Abode2 Volume2 issue7 by Vortex Creative Ltd

Abode2

The essential guide to the finest in global luxury property

SUNNY AND SHARE The Hideaways Club Classic Collection

NEW YORK STORIES Luxe loft living in Manhattan

Volume 2 Issue 7 £6.95

CARIBBEAN CRAVING

LONDON CALLING

Beachfront boltholes in St Lucia

The Charms of Chelsea

Jordan Spieth’s Ultimate Fairway Getaway

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Homing Instincts with Chrissie Rucker

Superlative Ski Escapes with Tim Henman

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Southern Californiaâ&#x20AC;&#x2122;s Premiere Guard Gated Golf Course Community

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+1.805.373.5992 Obtain the Property Report required by Federal law and read it before signing anything. No Federal agency has judged the merits or value, if any, of this property. Nothing contained herein shall be construed as an offer to sell or a solicitation to buy in any state where prior registration is required. Availability of certain amenities is not assured, and may require a separate agreement and payment of additional fees. In the constant endeavor to maintain the quality of the Sherwood community, the developer reserves the right to modify maps, floor plans, exteriors, specifications, features, and product types without notice or obligation. Any models shown do not reflect a racial preference. If you have any questions regarding the Sherwood community, please contact the sales office of Sherwood Valley Realty, Inc. (License No. 01059113) at (805) 373-5992.

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Welcome “It’s better to look ahead and prepare, than look back and regret” Jackie Joyner-Kersee (US athlete)

This Issue – Hot Picks Sun

It’s a seductive prospect: catching the wave of an early property boom before it becomes fashionable. Buy a place, sit back and watch your capital value rise. So what green property shoots should you be looking out for this spring? Long-distance links – upswings generally show where the downturn first took hold. In today’s globally connected economic climate, all eyes are on the US market to transmit the buy-sell smoke signals to the rest of the world with tailwinds now encouragingly in place for an 8%–12% appreciation in Stateside housing over the next two years. Stabilising unemployment - more people in work means increased confidence, demand for properties and fewer repossessions. Bear in mind however, that unemployment always lags behind economic wellbeing. So, by the time unemployment reverses, the economy will have been growing steadily for several quarters.

In the Pink in Bermuda

Ski

Evidence-based research – CBRE, Colliers International and Knight Frank compile userfriendly Global Wealth market profiles highlighting key indicators in investment strategy including the overall appetite for real estate assets, risk tolerance and destinations where competition to find good deals is increasing. Want to find out where optimism is leading investors in 2015? Then get clicking. Local motion - the same properties being continually re-advertised is a clue that the market is bottoming out and preparing to climb back up. To check property price movements in your chosen location, review listings on local agency and national listing websites on a regular basis. If sales are picking up, it’s time to take action. So what do we have lined up in this bumper new year issue? From period pied à terres in Paris to blissful beachfront boltholes in Bermuda, there’s something to suit every taste and location persuasion.The glamorous Caribbean island of Barbados has many a second-homer under its spell. We look at how the island has been performing in the downturn and what the stunning Platinum Coast has to offer would-be investors.

Chalet Karma in the French Alps

Style

If golf is your dream pastime, our insider round-up of the top overseas tees and greens destinations (pages 140-149), may well hit the spot. And finally, for those who cherish their annual snow fix (who doesn’t?) – turn to our delicious feature on France’s chicest ski retreats. I never knew there were so many ways to ski and be seen. Enjoy.

The White Company Wonderland of Chrissie Rucker

City

Laura Henderson Editor

Check out our pins on www.pinterest.com

Email me at editor@abode2.com

Get inspired at www.abode2.com

New York Stories Volume 2 Issue 7 // Abode2 11

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Contributors Laura Whateley With the ski season well underway, Times columnist Laura Whateley takes the temperature of the chalet market from the seductively chic Swiss resort of Arosa. Favourite getaway - a weekend of fresh air, big seas, cliff walks and saffron cake in North Cornwall. Dream celebrity travelling companion - I wouldn’t mind a safari with Sir David Attenborough. Slopeside or sun lounger - my skiing leaves a lot to be desired, I still haven’t managed to get off a lift elegantly. But at sunbathing and drinking pina coladas I’m a pro.

Cheryl Markosky One of the UK’s foremost property journalists, Cheryl’s go-to location for 2015 - the Leeward Islands in the Caribbean - conveniently double as the perfect writer’s retreat. Favourite getaway - the diminutive isle of Nevis in the Caribbean. Dream celebrity travelling companion - actor Simon Russell-Beale, who could read Shakespeare in his rich tones and play the piano to amuse me. Slopeside or sun lounger - sun lounger - with rum punch in hand.

Greg Moesser Voted “LA Super Agent” by Los Angeles Magazine, Greg Moesser’s property portal LAClassicEstates.com was named Los Angeles’ “Best Luxury Real Estate Website” by Billionaire 500 Magazine. Favourite getaway - Paris for a city escape and Punta Del Este in Uruguay for a winter getaway. Dream celebrity travelling companion - Liz Taylor - she had style and charisma, but above all she had unbridled compassion.

Abode2 Editor Laura Henderson Features Editor Serena Templeton Head of Sales and Marketing Russell Rhys-Davies Advertising Sales Manager Jamie Ezekiel Production Editor Colin Halliday Editorial Designer Kellie Mills Asia Editor Eva Xinyi Web Editor Ben Watts Digital Media Executive Kelly Anne Moscrop Circulation Manager Mark Jones

Slopeside or sun lounger - definitely a sun lounger. Summer in LA and summer again in South America.

