OPP MAGAZINE NOVEMBER 2014 by Martin Lane

The Voice of the Overseas Property Industry AGENT SAFETY / PORTAL TECH / WATERFRONT DESIGN / ROUBLE VS DOLLAR / NORTHERN CITIES / CAPE VERDE / UAE / CROWDFUNDING

SHOW GUIDE INSIDE! TURN TO PAGE 79 TO SEE EXHIBITORS, SEMINARS, SPEAKERS, FLOORPLAN AND HIGHLIGHTS OF OPPLIVE LONDON 2014

/// NOVEMBER/DECEMBER 2014

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NORTHERN SOUL THE OPPORTUNITIES BEYOND LONDON

www.opp-connect.com /// NOVEMBER 2014

CROWDFUNDING ACROSS BORDERS / ON THE WATERFRONT, WITH WOW FACTOR // AGENTS IN PERIL ///

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CONTENTS This month

Contents Features 22 On the waterfront with wow factor. Sensational architecture where sea meets land 30 Crowdfunding has not only reached the property business, it could transform it 36 Northern Exposure. The case for investing in the UK’s northern cities 46 The new technology that will be arriving at a property portal near you 60 The Cape Verde party continues for The Resort Group as they hop to the next island

Regulars 05 Editor’s letter 07 News Analysis – Yay, go US optimism! 08 Top Ten News. Where would we work? 14 The Big Issue. Agent safety and the risks of working in a foreign field 43 Legal News

Data 21 Mortgages in Turkey. What’s available? 28 FX report. The US dollar and the rouble: contrasting fortunes of two superpowers 52 The United Arab Emirates, preparing to build big once again, and not just Dubai

Business 71 Technology News 65 Exhibitions. Reviews of the top shows of October 2014 and a look forward to winter 76 Life in the day of... a global mortgage fixer

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12 Business Briefing

The OPP Team

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News Analysis: What has been happening in the property world Country Report: The essential facts and figures on a country Letters From: What is happening in the real estate market around the world Legal Round-up: Updates on the legal changes we all need to know about Training: Tips from the experts on finding success in your business FX Report: A country’s currency – past, present and future

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EDITOR’S LETTER

You ain’t seen nothin’ yet The cranes say it all, overseas property professionals can build a successful business for themselves in 2015 Battersea Power Station gets its long awaited make-over

tells me that the global property industry has never been in better shape. So while in reﬂective mood, and as we arrive at OPPLive London, the Gala Dinner, the social event of the year (mine, anyway, I don’t get out much), the Awards for Excellence, this is my personal take on the dream-making business that we all love:

Having watched Battersea decaying for 30 years, the sight of all those cranes stirs something inside London prices are coming down, obviously. You’ll get better returns further north (see p36). Paris is coming back with a new, determined Mayor. A world city for a thousand years doesn’t just lie down and die. Get in there. Golden visas? Forgeddaboudit. You can sell more Spanish homes in a small northern English or Belgian city than in the whole of China.

Businesses that think a venerable name will make up for managerial deficiencies are doomed, deservedly. Punters who are let down by a trusted name feel doubly disappointed. Twitter is fun for freelance journalists working from home – that’s why the media is obsessed with it. No-one else is. Commercially it’s a waste of time and you’re better off paying for advertising. Same goes for LinkedIn. Pay peanuts and you really do get monkeys. Pay well for the best, sack the rest, and work them to death. Winners want to feel wanted. This month, we look at how to keep agents safe (page 14). Overseas professionals work in different cultures where even the local climate and critters may try to kill you. We look at the design of waterfront homes on page 22. That was a fun feature to put together. Don’t forget our news round-ups: legal on page 46, show reviews on 67, tech on 71. On page 48, Kourtney Kardashian’s prospective grandfather-in-law tells us about crowdfunding in the US. On which pathetic name drop, I will say happy reading and all the best for 2015!

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lease excuse the quality of the picture (above). I took it on my phone while on a crowded train coming into London yesterday. It’s always a minor thrill traveling up from the boondocks and crossing the Thames, but for those of us who have watched Battersea Power Station slowly decaying for 30 years, the sight of all those cranes stirs something inside. We are grateful for the Malaysians who are paying for it all. And can you see the Vauxhall Tower behind, Europe’s highest residential building? It’s about to get its ﬁrst residents as part of the enormous Nine Elms development. The fact that as a mere journalist with a hatful of qualiﬁcations and experience I could never hope to live in any of these homes is neither here nor there. Nor are those storm clouds you can just see there too... At OPP we spend much of our time researching numbers, interviewing industry experts all over the world, listening to the global newswires to pick up on trends before they’ve even happened, but sometimes it’s the simplest images that really tell it, and the rebuilding at Battersea

Editor, OPP Magazine Christopher Nye

AGENTS WANTED

NEWS Analysis Words | Adrian Bishop, editor, www.opp-connect.com

Have a nice year! Positivity is pre-programmed into the American psyche – and none more than realtors

House price rises stalling, interest rates rising, no problem!

“United States real estate attracts buyers from around the world and Florida leads that demand – and is likely to do so for years to come. A major $1.5billion investment in Orlando Airport will attract millions more passengers and Orlando’s SunRail light rail system is being expanded to provide further growth to the Poinciana region. The buyto-let investor sector is growing

Almost half of US firms are looking to expand and are actively recruiting sales agents and as more baby boomers reach retirement age, they are looking to move here.” But conﬁdence among realtors in Canada over the future is more mixed. There are still the occasional headline-grabbing doom-and-gloom reports, like Edmonton-based portfolio manager Hilliard MacBeth, who believes the Canadian market could crash by next summer with values halved, according to his

new book, When the Bubble Bursts: surviving the Canadian real estate crash. He says the problem is national. “I’ve got clients in Vancouver, Toronto, Calgary, Edmonton. In Toronto, generally they talk about foreign buyers buying condos 20 at a time in high-rise buildings downtown, which I’m sure is true. In Vancouver, they talk about people trying to get their money out of China. In Edmonton, they talk about the oil sands and development there. And in Calgary, well, it’s Calgary. So everyone’s got their own story,” he told the Globe and Mail newspaper. This year, the Canadian market has taken many by surprise, with property prices rising 5.9% in the year to September 2014, according to the Canadian Real Estate Association, well above what most experts expected. And many Canadian agents take heart from the fact that other pundits have made similar crash predictions in the recent past, yet the market has so far deﬁed those expectations and kept rising. So, as we come into the new year, OPP Magazine wishes all overseas property professionals a prosperous 2015 and we say, ‘Have a nice year!’

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ith US homes price rises predicted to halve to a modest 3% in 2015, according to Zillow, and nagging talk of interest rate rises ahead, you could forgive North American realtors for being a little down. But not a bit of it! Instead, they are optimistic about business prospects for 2015, with 66% of residential firms in the United States and 71% of commercial firms expecting to see accelerating profit in 2015, according to the 2014 Profile of Real Estate Firms from the National Association of Realtors (NAR). Almost half of US firms are looking to expand and are actively recruiting sales agents. Optimism on property values is also rising – to an all-time high in California, with 81% saying real estate prices will keep growing over the next five years. There are plenty of indicators to illustrate the growth of foreign real estate investment in the US. Overseas buyers spent $92.2billion in the year to March 2014, up more than a third over the previous year, according to NAR data. New figures from realtors in top destination, Florida, shows overseas property buyers spent nearly $8billion there in the year to June, $1.5billion higher than last year. Garrett Kenny, CEO of developer, agent and overseas property specialist, the Feltrim Group, in Florida, told OPP Magazine, “Thanks to increasing overseas demand, including strong interest from China, Feltrim Group is planning and developing no less than five new projects in central Florida in 2015 – so we are very optimistic about the future. Our realtors at C21 Team Feltrim are certainly being kept busy and we are looking for more of the same in 2015 and beyond.

GLOBAL NEWS

Top Ten News Stories Our pick of the news this month at OPP Connect GLOBAL: Where would we move for work?

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The Boston Consulting Group asked 203,000 people in 188 countries where and why they would move abroad for work. These were the choices from the G20 nations: 1 is their most favoured choice, 18 their least preferred.

Source: 2014 BGC/The Network Note: Total sample size was 203,756

NOVEMBER 2014

Global

Greece

India

Top property bodies create standards coalition

Golden visa shines even brighter as interest rises

Economic improvement lures East Asian investors

A host of leading real estate bodies from around the world have become founding members of the International Ethics Standards Coalition (IESC). The coalition, which is made up of leading national and international groups, aims to develop and implement the ﬁrst industry-wide ethics standards for property and related professional services.

The Greek government has tabled a bill which will allow investors -for-residency (costing €250,000) to obtain full Greek citizenship after seven years, for parents as well as children of the buyer. Plus, the Overseas Guides Company has recorded a 52% rise in interest in Greece in the last quarter and a doubling in its share of enquiries from last year.

Economic reforms that have followed the election of Prime Minister Modi are encouraging Foreign Direct Investments of all types, but especially in property. That is the view of JLL’s head in India, who says that Japanese and Chinese real estate investors are leading the charge. But he said that the residential sector has been slowed by structural issues.

Singapore

Spain

Residential market not out of the woods yet

Foreign buyers spend extra $1.5bn in Florida

Price boosts and coastal permits cheer owners

Even though there are signs that the decline in Singapore’s real estate market is softening, it is still likely to be in for a ‘painful journey’, says JLL. Price declines for private residential homes have started slowing but they warned, “It was by no means a sign of the residential market bottoming out, as fundamentals are still deteriorating.”

Residential real estate purchases by non-resident foreigners in Florida in the year to June 2014 is estimated at $7.97billion, compared with $6.43billion in June 2013, says the National Association of Realtors (NAR) and Florida Realtors. International sales accounted for 10% of Florida’s residential market, 1% up from last year – units totalled 26,500.

Spanish property owners have received two pieces of good news. The real estate price increase of 0.8%, its ﬁrst annual Eurostat rise since 2008, and a quarterly rise of 1.7% hints that the market is bottoming out. In a separate move, the Spanish government has approved changes to the Coastal Act extending the permit on coastal homes from 30-75 years.

Oman

Germany

Thailand

Estate agents vote against strike action

Award-winning condos snapped up by foreigners

More Non-Resident Indians are buying retirement property in Oman, as it oﬀers better value than in Dubai, says Cluttons. The shortage of gated, luxury villas in the capital Muscat means that the high-end property rental sector is likely to outperform others. Even so, Indian nationals are looking to invest in retirement property in Muscat due to visa options.

A widely-ridiculed attempt by the German Federation of Estate Agents (BVFI) to start a strike on 7 November failed to gain enough support following a vote of its members. The ballot was called in protest at a new property law to start in 2015 that will cap rents and prevent the association’s members from earning commission on rental property.

Foreign buyers have bought 60% of the units so far sold at an award-winning beachfront Thai development. Buyers from Russia, Singapore and Hong Kong were the main overseas purchasers of the Baan Mai Khao development in Phuket from Thai developer, Sansiri. Half of the development has been sold so far with Russians taking the lion’s share.

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More NRIs switch from Dubai to Oman

BUSINESS Brieﬁng

Business Briefing Ideas and inspiration to help you run your business BOOK: How to Speak Money John Lanchester’s earlier books were Whoops! about the origins of the financial crisis and Capital, a whimsical but engaging novel about the residents of a London street obsessed with their house (prices). How to Speak Money is a handy and witty guide to the language of money, the perfect Christmas stocking filler for any property professionals who sometimes find themselves with no clue as to what they’re hearing at a GRI event (not that that applies to anyone round here, of course). Here are a few brief excerpts: Mortgage: literally ‘dead pledge’, and if it were called that maybe more people would think twice about getting one… Hot waitress index: as the performance of an economy improves, good-looking women get better and better work… When times are harder, the girls who would otherwise get pretty-girl jobs instead end up working as waitresses. Dead cat bounce: ...and if you’re wondering who on earth would be so sick as to come up with a metaphor like that, greetings, and welcome to the world of money. Eating their lunch: To outdo or defeat someone, often by outcompeting them or stealing their customers.

A business concept in <100 words.

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The gullibility testing device

Why would email scammers continue to operate out of Nigeria, indeed even mentioning Nigeria, when anyone with any sense or street smarts whatsoever must know about Nigerian scammers? Shouldn’t they at least choose a less suspicious-sounding country? Well, no. Because anyone who responds to a request for bank details or cash up-front after seeing the word ‘Nigeria’ must almost literally have been born yesterday. This saves the thieves the bother of dealing with people who may wake up to the fact that they are being scammed before paying out. Taken from Think Like A Freak by Levitt and Dubner

Apps for OPPs

Pinxter Inc., known for its social media, interactive iTunes apps, has released the Piggy App, which streamlines realtor referral processes by allowing users to create, manage and receive referrals while oﬀering buyers a way to refer friends and family to a preferred realtor. The app also makes the referral fee process easier with “inbound” and “outbound” referral sections (and cuts out some of the awkward conversations). Users receive notiﬁcations of new referrals, status changes and other information. “Recognizing that some 80-90% of a realtor’s business can come from former clients or friends and family each year, optimizing the referral process with our scalable, single platform seemed like a winning combination,” said Pinxter CEO and founder Sergei Dubograev, who spoke to frustrated agents. pinxter.me

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BIG ISSUE Agent safety Words | Francine Carrel, OPP International Property Reporter

Agents in Peril

You’re out there on your own, meeting strangers, in a private, enclosed, unfamiliar place. Of course it’s risky. And psychopaths are not your only worry.

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er alleged killer described Beverly Carter simply as “a woman that worked alone – a rich broker”. The tragic murder of the Arkansas broker in September demonstrated yet again that the job of real estate agent has inherent dangers. In the USA, 26 real estate and rental professionals were homicide victims in the workplace in 2012, according to the most recent data from the Bureau of Labor Statistics – and hundreds more fall victim to non-fatal attacks while working each year. It’s not just in the USA. The notorious disappearance of London estate agent Suzy Lamplugh in 1986 after going to meet a “Mr Kipper” at

a viewing remains unsolved. Each time it happens there are calls for more safety. But the voices are louder this time, with real estate associations taking the lead in calling upon their members to increase diligence. New technology, too, is making it much easier to stay in touch with colleagues.

Far from home International property professionals in particular are likely to find themselves in unfamiliar environments, risky neighbourhoods, with different and perhaps more “backward” cultural mores, or just more dangerous wildlife and weather.

The UK’s much derided Health and Safety Executive (www.hse.gov.uk) offers a risk assessment checklist for estate agents on its website, as will the governments and agent associations in many more territories. Phrases such as “hazard analysis” and “risk assessment” may not sound exciting, but they could save your life, the risks are genuine. Of course, consulting other agents in the area is always helpful, but many will have become blasé... and dead agents aren’t around to advise you. Julian Walker, director of Turkish property agent Spot Blue, told OPP that his background in investment banking set him up well

NOVEMBER 2014 for identifying less-than-kosher enquiries from both businesses and individuals. His company focuses on prevention: “From the outset – from when someone makes an enquiry – you’re monitoring their behavior. I can get an email and identify it straight away as a potential scammer; so we’ll be meeting somewhere neutral, in the foyer of a hotel, have a discussion and progress accordingly. “For five years we’ve been working under KYC (know your client) and we always ask for basic transparency which means a good number of sellers don’t come back to us. On the b2b side, if you want Spot Blue to market your property as a company then we have to know your history and reputation.” Part of avoiding questionable companies also comes from the age and the size of Spot Blue’s database, he said. Your greatest defence weapon will be common sense, says Mr Walker: “People can think it’s a bit harsh but I want to negate or minimalise risk. Sometimes we will just walk away from situations – ‘sorry, we’re not getting the right vibe here’ – to prevent a bad situation.” While Turkey is no more dangerous than the UK, Mr Walker admits that sometimes differences in business practices would make it more prudent to send a male agent rather than a female one.

Pistol packing?

(Moby 2011 survey of US realtors)

FEMALE

MALE

PHONE PEPPER SPRAY DOG CLUB / BATON KNIFE TASER GUN HIRED SECURITY OTHER 0%

10%

20%

30%

fact is, in all probability you will almost never, ever need to have a gun to save your life. But if that horrible moment ever comes and you do need a gun, nothing else will substitute.” The anti-gun writer questioned the morality of guns: “I understand that in many states, carrying a concealed handgun is allowed. That doesn’t make it right. I’ve also often argued that handguns are designed for one specific purpose. To take someone’s life.” One point that nobody seems to dispute is that, if an agent is armed, they’d better be well trained. After all, at what point in a viewing-gonewrong is pulling a gun going to calm things down? Kim Cox, from the Ozark Gateway Association of Realtors, commented on the ﬂedgling Agent Safety Project (www. agentsafety.org): “We are a 550 member MLS/Association and we have just started to offer Conceal Carry Weapon classes, as well as “Personal Safety” classes taught by our local Sheriff’s Department. We will continue to have classes several times a year, every single year. We should certainly try our best to help educate our members in all areas of safety… [which] could allow

40%

50%

60%

70%

80%

90%

100%

for strength and guidance in an unexpected, frightening situation.”

Know before you show Dylan de Bruin, a friend of another murdered female realtor Ashley Okland, and Joe Schafbuch of Century 21 Signature Real Estate, want to go further and challenge one of the norms in the property profession: meeting clients for the first time at a showing. They have drawn up a pledge to that effect. But recognising that agents will often put themselves in risky situations in order to appease a potential buyer, they aim to change the public’s perceptions so that viewers understand why they must expect to meet in a broker’s office first. In an open letter, Mr de Bruin said that teaching agents how to be safe while conducting showings is a band aid, and it needs to become socially unacceptable to expect an agent to even “entertain the idea of meeting a client at a property without first meeting at the brokerage office or facilitating some sort of initial screening. We do this, and allow this, only because it is normal in the industry. But as all of our mothers once told us…’if everyone else is jumping off a cliff,

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In those parts of the world where weapons are a legal possibility, debate rages as to whether agents should go armed. Moby’s 2011 Real Estate Agent Safety report showed that one in four male realtors carried a gun or a knife (see graph) – interestingly, female agents are significantly less likely to be armed, although that was before Beverly Carter. A recent debate on HousingWire stirred up controversy with two articles – one pro-gun, one anti-gun. The pro-gun writer argued: “Maybe you, personally, aren’t comfortable carrying a gun. That’s fine. But having a company policy allowing licensed, concealed carry by real estate agents is still smart… The

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BIG ISSUE Agent safety does that mean you should?’” The pledge is signed to date by 650 agents, 186 brokers and 128 members of the public. Realtors promise they will “under no circumstances show a home to a stranger without first meeting them at the office or asking them to submit identification.” They will also educate their clients in the risks that open houses pose, use a buddy system with showings, and “seriously consider the nature of my personal marketing, and its potential impact on my safety.” Suzy Lamplugh’s mother set up a trust in her name (www. suzylamplugh.org) that issued safety guidelines for agents: tips such as ‘logging in’ a client if you must meet them for the first at a property (make a call in front of the client to the office or a colleague, saying “I’m at X address and Mr Y has just arrived. We’ll be approx. 20 minutes looking round the property and I’ll call you as soon as we’re finished.” Organisations like Guardian24 offer training for lone workers, many of whom are agents.

