkok have faced challenge after challenge in their time residing in the metropolis; there have been violent political coups, a SARS outbreak and that is in the last five years alone. Bangkok’s economy, which accounts for about 40 per cent of Thailand’s economic output, has always been resurgent against such troubles, but their biggest challenge came when floods threatened the city once heralded as the “Venice of the East”.

In 2011, heavy monsoon rains swamped Thailand killing nearly 800 people in a catastrophic tragedy which affected 65 out of the Kingdom’s 75 provinces. The floods started in July but only began to spread to the metropolis in October; soon a fifth of Bangkok would be under water and home-made bamboo rafts ferrying families through the floodwater became commonplace in this nightmarish vision of a city sinking.

Regional areas were hit hardest by the flood as the Thai Government directed the water towards them, seeking to keep the city’s economic centre dry. Residents were given a five day holiday to evacuate their submerged houses and crocodiles became a real fear for those wading through the waters, with almost 100 escaping from a flooded farm.

Although the deluge stopped short of Bangkok’s city centre, many of the city’s major economic contributors were affected. Bangkok’s second airport and domestic terminal, Don Muang was closed for four months, an entire campus of Thammasat University in north Bangkok was flooded, factories ceased production and nearly 80,000 people were left homeless.

When the flood finally came to an end in January 2012, Bangkok and indeed the whole country had to embark on a major rebuilding process. The devastating images which made their way into the world’s living rooms deterred tourists, with arrivals dropping by approx. 400,000 during the peak of the flood. The cost for the country has been put at an estimated US$45 billion, making the disaster one of the most expensive in history.

With so many people homeless in Bangkok, building would have to start soon, but the devastation can be seen by the low building rates in November 2011, with just two new condominium projects

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and two housing projects launched in the city. Bangkok however had recovered from multiple crises before and this story would run the same course.

By the end of January 2012, the sight of sandbags piled up in doorways to stop water splurging over the threshold, were the only remnants of this flood in Bangkok. A government programme to invest US$72 billion on a raft of infrastructure projects over the following four years throughout Thailand has helped revitalise the economy and the property market in Bangkok.

At the centre of these infrastructure plans is a new rail system and five mass transit extension lines set for Bangkok. The worrying lack of developments being built in the city grew rapidly when work began on two of the lines – the Blue and Purple line; with 12,300 units completed along the Blue network alone in the last three years. Prices for units were 12 per cent higher in 2012 than in 2011, as growing numbers of people once more desired to live in the revitalised city.

The World Bank forecasts that the Thai economy will grow 5.3 per cent this year and, with Bangkok being at the centre of the country’s economy, the future appears to be bright. In addition, in 2012, the Travel + Leisure Magazine named Bangkok as the best city to visit in the world; emphasising that Bangkok has not only reclaimed its economic status, but also its tourist status following this major tragedy.

Berlin Berlin is a city with an explosive past. It has been ruled by some of the world’s most divisive leaders and was once the most divided city in history.

Serving as a capital to Germany under many different guises, Berlin was under the control of the Weimar Republic when the First World War came to a close in 1918. Within seven years of this armistice, Berlin’s population had grown to over four million as the city became one of the world’s leading metropolises.

The country and the city went into demise when the National Socialist German Workers Party (otherwise known as the Nazi Party) gained power in 1933. During their 12-year term in power, the country would come to be known as Nazi Germany or the Third Reich and Berlin would become the target of opposers of the regime, as the empire’s power grew.

The Nazi Party’s reign came to an end within the historic city in the final stages of World War Two. The war, which reduced the city to rubble; destroyed over 600,000 apartments and caused over a quarter of the city’s population to leave the city, came to an end soon after.

It would not be long however until Berlin was at the centre of another war – the Cold War. This incarnation as an important territory of the Cold War stemmed from an agreement which divided the city into four zones of control - British, French, American and Russian; the three western allied zones formed ‘West Berlin’ and the Russians formed ‘East Berlin’.

Disagreements between the four powers came to a head when the Soviet Union began a blockade of the Western Sectors, sealing off railroads and highways to prevent goods and people from entering or leaving the West as they sought to establish power over both sides of Berlin. The allies overcame this by supplying the city by air; cargo planes dropped food, fuel and drink 24 hours a-day causing the blockade to cease.

As the1960’s approached, residents of the city still travelled freely across both parts of the city, but as the Soviet Union increased coercive measures in the East, almost 200,000 East Berliners made permanent moves West. Whereas East Berlin was a dystopian picture of poor housing, food shortages and low wages, the West was far more prosperous and continued to lure people from the East.

This provoked migration elicited an unusual response, when the Soviet Union recruited ‘shock workers’ to roll out barbed wire across the city’s divide to shut off the border. The barbed wire was soon replaced with concrete blocks, as a wall with 300 watch towers stretched over 100 kilometres dividing West and East. This led to tragedy as some residents in the deprived East attempted to climb over the wall leading to nearly 100 deaths as a result of an East German policy to shoot people who tried to flee across the Berlin Wall.

This act of aggression caused relations between the USA and the Soviet Union to drop to an all-time low and, although no direct warfare between the countries took place in the Cold War, the fear of nuclear attacks was extremely real at the time, with the Berlin division only increasing this fear.

Relations improved as the 1980’s reached their climax; in 1987 Ronald Reagan travelled to Berlin’s famous Brandenburg Gate where he boldly declared ‘Mr Gorbachev, tear down this wall!’ This demand was answered when a decision came to take the wall down in November 1989. People from both sides of Berlin flooded to the wall as they helped one another reach the summit, plunging hammers and mallets into the concrete blocks.

Residents from both East and West celebrated together and re-joined for a new unified Berlin. The city would gain back its independent status when the allies and the Russians ended their rule over Germany, creating the modern, economic powerhouse it is today.

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Dubai The sail-shaped silhouette of the Burj Al Arab harks back to a laid-back maritime period, which was a far cry from the riches and luxuries that can now be experienced at the ‘world’s first seven star hotel’ and the rest of modern-day Dubai.

This seafaring period began in 1833 when the Maktoum family began their 180-year rule over Dubai, commencing when Maktoum Bin Butti of the Bani Yas tribe settled on the mouth of Dubai’s creek and declared the city’s independence from Abu Dhabi.

The small tribe of 800 soon began to earn a living through fishing and pearling, a process where divers would recover pearls from oysters. The creek then was also likely to receive traditional dhows carrying livestock from Bedouins and nomads who farmed in the area, much different to the 500 tonne coastal ships the creek receives today.