Jane Slade Former Sunday Express property editor, Jane Slade is the founding editor of top ranking online magazine for the over 50s; Retiremove.co.uk. Favourite getaway - Turkey in the village of Sarigerme near Dalaman amid rolling hills, close to a turtle beach and surrounded by quirky restaurants and wonderful markets. Dream celebrity travelling companion - Foyle’s War creator Anthony Horowitz who has just published a Sherlock Holmes novel and is about to write one about James Bond. I’d be guaranteed a real adventure with Anthony. Slopeside or sun lounger - slopeside definitely, preferably a south-facing one in my favourite ski resort of Argentiere near Chamonix, in the shadow of Mont Blanc.

Faith Glasgow Award-winning journalist Faith writes on property and personal finance for Money Observer, Investors Chronicle and the Financial Times. Favourite getaway - I always love the car journey north towards the wonderful islands of the west coast of Scotland. Islay’s a favourite, but Harris has the most astonishing beaches. Dream celebrity travelling companion - for proper travels, it would have to be the lovely Michael Palin. Slopeside or sun lounger - neither really, these days - give me a decent outpost of atmospheric ruins or a bike and a country road any day, but if I had to choose, probably sun lounger.

Abode2 is published bi-annually. To subscribe please mail subscribe@abode2.com or call 0800 032 9367 Published by Serious Publishing Chapel Business Centre Aylesbury Bucks HP22 5DW Printed by the Wyndeham Group Fleet Street 8-12 New Bridge Street London EC4V 6AL Distributed by COMAG (Conde Nast) Specialist Tavistock Works Tavistock Road West Drayton Middlesex UB7 7QH © Serious Publishing Ltd 2013. All rights reserved. No part of this publication may be reproduced without prior permission from the publishers. While every effort has been made to ensure the accuracy of the information contained in this publication, the publisher cannot accept responsibility for any errors it may contain.

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Abode2 Contents

London - Tor Gardens Aylesford International

Arosa Resort - Switzerland

Marbella - Villa Sierra Blanca

140

Abama Golf Resort - Tenerife

11 ED’S WELCOME 13 CONTRIBUTORS 20 TRENDING

Property news, views and events from around the globe

26 WATERFRONT LIVING

Luxury homes with set sail appeal

38 CAPITAL GAINS

London’s prime growth districts

70 PEAK RETREATS Cover: Hideaways Club Gran Vista Mallorca www.the hideawaysclub.com

Chalet chic in high-style Chamonix

80 WINTER SUN

Why Marbella is Spain’s second-home saviour

92 CHANNEL HOPPING

The ultimate relocation guide to Jersey and Guernsey

110 DESTINATION USA

Luxury resort living in the Sunshine State

120 CITY CHIC

Game, set and investment match in belle époque Paris

140 FAIRWAY TO HEAVEN Abama Golf Resort Tenerife

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INTRODUCING

CHESA ARAUS AROSA, SWITZERLAND

Nine luxury apartments designed and created by Powder Byrne Properties, all with uninterrupted south-facing views across the picturesque village of Arosa. A freehold investment available to non-Swiss nationals.

An investment to enjoy Ski virtually free for 10 years; less than 3 weeks rental per winter will cover the majority of your running and financing costs.

FIND OUT MORE www.powderbyrneproperties.com info@powderbyrneproperties.com +44 (0)20 8246 5306 Untitled-1 1 Abode2_Volume2_Issue7.indb 15

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Abode2 Contents

174

194

Barbados - Settlers Beach

152

Chrissie Rucker - The White Company

Greg Moesser Beverley Hills

170

St Lucia - Firefly

152 DESIGN AND INTERIORS

Chrissie Rucker on trending interiors

158 ALTERNATIVE INVESTMENTS Urban fractionals special report

164 CARIBBEAN CONNECTIONS A connoisseurâ&#x20AC;&#x2122;s guide to St Lucia

174 BARBADOS BECKONS Island retirement guide

194 AND FINALLY

My Secret Beverley Hills Address Book with property guru Greg Moesser

120

Game, Set and Paris Match

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Abode2

SALCOMBE’S LUXURY WATERSIDE PROPERTY

Salcombe’s first development of new properties right on the water’s edge for almost twenty years. Offering stunning views across Salcombe Estuary and within walking distance of the town, Estura is a collection of beautifully designed villas, two elegant apartments and a converted beach house and penthouse, situated in one of the most idyllic and exclusive waterside locations in Britain.

PRICES FROM £1,695,000

www.estura.co.uk

CALL FOR A BROCHURE OR TO ARRANGE A VIEWING

Whilst this information was correct at time of production, we reserve the right to alter, update or amend as required. Details are intended for general information only and do not form any part of any contract. All images are for illustrative purposes only.

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Abode2

The essential guide to the finest in global luxury property

DIGITAL EDITION OUT NOW

Enjoy reading Abode2 magazine on your tablet, phone or e-reader. The simple-to-navigate content means that itâ&#x20AC;&#x2122;s now even easier to explore the best in luxury resort real estate. COMING SOON â&#x20AC;&#x201C; Abode2 Anglo-Chinese edition

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TRENDING

COSTA RICA REVIVAL THE COSTA RICA REAL ESTATE market saw a significant turn-around in 2014 after setting a record in international arrivals with over two million landing on its sunny shores. The Central Bank confirmed that the country saw the highest quarterly increases in real estate investment since 2000. Tamarindo, the primary coastal hub for Guanacaste’s Gold Coast has been enjoying renewed interest from foreign investors with a preferential shift to gated communities that offer owners all the amenities as well as property management for vacation rental services. Coastal gated communities in this region are expected to continue to lead the market through 2015.