Technology

“The great thing about StaySafe is that the lone worker is in control of the application, so a GPS location is only sent when the worker decides they want to upload their location – some apps are constantly beeping up your GPS location.” Some interesting wearable tech has also popped up in recent

‘Stilletto’ looks like a normal piece of jewelry but includes a built-in mic and a connection to 911 months. Two examples are ‘Cuff’ – a small device that can fit into specially designed pieces of jewelry and that send out messages with your location and audio streaming to designated contacts; and ‘Stilletto’ which looks like a normal piece of jewelry but includes a builtin mic and a connection to 911 as well as route planning and multiple alert systems.

Where in the world? Different parts of the world have different dangers. An agent in the

UK might not worry so much about getting robbed at gunpoint – but neither can they carry non-fatal self defense weapons such as pepper spray. It’s not just other people that can put you in danger. Environment also plays a role in agent safety. Australian agents, for example, especially outside of the big cities, have to be more aware of venomous animals when entering a foreclosed or vacant home. Agents working in countries with extreme temperatures need to know that their vehicle is well-maintained and unlikely to break down in the middle of nowhere – and are advised to keep weapons against the elements on hand. Alaska has an extreme environment (from blizzards to bears) that realtors have to adapt to. Dar Walden, owner of Dar Walden Realty (www. alaskatopagent.com) told OPP: “I’ve bought my team pepper spray – and bear spray! We don’t carry handguns but a lot of realtors do. When it comes to the weather most people in the area carry emergency stuff in their vehicles – water, blankets, snacks. We all have studded tyres for going to houses on hillsides. It’s nothing for us to have to travel an hour-and-a-half

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An increase in safety awareness has, naturally, led to an increase in relevant products and apps. Agents Armor was created specifically for real estate agents and is used by big brands like Century 21 and RE/ MAX. You pay a subscription for a server (also used by colleagues) to enter location, client photo ID, GPS co-ordinates, a “duress code” and check-in. There’s a plethora of other apps – Emergensee is one of the more comprehensive examples, offering live video and audio streaming, ‘stealth mode’ recording and distress text and/or email notifications to contacts on top of GPS location. “When lone working in any capacity, it’s important that there’s some form of monitoring with regards to your location,” Lorraine Hughes, Business Development Director at the StaySafe app (www. staysafeapp.com) told OPP. “Since the recent events in the US we’ve had calls from agents who realized they didn’t have monitoring plans and that they needed them.

From assault to air disasters, the life of an overseas property agent can often be hazardous – no matter where in the world you’re working. Take precautions and stay safe.

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ODATION - PHASEII g Huge Demand

in snow to visit a property which might turn out to be run down.” The remote nature of Alaska makes the demographic occasionally challenging, too: “In Alaska we get a lot of what I call wing-nut clients. A lot of people move up to Alaska with an antigovernment mentality, sometimes quite extreme. They want to be left alone in remote areas… so we have to deal with those people. Alaska has the highest rate of sex offenders per capita in the US, as well. I try to make sure none of our girls go out alone without meeting the client in the office first.” Moving south, Texas has its own share of dangerous weather, from searing heat to tornadoes. Cindy Schipper from North Texas Home Team (www.northtexashometeam. com) told OPP that Texan realtors are very aware of tornado danger.

“We don’t have basements in a lot of areas in Texas, so when you get to a property you want to check out the safest place in the building – usually the center of the house, wherever there’s not many windows – and be aware of where that is. We’re very in tune with the weather here, most professionals will have apps on their phone. The last thing you want is to get caught with your client in a storm with hail and wind damaging your vehicle. We’re also very cautious about heat. I always keep water in a cool area of my car in the summer. You want to make sure nobody gets dehydrated!”

Protecting the client You might have read up on personal safety and trained your staff thoroughly, but your customer probably hasn’t got that advantage so it vital to pass on that

wisdom. Advise clients to turn away prospective buyers who simply turn up at the door, stressing that this is for safety rather than you wanting to take control. Less serious than assault but more common is theft during an open house or showing, if you’re giving a couple a tour and one wanders off. If you are representing a seller at an open house, have them place all valuables, including jewelry and prescription drugs, in a secure location.

What are you doing? What guidelines do you and your staff follow to help ensure safety? Have recent events made you more aware? Would you consider signing a “know before you show” pledge or would it not be worth the potential drop in business? Email Francine. carrel@opp-connect.com with your safety methods and opinions.

The National Association of Realtors and local real estate agents offer these safety tips: Ask new clients to meet you at your office rather than at a house that’s for sale. Have them fill out proper identification forms. Make a copy of their driver’s license. Show homes during the day. If you must show a house at night, take a co-worker or friend with you, turn on lights as you go through the residence and keep the shades open. Let others know where you are going and when you expect to return. Leave the name and phone number of the client you are meeting and have your office call you to touch base. Come up with a distress code, a secret word or phrase that you can work into a phone conversation if you feel you are in danger. Don’t hold an open house alone. It’s better to bring another real estate agent, a lender or even a family member or friend. Park your car in front of the property instead of in the driveway. You will have an easier time escaping if necessary, and you’ll attract attention as you run to your car. Lock your purse in your car trunk before arriving to show a house. Do not wear expensive jewelry or watches. Upon entering an open house property for the first time, check each room and figure out at least two escape routes.

Tell sellers not to leave personal information like bills out where anyone can see them. Make sure they lock away any valuables and keys, and hide prescription drugs. Advise clients not to show the home by themselves. Warn them about predators. Tell sellers not to talk to other agents or potential homebuyers, but to refer any inquiries to you.

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When showing a home, always have the prospect walk in front of you. Direct them through the house from slightly behind them.

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MORTGAGES Turkey

Mortgages in Turkey Can a foreigner obtain a mortgage in Turkey? Type of mortgage

Available

Interest rates from

Max LTV

Lending

Maximum term

Maximum age at repayment

Repayment

Yes

6.15 %

75 %

From €25,000

15 years

Yes

6.6 %

60 %

From €25,000

15 years

Yes

6.15 %

75 %

From €25,000

15 years

Yes

N/A

Purchase

Yes

6.15 %

75 %

From €25,000

15 years

Remortgage

N/A

Equity release

Yes

6.6 %

50 %

From €25,000

15 years

Buy to let (assessed on rental income)

N/A

Self certified

N/A

Fixed interest Variable interest Hybrid (part fixed, part variable) Interest only

What is the lending criteria? This depends on the individual mortgage provider. However, typical lender requirements for Turkish mortgages can be found below: Aﬀordability requirements: The cost of the applicant’s existing liabilities and new mortgage should not exceed 50% of their gross income minus liabilities. Employment history: Minimum 12 months’ required. Self employed history: Minimum two years’ required. Regions accepted: All regions considered. Property types accepted: Must be habitable. Applicants accepted: Individuals and local companies. All nationalities considered except those aﬀected by international sanctions. All applicants must have military police clearance.

Further information

Currency options for mortgage payments: euros and pound sterling. Some lenders will require you to take out a life cover policy or open up a bank account with them in order to make the mortgage payments. Securing a mortgage oﬀer can typically take between four to six weeks.

www.opp-connect.com/ category/data-and-reports

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The OPP monthly mortgage report is brought to you by Connect Overseas, international mortgage advisers. They are based in the UK but deal with mortgages in over 50 diﬀerent countries around the world. See www.connectoverseas.co.uk. They can be contacted by email at info@connectoverseas.co.uk or by telephone on +44 (0)1708 676134.

This guide was accurate at the time of production.The mortgage market changes all the time. For more industry reports see:

DESIGN Waterside architecture

On The Waterfront There is something about the meeting of land and water that seems to inspire architects to do their best work

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Cliff House, Conceptual model, Australia

Architect: Modscape About: Hanging over the Indian Ocean, this concept home is ﬁve storeys high with a garage at the top and terrace below. It would be anchored into the cliﬀface (and one hopes a sizeable length of the hinterland) and was inspired by the sight of barnacles clinging to a ship’s hull. Contact: www.modscape.com.au

NOVEMBER 2014

The Landing, New Hampshire, USA Architect: Bonin Architects & Associates About: Four-bedroom Victorian-style home sits on a 6,682 sq ft plot on Lake Sunapee. Feature staircase, clean modern look, plenty of storage for family activities on the lake. Contact: www.boninarchitects.com

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he traditional argument for buying waterfront property was that it’s the ultimate finite land resource. They might argue about that in Dubai, where the Palm Jumeirah and The World have been built out to sea, but take a Google Earth spin along the Spanish coast and you won’t find many empty plots available. It’s a bit special, waterfront. Any stretch of water attracts a premium price. The 2014 Knight Frank Waterfront Index found that waterfront properties are worth 60% more than similar homes inland, with 115% more for a private slipway, 85% for private beach access. Lakeside was worth an extra 37% and riverfront locations were 57% above their landlubber counterparts. Knight Frank reported a 6% rise in waterfront requests from clients in 2013 compared to 2012. The growing popularity of waterfront is supported by a 1992 study which found that river frontage added 8-19%, even for new developments on attractive water – so there has been a steep rise in the premium payable since. Knight Frank’s 2013 report found that international waterside also averaged a 63% premium, with Lake Como and Barbados both attracting a 100% price hike but Dubai a mere 10%. From a design perspective, the examples here show that most architects take a simple design and let the view provide the excitement. The beauty of the ever-changing light and the fact that many seaside properties are holiday homes allows architects to go for maximum simplicity: of materials – rock, timber, glass, materials that won’t look grubby after the lashes of salt water in the first winter storm – and style. Even a TV set would look a bit vulgar in these homes. Some stand on stilts or feature other flood protections – with recent devastating hurricanes reminding us all that climate change could be bring higher seas and freakier weather.

DESIGN Waterside architecture

The Kench, Hayling Island, UK Architect: MELOY Architects and John Young About: Two-bedroom chalet on the Solent, limited by Hayling Health Society’s rules that maximum ﬂoor space to be 750 square feet, single storey and keeping the spirit of the original 1930s chalets. Bedrooms are colour-coded port/starboard (red/green). Contact: www.meloy.co.uk.

Sunset Rock House, Nova Scotia

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Architect: MacKay-Lyons Sweetapple Architects About: Standing on a row of concrete ﬁns above the granite coast, this is described as being as intimate a connection to the ocean as possible. Clad in galvanised aluminium and with marine-grade plywood. Large sliding barn doors seal the building during violent storms. Contact: www.mlsarchitects.ca

NOVEMBER 2014

Isberget, Aarhus, Denmark Architect: JDS About: 200 apartments along with industrial units on the former container harbour, Isberget (“Iceberg”) attempts to give every apartment a sea view and as much light as possible. Contact: www.jdsa.eu

The Hut on Sleds, Whangapoua, New Zealand Architect: Crosson Clarke Carnachan About: Within just 40 square metres, this macrocarpa-clad hut perches on the dunes, set on thick wooden sleds so it can be moved in case of coastal erosion. At the turn of an industriallooking wheel an enormous shutter opens at the front to ﬂoor-to-ceiling glass doors. Contact: www.ccca.co.nz

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DESIGN Waterside architecture

Summer House on Stilts, Sweden Architect: Arkitekt Mats Fahlander About: Set on the rocky and uneven shore of a national park, this summer house and separate guest house is for a large family. It is timber-framed, barrelvaulted to reﬂect the shapes of the rocks on which it stands with panels of exposed ﬁr inside, and a “nearly maintenance-free mineral façade.” More houses are added as the family grows. Contact: matsfahlander.com

Floating Houses Ijburg, Netherlands

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Architect: Marlies Rohmer About: Traditionally the Dutch were experts at holding the water back, but these houses float, enabling them to be build offsite and floated into place. The lowest floor is partially submerged, while the top floors are guaranteed great views. The apartments have first floor terraces and water-level jetties. Contact: www.rohmer.nl

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FX REPORT Russian Rouble Words | Charles Purdy, Director of Smart Currency

Contrasting colussi

The States are on a high while Russia’s down low. But currency is notoriously changeable...

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here has been problem after problem for the rouble. It’s very difficult to see how the Russian Central Bank will be successful in its stated aim of allowing the rouble to float freely in the international currency markets from the start of 2015. The Russian intervention in Ukraine and the subsequent sanctions imposed on Russia, especially those aimed at its major companies such as Rosneft (one of their largest oil companies), have left these companies very short of foreign currency – they are not allowed to borrow money internationally. This has forced Rosneft to ask to borrow around US$50 billion from the Russian National Wealth Fund. If these funds are forthcoming they will probably be used to pay off foreign debts which will further weaken

the rouble. There also seems to be a surplus of oil, one of Russia’s key exports, which is driving the price per barrel down. Each $10 fall is reckoned to be equivalent to 1.6%

It’s difficult to see the rouble floating freely in international currency markets by the start of 2015 of Russia’s economic output, and that is a very important factor in Russia’s economic growth and stability. So Russia finds itself in a real mess economically and there is no end in sight. The current controls

over the rouble are aimed at ensuring that imports don’t shoot up in price too quickly. Therefore, when exchange rates do start to move, the Russian Central Bank steps in in to restore equilibrium. However, this is expensive and the central bank has used 10% of their foreign currency reserves in the last year trying to protect the rouble. I have no doubt the Russian rouble will continue to weaken, but my feeling is that it won’t become freely floating come 2015: the problems are so extensive that we have recently seen a sudden loss in value, perhaps resulting in imported inflation; thereby exacerbating the economic problems of a falling oil price and international sanctions. This is the last thing the Russian powers-that-be and the Russian population needs.

FX REPORT US Dollar

he US dollar has been “top of the charts” in 2014, gaining significant ground against most, if not all, other major currencies during the course of the year. Quantitative easing has been brought to an end, the US economy has been growing, unemployment falling and the benefits of cheap energy from their shale oil and gas fields flowing through to US industry. There has even been talk of increasing interest rates soon. All of these have been important factors in boosting the US dollar. Too good to be true? Probably, because “no man is an island” and world trade has become more and more important for all economies, developed or emerging, and the world economy has started to suffer recently. Unrest seems to be on the up – conflict in the Ukraine, Iraq, Libya, worries over Ebola – the list seems to be getting ever longer. China and Germany

are not firing on all cylinders and, given their importance in the hierarchy of world economies, this is another significant worry. The recent minutes of the last Federal Reserve highlighted their concerns on world trade and made it clear that interest

As the world economy grows, the US dollar usually weakens, as it is invested worldwide rate increases wouldn’t happen for quite a while, which means that one of the key supports for the strong dollar is being slowly knocked away. There has also been talk, although very much on the fringes at this stage, that quantitative easing may have

to return if the world economy continues to stutter. It also tends to be forgotten that US dollar movements can be counterintuitive. As the world economy grows, the US dollar usually weakens, as it is used to invest worldwide. As the world economy struggles then the US dollar should benefit from its safe haven status. So 2014 seems to have been a contradiction for the US dollar, ‘confused’ by the ending of quantitative easing and the increased likelihood of raised interest rates which caused it to strengthen rather than weaken as the world economy improved. So what will happen in 2015? It’s anyone’s guess, given how many variables there are and the difficulty in predicting key factors. The best thought process is to follow the trend until it has obviously changed and the current trend is one of US dollar strength.

RUB per GBP

RUB per EUR 55.0

RUB per USD 45.0

70.0 65.0

50.0

40.0

60.0 45.0

35.0

55.0 50.0

40.0

30.0

45.0

35.0

25.0 2010

2011

2012

2013

2014

2010

2011

2012

2013

GBP per USD

EUR per USD 0.85

0.66 0.64

0.75

0.62

0.70

0.60

0.65

0.58 2011

2012

2013

2014

2012

2013

2014

CNY per USD

0.68

0.80

2011

6.90 6.80 6.70 6.60 6.50 6.40 6.30 6.20 6.10 6.00

0.70

2010

2014

2010

2011

2012

2013

2014

2011

2012

2013

2014

Come and visit us at OPPLive London to talk about how exchange rate movements impact your business and clients and to receive a free review of our FX partnerships.

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Get your live quote today or discuss your property business and impact of the foreign exchange – call the partnership team at Smart Currency on +44 (0)207 898 0541

2010

CROWDFUNDING Frazer Fearnhead

£1,000 and on the ladder

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The House Crowd pioneered property crowdfunding in the UK. Founder Frazer Fearnhead explains how and why

How did you get into property? I was a music industry lawyer, working for a law ﬁrm whose clients included Elton John, The Spice Girls, people like that. I bought my ﬁrst property in Camden, London in 1994 and sold it three years later, making £70,000 overall. It was a lightbulb moment. I earned more from the property than I did in a year as a lawyer. I left the world of law and started working for myself, managing and running corporate events. One of my clients held property investment seminars and I helped him organise those, then started a company called The Armchair

Property Investor in 2005 and helped investors buy over £40m of investment property in two years.

It was a lightbulb moment. I earned more from the property than I did in a year as a lawyer. Why crowdfunding? I continued to work with cash-rich investors, helping them source properties in the North West of

England. But there were lots of people who wanted to invest in property but who didn’t have deposits or couldn’t get mortgages for whatever reason. So I thought: if banks won’t give people mortgages, why don’t we just cut them out and do it ourselves? What were the obstacles to crowdfunding real estate? We were told it couldn’t be done because it was a collective investment scheme, but I thought there must be a way. It took quite a long time to work out the legal structure, which was ﬁnding exceptions within the Financial Services and Markets

NOVEMBER 2014

How does the company work out now? I am in charge of raising the

From: Altrincham, Cheshire Education: Leeds University, 1988 to 1991, then Manchester Law School. Early career: Record industry lawyer

Frazer Fearnhead

Current position: Founding Director, The House Crowd, since 2012.

www.TheHouseCrow d.com

Loves: Animals, tennis, backgammon, scuba diving, great writers, good food and wine.