This existence which would seem modest to most, soon helped Dubai become the principal port on the Gulf Coast in the 1870’s.

The area’s fame soon reached new levels, after Sheikh Mantoum Bin Hasher-Al Makhtoum exempted foreign traders from taxes in 1892; this radical policy caused the population to double and helped the burgeoning pearl industry to boom.

A discovery in 1966 would put these dreams within his reach.

In 1966 oil was first discovered at the offshore Fateh field and within seven years, shipments carrying around 180 thousand barrels of oil would be leaving Dubai. Two further oil fields were soon discovered and money began to flow into Dubai resulting in improvements in the city’s schools, hospitals and roads.

Dubai became part of The United Arab Emirates in 1971; the same year in which the Dubai International Airport opened, showing that the leadership had their eyes as firmly fixed on tourism as they did on oil.

This new focus would become much more prominent when annual oil income dropped to a new low in 1980; at this moment, Dubai’s reinvention as a tourist capital started to gather pace.

Unfathomly high skyscrapers began to rise; the Dubai World Trade Centre would be the city’s first high rise building, paving the way for more and more ambitious architectural projects.

In 1985, the Emirates airline launched and soon visitors who checked in with the airline would have the chance to stay in the world’s only “seven-star hotel”, the Burj Al Arab which opened in 1999.

However, Dubai’s journey from sandy village to super-state would not be a seamless one. The pearl industry in the 1930s and 40s experienced a large crash and villagers had to resort to eating locusts, lizards and leaves in order to survive.

This hotel is located on the palm islands, another ambitious project bringing together three artificial archipelago islands, shaped as a palm tree with a crescent on top. These islands can be seen from space and are now surrounded by other artificial islands resembling the world and the universe.

Despite this, the Makhtoum family were not going to let their dreams languish and in the 1960’s, the first electric lights were hooked up in a city which soon become one of the brightest in the world.

2010 saw the tallest man-made structure on earth, the Burj Khalifa, open to the public. This building could not more perfectly document Dubai’s mass transformation from small mud valley to a city at the forefront of the world’s most innovative projects.

This decade would prove to be an influential one for Dubai under the ambitious leadership of Sheikh Rashid bin Saeed Al Maktoum, who dreamt of turning Dubai into a city of gold which would be discussed by high society in fast growing areas like New York.

Dubai has always been an innovative trading centre which has taken advantage of its coastal location, but the city’s transformation is not half as remarkable as the transformation of the people of Dubai who once rode camels, but now sit behind the wheels of the latest Porsches.

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Istanbul Istanbul is a city which has witnessed the death of numerous empires, serving as a capital of the Roman, Byzantine and Ottoman regimes.

This metropolis is the only city to extend into more than one continent and serves as a junction for Europe, Africa and Asia. Its strategic location has led to an everlasting tussle for the keys to the city; envious armies have engaged in struggle by jumping over its walls, in an aim to make this trading centre their own.

Historic buildings have managed to survive under each different ruler and these buildings act as remnants of empires which have since fallen by the wayside.

Istanbul was founded in a far more heavenly way than the hellish bloodshed which followed. Legend has it that Greek colonists led

by King Byzas set out in 650 BC to find a new homeland. Byzas consulted with the oracle of Delphi before setting out; the oracle advised the colonists to settle opposite the ‘land of the blind’.

The search for this predestined land continued until the colonists came across the Golden Horn of Istanbul. The migrants were delighted with this land and noticed that across the water there were people who had left the land unfounded, who they determined ‘must be blind’, they had found the land which the Oracle had forseen.

Istanbul was named Byzantium after the king who founded it, the first of its many guises which would follow in the centuries to come. Many were envious of Byzas’ discovery and enemies would soon try to capture this valuable trade centre, but it would not be until the 300s that the Byzantines lost their stronghold over the city. The Romans at this time were suffering much internal strife within the Empire; the response of the emperor, Septimus Severus, was to try and make Istanbul part of the ever-extending Roman Empire.

By 330 AD, the city had replaced Rome as the capital of the Roman Empire. Emperor Constantine made this decision and the city would no longer be named after King Byzas but the emperor himself, when the city became Constantinople. The city prospered in the hands of the Romans and Emperor Severus built the Hippodrome soon after he took over the city; this was a tremendously important building and soon a large rebellion would take place within its walls.

Inside the Hippodrome, Blues and Greens fought for victory and there was often crowd trouble. These disturbances grew into such a furore that the leader Justinian I ordered the death of the ring leaders. Ironically, this united the rivals and before long they would surge through the city burning everything in their sight. Rioters then assembled in the stadium and more than 30,000 citizens were massacred within the hippodrome.

The riots were eventually stopped and the construction of one of the city’s most renowned buildings -the Hagia Sophia began, which helped hail the victory.

The Ottoman Empire now started to gather strength and in 1453, Sultan Mehmed II took over the city after slaughtering much of its populace and its emperor, Constantine XI in the process. After seizing the city, the Ottomans gave the city its true name ‘Istanbul’ and began to build The Topkapi Palace in 1459, which served as the seat of power for the Ottomans for nearly four centuries, before they finally lost their hold of the city during WW1 when the allies took over Istanbul.

Three buildings, three empires – the Hagia Sophia represents the Byzantine Empire, the Hippodrome the Roman Empire and the Topkapi Palace the Ottoman Empire. Two of the buildings remain while each empire has disappeared. The most enduring of these buildings is the Hagia Sophia; it has transformed as empires have invaded, first serving as a Byzantine church, then an Ottoman mosque and now aptly as a museum in the Republic of Turkey, a more perfect building to retell the conflicts and history of the city could not be found.

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Manchester Over 932,000 people visited Manchester in 2012 from all corners of the globe; an amazing achievement for a city which has been shattered by bombs and a victim of large scale poverty and disease.

Manchester entered the global consciousness when the Industrial Revolution began in the late 18th century; mills rose up at a pace not too dissimilar to the rising up of the towers in the documentation of the industrial period in last year’s Olympics opening ceremony, creating a stark contrast to the once rolling green hills.

By the end of the 18th century, the population in Manchester had reached 70,000 and the thick cloud of black smog produced by the mills hung over the town as a fitting representation of the lives of those below. Manchester had not adapted to its growing population and people lived in dreadful conditions; families were forced to live in cellars and stinking slums, whilst rubbish piled up on unpaved streets. These conditions encouraged disease which became rife in 1832 when cholera spread through the town killing over 600 people.