London Overtakes Hong Kong ACCORDING TO INTERNATIONAL REAL ESTATE adviser Savills,

London has become the world’s most expensive city for companies to locate employees, overtaking Hong Kong, which had previously topped the ranking for an unbroken five year period. New York and Paris complete the pack of four leading cities, where the combined costs of renting residential and office space top US$100,000 per employee per year. These four cities have dominated the Savills Live/Work Index top 12 world cities since 2008, reflecting the relative stability of both the residential and commercial markets of more mature global cities post downturn compared to the more recently emerged new world cities. The index measures the total costs per employee of renting living and working space on a US dollar basis in 12 world cities. Fluctuations in total live/work costs reflect not only the strength of a city’s residential and office markets and occupier taxes and costs, measured at a local level, but also the impact of fluctuating exchange rates on the cost of doing business on a world stage. It is this that has contributed in large part to London’s recent ascendancy in the rankings.

MONACO MAGIC BESIDES BEING A TAX-HAVEN and playground of the world’s rich and famous for decades, Monaco will soon have a new title: home to the world’s most expensive condo. Tour Odeon, a twin high-rise condo project built by Groupe Marzocco SAM on Monaco’s Mediterranean coastline will set a new world record penthouse sales price when their 5-storey penthouse sells for an estimated $400 million plus price tag. When sold, it will easily eclipse the current world-record penthouse sales price of $237 million recorded earlier last year in London’s One Hyde Park.

Portugal property brokers report an increasing amount of attention from British investors looking to put their pounds into property. This is perhaps unsurprising given that the Deloitte Property Index Report has revealed it to be one of the most affordable residential markets in Europe, joining Germany and Denmark as the three top destinations.

According to Cluttons’ annual Property Report, the UAE’s residential property market has experienced improved stability during 2014, with the rate of expansion steadying. This has led to the pace of growth in residential rents and values slowing in Abu Dhabi and Sharjah, with Dubai now tracking a sustainable course.

From April 2015, Stamp Duty for Scottish property sales (SDLT) will be replaced by a new Land and Buildings Transaction Tax (LBTT), which will be administered and collected within Scotland. Guidance surrounding the final rates will be announced shortly, but it is expected that buyers of more expensive homes will have to pay more tax up front.

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PLANET OF THE APPS

US On The Up THE NATIONAL ASSOCIATION OF REALTORS’

latest Profile of International Home Buying reveals favourable exchange rates, affordable home prices and rising affluence abroad continue to drive international buyers to the U.S. to purchase properties. For the period September 2013 through October 2014, total international sales have been estimated at a record-setting $92.2 billion, an increase from the previous period’s level of $68.2 billion.

Caribbean Classic

International buyers purchased homes throughout the country, but four states accounted for 55% of the total reported purchases - Florida, California, Arizona, and Texas. Florida remains the destination of choice, claiming a 23% share of all foreign purchases. California comes in second with 14%, Texas with 12% and Arizona with 6%. According to Realtor.com, the top five cities searched online by international buyers in 2014 were Los Angeles, Miami, Las Vegas, Orlando and New York City. ANTIGUA, THE LARGER ISLAND of the two-island nation of Antigua and Barbuda is attracting buyers again. Property values on the island dropped 30% to 50% during the financial crisis in 2008. As economies recover, international buyers are finding renewed reasons to buy in this “paradise” location. The island has recently introduced its Citizenship by Investment programme, which offers citizenship and freedom of travel for; a real estate investment of at least $400,000, business investments of $1.5 million or a $250,000 contribution to Antigua’s National Development Fund.

Peak Retreats MOUNTAIN-VIP.COM is a brand new web site showcasing the finest ski properties in the chicest resorts across the globe. Much more than just a property portal – it’s an online celebration of passion for skiing for those who like to schuss in style. From slopeside fashion to cool winter events, when a new luxury hotel or spa opens rest assured Mountain VIP will be there to scoop the juicy gossip.

German investors have pumped $151 billion into international real estate in the last decade, making them the most important and most active source of cross border capital, according to JLL’S International Capital Group. Germans have continued to invest outside of the domestic market even when other investors have reigned in cross border activity.

There has been a sustained slowdown in residential real estate prices in major US cities, according to the most recent published data from the S&P/Case-Shiller home price indices. Las Vegas, Miami and San Francisco were the only metro indexes that surpassed 10% year on year increases in home prices.

Remodelista Subtitled, “sourcebook for the considered home”, this app boasts daily postings of news from the interiors world; think cool lampshades spotted in a bar in Berlin, to textural throws for winter, plus click-to-buy functionality. The home styler sections allow you to experiment with colours, furnishings, and layouts. It’s a great way to “try on” before making big decisions. iPhone & iPad £1.99 Mandarin Oriental Mandarin Oriental’s MO Hotels app gives users access to a wealth of information on the hotel line’s global selection of properties. Tap on “Cities By MO” to find a curated selection of area attractions‚ restaurants‚ nightlife and shopping in each of Mandarin Oriental’s home cities. Don’t worry about being bumped out of the app and into a cramped browser screen every section of MO Hotels is inapp. iOS; free. Packing Pro Anyone who says there’s no exact science to packing has obviously never tried to cram a pair of Jimmy Choos into the same suitcase as a giant inflatable beach ball. Thank goodness, then, for Packing Pro. Tell it where you’re going, how long for and it’ll trot out a suggested list of what you might need, split into essentials.Elle Macpherson is a huge fan. iPhone (£1.99) Those with a few million dollars to spare should consider investing in a luxury ski chalet, according to Knight Frank. The company’s annual Prime Ski Property Index, which tracks prices across 20 of the world’s top resorts, increased by 5.9% in the year 2014, with North America leading the way.