Frazer@theHousecr owd.com tel: +44 (0) 161 667 426 4

Dislikes: Red tape, celebrity culture (what happened to being talented?), being boring.

ﬁnance and dealing with the investors, while Suhail Nawaz is in charge of sourcing property and doing the due diligence; though there is some overlap. I have four people working under me and he has one person working under him, and we have a team of 30 or so builders. A lot of these properties are very rundown. Properties at under £50,000 tend to have no central heating, rotten windows, that sort of thing. We

We still get people telling us “it’s illegal”, despite the fact we are authorised by the FCA modernise them at an average of about £10,000 for each property, and for that we are doing up the properties to a comparatively high standard. We work a lot with Manchester City Council, who place people in the homes and pay the rent, and they say our properties are easily in the top 5% in terms of quality. Are there enough properties and clients? We get properties sent to us because we deliver, thus building up a level of trust with agents. We have the money in the account and can move very quickly, which

means that even more people come to us. Manchester as a whole is one of the most high yielding places in the country, and I think it is about getting the best property in the right area, which is why we still managed to get 9.5 to 10% yield from our properties compared to an average gross yield in the UK of about 5.8%. On the HMO stuff we aren’t getting more like 12% net of bills. So our USP for investors is that they are getting better returns than they would probably get themselves – even after we have taken our bit of the pot – without them having to do anything. It’s a passive investment, secured by the bricks and mortar valuations, and they don’t have to do anything. They can enjoy the returns with no hassle. After Manchester, where next? We started with Manchester because we know it well. Now we are moving slightly further afield; I have been approached by people throughout the UK and in Germany and Tuscany and there are all sorts of opportunities. It’s a case of managing that and not getting too carried away; we have a product that is popular and we are bringing in money very quickly. We are already expanding the types of property we offer and moving further afield

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Act. It said you could only market these in a very restricted way, to sophisticated investors. We found an exception, which was set up to allow friends and relatives of people in business to invest in those businesses. We had to get people to join a common interest group, to say they were interested in the sort of opportunities we were presenting, and then we could only market each one of our projects to 150 of those people. We had to send out an invitation, suggesting they send us an e-mail if they were potentially interested and we would reply with more information. But we could only send it to the first 150 people who respond. We don’t have to jump through quite so many hoops now, but there are still restrictions. The first investment we found was in April 2012, a very small property for which we needed around £50,000 and it took two or three weeks to raise the money for that. From there we have grown to about £150,000 a week and we hope to be raising a million pounds per month by January. We were the first company in the world to do something like this and there were huge hurdles in overcoming the general scepticism. We still get people telling us “it’s illegal, you can’t do that!”, despite the fact we have been going for two-and-a-half years and are authorised by the FCA. In fact a whole crowdfunding industry in real estate has set up in our wake and there are now five or six companies doing variations on what we do (quite a few of them are now copying our good ideas, but there you go!) What I am most proud about, though, is the loyalty we have from our customers, who come back time and time again. Our latest survey showed that 96% of our customers would recommend us to friends and family.

CROWDFUNDING In the UK and US geographically – that includes going overseas, but not just yet. Are you getting overseas investors? Yes, we have quite a few investors from America, Poland, Australia, South Africa, the UAE, all sorts of countries all over the world. As a hassle-free property investment we appeal very much to people abroad who want to keep a piece of UK property, including British expats. Your branding and website, it’s almost Wonga-esque! I’m not sure I like the comparison! But I wanted to create a really friendly look. At the Property Investor Show everywhere you looked there was this corporate blue and green and, while we didn’t spend a lot of money on our stand, it really did stand out. We achieved a very

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For younger people who cannot afford a home, we can help them save for a deposit

different look very cheaply, and successfully. We also have a friendly, easyto-use website that appeals to relatively unsophisticated and elderly investors. For younger people who can’t afford to buy, we can help them save for a deposit for their own home later on. The two advantages drawing in the “rentysomethings” that are investing with us are, firstly, a better rate of return than they’ll get for any savings account, and secondly because they are putting their money straight into the housing market. What people find when saving for a house deposit is that every time they saved 10%, prices have increased so far that they had slipped behind again. By putting that into property they are keeping track of the housing market so that isn’t a problem.

Crowdfunding and US law Crowdfunding is the term that has been used to denote raising capital for projects, particularly real estate, by online solicitations.

s Darren Powderly noted in a recent article, “The catalyst that launched crowdfunding for real estate investments, along with other types of business ventures, was the Jumpstart Our Business Startups (“Jobs”) Act in 2012.” The Jobs Act eliminated the previous prohibition against general solicitation of accredited investors. Prior to the Jobs Act, developers and syndicators could only privately place investments to persons or entities with whom they had prior relationships. The Jobs Act eliminated this requirement, allowing for general solicitation. The accredited investor requirement in the US is generally investors with annual incomes of more than $200,000 or a $1million net worth exclusive from their primary residence. It should be noted that the Jobs Act also contemplates that the accredited investor requirement would be eliminated. In fact, the SEC is working on regulations to expand crowdfunding to non-accredited investors in accordance with the Congressional intent in the Jobs Act. These regulations are expected by the end of this year or in early 2015.

Explosive Growth Crowdfunding has enabled growth in real estate investments worldwide. Crowdfunding platforms range over a variety of project types, countries

DAVID DISICK: TheFractionalConsultant.com

+1-386-668-5877 and amounts and nature of investment (i.e. equity, preferred equity and debt). There are over 450 crowdfunding websites, a few beginning in 2008, but the huge increase coming in 2012 and 2013. Crowdfunding accounted for $2.7 billion in 2012 investments; $5 billion in 2013, and a recent World Bank study estimated $90-96 billion by 2025. And crowdfunding is a worldwide phenomenon. For example, in a recent deal in the State of Georgia which raised $5.7 million of equity, less than 10% of the investors were from North America. They were from countries as diverse as Australia, South Africa, Pakistan, Thailand, and the UK. The sponsor of the deal was an international real estate crowdfunding platform, “Wealth Migrate”. Founded in South Africa, Wealth Migrate is currently scheduling vetting trips to identify additional opportunities. While most of the crowdfunding deals have involved relatively modest investments in speciﬁc

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BUSINESS David M Disick projects, real estate fund managers are evaluating crowdfunding as a way to improve and expedite their financing efforts. There have been a few large ones such as a recent $171.8 million deal in the country of Colombia. While crowdfunding is especially appropriate in localized deals where investors can have good knowledge of the properties, the concept has grown internationally. These deals are driven by savvy investors hedging currency fluctuations or investing in rising overseas markets – now available to smaller investors through crowdfunding. Crowdfunding has served in countries as far apart as South Africa and China and indeed China is generally regarded as having the largest potential for crowdfunding outside of the U.S. And there is a specific Chinese focus on real estate crowdfunding for Chinese investors.

Sponsors and funders regard crowdfunding as a way to expand their investor network

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General Benefits

Crowdfunding opens the potential investor universe enormously. Sponsors and funders regard crowdfunding as a splendid way to accelerate their capital raises and expand their network of potential investors. Information is available instantly online, obviating the typical need for several time consuming investor meetings and allowing investors to achieve geographical and asset type diversiﬁcation and control in speciﬁc projects in which they are interested. Real estate crowdfunding is revolutionising real estate investment today, similar to the

Expand your investor pool with crowdfunding

revolution in traditional securities investing by online brokerage firms in the 1990s. In a recent article entitled “The Sky is the Limit – Exponential Growth of Real Estate Crowdfunding”, the authors point out that previously the real estate investor was faced with an “either or” decision – invest in a real estate company with a range of activities or don’t invest in the real estate market. Now, with crowdfunding, the investor can choose to invest in specific projects or properties and achieve diversification and management of risk by spreading real estate investment dollars over a number of projects. Crowdfunding makes use of the easy accessibility of a vast network of colleagues and friends through the web. Crowdfunding can potentially increase entrepreneurship by expanding the pool of investors from funds raised by traditional means such as property owners, relatives and venture capitalists to investors on the web worldwide. In the opinion of the author, crowdfunding is especially significant in the context of investment – and marketing and sales – in emerging

markets and non-traditional ownership forms such as fractional ownership. The information capabilities and dissemination available on the web and the niche nature of such investments makes crowdfunding especially appropriate. In fact, the author has formed a team currently evaluating the precise application of crowdfunding to a series of upscale projects in Cambodia, Ghana, the Bahamas and Chile.

Watch this space This introductory article will be followed by several specific pieces dealing with specific types of deals, returns from investments and other such items. David M. Disick is the founding principal of The Fractional Consultant which assists developers in securing financing and marketing and selling their projects. He can be reached at: ddisick@msn.com or via Skype at jack.goldenbear9

EXPERTS ADVISE The English regions

Our friends in the north

Will foreign investors – and UK professionals – put their money and talent in northern England?

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he gap between London and the north of England has rarely felt as strong: politically, economically and socially. The government is keen to spread wealth beyond the capital, not least to help solve the South’s housing crisis, and the simplest solution would be for the northern cities to hold on to the tens of thousands of students they have, who often leave on graduation. At the same time, London does not look to be the sure-ﬁre investment bet that it has been. Savills predicts London prices only rising by 2% per annum by 2017, and they are not alone. So what can the regional centres do to attract investment? At MIPIM UK, OPP examined the problem with three property experts. Nigel Hugill, Executive Chairman of Urban & Civic, stressed the need to support HS2, the planned but controversial high speed rail link to the north. “We must rebalance the economy with HS2. We must do everything we can, not just to join the north with London but also to join Manchester with Liverpool,

etc. Cambridge is a good example. People assume all the growth comes because of the university dynamic, and there is big element to that, but also the train service to London has been improved substantially.” He suggested offering lower student loan repayments as an encouragement to graduates to stay in a location. Simon Durkin from Deutsche Bank agreed, but pointed out that most graduates “Can’t afford to be living in London, but can’t afford NOT to be living in London,” because that is where the skills they have acquired at university will find a client willing to pay well for them. Graeme Tulley of GL Hearn said that cities needed to recreate the social environments and structure that will make a graduate want to stay, but he questioned whether there was “the infrastructure in place to make building the houses viable?” He expressed a hope that Michael Heseltine’s ‘Growth Fund” could be used proactively to build the infrastructure and liberate the housing market. Mr Durkin agreed: “Connectivity, airports… you cannot

divorce the infrastructure; that is what makes a successful city.” Nigel Hugill praised the success of 1960s town planners at putting in inner ring roads, but said that now they must come out, if a city is to be revamped successful. The experts agreed that overseas investment was moving from London to the regions, but London was still top choice: “Yes, we are seeing more interest outside London,” said Mr Durkin, who had helped put together the Malaysian package to buy Battersea Power Station. “But where does capital go after London? Will it stay in the UK or will it go to Paris? We have seen capital move out of the London and into other cities; FarEastern investors in Manchester, for example. Our experience is that the capital comes into London ﬁrst, then into other cites in the UK, before it goes to Paris.” He added that investors from Malaysia, Korea, Taiwan, China were not looking for a fast buck; they want stable long term returns: “They are looking for a long investment period, maybe a 30 year time period.”

NOVEMBER 2014

Manchester

GaWC status: Beta (“link moderate economic regions into the world economy”) Population: 515,000 (Greater Manchester 2.7million) Racial make-up: White 67%, Asian 14%, Black 9%, mixed 5%, Chinese 3%, Arab 2% Website: www.manchester.gov.uk Other useful websites: www.investinmanchester.com

rguments over whether Manchester or Birmingham is England’s second city have more or less being decided by the arrival of such large corporations as the BBC. Some 60 of the UK’s FTSE100 companies now have a headquarters in the city. One of Manchester’s advantages is its connectivity. Manchester airport is the third busiest in the UK

Regeneration included the 47-storey Beetham Tower, the highest UK building outside London and the city is a communications hub. This will be enhanced signiﬁcantly when the HS2 (phase 2) rail link reaches the city in around 2033, reducing the time from London to Manchester to 1.08 hours (an hour less than at present) Manchester’s growth began

during the Industrial Revolution as it became the centre for textile manufacture and the world’s first industrialised city. Its decline in the 20th century ended in 1996 when a terrorist bomb wrecked the city centre, leading to huge regeneration including the 47-storey, mainly residential, Beetham Tower, the highest UK building outside London. Greater Manchester, with a per capita GVA of £18,000 (£22,000 in GM South) is one of Europe’s leading business locations, specialising in financial/professional services, manufacturing and engineering, creative and digital. Manchester is also famous for its lifestyle, culture and music scene, not forgetting its two world-class football teams, United and City. Manchester typifies urban cool in a way that Leeds, for example, does not, which is perhaps why it attracts nearly 80,000 undergraduate and postgraduate students, primarily at Manchester Metropolitan University and the University of Manchester. The question is, what can it do to hold on to those graduates when they leave education?

Most common property sold in past year: 1. Terraced properties, average £123,993 2. Semi-detached properties, average £173,367 3. Flats, average £130,288 Overall average price of £150,529 (Manchester City Centre £158,876). Prices up 4% in the year to Q3 2014, reaching the same level as 2007 (£151,930).

Apartments Name: Angelgate 344 apartments in two blocks One or two bedroom City centre location Prices from £98,285 Developer: Pinnacle MC Global www.pinnaclemcglobal.com Townhouses

Name: Barton Vl Three and four-bedroom townhouses Suburban location Prices from £100k and £110k 7% net yields Developer: Sequre www.sequre.co.uk

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Greater Manchester prices (via RightMove)

Student population: 78,000

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Liverpool

GaWC status: Suﬃciency (“have a suﬃcient degree of services so as not to be obviously dependent on world cities”) Population: 466,000 (metro area 2.3million) Racial make-up: White 91%, Asian 3%, Black 2%, mixed 2%, Chinese 2% Website: www.liverpool.gov.uk

f all the northern cities, Liverpool has changed the most over the past generation. Following a disastrous experiment with far-left local government in the 1980s that left the city wrecked, then the Heysel and Hillsborough football disasters that cast it both as villain and victim, Liverpool has quietly climbed out of the mire to regain its former place as the kind of global

Liverpool climbed out of the mire to regain its place as a global city where companies want to be city where companies want to be and students want to study. Its population fell by nearly half between the 1931 and 2011 censuses, so if anywhere needs to make itself attractive enough to hold onto its students, Liverpool does. Its brand new city centre,

Other useful websites: www.investinliverpool.co.uk Student population: 63,000 Liverpool One, is a brilliant start, and if anything, Liverpool’s arts and cultural scene is even better than Manchester’s. That huge decline in numbers happened when it lost the transatlantic shipping trade that had made it rich, as England’s trade turned away from the Atlantic and towards Europe. Yet it retains five of the world’s top six shipping and logistics companies, and its historic waterfront is the city’s crown jewels, famous for fine buildings (the ‘three graces’) within the recently revamped Liverpool Maritime Mercantile City. Although less ethnically diverse than Manchester, Liverpool’s seafaring past did leave it with Europe’s oldest Chinatown and Britain’s first black community, as well as a huge Irish population. Economically, it has a per capita GVA of £17,500, slightly below Manchester’s. It is heavily dependent on the public sector, but private sector jobs are coming in the ‘knowledge economy’ and the more traditional shipping, with Liverpool Two being completed

next year doubling container capacity. Liverpool is served by John Lennon Airport, and is 2.08 hours from London by train. HS2 Phase 2 will reduce that by half (in 19 years’ time) but, as many are saying, what they could really do with is a decent service to Manchester and Leeds.

Student lets

Most common property sold in the past year: 1. Terraced properties, average £97,974 2. Semi-detached properties, average £155,417 3. Flats, average £106,471 Overall average price of £136,867 Prices were unchanged in the year to Q3 2014, around the same level as 2007 (£140,370).

Name: The Quadrant 240 units over seven levels 204 ensuite, 36 studios Close to all universities Fully furnished and equipped Prices from £57,995 www.pinnaclemcglobal.com

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Liverpool prices (via RightMove)

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EXPERTS ADVISE The English regions

Leeds

GaWC status: Gamma (“link smaller economic regions into the world economy”) Population: 750,000 Racial make-up: White 92%, Asian 6%, Black 2% Website: www.leeds.gov.uk Other useful websites: www. leedsandpartners.com Student population: 65,000

oing by population, Leeds is England’s third city, but noone really believes it – not with that football team. Leeds’ wealth was based on wool and the textile industry, as the magniﬁcent merchants’ houses around Headingly so clearly show, but that died oﬀ in the post-war period, as did the mining and steel industries more recently. But, like Liverpool and Manchester, the Tony

Leeds’ population has grown 5% since 2001, welcomed with a radically redeveloped city Blair years were good to Leeds, as it found a new industry in ﬁnancial services and banking (well, call centres anyway) and legal services. According to the ONS, in 2012 there were 122,100 people employed in the banking/insurance sector in Leeds and the city has a GVA per

capita of £24,770, far ahead of most big English cities. It is relatively wealthy and middle class. It even has two Conservative Members of Parliament, which is two more than either Manchester or Liverpool. Leeds’ population has grown 5% since 2001, and it has welcomed them with a radically redeveloped city centre. Bridgewater Place is a 112-metre office and residential development, while Sky Plaza (right) at 106 metres is the tallest student block in the world, built by Unite, with accommodation for 1,500 students in total. Leeds still has a huge student population living in HMOs in the Headingly area but it has also embraced the concept of purposebuilt accommodation. Leeds is on the M1, the UK’s main north-to-south road (it is also one of the most traffic congested UK cities). It is included in the same HS2 Phase 2 development as Liverpool and Manchester, with similar present and future traveling times to London. Leeds-Bradford Airport is 10 miles outside the city. For culture, Leeds suffers in

comparison with Liverpool and Manchester, which is perhaps why it is relatively unknown outside the UK, despite its size. It does have wonderful Yorkshire countryside on the doorstep though.

“High intelligence”

Most common property sold in the past year: Semi-detached properties, average £165,239 Terraced properties, average £127,986 Detached properties, average £303,685 Overall average price of £168,720 (Leeds City Centre £132,899). Prices up 3% in the year to Q3 2014, reaching the same level as 2007 (£165,327).