20-years on and Manchester reformed with new found vigour, gaining city status in 1853; wool, silk and cotton became the staple of the city’s manufacture and the opening of the Manchester ship canal in 1894 allowed imports and exports to flow, causing the city’s trading prowess to reach unprecedented levels.

New industries such as flour milling arrived as the city’s cotton industry slipped into dire decline. Soon this would be of no importance, when the men of Manchester began to load ships as they prepared for war and the city’s children loaded trains heading in the direction of rural areas, as they were evacuated to avoid the warfare.

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Fame is not always a good thing, as Manchester found when the city became a target of German bombs. Air raids began in late 1940 as bombs rained on prestigious buildings such as the Palace Theatre on Oxford Road, but this would be nothing compared to the flurry of intense bombing which occurred on the nights of the of 22/23 December, which became known as the Christmas blitz.

Aircraft dropped over 400 tons of high explosives killing 684 people and damaging buildings such as the Manchester Cathedral, The Royal Exchange and The Free Trade Hall. Nazi propaganda claimed to have burnt the city to the ground, causing Winston Churchill to embark on a TV broadcasted walk around the city to rebuke this claim.

Although the bombs did not destroy the city it was terribly damaged and the bombing did not stop; in 1941 a bomb hit Old Trafford causing Manchester United to play games in their rivals Manchester City’s stadium until the end of the war in 1945.

Sadly, these bombs would not be the last to hit Manchester; a white lorry sent in by the IRA, packed with 3,500kg of explosives, detonated in Manchester city centre in 1996. Luckily, this had been pre-empted and the city was evacuated with injuries only coming as a result of flying glass, but much of the city was destroyed again and the rebuilding process began anew.

When you look upon Manchester now; a city filled with gleaming glass buildings and beautiful historic churches, it is hard to believe that this booming city which contains two of the world’s biggest football teams and some of England’s most envied cultural hotspots was once the scene of such devastation and destruction. The rebuilding has been remarkable, making all this seem like a myth, a forgotten past.

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Should I Move to Dubai?

Did you know that Dubai heats up to 50+ degrees Celsius in the summer? At that temperature you could fry an egg on the roof of a car.

I wouldn’t recommend this, as most cars tend not to be non-stick…

For me it’s all about temperature, are you getting enough sun? As a UK resident I have to say that the one thing in my life I feel shortchanged by is sunshine. Sound familiar? To complain about the weather in the UK is a rite of passage, but wouldn’t it be great if instead of complaining about the daily differing shades of grey, we could sit in our back gardens for more than three days a year?

This neatly brings me to the title of this piece, should I? Speaking from personal experience I would have to say it does appeal to me. My exposure to this country is probably different to current expats, or potential UK defectees.

Long before I visited, my wife and her family outlined the rich tapestry of Dubai. They were part of the sizable movement of skilled workers from all over the western world into the UAE. During the early 90’s my father-in-law, a geologist, had the opportunity to move out to the UAE to work in the vast oil industry. When their plane touched down on the sandy dune stricken airstrip, Dubai was still a small fishing village in the early stages of dragging itself out of the desert. They were witness to the first pieces of Dubai high-rise take shape, watched as the roads gradually turned from rough drawings in the sand into 10lane highways, and most importantly, visited the first McDonalds in the UAE.

“To complain about the weather in the UK is a rite of passage” They lived there very happily for the best part of 20 years, experiencing the place develop and adopt its predominantly expat community (only 6.5% of the 8.2 million people living there are local Emiratis).

To be honest with you, I’d previously thought of Dubai as a place I wouldn’t necessarily travel to, it’d be more likely a place I’d stop over a few days en-route to another destination. Having been bombarded with a love of Dubai, it being the yard stick my relatives seem to measure all aspects of life in the UK by, I decided to look into the place, try and understand all the excitement.

Words : Michael Smith View : Sergii Figurnyi

tax-free salary. It’s true; you really don’t pay the state anything.

Quite often your employer will pay your rent for the first year as an incentive to get you out there. The cost of most other things can be very reasonable; there are 70,000 taxis in Dubai, all run by the state at low prices, you could get across the whole city for £5. Fuel is a quarter of the price it is here. Food too is very cheap, as is tobacco.

If the temperature is an issue most things there tend to be air-conditioned. The smooth and clean tram system is one of these nicely cooled environments. The stations are connected to malls and other places via tunnels to ensure you never break a sweat.

They have even gone to the trouble of air-conditioning the bus stops.

I’m guessing there is however one other must-have for any UK resident, alcohol. I’m sorry to say this is a commodity that you may find expensive, and finding it can be tricky too as it is only sold out of specialist shops and hotel bars.

As we’re on the subject of alcohol, it would probably be a good time to debate the down sides of Dubai, as it is generally the grease that causes most expats to become unstuck. There is a zero tolerance policy in operation; if the laws aren’t adhered to the consequences can be severe. If a member of a family commits a serious offence, the whole family can be removed from the country.

Having said which, most of the laws are straightforward; the only laws it’s important to be aware of are debt and drug classifications.

You can face jail time for debt, always make sure you can afford your outgoings. Also be aware that drugs such as codeine are viewed as serious drugs (they have an effect if mixed with alcohol), not painkillers. If you bring them in and they’re found you can face deportation.

I’ve read the indecent exposure cases that people get shocked about too, but lets face it, I can’t legally flash people in the UK, the punishments are just more severe over there. Also bear in mind that the state likes making an example of people to discourage others.

So there we have it, a bit of both sides. All of the above information is based off the back of reports and other people’s opinions. Like Marmite, it’s important to try it for yourself before you write it off.

Dubai is a city of facts and statistics, the majority of which are designed to be the biggest in the world. Be it the tallest building, largest number of construction cranes, or even the largest flag ever made, which funnily enough isn’t on the tallest flagpole in the world. That belongs to Abu Dhabi which resides about an hour up the coast. The purpose of all this is to put the place on the map. The well-oiled and unflinching PR machine is well aware that the oil reserves fuelling the vast development have a limited lifespan. Many decisions have been made to ensure people will invest in this state, and more importantly, want to visit and stay.

In December 2013 I arrived in Dubai, it was warm, it was clean and it was great. The brief time I spent there was truly enjoyable and I do wish I’d had more. The place is food for the eyes, from gazing up at the high-rise structures to watching the locals race their Ferraris on Beach Road, there was never a dull moment.