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Making Dreams a Realty Caribbean Island Properties is dedicated to helping clients achieve their real estate desires – be it finding that perfect secondhome investment through to securing the right buyer and completion sale of your property. With over 25 years experience in Caribbean real estate, David Coombes and his team look forward to making your property dreams come true.

+1 (246) 424 6633 +1 (246) 826 6263 david@cipcaribbean.com

Barbados

LUXURY SALES – RENTALS – VACATION PROPERTY

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Senzati By Design Put simply, Senzati design and build the world’s finest luxury people carriers. The Senzati Jet is unique, from the new mid-ships cabin door and two metre glass roof to the sumptuous British designed and built seats and furniture. Whether you are travelling for business and making use of the high speed broadband, taking dinner out with friends, making use of the 600 mile range and rear bathroom or simply chilling out with a movie enroute home, with seating for 8 people (including the driver) The Senzati Jet is quite simply the best way to be chauffeured by road. The standard specification is high, with Double Glazing, Electric Black-Out Blinds, LCD Switchable Privacy Glass, Heated/Cooled and Massaging Seats with Head Support System, Remote Electric Opening Side Door, High End Audio and LCD TV’s. The ‘Hosted’ version has electric doors to the driver’s compartment.

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With full height headroom throughout (6’4”) and leather from floor to ceiling, the interior is sumptuous. And with an almost limitless choice of colours, textures, fabrics and veneers, it means your Senzati Jet will be truly bespoke. Senzati’s commitment to its clients extends beyond your initial investment. Our comprehensive warranty, obsessive customer service and on-going support, will ensure that your ownership experience is truly memorable. Let us create you the most exceptional vehicle.

Tel: +44 (0) 8455 199 007 Email: sales@senzati.com www.senzati.com

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WATERFRONT LIVING

High

TIDE

Marina developments are an increasingly prominent component in the lifestyle real estate mix. So where are the smart investors docking? Laura Henderson reports

s the super-yacht industry boasts record international sales and marinas begin to rival golf resorts, property investors it seems, are moving in to grab a slice of the best waterfront action. According to agents Engel and Voelkers, the number of individuals with assets of more than £20m having grown by almost 50% in the last three years, a good many are not just investing in a super-yacht, but also “buying a waterfront pad with a dock to showcase their floating assets. For Sandra Kettler of international agents Coldwell Banker however, it’s not all about millionaires on their gin palaces: “While demand for homes with pontoons or access to marina berths is rising, supply is also restrained by growing restrictions on development of canal side residential estates and waterfront marinas. This is adding greater scarcity value to this type of property, so if you’re fortunate enough to find a dockside home you like-stick with it. Growing demand and constrained supply could make for a nice little nest egg for the future.”

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DOCK HOT SPOTS MAURITIUS A rapidly growing sector in the island’s residential tourism portfolio – the idyllic Indian Ocean getaway of Mauritius is targeting a HNW property investor base with luxury marina living opportunities that also offer residency status as part of the purchase package. Located close to the fishing village of Tamarin on the island’s west coast and clustered around a stunning yacht basin, West Island Resort’s real estate portfolio spans one and two-bedroom turnkey suites and family homes through to deluxe penthouses and larger double-storey villas, all with direct water access. The community focal point, the centrally located entertainment hub includes all the leisure and pleasure trimmings residents might expect including a day-spa, gym, pool, restaurant and hair salon, as well as a dedicated marina complex for boating and diving services. Established in terms of the Mauritian Real Estate Scheme (RES), which allows foreigners to buy freehold property on the island and in turn to obtain residency if they so choose, the resort is already attracting significant buy-in from soonto-be-retirees. Says project spokesperson Ross Alexander: “Mauritius has a track record of strong capital growth on property investments, with personal and commercial taxation currently capped at just 15%. Choosing a property with marina access offers the potential for solid returns in the future.”

OMAN An integral part of prestigious luxury residential community The Wave in the upscale capital of Oman - Muscat, 400-berth Almouj Marina is already making headlines as the premier marina facility and flagship yachting and sailing destination in the Sultanate. The €1.84bn mixed-use project developed in partnership between the Omani Government and Dubai-based Majid AlFuttaim, is the first integrated tourism project for the country. Stretching along six kilometres of pristine coastline, once complete, the community will include four luxury hotels, a plethora of leisure facilities, together with 4,000 residential properties ranging from stand-alone villas to courtyard

homes. Properties are available freehold to non-Omani nationals, with the right to apply for residency included. Just launched and with a high percentage of foreign buyers already in the mix - Reehan Residences comprises 99 prime site villas located at the western boundary of The Wave golf course and within walking distance of the marina and community beach. Properties will be available in different configurations and sizes to suit individual home buyer requirements, with spacious garden lots with private pools for outdoor entertaining. Residents will have access to a wealth of leisure and entertainment facilities including the PGA standard 18-hole Greg Norman golf course Almouj Golf as well as the resort’s social and retail hub with its designer shopping and fine dining. Property prices start from £410,000.