Name: Sky Plaza www.unite-group.co.uk

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LEEDS prices (via RightMove)

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LEGAL News

The East needschanges to get Our Middle round-up of legal stricter, andbut Venezuela finds taxwhile hikesEgypt in Spain speedier struggle with newFrance regulations processes in US, and India BAHRAIN AUSTRALIA REDUCED STRONGERREGISTRATION SANCTIONS CHARGES RECOMMENDED

francine.carrel@opp-connect.com john.howell@opp-connect.com

More updates are available in our news section at www.opp-connect.com

sales processes. So with this Dubai Land Department (DLD). policy change, Chinese The industry has beeninvestors waiting willmonths be more readily able 18 for the law to to be compete in bidding processes passed and legal experts gave in those markets. their views on the draft to the Land Department last year, reports the National website. No specific details were available IRELAND but Ms Rashed says it is ready PROPERTY TAX REDUCED and is being examined by higher DLD first FOR A authorities. MILLION The OWNERS announced in October 2011 Athat totalitof 14 employing councils in Ireland was expertshave to reduced their examine andproperty improvetax therate, real meaning one million homeowners estate investor protection law by will receive lower tax Councils the end of the year,bills. but to date innothing Dublin, has Clare andfiWicklow been nalized. have decided to implement the fullEditor [Reported by Adrian Bishop, discretionary 15% cut in property of OPP Connect.] tax. The Revenue Commissioners in the country also revealed that 40,000 homeowners who had FRANCE refused to pay property tax this year CHANGE IN CAPITAL will have it forcibly removed from their wages and pensions. No tax GAINS TAX has been paid on around 100,000 properties,Francois but some of thesehas may President Hollande not be occupied, they said. announced a change in the capital gains tax system on second home sales to provide more fluidity in the GERMANY French property market. The taper RENT BRAKE relief system is toDRAFT be changed so that from 2014 the required time APPROVED of ownerships before a property The German federal is completely exemptgovernment from capital has approved a draft law to gains tax will be 22 years, down implement “rentsystem brake”which to slow from the 30ayear was down rents.2012. German ratifiedincreasing in September states would be granted Nicholas Leach, Partnerspecial at Athena rights, allowing them restrict Advisors, commented,to“This could the rents charged certain be considered as ainbit of a U-turn high-demand, high-price areas. by the government, reverting to Landlords in these areas a system which is similar would to thatnot be able to increase the rent beyond when Sarkozy was in power. Last 10% of the customary comparative year’s property tax changes put

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On 20 May, Bahrain’s Shura Council ratiﬁed a motion to reduce charges for the registration of newly acquired real estate. The amendment, bringing the buyer’s fee down from 3% of the property value to 2%, is hoped to stimulate real estate growth. Furthermore, an incentive designed to push buyers to pay The head ofapproved the new Australian quickly was – if the parliamentary commission payment is made within 60 into days foreign ownership says that it will the buyer will receive a 15% recommend stronger sanctions discount on registration fees. against agents owners who [Source: Oxford and Business Group, break the rules. With prices hitting www.oxfordbusinessgroup.com] record highs, demand from foreign –BRAZIL primarily Chinese – buyers is being blamed for pricing locals out REGISTRATION OF FOREIGN of the market in Australian cities. Chairwoman of the inquiry CAPITAL Ms Kelly O’Dwyer said that the commission was planning to recommend that foreign buyers who flout existing ownership rules should pay penalties proportionate to the value of the property purchased. “The largest penalty fee that can be imposed is about $85,000. We have been told by many witnesses that that is simply seen as the cost of doing business,” to she told the Sydney According the Foreign Capital Morning Herald. In owners Law, “Foreign capitalfuture is considered who are forced to sell could lose to be any goods, machinery or the capital gain they have made on equipment that enters Brazil the property, profits that at present with no initial foreign exchange they are allowed to keep,for “clearly disbursement, intended creating the wrong sort of incentive. production of goods and services, It’s creating an incentive for bad and any funds brought into the behaviour.” country for use in economic

activities, provided that they belong criticised to Furthermore, individuals orshe corporate entities the Foreign Review domiciled orInvestment incorporated abroad.” Board (FIRB) which Ms be O’Dwyer Foreign capital must said had made no prosecutions registered by means of an since 2006,Statement apparently it Electronic ofbecause Registration simply assumed that all foreigners – Foreign Direct Investment Module followed the “I’m a bit (RDE-IED), onrules. the Central Bank bemused at what processes exist Information System (SISBACEN). there [in the FIRB],” she said. For the purposes of the Electronic Statement of Registration, foreign direct investment is deﬁned as CHINA permanent holdings in Brazilian FOREIGN or, INVESTMENT companies in accordance with common EASIER market practices, longterm ownership by non-resident investors; individuals or corporate entities residing, domiciled or incorporated abroad, through ownership of shares or stock in Brazilian companies, or investments in foreign companies authorized to operate in Brazil. The statement implies that the Brazilian companies receiving the investment and/or the In a policy update from representative of the foreign China’s are Ministry of Commerce, investor responsible for the investment[Reported projects abroad no registration. by: Daniela longer require approval unless Antunes, Maxwell Alves Solicitors, they are in industries and www.maxwellalves.com] countries deemed sensitive by the Chinese government. DUBAI Alistair Meadows, Head of TANWEER LEGISLATION TO International Capital Group, Asia Pacific, JLL, told OPP Connect, BE ANNOUNCED “Prior to this policy change, in certain markets law suchaimed as New A new property at York and London, it’s been improving investors’ rights difficult institutional looks setfor to Chinese be announced soon investors to compete in ‘on in Dubai. The long-awaited market’ processes, the Tanweer legislationas will betime frame required for internal and announced “soon”, says Majida external approvals has often Ali Rashed, the head of the Real exceeded the timeManagement line for these Estate Investment and Promotion Centre of the

Lawyers and accountants around the world tell us about new developments in the law. If you know of any interesting changes to the law or taxation in the country where you live or do business, contact

43 63

LEGAL News rate. Additionally, the responsibility to pay brokers’ costs would fall to landlords rather than renters, who are usually responsible for paying agent fees, even if the broker was hired by the landlord. A strike called by one agents’ group was widely ridiculed and failed to win support.

MYANMAR FOREIGN BANKS GIVEN PROVISIONAL GO-AHEAD Banks from China, Singapore, Thailand and Japan have been given provisional licenses by Myanmar’s Central Bank (CBM). The CBM’s foreign banks licensing committee said in October that the 12-month preliminary approval had been given to banks including the Overseas-Chinese Banking Corporation (OCBC). The banks will have a year to “fulfill the commitments made” in their license applications. OCBC has said it will offer “a full range of banking products and services to foreign companies and joint ventures, as well as domestic banks in Myanmar”. Since the country’s economy was opened in 2011, foreign interest in Myanmar has been steadily increasing.

rates, meaning that while homes under £135,000 will be exempt from the tax, the burden will fall on those units worth more than £325,000. So, for example, a buyer of a home worth £1m will have to fork out £78,300 in tax, while today they would pay £50,000. The new tax will replace the often-criticised stamp duty, but some commentators say it’s not an improvement. Allister Heath of the Telegraph said the ruling was “inspired by spite and envy” and would “chase away” entrepreneurs and foreign investors. He said the capital city Edinburgh would be hit particularly hard. Finance Minister John Swinney said the levy – the first set in Scotland for over 300 years – was “more proportionate to the house price, and means that the tax is fairer as it is based more closely on the buyer’s ability to pay.” He added that it would benefit those looking for starter homes.

SPAIN LANDMARK RULING PROTECTS EX-PATS

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SCOTLAND PROPERTY TAX FIRST CHANGE FOR SCOTLAND

Scotland’s newly devolved government has hit the housing market with its first financial ruling, as the finance minister announced the scrapping of stamp duty in favour of a scale that targets highend property. The land and building transaction tax will take effect from April 2015. It works on a progressive scale of

A landmark ruling in Spain prevented the bulldozing of several houses belonging to Britons who bought the properties in good faith more than a decade ago. The houses later turned out to have been built on rural land rather than urban, and hence were going to be knocked down, with no compensation for the owner. However, now Judge Maria Teresa Vidaurreta Porrero has not only stopped the demolition but also award compensation totalling €142,800 to the owners for: “ten years of uncertainty over the future of their houses and the suffering

which went with it.” The ruling will, according to the government, affect 25,000 properties, which will now be regularised, but not legalised. Gerardo Vazquez, the lawyer representing several of the homeowners said: “the change could be an important step. To coin a phrase, this will not be end of the problem, nor the beginning of the end, but perhaps the end of the beginning.” Not everyone was happy. The Spanish organisation Ecologists in Action said that “the vast majority of the owners and builders of illegal dwellings were fully aware of their illegality and took advantage of the active or passive connivance of local councils”. They said that such buildings should be knocked down and that this ruling “opens the door to legalizing everything built on non-urbanizable land.”

SWEDEN STRICTER LENDING – A BAD MOVE? Swedish banks have proposed stricter mortgage repayment standards in a bid to reduce household debt. Currently, debt levels are among the highest in Europe at over 170% of disposable income. The International Monetary Fund has already warned Sweden that the situation is a threat to economic stability. Regulations capping mortgages at 85% of a property’s value have already been implemented, but the Swedish Bankers’ Association has said that new borrowers should have to take out repayment, rather than interest-only mortgages, on any loans of more than 50% of the property’s value. Par Magnusson, the Royal Bank of Scotland’s chief economist in Stockholm, told Bloomberg that the decision was unwise. “I can’t envision a worse timing when we have an economy with such low inflation, a depleted monetary policy, a big output gap in the economy,” he said. “Tightening is exactly the opposite of what this economy needs.”

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FEATURE Where Next for Portal Tech?

Words | Sophie Elliott, Marketing and PR Executive, Propertyshowrooms.com

Is your portal working as hard as you are?

Where is new technology taking property portals? Why are we still living 2D in a 3D world?

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e have entered a digital era, where 2.3 billion people use their mobile phones to access the internet, anywhere, any time. But while the digital revolution is exciting and full of opportunities, it is also vast, unknown and daunting. With new technologies appearing daily. How do you know what could be beneficial to your business and what’s a waste of money? We at Propertyshowrooms.com set out to meet top level property industry experts and hear what types of digital technology they think are likely to impact the very nature of buying and selling real estate. Even more importantly, how can individual businesses stay ahead of the game and build their enterprises?

We have been, so far, still living in a world where people look at static images on portals much as they would look at property details on a page. Yet advanced visuals, or immersive technology, can offer so much more to our customers than mere words or simple photographs. They can create an experience as opposed to a description, a story, not just a list of attributes. A property that can be properly “experienced” within a few minutes, without having to leave your home, not only saves time and money on wasted viewings, more than that it leaves a lasting impression. So here we round up the latest thinking on the visual technologies you need to know about, how you apply to your business, and what you should not be afraid of!

SOPHIE ELLIOTT: Propertyshowrooms.com +34 952 471 774

Augmented reality Defined by James Dearsley, founder of The Digital Marketing Bureau as technology that “superimposes a computer generated image on

NOVEMBER 2014

Virtual reality Virtual reality (VR) is more than a visual aid; it enables agents and buyers to become completely immersed in a development or property beyond the boundaries of space and time, if that doesn’t all sound a bit Star Trek. Using the latest generation of immersive head-worn display sets, VR lets buyers and investors not only see a property that may be on another

continent and hasn’t been built yet, but it allows them to walk around it, meet the agent within that property and navigate around it as if they were actually there. For that, customers will need a headset, the cost and inconvenience of which has been a barrier to the mass uptake of the technology. But as James Dearsley points out, the purchase of Oculus Rift by Facebook for $2billion this year “means virtual reality is going to hit the masses at some point.” Indeed Mark Zuckerberg said: “We’re making a long term bet that augmented and virtual reality will become a part of our daily lives.” Even better, Google has come up with Google Cardboard, a fold-out cardboard smartphone mount. You just make the cardboard shape – that a developer will probably have branded and posted to you, or given you at an exhibition – and insert a smartphone into the front of the cardboard device. Combined with lenses built into the cardboard, this allows the wearer to see images on the smartphone screen as one single 3D image. So we have an affordable, easy to distribute and easy to brand product being marketed by the world’s biggest and most popular corporations. At MIPIM UK we asked Dave White of the Reading Real Estate Foundation what he thought: “I love the idea. I think technology is only going to grow and get cheaper over time. I think that if you could do that in a commercial aspect occupiers would be able to get a feel for the property.”

Drone images We are barely scratching the surface of the potential for using drone images on portals. Yet they can offer a far more exciting and intimate view of a property online, flying close and even inside to dramatically capture detail. Again, with a musical accompaniment and voiceover you are telling a powerful, inspirational story of what it would be like to live there. Dave White believes drones have “great potential for saving time and money… If someone can fly around a building and decide they

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a user’s view of the real world, thus producing a composite view.” In the real estate world it enables customers to visualize new developments, bringing buildings to life with 3D images, animation and sound whether viewed on a tablet, smartphone or wearable tech such as Google Glass. One of the most impressive augmented reality (AR) applications for the property industry is Virtual View, available on Apple and Android built specifically for the residential and commercial property sector. “It’s very cost effective and it means that every single agent in the world can start to embed videos into their brochure material,” says Mr Dearsley, providing a range of cost effective augmented services from “embedding videos in to pages, all the way through to having 3D images of their properties appear”. Customers simply download the Virtual View app to a smartphone and by scanning 2D images of properties either in a printed brochure or on the Virtual View website a 3D image of the property

appears on their screen, this image then branches out to display the property floor plan. Fine in theory, but does the industry want it? We met Jack Haining of Grosvenor at MIPIM UK and asked him what his thoughts are on AR for retail property. He said that he felt it would help the agent most of all: “It’s a case of being able to show a tenant a vision, and it’s likely to help in the development process in terms of pre-lets, as it enables, through tablets or phones, somebody to actually see what the property is going to look like. They can go to the site and hold their phone or tablet in front of them and almost walk through a scheme in a way that’s never been possible before. That gives them that extra bit of confidence they might need to put a deposit down and to agree to occupy a building. We haven’t used it yet, but we’re looking strongly at augmented reality on the basis of being able to sweep your phone up and down a high-street or in front of a shop then superimpose data; for example opening times, live reviews or even flash up promotions for specific shops tailored to your demographic or interest. It’s got huge potential to aid the physical environment.” For us, augmented reality has two key benefits; firstly it makes marketing or materials more interactive, exciting and ultimately fun. Secondly it provides an exciting alternative when marketing off-plan or new-build developments, one that is far more accessible than simply seeing a model because it means that via a portal you can see what the building will look like in real life.

FEATURE Where Next for Portal Tech? Clockwise from top right: Google cardboard, stick your phone in for cheap but effective immersion; Oculus Rift; Virtual View creates a lliving world from a flat image; it’s a brave new world for drones

consulted broke this down into two issues: one, the industry as a whole has been slow to adapt to the use of digital channels and two, uncertainties as to whether the benefits of social media outweigh the negatives.

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Connectivity = complaints?

want to view it, that’s great. Even if they don’t want to view it after seeing the surroundings on video, that saves time that would have been wasted on an unsuccessful viewing.” He suggested another potential saving for the industry: “I was talking to a building surveyor who is asking for one from his firm so he can go check out the roof on buildings. It will bring down the price and time involved in getting a building surveyed structurally because he won’t necessarily have to go up there there unless he spots a big defect.” We spoke to a number of film companies in London last year who had just begun to offer drone filming as part of their property development marketing package. Due to licensing requirements, getting traditional aircraft over built-up areas like central London can often be challenging, while drones provide a more feasible, and cheaper, option. However, regulations regarding drones are still, for now, a grey area in high density areas.

3D Printing Many of our portal visitors still print off property details to view them on paper. But as the price of 3D printing comes down and printers

become a household item, we are approaching a time where they will instead print off a 3D plastic model of the property. Developers are already using 3D models produced direct from CAD (Computer Aided Design) drawings as cost effective alternatives to traditional model making, meaning models can be altered to incorporate new design elements and even printed on-site for an exhibition or product launch. Two of the biggest advantages, as James Dearsley points out, is that “3D printed models rather than building balsawood ones are more cost effective, and you can print them out wherever you want them to be.” At MIPIM UK, local authorities had created vast 3D models of entire cities, delivering the wow factor and proving that although digital marketing is popular, physical models are still hugely powerful. How long until we can include a “Print this in 3D” button on our portal?

A social animal While social media has rapidly taken a central role in our culture, many industries including property are reluctant to fully incorporate it into their marketing strategies. Property professionals we

Social media can get you attention online and build brand awareness cost-effectively. But exactly what sort of awareness are you creating? Dave White says that for developers who may be disrupting traﬃc or upsetting the locals, “A presence on Twitter leads to more people being able to complain more easily... On the one hand they can announce potential road closures, but on the other hand people could be sitting in their taxi and getting angry because they can’t get through, and blaming the developer for that.” There’s no denying that social media fuels debate and discussion, but is that necessarily a bad thing? Consumers can alert companies to potential problems, which companies can directly and immediately address. As James Dearsley explains: “People think there’s a problem here and there really isn’t. You can pick that negativity up within two seconds if you wanted to from anywhere, on any platform; blogs, forums,

How long will it be until we can include a “Print this in 3D” button on our property portal? tweets, Facebook updates, Google + updates, every single thing is measurable, quantifiable and alertable. “Even if you are being mentioned negatively you’ve got to put it all into context; the person who’s mentioning that brand negatively, have they got an audience? Have they got influence? Have they got authority? Most likely they haven’t. So that’s akin to somebody being

AGE N T S R E Q UIR ED TO SEL L A U N I QU E D E V EL OPMENT IN CR ETE Caversham-Barnes has established a solid reputation in the UK for our sympathetic re-development of traditional English properties and restoring them to their former glory. To Caversham-Barnes it is essential that our luxury villas in Crete are as beautiful as their island location and we also apply the same diligence and care to these new developments.

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FEATURE Where Next for Portal Tech? disappointed with somebody’s service and walking in to an open room and shouting “OMG, this company’s rubbish!” But there’s nobody in that room! If you’ve got the right things in place in the social world and in the digital marketing world, you will know within two minutes that somebody has said something bad about you. So my argument is why would you ever be

Suppose a home on sale could detect the presence of a househunter and invite them round?

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afraid of that.” How can we leverage the popularity of social media on portals? At Propertyshowrooms. com you can share and comment on properties via Facebook, and it is up to Facebook, now owning a VR app like Oculus Rift, to, as James Dearsley puts it: “build Facebook as a platform across multiple layers, so rather than just Facebook updates and discussion with friends suddenly you’re going to Facebook for other reasons.”

What will this mean for the property industry? Prospective buyers will be able to find everything they need in one place chances. Just as smartphones have rendered calculators, maps, simple cameras and even newspapers obsolete, the more time prospective buyers spend on social networks where they have all the fun, the news and the entertainment they need, chances are when the time comes to buy a property the company they choose will be the brand they find on their favourite social medium.