The first thing I think most potential expats will pick up on is a

Oh and I don’t like Marmite…

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Whether it would be a great place to live on a permanent basis I could not say. Down the line I may hopefully have the opportunity to find out, but for now I will say it’s defiantly worth a visit, not just a stop over.

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Food from Turkey

Words : Michael Smith View : Nadia Zagainova

There is a vast array of excellent food to be sampled from Turkey, much of which is of Ottoman heritage. The common flavours of Turkish cuisine stem from a mixture of Middle Eastern, Central Asian and Balkan palates, so you can imagine it would be very difficult to list all the best food available from the region.

With this in mind I’ve selected two recipes that I’ve been cooking for years. I feel having travelled to Turkey many times they’re an accurate representation of what you could expect from Turkish food - enjoy!

“Imam bayildi with BBQ lamb & tzatziki” 3 aubergines 2 tbsp olive oil, plus extra for brushing 1 Spanish onion, finely chopped 2 garlic cloves, crushed 1 tsp cinnamon 8 ripe tomatoes, peeled Small bunch flat-leaf parsley, chopped 12 lamb chops or cutlets Paprika, for seasoning 1 lemon, halved 150g tub Greek yogurt ½ cucumber, seeds scooped out, grated 2 tbsp chopped mint

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1. Heat oven to 190C/170C fan/gas 5. Halve the aubergines lengthways and score the flesh side deeply, brush with a good layer of olive oil and put on a baking sheet. Roast for 20 mins or until the flesh is soft enough to scoop out.

2. Fry the onion in a little oil until soft, add the garlic and cinnamon and fry for 1 min. Once the aubergines are cool enough to handle, scoop out the centres. Roughly chop the flesh and add it to the onions. Halve the tomatoes, scoop the seeds and juice into a sieve set over a bowl, then chop the flesh. Add the chopped tomatoes to the pan and cook everything for 10 mins until nice and soft. Add a little more oil if you need to. Stir in the parsley, leaving a little for scattering at the end.

3. Lay the aubergine halves in a baking dish and divide the tomato mixture between them. Pour over the juice from the tomatoes, drizzle with more olive oil and bake for 30 mins until the aubergines have collapsed.

4. Meanwhile, mix the tzatziki ingredients together and put in a small serving bowl.

5. Season the lamb with salt, black pepper and a pinch of paprika.

Griddle, grill or barbecue for 3 mins on each side or until the fat is nicely browned, then put in a serving dish and squeeze over the lemon halves. Scatter the aubergines with parsley, then serve with the lamb and tzatziki.

“Kofta burgers�

1kg lamb mince 2 onions, coarsely grated 1 garlic bulb, broken into cloves and chopped 6 tbsp garam masala Bunch coriander, chopped (optional) 1 tbsp chilli sauce, plus extra to serve 8 pitta breads 4 tomatoes, halved and sliced Half a red cabbage, shredded 1 red onion, sliced (optional) Small pot plain yogurt

1. Tip the mince into a large bowl (use a clean washing-up bowl if you don’t have anything big enough) with all the other burger ingredients and a good pinch of salt. Roll up your sleeves, get your hands into the mix and squelch everything together through your fingers until completely mixed. Pat the mix into 16 small burgers.

These may now be frozen for up to 1 month or chilled up to a day ahead.

2 To cook, heat your grill to its highest setting and lay the burgers in a single layer on a baking tray (you may need to do this in batches, depending on how big your tray is). Grill on the highest shelf for 5-6 mins on each side until browned and cooked through. Pile burgers onto a platter and serve with all the accompaniments, so everyone can construct their own sandwich.

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GPS Review: Orlando Theme Parks

Words : Samantha Jones View : Marka Bond

One of the most popular tourist destinations on the planet, Orlando’s greatest lure is the gigantic theme parks for which it is world renowned.

Tirelessly working to bring our readers on-the-ground information about the most desirable locations around the world, GPS takes a look at the world-famous theme parks to see which has the scariest rides, which is the best value for money and who has the biggest and best ice-creams!

SeaWorld Orlando 1 Getting there: No 8 bus from International Drive, 10-30 mins journey time Waiting times: People start to get seats at least 30 mins prior to show times, so make sure you queue up before-hand Best for: Everyone Best bits: Shows and rollercoasters Worst bits: Arctic simulator ride can cause bad motion sickness Value for money (food and tickets): 6 park flexi ticket used, food average for theme parks, big nice ice creams Hints & tips: Special evening shows run through the summer

2

Busch Gardens 2 How to get there: Shuttle bus free when a flexi ticket plus is bought, takes around an 1hr to 1hr 30 mins from Orlando depending on traffic Waiting times: 15-30 mins low season, 2 hours+ high season Best for: Big rollercoaster for adults, lots of animals for kids Best bits: 6 monster rollercoasters and getting close to wildlife Worst bits: Staff can take a long time to load coasters and wait times posted are not always accurate Value for money (food and tickets): 6 park flexi ticket used, food average for Florida theme parks, wide variety of food available Hints & tips: If you want to do the park in one day, advise to purchase quick queue ticket approx $30 which admits you to the quick queue lane once for each of the major rides

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1

3

Universal Studios 3 Getting there: Bus No 8 or 42 from International Drive (10-20 mins) then change to bus No 37 (10 mins) to Universal Waiting times: 15-30 mins low season, 2 hours+ high season Best for: Everyone Best bits: Hollywood Rip Ride Rocket, Men in Black, Horror Make-up Show, Fear Factor Live, walking round all the movie sets, Worst bits: Wait times can be huge during holidays and the summer Value for money (food and tickets): 6 park flexi ticket used, food average for theme parks, lots of fast food so not for the health-conscious amongst us Hints & tips: The big fans that spray mist water are excellent during the hot weather, buy refillable cup and refills are only $1.06

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Ticket Information Flexi ticket plus includes 14 consecutive days admission to Universal Studios, Islands of Adventure, SeaWorld, Aquatica, Wet and Wild and Busch gardens

Top Tips The same refillable cups can be used at Universal and Islands of Adventure together; the same refillable cup can be used at SeaWorld, Aquatica and Busch gardens. Arrive early at all parks to beat the queues - high season is June till August plus Easter, Memorial Day weekend, Independence Day, Thanksgiving and Christmas, plus all other school holidays. *Based on two adults using a 6 park flexi ticket ($340pp) and using public transport from a hotel on International Drive to all theme parks *All prices correct at time of print