CYPRUS With phase one of an interval roll-out of luxury villas now complete at the €350 million Limassol Marina project on Cyprus, this prestigious master plan community has seen buyers from Europe, Russia and the Middle East snapping up waterfront boltholes with nearly 75% of the development now fully operational; the first yachts using the marina, changing the face of Limassol town as part of a major regeneration plan. Comprising 162 luxury apartments, 74 villas and 650 berths, the project is also the first fully serviced marina on the island able to accommodate super yachts. All 650 marina berths available have access to fresh water, electricity, fibre optic network providing high speed broadband, high speed wireless internet and telephone. There are also haul out and shore side technical facilities, a boat yard for light repairs and maintenance, and 24 hour security and concierge services. Says local agent Thomas Penton: “The project has set the bar for marina living in the Eastern Mediterranean and been a major boost to the island’s economy enticing HNW buyers and providing a new focus for tourism and inward investment.” Prices for apartments start from €370,000, premium villas start from €1,751,000.

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Put Putthe thewind wind in inyour yoursails sails Guide Guide to buying to buying a yacht a yacht overseas overseas Selecting Selecting a yacht a yacht is anisundeniably an undeniably exciting exciting experience, experience, the most the most exclusive exclusive and and luxurious luxurious way way to to crosscross the sea the awaits sea awaits you.you. When When suchsuch a bigainvestment big investment is required, is required, you want you want to ensure to ensure that that at the atend the end of of the buying the buying process process you are youstill are left still with left with the same the same wow-factor wow-factor as when as when you first you first started started surveying surveying the glossy the glossy pages pages of yachting of yachting brochures. brochures. This This could could mean mean selecting selecting the perfect the perfect interiors interiors down down to the tolast the last chandelier, chandelier, but to but avoid to avoid disappointment disappointment therethere are are some some much much moremore practical practical considerations considerations that that you you will need will need to cover to cover before before getting getting to the tofiner the finer details. details.

Buying Buying ‘the‘the one’ one’ When When purchasing purchasing youryour dream dream yacht yacht you can you expect can expect to pay to an payaverage an average of ten ofper ten cent per cent up front up front to secure to secure the sale, the sale, withwith the rest the rest of the ofbalance the balance changing changing hands hands onceonce details details of delivery of delivery havehave beenbeen ironed ironed out and out and legallegal documents documents havehave beenbeen signed. signed. Identifying Identifying howhow you will youfinance will finance the purchase the purchase is key is to key many to many other other elements elements of the ofbuying the buying experience. experience. For example, For example, if you if will yoube willrequiring be requiring a loan a loan fromfrom a bank a bank or other or other lender lender theythey maymay wishwish to have to have a saya in say the incountry the country that that you will youregister will register and and moor moor youryour yacht yacht in. in.

Selecting Selecting a broker a broker forfor purchase purchase All yacht All yacht owners owners are obliged are obliged to register to register theirtheir purchase purchase before before theythey are legally are legally allowed allowed to sail. to A sail. single A single country country mustmust be chosen be chosen for registration, for registration, and and the the

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yacht yacht mustmust be adorned be adorned in itsincorresponding its corresponding flag.flag. The The decision decision overover location location for registration for registration and and mooring mooring is usually is usually driven driven by local by local lawslaws and and tax regulations. tax regulations. If If you register you register and and sail your sail your yacht yacht in EUinwaters EU waters you will you will needneed to pay to the paylevel the level of VAT of VAT specified specified by that by that country. country. However, However, VAT VAT matters matters are much are much moremore complex complex thanthan this simple this simple explanation, explanation, and and it is important it is important to contact to contact a professional a professional to discuss to discuss youryour plans plans for registration, for registration, mooring, mooring, and and insurance. insurance.

Chartering Chartering a yacht? a yacht? Chartering Chartering allows allows you the youindulgence the indulgence of only of only unpacking unpacking youryour bagsbags onceonce yet visiting yet visiting a different a different portport of call of every call every day. day. It basically It basically provides provides you with you with all the all the benefits benefits of a of floating a floating villa.villa. Explore Explore a variety a variety of exciting of exciting destinations destinations withwith the luxury, the luxury, comfort comfort and and privacy privacy you you want. want. Whether Whether you prefer you prefer the traditional the traditional elegance elegance of of a classic a classic sailing sailing yacht, yacht, or the ormost the most modern modern of highof highperformance performance motor motor yachts; yachts; you can you create can create a charter a charter vacation vacation that that suitssuits youryour exact exact taste. taste. The The flexibility flexibility and and privacy privacy of a of luxury a luxury yacht yacht is the isultimate the ultimate extravagance. extravagance.

Overseas Overseas money money transfers transfers The The world world of foreign of foreign currency currency can be canabe strange a strange and and confusing confusing place. place. If you’re If you’re making making international international money money transfers transfers to buy to buy youryour yacht yacht or pay or your pay your crew,crew, it’s easy it’s easy to get to aget bad a bad dealdeal or lose or lose a lotaoflot money of money on the onway. the way. So So make make suresure you use you ause foreign a foreign exchange exchange specialist specialist and and keepkeep yourself yourself fromfrom using using a high a high street street bank. bank.

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Currency Currency specialists specialists like Currencies like Currencies Direct Direct offeroffer better better exchange exchange ratesrates and and charge charge no transfer no transfer fees;fees; you could you could end end up saving up saving up toup 5% tomore 5% more compared compared to using to using youryour bank. bank. They’ve They’ve beenbeen helping helping people people transfer transfer funds funds abroad abroad quickly, quickly, simply simply and and cost-effectively cost-effectively sincesince 1996.1996. TheyThey won’t won’t baffle baffle you with you with jargon, jargon, theythey just just givegive honest honest expert expert guidance guidance about about which which products products and and services services could could helphelp you make you make the most the most of your of your money. money. You’ll You’ll also also get access get access to a to 24/7 a 24/7 online online money money transfers transfers service service (perfect (perfect when when arranging arranging monthly monthly crewcrew payments!) payments!) It’s all It’s100% all 100% secure secure and and veryvery easyeasy to use, to use, withwith onlyonly a few a clicks few clicks you can you relax can relax whilewhile Currencies Currencies Direct Direct sends sends youryour money money to exactly to exactly where where you need you need it. it.