DON’T CALL US, we’ll call you If we are in a location and we see a house with a For Sale board up outside it, we can easily find its details via a mobile portal. But suppose the house could detect your presence, and invite you in? Now they can, using either NFC (Near Field Communication) for detecting and sending snippets of information to Android devices or iBeacon which does the same for iPhones and other iOS devices. Both iBeacons and NFC know where you are geographically, so if you walked past a shop with a tag that relates to you (the consumer), you might receive a promotional message.

Social media as a commercial tool has yet to take off. Will it ever?

James explains that if you have already expressed an interest in a local shop or product by downloading its app, and the technology “sees” you walking down the street, it can send you a text or message alerting you to a special offer in-store that day. “You don’t have to do anything with that, and as long as retailers, property companies, use it in the correct way and it’s contextual to the person that’s walking down and it’s all relevant to them, I think iBecaons could be more powerful than augmented reality. It’s all about using tech in the right way, not the wrong way.” For the property industry, iBeacon and NFC open a world of possibilities. Imagine a couple have already visited your show home in your area one Sunday afternoon and signed up for updates. Three weeks later you detect them in the area again; ping goes the message telling them that you have released another phase, would they like to pop in and have a look, as they are passing...?

Cracking the code What technology should you go for? The type that best fits your particular business model. These are some of the tech we at Propertyshowrooms. com are looking to implement, which are being widely discussed as having the potential to transform how the real estate world operates. The interplay of tech and your property business is up to you, but there’s a ton of technology out there and plenty of research available. Learn and stay ahead of the trends, and you will be the one best equipped to choose the right tech to support your business. Propertyshowrooms.com is a leading international online property portal. We provide online marketing tools and information to property professionals around the globe, helping them increase their sales potential by reaching the right customers, at the right time. For further information: We interviewed James Dearsley and the full interview is available from YouTube at http://bit.ly/1ukCOvc

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COUNTRY REPORT United Arab Emirates

United Arab Emirates T

he United Arab Emirates is made up of seven historic sheikdoms: Abu Dhabi (also the capital), Ajman, Dubai, Fujairah, Ras al-Khaimah, Sharjah, and Umm al-Quwain. Ruled by the British from the early 1800s, they were a quiet region more known for pearl fishing and piracy until oil was discovered in the 1950s, (fortuitously soon after cultured pearls wrecked the industry). Today, Dubai is the regional hub, its 828m Burj Khalifa towering head and shoulders over other global high rises to an almost embarassing extent. A vast new building area – Dubai Creek – has recently been launched which will

include the tallest twin towers. So it’s all go again in the emirates, after they were hit hard in the 08/09 financial crisis, when oversupply

Although it still happens, the UAE residential markets are no longer defined by flippers and high rents led to one of the most dramatic crashes in the global recession. In the long term this has led to a reassuring focus on

regulation in the emirates’ markets, which has helped keep 2014 prices in check after they started running away in 2013. That has calmed the authorities’ (and the IMF’s) jitters. Speculators have been targeted via regulation and higher registration fees, meaning that – although it still happens – the UAE residential markets aren’t defined by ﬂippers. While Dubai is already gearing up for the 2020 World Expo, with some infrastructure improvements, other emirates are trying to grab a piece of the action too. UAE isn’t without its problems, though. Conditions for construction workers are tantamount to ‘slavery’, says Human Rights Watch.

GEOGRAPHY

Ra’s al Khaymah

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Dubai

Abu Dhabi Bu Hasa Aradah

UNITED ARAB EMIRATES

Area: 83,600sqkm Similar to: Austria, Czech Republic Coastline: 1,318 km Highest point: Jabal Yibir in the Hajar Mountains; 1,527m. Capital: Abu Dhabi (pop: 603,500) Other cities: Dubai (pop: 1.14m); Sharjah (pop: 543,700); Al Ain (pop: 408,700) Climate: Desert. Seriously hot (up to 45ºC) between June and September, with temperatures dropping to the teens in the winter. Watch out for sand and dust storms. No heated pools here: hotels are more likely to provide cooled water to contrast with the almost uncomfortably hot sea. Looks like: Desert, with mountains to the east. Where you’re likely to be doing business, in the cities, you’ll see glittering modern architecture.

NOVEMBER 2014

THE ECONOMY GDP: $269.8bn GDP per capita: $29,600 Inﬂation: 1.3% Tax as % of GDP: 35.4 Currency: United Emirati Dirham (AED)

CORRUPTIONS PERCEPTION INDEX: 26 OUT OF 177 COUNTRIES HUMAN DEVELOPMENT INDEX: 23 OUT OF 189 COUNTRIES

EXCHANGE RATES:

EASE OF DOING BUSINESS INDEX (out of 188) Starting a business

Dealing with construction permits

US$1

AED 3.67

Registering property

€1

AED 4.63

Trading across borders

£1

AED 5.90

Enforcing contracts

100

AU$1

AED 3.18

Getting credit

CNY1

AED 0.59

Protecting investors

INR1

AED 0.06

TRAVEL TIMES FLIGHT TIMES TO DUBAI 3.5 hours

Moscow

6 hours

Paris

6.5 hours

Beijing

7 hours

London

7 hours

Hong Kong

7 hours

Singapore

7 hours

Tokyo

9.5 hours

New York

13.5 hours

Vancouver

14 hours

Sydney

14.5 hours

Rio de Janeiro

14.5 hours

Los Angeles

16 hours

RIO de janeiro

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New Delhi

COUNTRY REPORT United Arab Emirates

PEOPLE Population: 5,628,805 Urban population: 84.4% Population density: 89.85 per sqkm Population growth: 2.71% Average age: 30 Ages: 0-14: 20.7%; over 65: 1% Life expectancy: 77 Languages: Arabic (oﬃcial), Persian, English, Hindi, Urdu Religion: Muslim (Islam; oﬃcial) 76%, Christian 9%, other (primarily Hindu and Buddhist, less than 5% of the population consists of Parsi, Baha’i, Druze, Sikh, Ahmadi, Ismaili, Dawoodi Bohra Muslim, and Jewish) 15% Politics: A federal, presidential, a solute monarchy. Each emirate has a constituent monarchy.

Tourism Dubai Dubai’s main lure for tourists is shopping. Its souk, or market, districts are well known – as are its huge, airconditioned malls. The city is likely to attract even more mall rats as plans for the massive Dubailand continue. While the majority of its visitors come from Arab countries, the emirate also sees representation from the rest of the world.

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Abu Dhabi Tourism numbers in Abu Dhabi are steadily rising. July 2014 showed an increase of 26% in guest arrivals when compared to last year, with the total number of hotel guest arrivals at 215,286.

Sharjah Third largest of the emirates, Sharjah sells itself on the basis of its Islamic art and culture. The most popular residential tourism spots are Al Nahda, Al Khan, the up-and-coming Al Majaz and Al Qasimia. Umm al-Qawain The second to smallest emirate, Umm al-Qawain has a marina being built by Emaar and resorts of Dreamland Aqua Park and Barracuda Beach Resort. It is just 30 minutes drive from Dubai.

NOVEMBER 2014

Ras Al Khaimah Previously little-known, Ras Al Khaimah (RAK) and Fujairah are becoming popular tourism destinations. RAK is expecting to see its visitor numbers surge by 50% this year, predicting a total of 1.9million in comparison to 2013’s 1.24million. A hot hotel sector is depending on this – five new hotels from big chains are set to open branches in the emirate this year, meaning hotel rooms will number 5,000 rather than the current 3,000. Tourism authorities are aiming for 10,000 within the next five years. RAK sees most of its non-Arab tourists come from Germany, Russia, England and India.

PERCENTAGE OF VISITORS BY REGION OF ORIGIN (2012)

Fujairah Fujairah, meanwhile, is benefitting from improved connectivity to Dubai. It’s seen great growth in its hospitality industry: the emirate currently has around 4,000 hotel rooms and expects to have 6,000 in the next five years. They saw 1.5million tourists in 2013 and predict 1.7million in 2014.

Arabs

37 %

Europe

26.4 %

Asia

21.8 %

Americas

6.9 %

Africa

5.7 %

APAC

2.3%

NUMBER OF DUBAI HOTEL & HOTEL APARTMENT GUESTS 10,000,000

8,500,000

7,000,000

4,000,000 2003

2004

2005

2006

2007

2008 YEAR

2009

2010

2011

2012

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5,500,000

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COUNTRY REPORT United Arab Emirates

Residential MARKET Portals:

Useful websites:

justproperty.com luxhabitat.ae propertyonline.ae gnproperty.com propertyfinder.ae

government.ae - Government site www.dubailand.gov.ae -- Dubai Land Department www.adm.gov.ae/en - Municipality of Abu Dhabi www.drei.ae - Dubai Real Estate Institute

Exhibitions: Cityscape - www.cityscapeglobal.com and www.cityscapeabudhabi.com/ International Property Show - www.internationalpropertyshow.ae International Real Estate and Investment Show - www.realestateshow.ae

The UAE's population is growing at one of the highest rates in the world – 7.6% per annum. Currently sitting at around 9.9million, it's expected to hit 18.83 million by 2023. This has, naturally, spurred on new development in the residential sector. Other factors driving the property market forward include the government's globalisation policies, a strong economy and improving personal wealth in the country. As the government continues to implement stricter regulation and transparency rules, foreign investor confidence in the market is also likely to continue upward. Buyers who would have been put off by the catastrophic crash in 08/09 are being reassured by a seemingly more stable upward trend. Abu Dhabi The market in Abu Dhabi is seeing encouraging signs of stabilisation. A strong first half of the year made way for a more muted Q3 2014, as rents increased by only 2% and market prices went up around 3% – compared to the previous quarter’s 12%. The residential sector is expected to remain strong, according to Jones Lang LaSalle (JLL) and CBRE, largely due to limited supply in the market. Major corporations moving into the emirate has led to a serious demand for housing, and villas in particular will be sought after. While affordable developments are seeing limited price increases, more exclusive investment areas are still experiencing fairly impressive price hikes. Abu Dhabi Island, Reem Island and Saadiyat Cultural District have notably seen strong growth in recent months. Dubai Investors with reasonably good memories are cautious about Dubai's soaring recovery. The 2007/8 meltdown of the emirate's property market lost a lot of people a lot of money, and double-figure price increases through much of the last couple of years have given some professionals pause. But, so far, the market appears to be staying strong and stable. The first half of 2014 saw Dubai rake in $30.7billion in real estate transactions – boosted by the emirate's success in securing the World Expo 2020. Price increases continue, but in single figures. News reports and research contradict each other, as they always do, on whether this shows a worrying "cooling off" or a natural stabilization after a heady period. For now, there are still opportunities in the emirate but property professionals proceed with caution.

RESIDENTIAL PROPERTY FACTS $5,037

Rental Yield:

5.82%

Rent/month:

$2,932

Income Tax:

5.00%

Roundtrip Cost:

7.00%

Cap Gains Tax:

n.a.

Landlord and Tenant Law:

Pro-Tenant

Source: Global Property Guide

www.opp-connect.com

Price (sq.m):

COUNTRY REPORT United Arab Emirates

Property Developments Dubai Perhaps the most iconic of Dubai’s outrageous developments is the Palm Jumeirah, created by Nakheel who used land reclamation. It’s home to many resorts and luxury villas. www.nakheel.com

Abu Dhabi The Hadeel development is one of Aldar’s three newly announced developments to be built in Abu Dhabi. It will offer 230 apartments and townhouses at Al Bandar, Al Raha Beach. The apartments are all designed with large, clear facades and glassfronted balconies to make the most of those expensive sea views. www.aldarproperties.com

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Dubai Emaar Properties and Dubai Holding have launched their first residential project – two 40-storey residential towers with units ranging between 880 and 2,154 square feet. Dubai Creek Residences, part of the Dubai Creek Harbour project, will, all told, comprise six towers on the edge of a marina. The first units were launched in midNovember. www.emaar.com

FEATURE Cape Verde Resorts

Cape of Inspiration

What inspired a developer to place his trust (and millions) on an African island few had heard of?

he popular British quiz show Pointless rewards contestants for giving obscure answers to general knowledge questions. Cape Verde is often a winning answer. So it took a brave man to sink millions into a string of resorts there. Rob Jarrett of The Resort Group was that man.

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Cape Verde

Cape Verde is a tropical archipelago off the west coast of Africa. In recent years it has gained attention as a tourist destination – partly because of its white-sand beaches and blue seas, but mainly because of the climate. Temperatures stay between 25-30ºC all year round, with a breeze from the Sahara stopping you from becoming too hot and sticky and no rainy season

to speak of. As a competitor to the similarly well-heated Canary Islands it’s nowhere near as well known, but The Resort Group PLC (www.theresortgroupplc.com) is aiming to change that.

The Resort Group specialises in luxury resorts in partnership with hotel chains The Resort Group OPP was invited to the launch of The Resort Group’s Meliá Dunas resort (www.dunasbeachresort.com), on

the island of Sal, in late October. The Resort Group (TRG) specialises in luxury resorts in partnership with hotel chains – in this case Meliá – and Dunas is its second resort on the island. Tortuga was its first – a smaller offering, with 372 units to Dunas’ 1,251. Coming up next is Llana, right next door, which will be 601 units. Dunas is family friendly, with a dedicated kids’ area and childrens’ entertainers. The size of the project has meant an increase in logistical challenges: on-site you can see a massive desalination building and a large warehouse for all the imported food that thousands of guests will consume. The resort includes around an acre of pool space (five pools in total – three feature bars, one has hydromassage jets and

NOVEMBER 2014 is riddled with examples of developers that haven’t delivered, but The Resort Group has a good track record.” “We’re an off-plan developer that has been proven to deliver,” added Mr Dumble.

Government TRG has a very friendly relationship with the Cape Verdean government – the prime minister and dozens of other oﬃcials were at the opening ceremony. This is hardly surprising – Dunas has created over 500 jobs on top of Tortuga’s 350, while Llana is expected to create another 500. Add that to the inevitable rise in tourism and you can see why state oﬃcials have been so cooperative.

Market control

two exclusively for children), plus 14 further bars and six restaurants – lots of choice for an all-inclusive resort. The landscaping was a surprise. Usually at the beginning of a resort’s life the flowerbeds are filled with tiny shrubs, but these were fully fledged. “Usually you’d have to put them in young so they grow up with the right climate, or they’d die off,” explained David Dumble, marketing director at TRG. “But we had these growing in climate controlled greenhouses for months. The landscapers we used have won the Chelsea Flower Show several times,” he added.

In addition to the three resorts, TRG holds options on three more plots of land, giving them further control over the market on Sal. “Currently demand is greater than supply, but that could change if these plots were developed straightaway. It’s all about keeping a balance,” said Mr King. TRG have snapped up a large part of Sal’s viable development area. Apart from the white sand stretches that TRG have already taken, most of Sal’s coast is rocky and barren, not fit for resort development. Compared to, say, the Med, it’s a very finite place for development. “No-one can take [the market share] away!” said Mr King.

Mr Jarrett added, “When it comes to selling property generally then there is some competition. We perform competitive analysis on a quarterly basis to try and understand what the market is actually looking for and what the market-tolerable products are. In reality, though? We don’t have real competition.”

Tourism Since the decline of the island’s international salt trade, tourism has been the main industry on Sal Island – and it’s growing at an encouraging rate. “Tourism is

Tourism is incredibly strong and the demand for 5-star accommodation is outstripping supply incredibly strong on the islands and the demand for five-star accommodation is outstripping supply. The islands are projected to attract one million visitors by 2015 and our plans are evidence that Cape Verde is an increasingly popular tourist location, and that investment in the tourism market and the islands’ infrastructure is moving forward quickly.” When TRG first started work on

Tourist arrivals to Cape Verde 500,000

400,000

Investment 300,000

200,000

100,000 2002

2004

2006

2008

SOURCE: Trading Economics

2010

2012

www.opp-connect.com

Dunas saw about 70% of its investment come through pension funds. Investors are expecting an annual return of around 7% at an 80% occupancy rate. Properties can be purchased outright from £170,000, and fractional investments are available from £20,000. Charlie King, managing director of TRG, told OPP, “The overseas property industry

FEATURE Cape Verde resorts Sal Island, many tourist providers didn’t speak English, but that has changed rapidly. Nevertheless, the British only account for around 22% of tourism there, with Italians and Portuguese also being seduced by the archipelago’s charms. One big development in Sal’s tourism industry will be the introduction of cheaper flights. Thomas Cook took away Thompson’s monopoly and brought with them more affordable travel from Europe. Rumours about Monarch entering the fray have been floating around for years, but sources say it’s unlikely. However, “If anyone can bring more flights into Cape Verde, it’s the Resort Group,” asserted Mr King.

Boa Vista

Next in line for TRG is Sal’s neighbouring island, Boa Vista. It’s

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OPP struggled to imagine the Martianlike landscape resembling a holiday destination

considerably bigger in size but, so far, lacking in infrastructure. The company is about to start construction of White Sands Resort and Hotel, on Santa Monica Beach (so far untouched, but Assetz are planning to start building a resort in the spring). It’ll be the first of several resorts, hotels and even a marina that TRG will be building in the area over the next decade. OPP were taken for a spin across the island and struggled to imagine the Martian-like landscape resembling anything like a holiday destination. “Don’t worry,” said a TRG investor who’d come along to see the development spot. “This is what the site of Tortuga looked like when I visited for the first time. Wait until you see the beach.” “I’m reasonably well travelled, but Boa Vista has the most beautiful beaches I’ve seen,” said Mr Jarrett. It’s easy to believe him – White Sands Resort will be aptly

named. The site is, quite simply, as staggeringly beautiful as the name Boa Vista suggests.

Construction is set to start next year, with completion expected in 2017.