Islands of Adventure 4 Getting there: No. 8 or No. 42 bus from International Drive (10-20 mins) then change to No. 37 bus (10 mins) to Universal Waiting times: 15-30 minutes low season, 2 hours+ high season Best for: Everyone Best bits: The Hulk Coaster, all of Harry Potter World, Spiderman, water rides Worst bits: The shows can be a bit cheesy – leave your cynicism at the doorway and embrace your inner-child Value for money (food and tickets): 6 park flexi ticket used, food average for theme parks, lots of fast food so not ideal for the health-conscious out there Hints & Tips: Arrive for park opening to avoid the worst of the queues, express passes can be bought to fast-track the queues

Disney Hollywood Studios 5 Getting there: No. 8 bus from International Drive, then No. 50 bus from outside SeaWorld, whole journey approx. 1 hour to ticket and transportation centre, then take Disney free bus to Hollywood studios Waiting times: 15-30 minutes low season, 2 hours+ high season Best for: Everyone Best bits: Tower of Terror, Star Tours, Indiana Jones, Rock and Roller Coaster, Fantasmic Worst bits: Fast passes can run out early for popular rides Value for money (food and tickets): The more days you go to Disney the cheaper it is, as 1 and 2 day tickets are quite expensive Hints & Tips: Star Wars weekends are fantastic (on throughout May and June), use fast passes to beat huge queues

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6

5

Discovery Cove 6 Getting there: No 8 bus to SeaWorld from International Drive, shuttle bus to Discovery Cove from SeaWorld Waiting times: n/a Best for: A fun–filled day out for everyone Best bits: Swimming with the dolphins, Sea Venture deep sea walk, snorkelling with rays and fish Worst bits: If thunderstorms occur within 5 miles everyone has to go undercover and out of the water, which may cause cancellations of dolphin swim which then may have to be rearranged for another day Value for money (food and tickets): Very expensive, once in a lifetime treat type day, all food, drinks (soft and alcoholic) towels, toiletries, snorkel gear included Hints & tips: Must use eco friendly sun cream that Discovery Cove provides, note to everyone its very thick and sticky

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Student Property Words : Samantha Jones View : Anton Balazh

“As the student accommodation market moves from being an ‘alternative investment’ to an established property sector, Global Property Scene takes a look back at the market and asks whether private student accommodation is here to stay.”

Over the past decade, the UK property market has undergone a staggering transformation; with the more traditional forms of buy-to-let investments being shunned in favour of so-called alternative ventures. One sector which has clearly risen above the rest is the student accommodation market.

This lucrative sector continues to dominate the UK property market, recording average annual returns in 2012 of 9.6 per cent across the board and regional returns of between 6.5 and 7.25 per cent, as reported by property experts Knight Frank.

“Student property has outperformed every other commercial property class.”

James Pullan, Head of Student Property, Knight Frank

Outperforming all other forms of property investment in the UK; private, boutique student residences are one of the most lucrative ways of expanding an investment portfolio, due to the stable yields and low void periods which are common for this type of property.

Capital investment in this sector amounted to more than £2.7bn in 2012 – more than double the volumes invested in 2011, showing a level of confidence from investors in the property market, not seen since the boom years.

world, coupled with a highly globalised Higher Education market and the increase in tuition fees for English universities which was introduced in 2011, university-owned accommodation has been placed under an increasing amount of strain, as they struggle to provide the standard of accommodation required in today’s market place.

With the recent work restrictions imposed by the UK Border Agency on overseas students coming into full force over the last two years, only the most affluent of students can now afford to study in Britain which, coupled with the increase in the amount that UK students are now having to borrow to pay for their tuition, has led to a much more commercially aware student populace than ever before.

Student accommodation has been a rich source of income for institutions and private landlords for decades. However, in recent years, a severe lack of funding has seen many institutions lose their own halls of residence, in favour of privately-owned halls and Houses of Multiple Occupation or HMOs. The Housing Act 2004 introduced the need for licensed HMOs, meaning that sub-standard and shared housing had to be brought up to a certain standard, forcing many landlords to increase the rent on their properties, in order to finance the improvements.

So why the sudden shift from university-owned accommodation and HMOs to private, boutique-style student accommodation?

The advanced and highly regarded British education system has attracted high levels of attendance for hundreds of years, from both British nationals and overseas’ students alike. Both emerging and first-world countries view our education system as a ‘benchmark’ standard, with over 400,000 overseas’ students enrolling onto courses at British universities each year, a figure which is predicted to rise to 7.6m by the year 2025.

Fast forward eight years and today’s students are more commercially aware and demanding a higher standard of living than ever before; fuelled by both an expectation from overseas students on the quality of the facilities they require (overseas students can pay up to eight times more for an undergraduate course than a UK resident), and a sharp rise in tuition fees for English students. The inability for existing university-owned accommodation or HMOs to provide this level of comfort, has led to the appearance of purpose-built, privately owned, ‘boutique’ student developments, which can cater for everything a student desires – all under one roof.

With the emphasis on earning a degree as a criteria for the best, if not most jobs, in today’s competitive and increasingly transient

The benefit of living in a ready-made community is an extremely

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attractive proposition for students. These well managed developments have all the facilities and amenities more likely to be found in a four-star hotel – high-quality furnishings, gymnasiums, games rooms, high-speed internet, media areas and coffee shops are just a few of the assets to be found, making them stand out from the competition as the accommodation of choice for students in the area.

This trend for a higher quality of living is something which Ben Hall, Managing Director of Loft Interiors, has noticed growing of late, commenting “Standards have improved dramatically across the board. With hefty tuition fees the norm, it’s more often affluent and foreign students who make it to university, and they are demanding more luxurious fixtures and fittings than in previous years”.

So what makes student accommodation such a good investment?

Investing in student accommodation, as opposed to more traditional forms of property, offers investors the opportunity to own an asset with the attractive combination of minimal void periods and higher-than-average yields.

“Total capital investment more than doubled in 2012 to £2.7bn.”

CBRE, UK Student Housing MarketView Q4 2012

Courses at UK Higher Education institutions generally range between 2-4 years, with fixed length terms keeping void periods to a minimum. This increase in the quality of on-site facilities is a major selling point for a student which, if they are happy in their accommodation, means they will generally stay in the same residence for the duration of their course.

Considered to be a hands-off investment, student accommodation residences are expertly managed by companies experienced in this sector and, coupled with assured rental periods, which are usually set between 1-5 years; investors can earn an immediate income on their investment, generally upon completion of the development.