Mooring Mooring Costs Costs for where for where you moor you moor varyvary fromfrom portport to port. to port. However, However, keepkeep in mind in mind that that prices prices always always tendtend to to be higher be higher in the inmore the more exclusive exclusive of Mediterranean of Mediterranean harbours. harbours. Wherever Wherever you decide you decide to base to base youryour yacht, yacht, consider consider that that purchasing purchasing a mooring a mooring might might be more be more financially financially beneficial beneficial in the inlong the long run. run. However, However, make make suresure you fully you fully evaluate evaluate the nature the nature of the ofpurchase the purchase as there as there might might be extra be extra charges charges levied levied by marina by marina managers managers or attached or attached tax implications. tax implications.

TheThe delivery delivery of your of your yacht yacht Before Before you can you scream can scream ‘ahoy!’ ‘ahoy!’ on board on board youryour new new yacht, yacht, ensure ensure all legal all legal documents documents relating relating to title to title are are

/2014 15:08 15:08 Abode-Advertorial-v3.indd Abode-Advertorial-v3.indd 3 3 16:04 Abode2_Volume2_Issue7.indb 29 29 Abode_Currencies_Direct_Revise.indd

presented presented before before the final the final payment payment is being is being made. made. If If you do younot do complete not complete this step, this step, the yacht the yacht cannot cannot be be registered registered and and therefore therefore can’tcan’t legally legally sail. You sail. You also also needneed to agree to agree on the ontax theimplications tax implications relating relating to the to the place place of delivery. of delivery. If it isIf aitsuperyacht, is a superyacht, thenthen this will this will be the betime the time when when the superyacht the superyacht will be willofficially be officially tested tested at sea at by seaan byexpert an expert representative representative which which you you will have will have to appoint. to appoint. This This last step last step will guarantee will guarantee its its performance performance matches matches its specification its specification and and ensure ensure you you do not do encounter not encounter any unwanted any unwanted surprises. surprises. For example, For example, whenwhen paying paying the 10% the deposit 10% deposit (€350,000) (€350,000) for afor 3.5amillion 3.5 million euroeuro yachtyacht purchase… purchase… fee Total feecost Total costTotal savings Total savings Exchange Exchange rate* Transfer rate* Transfer

Currencies Currencies Direct Direct 1.27

1.27 £0

£0 £275,591 £275,591

HalifaxHalifax

1.25 1.25 £10 £10£280,010 £4,419 £4,419 £280,010

Barclays Barclays

1.25 1.25 £15 £15 £280,015 £280,015 £4,424 £4,424

RBS

1.25 1.25 £23 £23£280,023 £280,023 £4,432 £4,432

RBS

Natwest Natwest

1.22 1.22 £22 £22£286,907 £286,907 £11,317 £11,317

Lloyds Lloyds Bank Bank 1.20

1.20 £20 £20£291,687 £291,687 £16,096 £16,096 *Based on exchange *Based onrate exchange comparison rate comparison as of 01/10/2014 as of 01/10/2014

By knowing By knowing your options your options and choosing and choosing a foreigna exchange foreign exchange specialist specialist like Currencies like Currencies Direct Direct instead of instead your bank of your you bank could you have could saved have upsaved to £16,096 up to £16,096 (that’s a(that’s 5% saving!). a 5% saving!). Money you Money you could spend couldon spend fuel, mooring, on fuel, mooring, or redesigning or redesigning the interior the of interior your new of your yacht! new yacht!

If you If you would would like more like more information information about about overseas overseas money money transfers, transfers, contact contact Currencies Currencies Direct Direct and and receive receive a free a free quote quote today. today. T +44 T +44 (0) 20 (0)7847 20 7847 92889288 T +33 T (0) +33422 (0) 422 326 326 240 240 W currenciesdirect.com/yachting W currenciesdirect.com/yachting

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CY CMY

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WATERFRONT LIVING

COASTAL

James Matthew visits the yachting haven of Salcombe in South Devon where the exclusive residential community of Estura is tempting buyers to take the plunge

CHARMER I

t’s hard to beat the nautical attractions of Salcombe with its glorious golden sands, quaint fishermans’ cottages and leisure boats plying their way up and down the estuary. Homely but bustling, low-key yet sophisticated, the town is steeped in a long history of seafaring, yet the area also boasts one of the sunniest climates in the UK – warm enough to enjoy the numerous outdoor leisure pursuits on offer including golf, horse riding, surfing and walking; the surrounding coastline defined by the national heritage coastal path which threads its way along the scenic South West peninsula. Stealing a march from ‘royal’ Rock in Cornwall, the town is also now considered to be one of the UK’s most sought-after locations for a second-home as Jane Summers of agents Marchand Petit explains: “Salcombe has a very loyal following, with many homeowners who holidayed here when they were young now returning with their own families. People like the fact that it still feels like a little village with a local butcher, fishmonger and tradesmen in quaint shops along the main street.” Purchasers, she adds, also feel comfortable with the notion that the town is geared up for second-homeowners. “Locals are used to yachties and beachcombers visiting during the holiday season, including escapees from London and the quality and diversity of leisure amenities are understandably high.” It’s from this aspirational standpoint that the landmark development of Estura has evolved. Comprising ten luxury villas, two elegant apartments and a converted beach house and penthouse, each one of the contemporary design homes

in this exclusive residential community benefits from the stunning vantage point on the Salcombe estuary. Glass frontages to the principal rooms of most of the villas and apartments provide spectacular views overlooking East Portlemouth’s beaches, spanning southwest towards the sea and northwards looking into the tidal estuary itself. Most properties have waterside balconies. Property interiors meanwhile are both hi-spec and