Interview with the founder Rob Jarrett is founder and honorary chairman of The Resort Group. After an early career in financial services, he entered the international property industry in 2002 – working first in Spain and then in Canada on high-end hotels. He then turned his attention to the UK, where he bought under-performing public houses and turned them into residential developments. Mr Jarrett has focused on Cape Verde, in particular the island of Sal, for the last eight years. He founded The Resort Group PLC in 2007. Why Cape Verde? In 2005 we started looking at making an investment in the country – trying to ascertain what the macro economics looked like. One thing I worked out that I couldn’t buy was the sun! The climate is very consistent so the tourist side of things is year-round. On top of that, the government were looking at promoting foreign investment. What were your biggest logistical challenges? The challenges are massive. In terms of natural resources there is not a huge amount here. So if something was needed we had to airlift it across. We had no problems in terms of the employment pool – Cape Verdeans are really on the ball. Sal’s infrastructure was not as bad as Boa Vista, where we’re about to start construction – I think we spent around €8million on infrastructure on Sal. How did you form such a good relationship with the local government? We presented ourselves well and we were sincere in what we wanted to do. We worked in collaboration with the government instead of trying to dictate what we wanted. We worked with transparency and we bear the fruit of that now. So I would suggest that is the tack any other foreign investor takes. TRG went through tough times recently – how did you pull the company up? I wouldn’t say “tough times”. There were undulations: social, technological, political etc… there are always going to be trying times. But The Resort Group was always going to survive. What are your biggest buyer markets? Predominant sales focus in the UK but we also have a pan-European view as well which we’re expanding and attempting to exploit. We’re looking at Europe rather than Stateside. What markets are you looking to break into? I have a very strong view about China, there’s a potential to sell an enormous amount of property there, I believe. How many agent partners does TRG have? We have a lot of dormant partners who have sold a couple of properties but don’t really have the client pool to penetrate the market. People who are actively engaged with us? Maybe 150 and we also have our own sales process.

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EVENTS Preview

Where will you be? The residential real estate events of winter 2014/15 Luxury Properties Showcase, Shanghai SHANGHAI, CHINA

An invitation-only event that targets the HNWIs and VIPs of China’s largest city. All the world’s big Chinese buying destinations will be represented and with prestige property to the fore, including French vineyards, ski resorts and private islands being oﬀered by more than 80 international exhibitors. In addition the organisers promise “superexclusive” on-site events. shanghai.lps-china.com

12-14 DEC

Ideal-Living Expo

NY, NEW JERSEY, MICHIGAN, CHICAGO, WASHINGTON DC A traveling roadshow on JAN seven weekends from 10 FEB January, each expo is two days long and aims to persuade frozen northerners to join the snowbirds heading south. Much of the property is within the US, but there are overseas exhibitors too. It’s a little known fact (despite us often repeating it) that oﬃcially more Americans buy in Mexico than vice versa. Ideal-Living also features communities in the Bahamas, Saint Lucia, Brazil, the Dominican Republic and Costa Rica. www.ideal-living.com/ideal-living-expo/

GRI Chairmen’s Retreat

OLYMPIA, LONDON, UK

Moving from Earls Court to Olympia for 2015, The France Show is the biggest French property show in the UK, with plenty of emphasis on French lifestyle and offering a great day out too. Along with investigating property, visitors can buy cheese and oysters, play petanque and enjoy can-can dancers. The property section is held under the banner of French Property News magazine and aims to allay nervous British retirees’ worries about moving abroad, with sessions on notaires, tax planning, inheritance and all the legal issues. Although traditionally the favourite destination of British expats of a certain age (just look at the number of French property magazines still on sale in the UK), the traffic has tended to be heading back to the UK in recent years. Could 2015 be the year that France starts fighting back? We think it could. www.thefranceshow.com

23-25 JAN

The American Lodging and Investment Summit (ALIS)

LOS ANGELES, CALIFORNIA, USA ALIS claims to be the leading 26-28 and largest hotel investment JAN conference in the world, with last year’s event seeing more than 2,500 hotel industry professionals attend a series of panel sessions, seminars and networking events. The emphasis is on discussing trends for the year ahead and identifying new opportunities. In 2014 there were sessions on attracting millennials, site selection, the regulatory framework. Although clearly aimed at the hotel trade, we see it appealing to anyone on the resort accommodation sector. It happens at the JW Marriott and NOKIA Theatre at L.A. LIVE, organised by the American Hotel & Lodging Association (AH&LA) and Burba Hotel Network. www.alisconference.com

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ST MORITZ, SWITZERLAND 15-18 If you’re “a CEO in an organization owning real estate or mortgage assets in excess of JAN €1 billion or the immediate second-incommand” and you haven’t received your invitation to the Global Real Estate Institute (GRI) Chairmen’s Retreat, maybe give them a call? (+44 20 7121 5060). It’s an invitation-only “exclusive and collegial three days of interactive, small-group discussions on a ﬁrstname basis on strategy and industry developments. It is reserved for the top 100 real estate investors, ﬁnanciers, owners and developers from across the world, active in Greater Europe.” www.globalrealestate.org

The France Show

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EVENTS Review

Wish you’d been there? The events of October MIPIM UK

The outlandish RIBA room at MIPIM UK

Where? Olympia, London When? 15-17 October Next Show? Olympia, 21-23 October 2015 www.mipimuk.co.uk If anyone doubted the controversial nature of UK housing right now, they will have been put right by hundreds of demonstrators attempting to block the entrance of MIPIM UK’s inaugural exhibition when London Mayor Boris Johnson arrived for his keynote opener. The event, once you could get in, was professionally run and very busy, with 4,000 visitors over three days, including 500 investors, government ministers and even royalty, with the Earl of Wessex nipping down from Buckingham Palace to collect a charity cheque for £70,000 (there was a lot of money ﬂoating around). Organisers said: “MIPIM UK saw a broad spread of attendees, with 94% from the UK and 6% from abroad. Of the UK attendees, 60% were from London and 40% from the rest of the UK, providing a strong balance of interest.” Most of the delegates (77%) had never been to MIPIM in Cannes. If the demonstrators had been inspired by a recent Guardian newspaper report that MIPIM is where local

A Place in the Sun Live

planning authorities sell their soul (much too cheaply) to global developers, they won’t have been comforted by the pricey displays from the British regions and London boroughs. Particular praise must go to a huge rendering of Cardiﬀ Bay. Although there was a strong mix of commercial and retail, many of the exhibitors stressed the importance of creating mixed work and living locations in their cities. Facilities were excellent and (unlike so many other exhibitions) journalists were well looked after – no, we don’t mean free alcohol, but WiFi, a desk and chair, use of a computer, speedy access to quotes and images, free coﬀee. From conversations with exhibitors, the same thoughtfulness had been extended to them too. Great show – looking forward to the next one.

r A Place essful show fo Another succ

in the Sun

Where? Birmingham NEC When? 3-5 October Next Show? Manchester Central, 13-15 March 2015 www.aplaceinthesun.com/exhibitions

at UK shows this year after a long absence, came back in full force with a massive, bright red stand (clashing delightfully with the APITS’ bright colour scheme). Kobalt Law – always popular at APITS Live – set up their own tiny seminar theatre with headphones to counteract the background buzz. La Mairena splashed out on beautiful handmade models of their development. Exhibitors were happy with the show’s organization, and the number and quality of visitors.

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Autumn APITS Live in Birmingham stayed true to its tried-and-tested formula – four pavilions (France, Florida, Italy and Portugal), plenty of emphasis on Spain, and a hub from which experts educated wouldbe-expats on the practicalities of buying abroad. The show was incredibly busy, even on the Friday, with many exhibitors unable to take a minute to talk to OPP in case they missed a customer. Visitor numbers were up 30% on last year, totaling over 6,500 – the best turnout since 2007. Seminar sessions were packed out, which at least sent the overflow back to the exhibitors. It was refreshing to see a number of property firms moving away from the default shell scheme on their stands. Viva, a Spanish firm who made a reappearance

EVENTS Review

Wish you’d been there? The events of October Property Investor Show Where: ExCel London When? 10-11 October Next Show? ExCel London, 17-18 April 2015 www.propertyinvestor.co.uk/spring/ Another super-successful exhibition, the aisles thronged by elevenses on day one... and while some exhibitors were still setting up (not mentioning any names – but come on, guys!). There were some big, inventive stands, such as Brookes & Co (with Feltrim). MD Philip Button told OPP: “It’s our ﬁrst time here in a big way for a number of years, with a 72sm stand, twice as large as any other.” They had a glass booth where a member of the audience could ‘grab a grand’. No-one ever won a client with subtlety. We were disappointed not to see the man from last year selling nudist camp investments, but overall there were 12% more exhibitors than last year and 5% more visitors, 5,000 over the two days. The superb range of seminars – 37 across seven arenas – shows how this is seen as an informationgathering exercise by many visitors. There for the ﬁrst time, The House Crowd (see interview, page 30)

Philip Button made a successful return to the PIS were pleased with the turnout but said they would not really know the outcome for months. Indeed the north of England was strongly represented, as was crowdfunding. From overseas there were both exhibitors and many visitors. Andy Eleftheriou from Life Residential said: “We’ve been surprised by how good it was. Within three hours of opening we had got rid of most of our goody bags. We are getting solid contacts from all over the UK and some overseas.” Glen Bartlett, from Domo Greece, said: “People do a double-take when they see Greece up there. They probably think: ‘Greece, why would I buy there?!’ But then they obviously go and think about it because they come back to us. This is a good time to buy. Lots of people are trying to sell.”

Property Portals Watch Conference and Workshop

www.opp-connect.com

Where? Hotel Arts, Barcelona When? 1-3 October Where next? New York, January 2015 www.propertyportalswatch.com

Barcelona is always a great city for an event and neither the city nor the conference disappointed. Property Portal Watch, run by industry veteran Simon Baker, is the undisputed master in the field of property portals, using all of their connections within the industry to supply their conferences with the very latest in hard facts, cool software and business development ideas. Not so long ago these were enthusiastic and gifted amateurs with a vision to promote real estate in a new way; now they lead multi-billion dollar companies that effectively block new entrants in any established market, forcing them into the new battlegrounds in the developing world, where large and increasingly wealthy populations have few competing portals. Our industry must decide: how do we adapt our business to work with them? Some agents are fighting

t lona waterfron h grace Barce fis t an gi d an Hotel Arts

back with their own new portals, but everybody OPP spoke to at the conference said these would be crushed by the sheer wealth and technical expertise of the established portals. Another interesting development showcased at the conference was a new portal – ListGlobally.com – aimed at companies selling property in one country to buyers in another. This has been set up as a partnership between several leading portals and has been brokered by Simon Baker. OPP will be running a major feature on ListGlobally early in 2015. In the meantime, it’s something to keep your eyes on.

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TECHNOLOGY Round up

Keeping track of new technologies: from state-of-the-art software to cutting-edge construction breakthrough for ultra-light structures

Heard of a new technology that could aﬀect the industry? Started using top-of-the-range software that sets you apart from the crowd? Tell us about it and get published. Contact: francine.carrel@opp-connect.com

Tech index expands The 1000watt Index, which aims to keep track of every real estate technology company, has been updated with another few dozen companies. 1000watt, a marketing design and strategy company, recently revamped their website and “scrubbed up” their index; culling companies that had folded, adding new ones, and organizing some ﬁrms into new categories (such as “micro-location”). The index now lists over 400 real estate technology companies. Check it out at www.100watt.net/index

goomzee ‘delights’ agents span structures. The technology won the Archifest 2014 Pavilion Competition. Mr Theodore Chan, 54th President of Singapore Institute of Architect and Chairman of the Jury Panel for the Archifest 2014 Pavilion competition noted in the competition’s announcement letter dated 4 July 2014, “A breakthrough in technology, the patent-filed structural-foam of Cloud Arch intrinsically lends itself to a statement of true architectural form. The innovative use of fireresistant structural foam..., is a commendable effort on the part of the architect-designers behind Cloud Arch. The efficiently spanned arched roof immediately achieves a ‘wow’ factor together with relative ease and speed of construction. In today’s context of the industry’s drive towards enhanced productivity and buildability, Cloud Arch represents great promise in material technology advancement.”

Montana-based Goomzee has combined its mobile MLS app with a showing management service, ShowingTime, to integrate listings and appointments. Agents using the service can see which listings are available for showing, then tap ‘schedule a showing’ from the same app. “[We] understand the importance of integrating bestof-breed solutions agents have already grown to love that already work with their MLS system,” said Mike Sparr, Goomzee’s CEO and founder, in a statement. The Realtors Association of York & Adams Counties (RAYAC) was the ﬁrst MLS to oﬀer the integrated service and said their members were “delighted”. Goomzee is currently working on deals with several other MLSs.

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A research team from the National University of Singapore has developed a new, ultra-light architecture that they say will “revolutionize” the way large spaces are built. The technology, which is patent pending, is called Cloud Arch, and was on display in Singapore this autumn. Assistant Professor Shinya Okuda, who is from the NUS Department of Architecture, said, “Shed is one of the most primitive forms of architecture. We are interested in creating column-free space in a way that saves materials and time, by using ultra lightweight materials. We decided to use Expanded Polystyrene (EPS) foam, a widely used packaging material. More than 95% of this material is air, and its composite can be ﬁre-resistant. After two years of prototyping and structural testing, we successfully developed a technique to control the composite material and applied it for the construction of long-

TECHNOLOGY Round up

Smart lock showdown

Bluetooth takes another stride into the housing sector with two new smart locks entering the market in October. August (www.august.com) has received media coverage for its impressive 60,000 preorders. The lock gives the user control over who can access the house and when – so, for instance, a family member could have 24/7 access, while a cleaning person could only enter the house during a twohour long period per week. It runs on 4 AA batteries and sends you reminders when they’re running low. It’ll set you back $250. The slightly more aﬀordable Danalock ($159) from Polycontrol has a log of activities and features a range of connection options. Check out www.poly-control.com.

www.opp-connect.com

Smart lock showdown

Portal alternative RealScout has closed on US$6million in Series A funding to grow its business. Investors included Ken DeLeon (2012’s top realtor, according to WSJ) and Matthew Moore, who used to be VP for sales and marketing at Realtor.com. The company says it offers a consumer-friendly service that agents can offer to their clients. Potential home buyers can use the technology to perform personalised searches within narrow boundaries with certain specifications (e.g. “big garden”). Then email alerts let the customers know when a suitable home comes up. RealScout is tied into local MLSs. It charges agents $79 per month for usage. www.realscout.com

Moxi Works launches productivity software

After yet another rebranding, Moxi Works – previously Windermere Solutions, previously Sweepre – has announced a new real estate productivity software. It is designed to help brokers perform day-to-day tasks and meet sales targets by allowing access to documents, client information and connected tools. Moxi Works starts with an agent’s annual GCI (Gross Commission Income) goal, MLS activity, and the people in their sales flow to provide a list of prioritized tasks that helps each agent meet their sales target. York Baur, CEO of Moxi Works, said: “Developed based on more than a decade of technology

Protect your website over the holidays Distil Networks and Dyn teamed up to host a webinar on Beyond DDoS: Protect Your Website from Holiday Disruptions. As most agents and portals experience increased website traffic during the holiday seasons, the risks of falling victim to DDoS, slowing down the servers and making it difficult to do business over the web, increase. Topics covered in the hour-long session include: • The most common website attacks • How to determine your online vulnerability points • Red flags in your performance metrics to watch for • The risk indicators of malicious behavior View it at http://bit.do/TNps

experience inside Windermere, we’re delivering a real estate sales productivity system that serves as the technology backbone integrating an entire brokerage. Moxi Works provides all the tools agents need to run their business and make them more productive, combined with the brokerage’s brand and oversight.” Moxi Works says it counts dozens of brokerages and over 25,000 subscribing agents as customers. The company recently integrated Zillow’s API into its website – adding a whole lot more data to its offering. Zillow updated its API in early November to include agent reviews and ratings but has only just allowed outside parties to use the tech. www.moxiworks.com

Hoverboards = houses?

When directed to the Kickstarter page of an architect who’s trying to perfect earthquake-proof houses, you don’t expect to see a prop from Back to the Future. Architect Greg Henderson spent 20 years thinking about ways of making buildings resistant to earthquakes, coming up with magnetic field architecture (MFA). For now, the technology is confined to ‘hover boards’ on copper-plated rinks, but the dream is to scale up the tech for use in the transportation and construction industries. If you’ve got a spare $10k lying around you can become the proud owner of one of the world’s first “Hendo Hoverboards” – and invest in the possible future of architecture. http://kck.st/1CP5HkX

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BUSINESS Next month

Coming up next year! It’s been a lively year for OPP, to cap an amazing decade since we first started in 2004. This year saw our first Singapore and Beijing shows, new offices in Manila, Singapore and Spain to join our presence in London and Toronto and we continue to expand and refresh our database of the world’s most outward-looking agents, developers and related professionals. Our website OPP Connect was accepted by Google as a trusted news source and we have reported on more than 80 buying destinations in the year. 2015 brings a fresh set of opportunities. We are determined that OPP’s online content will be even faster, even fresher, even more responsive. Our printed magazines will continue to be in-depth, inspirational and, we hope, eminently readable. Have a great Christmas and New Year, see you on the other side! Christopher Nye, Editor, OPP Magazine

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BUSINESS The life of an ...

...Overseas mortgage broker Simon Conn has been in the property industry for over 30 years and is aware of the financial opportunities and pitfalls around the world

SIMON CONN +44 7739 033 266 simon@simonconn.com

www.opp-connect.com

asically, I arrange mortgages for people purchasing property abroad. I can organise this in about 50 countries around the world including popular countries such as France, Spain, Portugal, Italy and the USA. I offer this service mainly for English-speaking clients– and can range from purchasing a holiday/ retirement home to assisting an expat to purchase/re-finance a property in their home country. I also try and help people with consumer advice: top tips, working alongside lawyers and surveyors. Pre-recession, I was receiving more enquiries from people requiring properties for investment, but since the crisis it’s been more focused on holiday homes and rentals, plus lifestyle properties. A normal day for me starts around 6.30 or 7am… my days are long because of the global nature of the job. I’ll check emails, have breakfast and walk the dog before heading back to the office or going out to appointments. A lot of my day is communicating over the phone and via Skype. I actually don’t travel very much (airports take up too much time

and I can communicate eﬀectively over Skype or phone. Then it’s home for dinner before popping back into the oﬃce around 10pm for another hour, dealing with enquiries from clients based in North and South America and the Caribbean . My background was with Legal & General. That’s how I made many of my contacts initially. I started dealing with mortgages, because

I am aware of the potential pitfalls for people buying abroad... but it’s whether they’ll listen I wanted to work with High Net Worth clients. I am aware of the potential pitfalls for people buying property abroad… but it’s whether people are prepared to listen. People get caught up in all the emotion of purchasing their property and might not want to hear the downsides. Dealing with people’s expectations is one of the harder

bits of the job. I hate letting people down, but unfortunately a lot of people have unrealistic or achievable dream, and need to understand the realities of what they are purchasing or trying to fund. Buying a property can be very time consuming and stressful and by helping assisting people do ﬁnd a possible solution and, by obtaining them the requirments, does give provide me with a sense of satisfaction. I work through getting personal referrals, or through estate agents or other companies involved in this market. When looking for a partner I just make sure they’re doing a good job and see how long they’ve been in the market. The advantage of working with independent banks is that we’re both looking out for the customer – the banks will check out the legalities, valuation etc . Overall, I think the global market is growing, it’s improving, despite the diﬃculties we’ve had. I’d like to see the Greek and Cypriot lending markets coming back, but that doesn’t seem to be happening at the moment. But it’s good to see other countries – like Portugal & Italy – growing again.