As with all property sectors, the student accommodation market can secure you a lucrative asset if you choose the right development but, as with any investment, there are certain questions you should ask yourself before taking that next step.

1. Is there a demand for student accommodation in the area?

Whilst there are a lot of student accommodation developments on the market, it is important to ensure that the area doesn’t already have an oversupply of student beds and that the demand is there to ensure the rental of your unit. Cities like Nottingham and Glasgow are the perfect location for private housing, as they are both documented as having a chronic shortage of student accommodation.

3. Does the developer have experience at building student accommodation or buy-to-let residences?

The sector has attracted a lot of interest over the past couple of years and there are numerous companies selling this type of investment. Always look at the developer’s portfolio and take note of their completed projects, as this will give you an indication of the standard that your property will be built to.

4. Does the development have an appointed management and lettings company which has experience at working in this sector?

Many of the new student residences are block managed and let by companies affiliated with the developer. They have on-site offices and management suites so that day-to-day issues can be dealt with immediately and are responsible for ensuring that the rooms are let each term. This ensures that the developer retains control of their brand and investors can be confident that any issues will be dealt with at source.

5. Does the sales agent have a positive track record of completed student accommodation developments behind them?

An indication of a good agent are the number of developments in their portfolio which have been marketed, sold and then completed, and are now earning investors the projected yield.

Number of Non-UK Domiciled Students in UK Higher Education 2011/2012 Postgraduate research

44,150

Postgraduate taught

154,865

Postgraduate other

10,690

First degree

198,675

Other undergraduate

26,850

Total non-UK

435,230

Information taken from UKCISA Statistics

2. Are the rents and running costs in-line with neighbouring student accommodation residences?

All stats accurate at time of print (2013)

Make sure that the rental prices you are being quoted are achievable within that area, as this will affect your yield over the long-term. Any good sales agent should be able to provide you with information about comparable rents in the area.

37 www.globalpropertyscene.com

Bard House, Nottingham

Minerva House, Nottingham

Central House, Glasgow

St.Andrew’s Court, Glasgow

“Setting the standards for student, leisure and residential development throughout the UK”

www.fortisdevelopments.com

Q&A Words : Samantha Jones

“Here at GPS we get a lot of readers asking about the in’s and out’s of buy-to-let property investment. With that in mind we have provided answers to some of the most popular questions asked” Question:

Question:

There are a lot of new developments being advertised with ‘onsite lettings and management companies in place’. I already own a couple of buy-to-let properties and am used to managing them myself; how would this be of benefit to me?

I have heard that there have been changes to the law regarding which nationalities can buy property in Turkey. I am from Kuwait; am I able to make a purchase there?

Answer: As construction has started to pick up pace, experienced developers have started to extend their operations by setting up management and lettings companies, in order to retain greater control over the yield that is produced.

Using designated agencies allows you the luxury of knowing that you do not have to be involved in the day-to-day running of the apartment and that any tenant issues will be dealt with on-site. It is also in the interest of the designated company to ensure that your apartment is let each year, leaving you without the hassle of having to advertise the property yourself.

Question: Can I buy a freehold condominium in Thailand?

Answer: The initial response to this is yes, although there are two different ways in which you can purchase a freehold title and it depends on your individual circumstances and preference, as to which route you choose.

Option 1. Under the 2008 Thailand Condominium Act, the freehold title of 49 percent of the units contained within a development can be sold to foreign nationals. It is recommended that if you have no relations in Thailand that you purchase under these conditions, as the property is registered under your name with the Land Registry Office.

Option 2. Alternatively, many people do buy in a Thai Company Name, as developers tend to offer a cheaper price to fit in with the 51 percent Thai ownership quota. This is an accepted practice in Thailand and generally benefits anyone purchasing on a long-term basis, with no intention of seeking short-term capital gains.

Answer: There have indeed been changes in regards to the property investment laws in Turkey. In August 2012, the Turkish government passed a bill which relaxed the conditions concerned with foreign nationals purchasing property in Turkey; the most important change being the abolishment of the reciprocity law, which had previously limited the purchase of property to those foreign nationals whose governments had reciprocal agreements in place. This change in law means that investors from countries in the Middle East, Central Asia and most other countries can now purchase property in the country, where they previously could not.

Question: Do I have to pay Council Tax on my student pod investment?

Answer: In short, the answer is no, you do not. As a registered landlord, your tenant is liable for the Council Tax payable on the room. However, students are exempt from paying Council Tax, providing they are in full-time study.

If you have any concerns regarding the payment of Council Tax, visit www.gov.uk/council-tax

Do you have any questions? If so contact Global Property Scene at: ask@globalpropertyscene.com

39 www.globalpropertyscene.com

Where property buyers & the

looking for property to buy?...

Be sure to visit The UK’s largest and longest running property event is presented at ExCeL London every April & October.

The major names in UK & International property will be out in force – with plenty of ‘off market’ deals and show exclusives to choose from.

REGISTER ONLINE NOW FOR FREE ENTRY at www.propertyinvestor.co.uk Note: Seminar booking opens approximately 6 weeks before show opening day

property market meet ...

looking for property buyers?...

Be sure to exhibit at Attracted by the largest promotional campaign deployed in support of any UK property investment event, both editions of this show attract thousands of visitors – serious buyers seeking additions to their portfolios. ‌ and why not enhance your return by emailing your proposition to 45,000 motivated buyers?

For further details on exhibiting at these events and/or our email broadcast service, contact us: Tel: +44 (0) 20 8877 0610 Email: enquiries@propertyinvestor.co.uk

Beach-front condos and high-end apartments in Thailand

Tenanted condos and town homes in the USA

High-yielding student accommodation and residential buy-to-let properties

Prime city centre apartments in Turkey

Alternative property options in coastal Egypt

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 32 pages you will see a selection of the investment opportunities available through Knight Knox International.