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THE VIEW FROM HERE

with ‘Miranda’ actress Patricia Hodge

What do you love most about Salcombe? Any town that has one road in and one road out, means that you make that special effort to get there and with Salcombe you are rewarded for that chosen effort by the outstanding natural beauty of the place and because it is protected. It is an unspoilt corner of Devon that is so charming and in many ways embodies life as it used to be. What are the highlights of the area? A very well known yachtsman once said to me that “it’s the most beautiful estuary in the world”. Highlights for me are the endless changing colours of the sea and the landscape, which alter in depth and texture according to the climate and the seasons. It is a haven for boat people and makes wonderful walking country. The coastline is constantly fascinating. high-tech, sporting German designer kitchens, Dornbracht accessorised bathrooms and solid oak flooring, together with surround sound, mood lighting, and under-floor heating. An additional and attractive perk of ownership – buyers enjoy a two year complimentary membership of the Harbour Spa, the deluxe facilities of the adjacent Salcombe Harbour Hotel, with its 52 square metre swimming pool, hydro pool, sauna, steam room and a fully equipped gymnasium. The hotel’s other facilities live up to its 4-star plus status, including a relaxing lounge bar and restaurant where guests can enjoy al fresco meals on the sweeping terrace, with fabulous views. For those in a nautical home-from-home frame of mind only four properties in the development remain for sale. Marketed by independent agents Marchand Petit, prices start from £1,695,000. For more information visit: www.marchandpetit.co.uk and www.estura.co.uk

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When is the best time of year to visit? There is no best time. Salcombe is a year round destination for me. My sister lives there permanently, so I visit throughout the year. Winters are more tranquil and the pace of life slows down. The sailing competitions and regattas bring vibrancy from the spring onwards and uphold sailing traditions established generations ago, from the locally hand built and designed sailing craft to the hilarious mud race, a rite of passage and annual event for countless residents and second home owners alike. What would your ideal weekend be spent doing in the area? Just being in Salcombe is an ideal weekend. Also, despite its rural environment it has a degree of sophistication; you can eat well and shop well in Salcombe. It provides the best of both worlds and is a complete antidote to my life in London. Estura would be my ideal place to buy. It’s a place you can return to and guarantee that you’ll receive a welcome from a familiar and friendly face, even after a long absence.

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DESTINATION LONDON

TAXING TIMES With the much publicised capital gains tax reform coming into effect this April, Stevie King asks what the new rules will mean for international and expat investors

hile national property indices predict price growth across the UK to the tune of 5.5% in 2015, the outlook for the prime central London market appears rather more subdued with several leading estate agency firms, Savills and Strutt & Parker among them, forecasting a more restrained gain of 2%-4% - a stark contrast to 2010 and 2011 when prime central London prices surged by over 13% year on year. Whilst improved economic foundations would suggest that overall prices will continue to rise over the next few years, industry research indicates that the biggest â&#x20AC;&#x2DC;perceivedâ&#x20AC;&#x2122; uncertainty surrounding the property market is the impending election. Amongst the legislative changes in train from last yearâ&#x20AC;&#x2122;s Autumn statement from Chancellor George Osborne, is the closing of a tax loophole in respect to Capital Gains. Due to come into effect from April 6th, and set to level the playing field for domestic and foreign investors, the revision will effectively institute a new regime for those selling London property. Whilst the new tax may be welcome news for British homeowners and domestic investors, reaction from the 38 Abode2 // Volume 2 Issue 7

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real estate industry remains mixed with some investment experts expressing concern that the proposed 28% tax rate could provide the wrong signals to overseas investors with a subsequent dampening effect on house prices. “Foreign investment is a key part of any developed country’s economy and one that is vital for those playing on a global stage,” says Gary Hersham, managing director of Beauchamp Estates. “Clearly, Capital Gains Tax will factor into purchasing decisions and there will be some buyers who will inevitably look elsewhere, among them British expats who are keen to keep a home here. Moreover, whilst it’s true that many non-resident, non-domiciled owners of UK property are only in the country for a limited number of days each year, their homes, and the attendant services they consume, continue to contribute to the local and national economy.” For international tax advisor Simon Connelly, it’s more a case that with taxes only applicable to gains after April 2015, many international investors, and expats will “likely already be seeking out new acquisitions” to lock in prior to the deadline: “Property investment companies and those with larger portfolios are also likely to fuel the market with increased activity ahead of the change too,” he suggests. Banking firms like Barclays have also been quick to highlight London’s current CGT discrepancy in relation to many other

top tier destinations. Adds Connelly; “The tax will bring the UK in line with other key property investor markets such as New York and Paris where equivalent taxes can approach 35% to 50% depending on the owner’s residency status. For long term investors the tax take will effectively be eroded. Over a 10 year period for example, the impact of 28% tax is low, annualised at under 3% per annum. Adds Jennet Siebritis Head of Residential Research at CBRE UK: “The majority of our international clients don’t buy for preferential tax treatment, but for a much wider range of factors which include a stable political climate and favourable currency rates. More pertinent perhaps is that investors obtain valuations around April 6th, in order to prove values when they come time to sell.”