The industry body. The industry voice. The industry standard.

The Association of International Property Professionals (AIPP)

THE STANDARD BY WHICH OTHERS WILL JUDGE YOU Based in London, AIPP drives business opportunities for our approved members from 24 countries around the world. AIPP members abide by our strict code of conduct with each other and with their clients. There is reassurance in membership and recourse if things go wrong. AIPP members include; Agents, Developers, Banks, Lawyers, FX, Media & technical advisory co’s.

AIPP Member Benefits Summary · Buyer reassurance via our Code of Conduct · Access free & independent property ombudsman scheme · Trade introduction service · Members promoted at UK property events · Member listing in Buyers Guide · Trade member events · Free use of our London offices · Monthly newsletters

AIPP is owned by NFoPP (National Federation of Property Professionals) with over 15,000 members www.nfopp.co.uk

To find out more about the benefits of AIPP membership, please contact us on:

Tel: +44 (0) 20 7222 6172 memberinfo@aipp.org.uk www.aipp.org.uk We are a not-for-profit organisation. We do not sell property. Association of International Property Professionals Ltd Clutha House, 10 Storey’s Gate, Westminster, London SW1P 3AY. UK Company No. 5677417

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SHOWGUIDE / OPPLive 2014

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23 Our expert speakers have come from across the globe to share their knowledge with you

The information in this show guide was correct at the time of print but last minute alterations and bookings may affect accuracy.

www.opp-connect.com

SPEAKERS

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9 Smart Currency Exchange explain why the overseas property sector is booming

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5 Make the most of OPPLive 2014 with our tips on getting the best out of an exhibition

8 Hear from Rightmove Overseas on their exciting and challenging year

SHOWGUIDE / OPPLive 2014

Welcome to OPPLive 2014! It’s an exciting time to work in overseas property – new opportunities abound and this is the place to find them

his is our ninth London exhibition and our tenth year connecting overseas property professionals… and what a decade it’s been. The overseas property industry has weathered some violent storms, which saw many companies go under. But those who survived were savvy and strong. Many new businesses have also popped up with the knowledge of former mistakes – and how to avoid them. As the global real estate industry continues its rise from the ashes, old markets are producing new opportunities; and new markets bring with them a thousand ways to expand your business and make money… but also a thousand different sets of challenges! Spain, Portugal, Cyprus, Greece

www.opp-connect.com

It’s more important than ever to connect with others in the industry – to identify opportunities and create profitable partnerships

and the US are just some of the countries striving to turn their markets around with residency-forinvestment programmes. Wealthy investors from China, Russia and South-East Asia are ﬂocking to take advantage of this. The same countries are starting to see the benefits of bottomedout prices. Sunshine seekers are

snapping up bargain properties and injecting life back into downtrodden markets, giving rise to a host of new international agents and developers. For these reasons it’s more important than ever to connect with others in the industry. Not only to identify the best opportunities but also to establish profitable partnerships. There is no better place to do this than at OPPLive. Our global exhibitors are all anxious to meet you and to do business. See pages 12-19 for exhibitor information. It’s also important to learn about the latest in cutting edge technology and design; to stay informed on changes in regulation and legal updates; to keep up with the twists and turns of the global market. OPPLive gives you the opportunity to do all this and more at our seminars, which are packed with top-quality information delivered by informative and

entertaining speakers. Not only that, they’re a great chance to network with those who are interested in the same things as you – and to meet experts in all fields of the industry. Find out more on pages 20-23. Thursday night will see the Gala Dinner. This is where the best and the brightest from the sector gather for a night of food, drink and networking in glamorous surroundings. Ask OPP on stand C2 for more details. Finally, look out for our editorial team around the show – they’re always keen to hear on-the-ground stories from global property markets and to learn your opinions on the latest news. Have a fantastic (and profitable!) time at OPPLive London 2014.

John Howell Editorial Director of OPP Media

SHOWGUIDE / OPPLive 2014

Getting the best out of OPPLive It’s great to see you here – now you have to ensure you make the most of being at the premier meeting place for OPPs

reparation is always key – but even after you’ve arrived there are plenty of opportunities to make sure your time at OPPLive is as profitable as possible.

Register Of course you are already registered as a delegate at OPPLive. Otherwise, you wouldn’t have received the ticket that got you in! However, some people lose their passwords that give them access to the clever bits on the OPPLive website and, in some companies, the registrations are dealt with centrally and the passwords perhaps not passed on. If you don’t know your password, make contact with the OPP admin staff at the organisers’ office. If you opportunities are created.

Don’t forget that many of your fellow show-goers will have come a long way to be here, so grab the chance to speak with them face-to-face

Arrange Meetings Try to take some time to speak to prospective partners one-on-one. Having a chat at the stand is all well and good, but it’s important to be able to discuss business without too many distractions. Make the most of your time in London, especially if you’ve come from afar, and consider meeting up with other businesspeople for breakfast, after-show drinks or just a coffee during the day.

Go round the exhibits Attend seminars Take a look at the seminar programme on p20. Don’t just go for the things you feel that you should attend. Try one or two that intrigue you or are on subjects you know nothing about. That’s how

Even if you’ve arranged plenty of meetings, be sure to visit as many stands as possible. Products or companies you may not have considered at first glance may turn out to be well worth a second look.

Network Take every opportunity to network! Chat to your fellow delegates and

Attend the Gala Dinner This is the biggest networking opportunity of them all – on top of being a highly enjoyable night. You’ll also get the chance to find out who has won the OPP Awards for Excellence 2014 and why. If you are lucky, there may still be one or two tickets available for this Thursday evening event.

Follow Up Most of us are bad at this. Follow up all the connections that you have made and do so not just once but several times. You never know when a new opportunity for business could arise – so make sure you find out. Don’t let that pile of business cards go to waste!

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produce your ticket, they will give you a new password.

exhibitors as you have a coffee, a drink at the bar, or a snack at the restaurants. Don’t forget that many of your fellow show-goers will have come a long way to be here, so grab the chance to speak face-to-face.

it s i v e Com t us a 3 C d n a St

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SHOWGUIDE / OPPLive 2014

A Word from our Sponsors Rightmove Overseas

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ightmove Overseas are delighted to be sponsoring OPPLive again this year and we are looking forward to meeting our friends and colleagues from the industry to share the latest trends and insights into buyers and property marketing. It’s been an exciting and challenging year for us at Rightmove Overseas. Market segments around the world are building momentum, particularly our audience of UK residents buying overseas. This year, we have received record levels of visitors, property searches, buyer enquiries, advertising enquiries and live property listings, all of which represents signs of a growing market. To give you an idea of the growth in the market, the website is recording an approximate increase of 30% more visits year-on-year. This means we have already seen over 4 million more visits in the first 10 months this year when compared to the same period last year… and the signs are positive for this growth to continue. So, what else have we been up to this year and what are we doing here at OPPLive? Firstly, as traffic to our website has continued to grow and the number of live properties overseas has increased to over 160,000 from around 100 different countries, we have a huge amount of data to crunch in order to provide as much information as possible to help our customers and others in the industry. With this in mind, the second volume of our ‘Who’s Buying Overseas Property’ book has recently been launched. The book provides insight and statistics on buyers coming to Rightmove Overseas who are looking for property in key

markets. By taking data from our website and also from our survey of overseas property buyers, we were able to paint a good picture of the needs and aspirations of individuals looking to buy abroad. We have segmented these buyers into three different ‘buyer types’; investors, second home buyers and people looking to relocate. If you want to learn more about Rightmove Overseas buyers, my colleague and data analyst, Aimee Valaitis, who was instrumental in the production of the book, will be holding a seminar here at this event; look out for: “The World of International Property in 2014 - The Rightmove Survey” on Thursday 27th November at 3:30pm. If you can’t make it to the seminar, then please drop by our stand to claim a free copy of the book and a member of our team will be happy to talk you through it.

The second volume of our ‘Who’s Buying Overseas Property’ has recently been launched, providing insights and statistics on overseas buyers

Lastly, if you attended OPPLive last year you may have spoken to us about our new products for marketing developments that were at a testing stage back then. We are happy to say that the product was launched to our customers who are looking to sell properties on developments or resorts earlier this

Chris Please: rightmoveoverseas.com

+44 (0)1908 712 106 year. Initial feedback has been great with advertisers enjoying successful launches by booking viewings and making sales. We’d like to say a big thank you to all of you who were able to help us with this by testing the product last year – your feedback was invaluable and I hope you can come by the Rightmove Overseas stand and have a look at the product you helped to build (of course we may also ask you a few questions about things we have in mind for next year – hope you don’t mind?!). Good luck with all your meetings and I look forward to speaking with you throughout the show. About Rightmove Overseas Rightmove Overseas is the UK’s leading overseas property portal, displaying over 160,000 properties in more than 90 countries. We are the place for people looking to invest abroad or make the move overseas. Our advertisers are overseas property estate agents, developers and private owners who are keen to showcase their property listings to potential buyers from all over the globe.

SHOWGUIDE / OPPLive 2014

A Word from our Sponsors Smart currency exchange S

mart Currency Exchange are really excited to be sponsoring OPPLive, the only UK-based exhibition that is 100% dedicated to the overseas property industry. The show gives industry professionals a perfect opportunity to network and connect with the right people and businesses to form valuable partnerships with – for everything from the exchange of ideas over a coffee, to increasing your sales and footprint in a competitive marketplace. We prioritise regular contact and networking with our property market peers and the opportunity to meet and speak with our partners and contacts across the industry. OPPLive is the ideal environment to facilitate this valuable faceto-face communication with our fellow industry professionals, which is why we are delighted to be sponsors again in 2014.

Busy times for overseas property professionals

The Smart Currency Exchange Partnership Network Smart Currency Exchange is a UK-based international money transfer specialist, authorised by the FCA. We have over a decade of experience in the overseas property market and proven industry expertise, offering a dedicated partnerships programme for overseas property professionals. We have seen the problems that overseas property buyers come up against time and time again, and have the know-how to help your clients avoid encountering the same. We have continued to

Business is certainly booming for overseas property, with new developments and amenities starting to be built again after the global recession

build on our founding values of customer-centricity and harnessing overseas property expertise across our network, since helping over 30,000 clients to better understand the risks of exchange rate volatility and to save money on their currency costs when purchasing or moving overseas.

Jana Korpova: smartcurrencypartners.com

+ 44 (0) 207 898 0541 All this experience has helped us to develop a proactive, consultative partnership programme, tailored specifically for each of our partners – and we work with each partner individually to make sure that our services add value to each different service offering. Each of our partners and their clients can take advantage of our jargon-free currency and property industry expertise, dedicated quality partner content and marketing (including bespoke marketing campaigns), established industry connections and status, our specific focus on the overseas property industry and, of course, the core currency exchange offering, enabling clients to transfer money internationally quickly and efficiently. For more information on partnering with Smart Currency Exchange or to explore opportunities with our satellite offices in Spain and Portugal please contact us on partners@ smartcurrencyexchange.com or call us on +44 (0) 207 898 0541. We talk property before currency!

www.opp-connect.com

Since last year’s show, we have all experienced a really busy year, with business certainly booming for overseas property. We at Smart Currency Exchange recently began our international expansion, reflecting recent property market progress in Spain and Portugal and opening new offices in Cala de Mijas on the Costa del Sol in Spain, and Vilamoura in Portugal’s Algarve. Spain is finally experiencing economic growth; in fact the International Monetary Fund expects the southern European country to lead the rest of the EU with at least a 1.3% growth in 2014, and a 1.7% growth in 2015. Our Portuguese Country Manager, Marina Pasquill, has also confirmed the continuing growth of the Portugal property

industry – with new developments and amenities starting to be built again after the global recession. What’s more, the lack of new properties built during the crisis has encouraged the resale market to pick up quickly, promoting recovery and boosting property sales.

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SHOWGUIDE / OPPLive 2014

find what you’re looking for Meet the exhibitors, see the seminars seminars

Floorplan REFRESHMENTS

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ENTRANCE HMG Properties Rightmove Overseas Smart Currency Exchange Select Resorts Properties Barrasford & Bird Worldwide United Property Connect (UPC) Chandlers Oaks Ascot Property Group United Property Connect Glude TV OPP NDD Group Under Oﬀer

Under Oﬀer Orkun & Orkun Viquiera Costas Livadiotis Group Property Developers D3 Feltrim Group D4 Dream Away Resorts & Residences D5 Real Capital Ventures E1.E2 Lead Galaxy E3 Pinnacle MC Global Network E4 ABC Capital Investments, LLC Philadelphia USA E5 Asset Management International (AMI)

C5 C6 D1 D2

www.opp-connect.com

A1 A2 A3 A4.A5 A6 A7 B3 B4 B5 B6 C1 C2 C3 C4

SHOWGUIDE / OPPLive 2014

ABC Capital Investments Stand Number E4 ABC Capital Investments, LLC is a one-stop shop for overseas and US real estate investors. We locate, renovate and manage properties for hands-oﬀ international/national investors. ABC leads the nation in attracting foreign investment institutions and investors to the US for the sole purpose of investing in real property. Our investments are cash-ﬂow producing rental properties in the Philadelphia residential markets. T: +1 267 324 3926 E: invest@abccapitalinvestments.com W: abccapitalinvestments.com

AMI - Asset Management International Stand Number E5 AMI offers a refreshing approach to making money from real estate and other investments for your clients. Come and speak to us about how you can legitimately and responsibly promote a range of 17,000 different mutual funds and shares to your suitably qualified clients with insurance wrappers offering 90% protection. Agents with the capacity to sell in large scale and with obsessive attention to customer care are particularly welcome. T: +44 1158 602318 E: info@assetmanagement-int.com W: asset-management-int.com

APAX America Stand Number D5 Apax America is an American firm based in Florida and Dubai. We operate in the US Real Estate market and offer turnkey investment solutions. We firmly believe that the key to a successful and profitable investment in real estate is an efficient, local and experienced property management; this is why we have heavily invested in our ‘in house’ Property Management Team. This translates in low risk for our clients while still enjoying net returns from 7% to 9%. T: +1 954 489 2729 E: management@apaxamerica.com W: apaxamerica.com

Ascot property investments - api Stand Number b5 At Ascot Property Investments, we specialize in providing high yield property investment opportunities across the UK. Our team of experts are on hand to help guide you throughout the investment process and give you the information, advice and support you need. We keep all of our clients up-todate with the latest property news and opportunities so they have priority access to the region’s most exciting development ventures. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

www.opp-connect.com

Barrasford and Bird worldwide Stand Number A7

Barrasford and Bird Worldwide continues to offer exceptional properties in the finest locations and the level of service expected by the industry leader. They have handed over more than 2,500 completed properties and specialise in luxury holiday resorts. The company is on target to open 10 new resorts in the next 15 years and from day one they have endeavoured to offer the best customer service in the industry. T: +44 1179 743 850 E: info@bandbw.co.uk W: www.bandbw.co.uk

SHOWGUIDE / OPPLive 2014

Chandler oaks Stand NUMbER b4 Chandler Oaks is a collection of fully occupied, refurbished one- and twobedroom apartments located in the city of Gaﬀney, South Carolina, USA. Chandler Oaks has a ﬁve-year rental agreement in place with Limestone College, a local university, providing and 8% NET yield warranted until January 1st 2020. (NET returns of up to 10% can realistically be expected). The warranty is supported by an asset backed company. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Costas Livadiotis Group Stand Number d2 Costas Livadiotis Property Developer has been one of the leading property developers in Larnaca, Cyprus for the past 35 years. Over the years, the company has grown into a powerful group of companies, aiming for the best productivity and service in the property development ﬁeld. Our 35 years’ experience in this ﬁeld has made our group professional and trustworthy in property investments and developments in Cyprus. T: +357 2466 0716 E: info@costaslivadiotis.com W: www.costaslivadiotis.com

Dream Away Resorts & Residences Stand Number d4 Dream Away Resorts & Residences is a private Canadian-based real estate holding and development corporation. We are active in over 13 countries with over 54 projects. We have funded and have built large residence projects in Egypt and Brazil. Through meticulous research and analysis, coupled with a proven track-record in global construction, we quickly recognised the potential of Palm Beach Residences, in Brazil, which we purchased in 2013. T: +1 519 792 7989 E: peter.foster@dreamawayresorts.com W: dreamawayresorts.com

fb advertising agency Stand Number e1 FB Advertising Agency is a brand new digital service that specialises in using Facebook to generate sales leads. Welcome to the best way of acquiring new customers and keeping your existing ones! Done correctly, Facebook advertising is a cost effective way to promote your own brand and reach a targeted audience that’s a good fit for the products or services your business offers. We reliably track exposure, clicks, leads and sales conversions. T: +44 207 952 7650 W: www.fbadvertising.agency

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feltrim group Stand Number d3

60 million visitors a year to Orlando can’t be wrong! The Central Florida area is attracting more and more visitors and property buyers every year, making it your proven lifestyle property investment. Your clients can invest and stay in a stunning resort, or just invest! Feltrim is a developer of exclusive properties and owner of a chain of Century 21 oﬃces, providing a wide range of property, plus management and other services. T: + 1 877 968 7221 E: info@feltriminternational.com W: feltriminternational.com

SHOWGUIDE / OPPLive 2014

Glude Stand Number c1 Glude works with brands, agencies and broadcasters to create engaging, high quality moving image content. Our team is made up of skilled and experienced camera operators, lighting directors, sound engineers, animators, editors, journalists and producers who have worked closely together for many years through corporate ﬁlm making, broadcast TV, cinema and beyond. E: dave.hills@glude.tv W: glude.tv

HMG Properties Stand Number a1 HMG Properties is the first Group in Kuwait, GCC and the Middle East to offer fully managed, refurbished and rented villas and apartments in the United States and Europe which are carefully selected and inspected. We build fully fledged and managed real estate developments that deliver a world of wellbeing. We commit to deliver on time, properties which are branded with quality, space, affordable prices and having a decent return on investment. T: +1 586 2862629 E: info@amerinvestgroup.com W: hmgproperties.com

KOI Residences Stand NUMbER b3 The Koi is a luxury resort situated on the island of St. Kitts, developed by the world famous Koi brand. The project is front line golf and front line beach oﬀering your clients a holiday home, a positive rental yield and for all Non EU clients the opportunity to travel visa free across the Schengen territories, UK, Canada and another 120 countries. Capital appreciation in St. Kitts has proven to be between 7-12% pa for the last few years. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Lead Galaxy Stand Number e1, e2 Lead Galaxy oﬀers a suite of solutions that help businesses conduct online marketing campaigns. Whether you’re looking to list opportunities on a network of more than 100 portals worldwide, run high impact email newsletters, use Facebook to generate leads, launch a Google Adwords pay per click campaign, furnish your sales team with fully veriﬁed leads, or buy raw contact data, Lead Galaxy can tailor a package to your business and budget. T: +44 207 952 7653 W: www.leadgalaxy.com

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North Dakota Developments Group (NDDG) Stand Number c3

NDD Group are specialist commercial and residential developers, building quality homes for both residential and commercial purposes. Their focus is on producing superior housing solutions at an aﬀordable price, thereby oﬀering excellent returns for their investors. Each development is carefully designed to meet the needs of workers based within the Bakken Formation Region of the Northern USA, mainly North Dakota. T: +44 1908 888999 E: info@nddgroup.com W: northdakotadevelopments.com

SHOWGUIDE / OPPLive 2014

OPP Stand Number c2 OPP (Overseas Property Professional) is a leading global business information and media group. The company provides essential news, information, insight, data and connections for businesses in the international property sector. Since it was established in 2004, the OPP Group has generated business worth more than US$2 billion for overseas property companies in more than 100 countries around the world. W: www.opp-connect.com E: partners@opp-connect.com T:+44 20 3540 2233

ORkun & Orkun Stand Number c6 Orkun & Orkun is one of the largest financial advisory firms in the Aegean region in Turkey. They also specialise in legal advisory services including real estate law, construction law, tax law, international law and business law. Their 20 staff and experienced partner companies allow them to share practical advice, experiences and solutions.