0161 772 1370 | www.knightknox.com | Market leaders In Worldwide Property Investment

UK Pages 43 - 53

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

UK

Residential

Buy-to-Let

2 E S A s e PH c i r P h c n u a Pre-L

X1 SALFORD QUAYS MANCHESTER PRICES FROM ÂŁ87,500

6% assured NET rental yields for 5 years Prime property in an excellent location 1 and 2-bed apartments available

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

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

TRINITY CHURCH BOLTON PRICES FROM ÂŁ47,950

9% assured NET yields for the first 2 years Managed and let by PRIMO Property Management Within walking distance of Bolton University, Bolton train station and all local shops, bars and restaurants

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UK

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UK

N O O S G COMIN X1 THE QUARTER LIVERPOOL

6% assured NET yields 1 and 2-bed apartments Within walking distance of city centre

MEREBANK COURT LIVERPOOL PRICES FROM ÂŁ49,950

8.47% assured NET yields for the first 2 years 1, 2 and 3 bedroom apartments Within walking distance of Sefton Park and various local amenities

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

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

X1 TOWN HALL

6% NET rental yields for 5 years

MANCHESTER

Excellent location for city centre workers

PRICES FROM ÂŁ47,950

Onsite lettings and management company

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UK

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UK

N O O S G COMIN THE QUEENS MANCHESTER

1 and 2-bed residential development Restoration of a Grade II listed building Close to Manchester city centre

X1 EASTBANK MANCHESTER PRICES FROM ÂŁ74,950

6% assured NET rental yields for 5 years High rental demand in local area Within walking distance of Manchester CIty Centre

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

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

Student Buy-to-Let

ALL SAINTS SUNDERLAND PRICES FROM ÂŁ42,500

9% assured NET rental yields for 2 years Luxury fully-furnished self-contained studios Hands-free investment

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UK

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

GREENBANK COURT PLYMOUTH PRICES FROM ÂŁ54,950

50 www.globalpropertyscene.com

UK

9% assured NET rental yields for 2 years Located in an area with high rental demand Completion in time for September 2014 intake

UK

HALLEY HOUSE NOTTINGHAM PRICES FROM ÂŁ49,950

9% assured NET yields for the first 2 years High rental demand in local area Within walking distance of Nottingham Trent University

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

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

X1 CHAPEL STREET

8% NET yield for 5 years

MANCHESTER

93 student rooms 20 minutes from Manchester Universities

PRICES FROM ÂŁ54,950

52 www.globalpropertyscene.com

UK

UK

DUNFIELDS SHEFFIELD PRICES FROM ÂŁ44,000

Unique townhomes design Located in trendy Kelham Island, Sheffield Experienced management and letting agent appointed

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

USA Pages 54 - 57

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

UNIVERSITY VILLAGE ORLANDO PRICES FROM £82,328

6% NET rental assurance for 2 years Fully-managed, hassle-free investment Located close to all of Disney attractions

CRESENT PLACE ORLANDO PRICES FROM £61,021

Sold for over $300,000 in the peak of market 1, 2 and 3-bedroom apartments Taxes and management fees paid for 18 months

55

USA

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USA

Orlando

Tampa

Winter Park Prices From £36,460 Located in the prestigious Winter Park area, this community is surrounded by all the magic Orlando has to offer.

Richmond Place Prices From £40,540 A range of 1 and 2 bedroom apartments available with guaranteed tenants in place.

Tampa

Fort Myers

Daniels Gardens Prices From £47,385 Daniels Gardens is a gated community located off Daniels Parkway in the heart of South Fort Myers, Florida.

Equestrian Parc Prices From £50,000 Stylish condominiums in one of Florida’s most upmarket areas Tampa!

Florida

Orlando

Tradewinds Prices From £60,613 Luxurious 1-bed apartments within moments of Walt Disney World and all of Orlandos attractions.

New Smyrna Prices From £79,774 The New Smyna Golf Residence offers 2 and 3 bedroom town homes with spacious designs.

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

USA

Florida

Florida

Palm Point Prices From £111,720 Offering spacious 1, 2 and 3 bedroom residences. Featuring expansive views of the Atlantic Ocean.

Las Vegas

Tarpon Key, Prices From £133,315 Purchasing a luxury property at Tarpon Key represents an intelligent investment strategy!

Miami

Veer Towers Prices From £146,901 This is your opportunity to own a trophy property in one of the world’s most vibrant cities, Las Vegas!

Miami

Ocean Tower Prices From £175,560 Ocean Tower Miami offers investors a mix of ocean view luxury studio. 1 and 2-bedroom units at an unbeatable prices.

Miami

Brickell Village Prices From £194,712 Amid downtown Miami architecture and nearby Biscayne Bay, Brickell Village offers 360 degrees of urban oasis.

Pelorus Prices From £590,798 Pelorus Miami Beach consists of 7 stories and 115 one, two and three bedroom units, 2 floor townhomes and penthouses.

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

THAILAND Pages 58 - 63

Market Leaders in World Wide Property Investment

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

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

LAGUNA BAY 1 PATTAYA PRICES FROM £29,355

Brand new completed apartments!

Just 350m from the beach!

Extended payment plan available

LAGUNA BEACH RESORT 3 PATTAYA PRICES FROM £29,950

Multiple fully-equipped gymnasium suites Luxury resort living Proven developer with excellent track record

59

THAILAND

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THAILAND

PEAK TOWERS PATTAYA PRICES FROM £66,630

Pattaya’s premium high-rise condominium 250m from the pristine cosy beach Stunning ocean, island & Pattaya Bay views

WONG AMAT TOWER PATTAYA PRICES FROM £77,304

0% financing available Popular location on the East Coast of Thailand Sea view with all apartments

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

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

WATERPARK CONDOS PATTAYA PRICES FROM £31,053

350m from Pratumnak Beach Boutique condominium over 8 floors In an exclusive, upmarket community

LAGUNA BEACH RESORT 1 PATTAYA PRICES FROM £29,950

1,300 sqm lagoon pool with wave machine Underground parking Stand-alone fitness area

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THAILAND

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THAILAND

Bang Saray

Pattaya

Ocean View Prices From £17,800 A stunning 1 building condominium development set in the idyllic Bang Saray.

Central Point Prices From £26,500 A low-rise residential complex that offers its residents an intimate living environment in the heart of downtown Pattaya.

Koh Samui

Pattaya

Amazon Residence Prices From £27,800 Amazon is the ideal purchase, either as a full-time residence or as a buy-to-let investment.

Playground Condos Prices From £29,950 408-unit condominium with studios, 1 and 2 bedrooms and the penthouse, designed to tailor the very best in creative living.

Pattaya

Pattaya

Laguna Beach Resort 2 Prices From £28,000 PR1 is a metro living space with modern contemporary styling set against a backdrop of tropical greenery.

Abatalay Condos Prices From £16,500 Abatalay Condominiums are the most competitively priced apartments available in Jomtien, Pattaya.

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

THAILAND

Pattaya

Jomtien

Seven Seas Prices From £33,000

Park Royal 3 Prices From £37,000

Seven Seas apartments surround an impressive lagoon style swimming pool with artificial beaches and beautiful landscapes.

Secluded Pratumnak location make this the best value-for-money real estate proposition in Pattaya!

Pattaya

Pattaya

Atlantis Resort Prices From £39,999

The Vision Prices From £47,800 Rising high on top of Pratumnak Hill, The Vision dominates Pattayas’ sky-line with its shiny aluminium glass framework.

Atlantis Resort is a low rise development of 5 buildings comprising of 1000 condominium units.

Phuket

Hua Hin

Royal Gardens Prices From £81,140

Ocean Palms Prices From £119,900

Royal Gardens is a contemporary style project with a stunning mountain backdrop and breathtaking sea views.

Ocean Palms offers investor buyers the services and facilities they would expect from a major city hotel.

THAILAND

63

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TURKEY Pages 64 - 66

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

Calis

Antalya

Freelife Apartments Prices From £43,565

Turquoise Residence Prices From £56,000

90 apartments built around a central atrium – construction will be completed May 2014.

Turquoise Residences is a complete, modern complex of 41 luxury 1, 2 and 3 bed apartments.

Antalya

Sarigerme

Sarigerme Apartments Prices From £75,000

Mediterranean Breeze Prices From £89,784 A luxurious residential complex in a quiet rural location with stunning mountain views and peaceful pine forests.

Sarigerme Apartments are perfectly located just a short distance from the town centre and planned golf courses.

Calis

Antalya

Calis Apartments Prices From £45,000

Marine Residence Prices From £111,720 Semi-detached villas: 3 bedrooms with 3 bathrooms over two floors and a roof terrace.

This ground floor apartment has two bedrooms and a bathroom. Both bedrooms have balconies.

65

TURKEY

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TURKEY

Istanbul

Istanbul

Bura Residence Prices From £36,250 Bura Resıdence is located in Esenyurt, one of the strongest growth areas within Istanbul.

Istanbul

K Park Prices From £66,123 K Park has been designed as a luxury small-town concept: take advantage of pre-launch prices and payment plan!

Istanbul

Europa Prices From £85,432 One of the largest residential complexes in Istanbul - Europa is the perfect investment or lifestyle choice!

Istanbul

Sunrise Park Prices From £103,000 1, 2, 3, 4 & 5 bedroom apartments, duplexes and shops, only 20 minutes from central Istanbul

Istanbul

The Modern Palace Prices From £263,854 This prestigious new development is located in Bomonti, Şişli, on Istanbul’s European side.

Arthill Central Prices From £319,939 Stylish and practical interior designs in a prime location, with panoramic views of the city, magnificent Bosphorus and Halic.

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

BRAZIL Pages 67 - 68

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

ECO HOUSE NATAL PRICES FROM £23,000

Demand in local area for social housing Good capital growth 20% returns within 12 months

RIO HILLS RIO DE JANEIRO PRICES FROM £44,300

100% freehold land Located in the picturesque Rio De Janeiro hills Huge capital growth potential

68 www.globalpropertyscene.com

BRAZIL

EGYPT Pages 69 - 70

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

ROYAL BEACH HURGHADA PRICES FROM £29,000

Hotel rooms and apartments Private beach Last remaining unit at this price!

THE VIEW SHARM EL SHEIKH PRICES FROM £30,451

Studios, 1, 2 and 3-bedroom apartments available Interest-free payment plan Rental and management services available

70 www.globalpropertyscene.com

EGYPT

EUROPE Pages 71 - 74

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

BERLIN APARTMENTS BERLIN PRICES FROM £121,321

Attractive location in Berlin Off-plan prices Perfect buy-to-let

BUDA STUDIO BUDAPEST PRICES FROM £57,671

Perfect investment in Hungary 31sqm studio in Budapest 5% yield assured for 2 years

72 www.globalpropertyscene.com

EUROPE

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

WOLA DISTRICT WARSAW PRICES FROM £41,500

Wola District, Warsaw, Poland 5km from city centre, 14km from airport Studios and 1 bedroom apartments available

MALAGA COMPLEX MALAGA PRICES FROM £504,620

Private pool & electric gated grounds Three villas totaling 9 bedrooms Situated close to Malaga

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EUROPE

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

HILLSIDE VILLA CRETE PRICES FROM £595,000

Property comprising 6 apartments Large private swimming pool Outdoor kitchen & BBQ area

VILLA BELLA PAPHOS PRICES FROM £318,038

Beautiful sea views Near two championship golf courses Excellent year-round weather

74 www.globalpropertyscene.com

EUROPE

LUXURY Pages 75 - 78

Market Leaders in World Wide Property Investment All prices have been converted from local currencies and are correct at the time of print

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

75 WALL STREET USA PRICES FROM £460,785

Prime manhattan real estate High specification luxury condominiums Range of studio to three-bed units available

VILLA BELLA AUSTRALIA PRICES FROM £1,356,960

Set in a private acre of manicured gardens Close to CBD of Sydney Heated swimming pool

76 www.globalpropertyscene.com

LUXURY

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

PARADISE ISLAND BAHAMAS PRICES FROM £12,413,700

Unique Bahamas property Largest individual estate Wine cellar with space for 500 bottles

STONE RESIDENCE FRANCE PRICES FROM £965,000

Catchment area for bilingual international school Prime location for Paris and London Excellent for B&B, family or holiday home

77

LUXURY

www.globalpropertyscene.com

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

TUTZING VILLA BAVARIA PRICES FROM £6,708,680

Luxurious villa with lake plot & mountain view Refurbishment completed in 2007 Located directly on Starnberger lake

FARMHOUSE ESTATE TUSCANY PRICES FROM £7,632,900

Functioning estate set in 445 acres Room to accommodate 37 guests Established vineyards and olive groves

78 www.globalpropertyscene.com

LUXURY

BLUNTS S O LIC ITORS ‘Your Trust, Our Commitment’

Specialist Property lawyers for all your Property Investment purchase and sales.

Telephone 01625 429131 info@bluntssolicitors.co.uk www.bluntssolicitors.co.uk

MODERN LIVING

IN MANCHESTER X1 CHAPEL STREET 102 Double En-Suite Rooms 7 Studios

X1 SALFORD QUAYS 180 Apartments 1&2 Bedroom

X1 TOWN HALL 122 Apartments 1&2 Bedroom

Email us info@x1lettings.co.uk