T: +90 252 319 70 70 E: info@orkunorkun.co W: www.orkunorkun.com

Park First Stand Number b3 Investment in the ONLY UK Airport Car Park with minimum 8% annual returns paid one year in advance. Glasgow International Airport is one of the busiest airports in the UK with over 7.4 million passengers in 2014.The airport expects long stay parking to outstrip supply in 2015. The operators have over 20 years’ experience in operating successful and proﬁtable purpose built car parks. This is a solid and secure commercial property investment. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Pinnacle MC Global Stand Number e3 Pinnacle MC Global Network is a fast growing property company based in the North West of England. They are a major force in UK property investment targeting both British and international markets. Having sold over 2,000 student bedrooms in the last three years, their current portfolio stands at ﬁve completed student developments, six currently under construction, and a student and residential development recently launched. T: +44 800 65 28 612 E: contact@pinnaclemcglobal.com W: pinnaclemcglobal.com

Qualitas Property International Stand Number b6

T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

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Qualitas Property International is a professional real estate investment company. Working across America and other international markets, we provide clients with a personal service delivering strong growth and positive cash ﬂow incomes. We believe that market knowledge and thorough due diligence is the diﬀerence between investment success and failure. We bring to market only those deals where we can add real value to our clients’ portfolios.

SHOWGUIDE / OPPLive 2014

Real Capital Solutions Stand Number b3 RCS Spain is a developer and promoter of a wide range of exclusive residential real estate on the Costa del Sol, offering high-quality, competitively-priced properties in Marbella and its surrounding areas. Affiliate of Real Capital Solutions Inc., a US-based firm which specialises in the recapitalisation of distressed real estate portfolios. RCS is acquiring projects in Spain with the goal of reaching a total investment of $200 million over the next several years. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Rightmove Overseas Stand Number a2, a3 Rightmove Overseas is the UK’s leading overseas property portal: 70,000 properties in over 65 countries. It is the place for people looking to invest abroad or make the move overseas. Its advertisers are overseas property estate agents, developers and private owners who have property for sale all over the world. The company also researches and collects invaluable data for people wanting to buy abroad or those working in overseas property. T: +44 1908 712 044 E: rightmoveoverseas@rightmove.co.uk W: rightmoveoverseas.com

rimondi resort Stand Number b6 Rimondi Grand Resort & Spa is a boutique development of suites and villas, located close to the historic town of Rethymno on the Greek Island of Crete. Built in the traditional style, properties are built to take advantage of the stunning sea and mountain views. The resort boasts a number of onsite facilities. Villas are now available for €269,950 + tax + costs. Ideal for Greek Residency & Citizenship investment. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Select Resorts Stand Number a6 Established in 1982, Select Resorts has over 30 years experience in the overseas property sales industry oﬀering clients advice on where and what to buy. Whatever your client’s property requirements: lifestyle, investment, citizenship in St Kitts and Nevis or a combination of all, we are in the best position to ﬁnd you exactly the right property or project to suit your needs. T:+44 1202 765 011 E: properties@selectresorts.co.uk W: selectresortsproperties.com

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Smart Currency Exchange Stand Number a4, a5

Smart Currency Exchange has over ten years’ experience in delivering currency solutions – with a speciﬁc focus on the overseas property market. Our expertise in this area means we understand the buyer’s journey from beginning to end – helping them every step of the way! We are authorised by the Financial Conduct Authority (FCA) and all funds are held in secure, segregated accounts. T: + 44 207 898 0541 E: partners@smartcurrencyexchange.com W: smartcurrencyexchange.com

SHOWGUIDE / OPPLive 2014

The Resort Group PLC Stand Number b3 The Resort Group is the premier developer of 5-star hotel & resort properties, specialising in Cape Verde, and has a proven track record of delivering consistent rental returns to property owners. They take responsibility for the entire development process, and have considerable industry experience that is further enhanced by their strong strategic partnerships with worldrenowned hoteliers, global construction ﬁrms and ﬁnancial institutions. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Themovechannel.com Stand Number e1 One of the longest-established and most successful international property portals, TheMoveChannel.com has been helping connect property sellers with buyers from all over the world since the year 2000. With nearly half a million visitors per month, the site hosts more than a million listings of property for sale, with a dedicated section for investment listings. 2015 will see a major site redesign and the addition of more sections. T: +44 207 952 7653 W: TheMoveChannel.com

Tuscany Preserve - Florida Stand Number b6 Located south of Orlando in Central Florida, Tuscany Preserve is a gated development comprising 500 homes, featuring an array of amenities including clubhouse, pool, tennis & gymnasium. New commuter rail opening nearby also! Homes start at only $154,000 (£98,000 approx.) for 2 bed-villas. 3 bed and 4 bed townhomes are also available. Rental yields are 6% approx., and full property management services are on oﬀer. See you at the stand! T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

UPC – United property connect Stand Number b3, b4, b5, b6 United Property Connect is the world’s largest property distribution company. We partner to a broad range of international property developers in high demand locations to bring real estate agents the best products, at the best prices giving the greatest level of credibility and sales tools alike. We act as the master agent for developers in the USA, Spain, UK, St. Kitts and other countries across multiple asset classes. T: +44 330 223 1114 E: info@unitedpropertyconnect.com W: unitedpropertyconnect.com

Viqueira Stand Number d1

T: +34 922178171 E: info@sotaventotenerife.com W: www.gruipoviqueira.com

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Viqueira is a Spanish family-owned company engaged in construction, property development, tourism operations and asset management. Viqueira is a leading enterprise in Canary Islands and Galicia. We are proud of our past and our present and intend to remain true to the values that have served us since our inception: quality, reliability and dedication to service.

SHOWGUIDE / OPPLive 2014

OPPLive Seminar programme

be it market changes, regulation or business innovation, It’s vital to keep track of our ever-changing industry

s usual, one of the key reasons for attending OPPLive is our seminar programme. This year, again, we have experts talking about the subjects that really matter to your business: the best ways of using social media; the latest on regulation and ethics, how the sustainability agenda is

going to aﬀect us all; the latest developments in web technology and design; and how to beneﬁt from markets emerging from crisis. Plus much, much more. As well as these professional development seminars, we also bring to you the new opportunities arising through emigration and in various parts of the world: Russia;

China; South East Asia; Spain and Portugal; the USA and Canada. These are sessions you really should not miss. Not only do they provide invaluable information to guide your business over the next 12 months but they also oﬀer a great networking opportunity – meet both speakers and delegates.

THURSDAY 27 NOVEMBER 10.15 - 10.30 Opening: Welcome to OPPLive London 10.30 - 11.00 Presentation: Social Media 10 Years On - Does it Work? It’s hard to think that social media has only been with us for ten years. Can it really help you sell property? If so, how? 11.00 - 11.30 Panel: OPPortunites Through Emigration In large parts of the world the ability to emigrate to a country is a huge factor in deciding where to buy. Understanding emigration will help you sell property. 11.30 - 12.00 Presentation: Ray Withers Live: What you need to know to work in this industry There can be nobody more qualified than Ray Withers to teach you the essentials of working in the international property industry. A guru with over 20 years’ experience, let him tell you the big mistakes to avoid 12.00 - 12.30 Presentation: OPPortunites in Russia - Coming in From the Cold 143 million people. Many want to leave the country or, at least, to find somewhere warm to pass the winter. How do you sell to them? 12.30 - 13.00 Panel: Regulation & Ethics - The New Frontier Each year more and more countries make more and more regulations that apply to our industry. The smart players understand that complying with these rules is better than trying to fight them. 13.00 - 13.45 Discussion: Catalan Independence – Crisis in Spain? The world is full of breakway movements. Let Alain Zaquin and Jonathan Eshkeri explain the consequences for Spain of Catalonia’s bid for independence.

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14.00 - 14.30 Panel: OPPortunites in Southern Europe - Where? What? How? The markets in Southern Europe – Cyprus, Spain, Italy etc. – have had a pretty tough time. How do you make money out of them now the market has turned?

14.30 - 15.00 Presentation: Markets Emerging from Crisis – How Innovation Can Help As more markets emerge from the long crisis, making sales often requires innovation: new legal structures, new means of ﬁnance etc. Learn how to embrace this new world. 15.00 - 15.30 Dubai: Has it All Turned to Dust or Will You Strike it Rich? Dubai has been a rollercoaster ride. Will it be successful this time? 15.30 - 16.00 Presentation: The World of International Property in 2014 - The Rightmove Survey

SHOWGUIDE / OPPLive 2014 The results of the latest Rightmove survey into our industry and our buyers. What have we all been doing in 2014? 16.00 - 16.30 Panel International Expansion - Why? Where? How? The cozy world of international property has changed. Buyers now come from new parts of the globe and buy diﬀerent types of property. Should you expand to deal with them? 16.30 - 17.00 Presentation: Successful website design in 2015 – What to Do and What to Avoid! Fashions in website design come and go but getting the basics right will always improve your business. Does it also help to follow the latest fashion? What should you avoid like the plague?

FRIDAY 28 NOVEMBER 10.30 - 11.00 Presentation: The New Data Protection Rules – the Impact on Electronic Direct Mail Around the world there are new restrictions about what you can and cannot say in email marketing – whether those emails are directed to the public or to businesses. How should you be adjusting to this new environment? 11.00 - 11.30 Panel: OPPortunites in USA & Canada – Hot or Overheated? It is no secret that those who followed advice in 2009 to buy in the US have made a lot of money. Prices have soared, often past the 2006 highs. Is it now too late to invest? If not, where has the best potential? 11.30 - 12.00 Panel: The CEOs’ view: threats and opportunities. What keeps them awake at night? Most CEOs are used to stress and work with it. However, there are some things that keep even the toughest CEO awake. Which new opportunities excite them? Which changes do they fear? 12.00 - 12.30 Panel: OPPortunites in the UK – Finding Value The UK is a very expensive safe-haven for international property investment. Will London prices keep on rising or do you need to look further aﬁeld for reliable, quality investments? 12.30 - 13.00 Presentation: Agents and Developers: The Top 10 Mistakes Agents and developers make the same mistakes again and again... and again. Save a tonne of money by learning how to avoid them. 13.00 - 13.45 The Big Issue: Portals – Friend or Foe? Property portals have changed from being groups of geeks to multi-billion dollar companies. They have the money to take over the world. Will they? Can they? What’s the best way to work with them? 14.00 - 14.30 Panel: OPPortunites in China - 63 million buyers 1.4 billion people can’t be ignored, especially when they are now the richest nation on earth. What do they want? How can you sell it to them? 14.3 - 15.00 Presentation: The Future of International Property – 2015 and Beyond Where is our industry going in 2015 and beyond? We have looked at the numbers. We have spoken to the experts. We are sharing our knowledge. 15.00 - 15.30 Presentation: Finding the Best Business Partners Developers need agents to sell their products. Agents need developers and other agents. Both need a cost-eﬀective way of meeting and doing business. 15.30 - 16.00 Presentation: Making the Most of Leads We all need leads. What’s the best way of getting them? How much should they cost? How do you make the most of them?

16.30 - 17.00 Presentation: Preparing Your Business for a Profitable Sale Now that your business has survived the financial crisis and there is a market upturn, you may think it’s time to look at selling it and pocketing some cash. What do you need to do first?

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16.00 - 16.30 Presentation: OPPortunities in India - Selling Property in India India is fast catching up with China in terms of population and has now become the world’s third-largest economy. Lots of Indians have lots of money to spend on leisure and investment properties. Sell to them.

Over 5 years of Experience selling Overseas Property Offices in the Middle East, USA and Europe

Residential, Commercial and Investment Properties Properties in USA, Spain, UK and the Middle East

Now coming to the UK

Come and visit us at our stand at Opp Live London 2014, Stand A1 PROUDLY MEMBERS OF

UK hotline: +44 7849 016 710 Dubai office: +971 4 395 7200/300 Dubai hotline: +971 55 652 34 03 Al Zarouni Building, 3rd Floor, Office 313 Al Barsha 1, Sheikh Zayed Road, P.O. Box 502830, Dubai, UAE

RERA Reg. No. 12123 | Trade License No. 686407

www.hmgproperties.com

SHOWGUIDE / OPPLive 2014

OPPLive conference speakers Our expert speakers have come from all over the world to share their knowledge and experience at opplive Simon Baker is an industry legend. THE big name in property portals and proprietor at propertypropertywatch. com sbaker@propertyportalwatch.com Andy Budd is with ClearLeft, specialist website designers with a very diﬀerent approach to web design. info@clearleft.com Francine Carrel is International Property Reporter for OPP Magazine and OPP Connect. She specialises in tech, new developments and international property law. francine.carrel@opp-connect.com Paul Childs is director of United Property Connect and focusing on Spain. paul.childs@opp-connect.com Peter Esders is commercial director of Judicare, specialists in immigration to Cyprus. peteresders@judicaregroup.com Jonathan Eshkeri is a UK solicitor, a Catalan with 25 years’ experience of doing business in Spain. jonathon@solicitorsinspain.com Gareth Fatchett is partner at Regulatory Legal and an expert in regulation in this industry. gareth.fatchett@regulatorylegal.co.uk

John Howell is editorial director of OPP and a veteran of nearly 40 years in the industry. john.howell@opp-connect.com

Dan Johnson is founder of Lead Galaxy – producing millions of leads for hundred of clients. dan.johnson@leadgalaxy.com Garrett Kenny is a legendary Florida agent and developer, now very active in China.

Michael Reilly is director of Select Resorts and focusing on immigration to St Kitts and Nevis. michael@selectresorts.co.uk Evan Remedios is a specialist UK immigration lawyer with Rlegal. evanremedios@rlegal.com Maria Rodil from HMG Properties – based in Dubai but focusing on Spain. maria@hmgproperties.com

garrett@feltrim.com Pilar Rubio is a specialist real estate attorney and master of law, from Miami. mfelipe@marcellfelipe.com

I’d encourage real estate professionals to attend OPPLive Asia to gain insights into the different overseas markets - Thomas Tan, RE/MAX Singapore

Aimme Valaitis, the wizard behind the always-anticipated annual Rightmove surveys. aimee.valaitis@rightmove.co.uk Jose Viqueira is chief executive of Viqueira group, a major developer based in Tenerife. jose.viqueira@groupoviqueira.com Kim Waddoup is CEO at AI Group, Russian IT, media and exhibition group. kim@aigroup.ru

Stefano Lucatello is senior partner at Kobalt Law and long term expert in innovative solutions. stefanol@kobaltlaw.co.uk

Andrew Williams is head of brands and strategy at FTI Consulting, formerly head of digital at Tesco. andrew.williams@fticonsulting.com

Farook Mahmood is a major developer based in India and chairman of more organizations than we have room to list! farook@silverlinerealty.com

Ray Withers is CEO of Property Frontiers: an industry veteran who knows everything! rwithers@propertyfrontiers.com

Christopher Nye is the editor of OPP Magazine and has many years’ experience in property journalism. chris.nye@opp-connect.com

Adam Wu is CEO of China Business Network – pioneers in taking China to the rest of the world. adam@chinabn.org

Chris Please is partnership manager at Rightmove Overseas – the UK’s leading overseas property portal. www.rightmove.co.uk

Alain Zaquin is a consultant and investor making waves over Catalan Independence charlie.sharpe@battenhall.net

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Julie Harvey is director of Pinnacle MC Global, specialising in student and residential accommodation in the north of England and selling actively in Asia. julie@pinnaclemcglobal.com

Stephen Inscoe is CEO of Idinaidi – Russia’s fastest-growing property portal. www.idinaidi.ru

SHOWGUIDE / OPPLive 2014

until next time â&#x20AC;&#x201C; goodbye! Make sure to sign up to OPP Connect and follow us on Twitter, Facebook and LinkedIn to stay up-to-date with all the latest international property news and research

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look out for exciting announcements from opp media in 2015

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New residential apartments in Manchester Visit www.angelgatemanchester.com

Become an agent today! To be part of this winning team contact us at: Web: www.pinnaclemcglobal.com Tel: +44 (0)8455 390 069 Email: contact@pinnaclemcglobal.com

A3 & A2 at st an d us Se e

Development Marketing on Rightmove Overseas Get ready for 2015 by promoting your development on the UK’s number one property website. Each development launch includes: • • • • •

Branded microsite Individual property listings Advanced listing products Email marketing campaigns Banner advertising

Request your plan for 2015 Call: +44 (0)1908 712 044 Email: overseas@rightmove.co.uk

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