CGT - THE FACTS What is the current situation regarding CGT? Under current UK tax rules, non-UK resident individuals are generally outside the scope of UK capital gains tax (CGT). As a result, a non-UK resident individual who owns UK residential property (either as a home or as a rental property) can sell that property at a gain, without paying any CGT. However, in this respect the UK is out of step with most other countries, which tax gains on property sales by non-resident owners.

When does the new charge kick in? From April 2015 any property that is held on this date will be subject to CGT. Capital losses will be available to set against taxable gains.

Who will be affected by the changes? Non-resident individuals, corporates, trusts and funds, but with exemptions for certain types of entity such as offshore pension funds, REITs and other funds where ownership of the investment vehicle is widely spread.

What is the new tax rate? Proposed capital gains bands for expat and foreign investors are 18% and 28% depending on other UK income.

What type of property? Residential property, including property acquired for investment purposes, as well as property occupied as a home by the owner. There will be a limited exception for communal dwellings which are attached to an appropriate institution such as university halls of residence.

How will the tax be enforced? When the property is sold, the buyer will be required to withhold a certain amount of the purchase price and pay it over to the UK tax authorities. There may also be reporting requirements for the seller, similar to the way in which SDLT (Stamp Duty Land Tax) is collected.

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DESTINATION LONDON

AN E D U C AT I O N There’s a lot to be said for learning on the job, as Cheryl Markosky discovers when she meets one of London’s top developers

teven Aldridge, managing director of upper-scale Cityscope Developments, might not realise it, but he’s in good company with Steve Jobs, Bill Gates, Pablo Picasso, Woody Allen, F. Scott Fitzgerald, Mark Zuckerberg, Richard Branson and Yoko Ono. That’s quite a list, comprised of talented and successful folk who either dropped out of college or university, or decided not to even register in the first place. “I didn’t want to carry on studying, so left school at 15,” explains Steven, an amiable and knowledgeable-looking 51-year-old, despite his lack of paper credentials. Determining what he liked most - colour, design and property - he fell into estate agency in 1989. “I worked for five years at Anscombe & Ringland’s Highgate branch, and then another five at Chestertons in Little Venice, where I also lived.” Steven comments that it was “a natural progression to then move into development”, kick-started by money left by his grandfather when he died 15 years ago. It’s evident that his father’s had some bearing on his ‘university of life’ career too. “He creates wonderful fashion window displays,” Steven explains. “I tried, but couldn’t do it.” Creativity must be in his genes, however, as he takes great pride in creating something beautiful. “I get more of a buzz

out of producing something than selling it.” He makes it all sound terribly easy turning out bespoke, luxury mews and townhouses in the capital’s swanky districts of Chelsea, Belgravia, Knightsbridge and Kensington. Yet, it’s apparent that Steven has learnt a great deal over the years, understanding his chosen sphere and how to make a profit by sticking firmly to it. Steven’s often asked why he doesn’t venture out further to

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areas such as St George’s Hill or Wentworth in Surrey, where wealthy purchasers want houses of Cityscope’s magnitude and quality. But he insists on keeping to core areas he knows best. “I understand exactly what I should be paying for property in Kensington & Chelsea and Westminster, and what products people want.” He adds that central London’s a safe haven for many buyers throughout the world – “they want to invest here and will continue to do so.” Steven’s also sensible about making sure he doesn’t overexpand. He says he likes to see the business grow “in a natural way, rather than spread too large too quickly,” he explains. “I really know my market, where properties range from £2-£10 million in prime central areas.” He believes the key to his achievements was getting to know London’s estate agents. “They either know my name or my company name,” he points out. “And I always buy property through agents.” Steven adds that when he completes a project and it’s time to sell, he’s loyal to the agent that sold him the building in the first place. And that loyalty’s rewarded with the agent thinking of him first when the next opportunity for development comes along. The other clever trick is to have a good team of building contractors specialising in basement work in his address book, as digging down to gain precious square footage is de rigueur in all the smart postcode zones these days. Steven’s contractor of choice is Knowles Associates, a firm conveniently located near where he lives with his wife of nine years, Sarah-Jayne, an employee of a multi-national mining company; and their six-year-old son, Rufus. Leading a balanced life, he drives into London three days a week to work in his Kensington High Street office. On the other two days, Steven works from home. You get the feeling that he never stops working completely, however. “I couldn’t work nine-to-five for a corporate firm like my wife does, as I’m not a corporate guy,” he declares. Even though he relaxes at home with his family, plays golf, and supports Tottenham – “I’m trying to encourage my son to get into football” – he admits that he never really switches off.

Which could explain why Cityscope’s such a fruitful enterprise. Steven forms fantastic houses, sometimes out of nowhere on bare patches of land, such as Chesham Mews in the heart of Belgravia. He’s also a dab hand at converting existing houses, where his job is about preserving period features. Despite his triumphs, he has no ambitions for his son to work alongside him. “He says I’m a builder, but I’m not really. I don’t get my hands dirty,” Steven comments modestly. Even though there are no academic letters behind his name, he passes with honours every time he completes a project, adding stylish homes to fashionable parts of the capital.

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9778 Kingston Riverside Abode A4 wc190514.qxp_Layout 1 16/05/2014 10:51 Page 1

9779 OC Actual view from 15th floor apartment

BETWEEN PRIME LONDON PROPERTY & LUXURY HOTELS STANDS AN INTELLIGENT LIFESTYLE OPTION

DISCOVER KINGSTON This intimate and distinctive Mayfair property is first to offer the best of both worlds at a fraction of the cost. As a person living out of town, frequent visitor or even non UK tax resident, you will enjoy: • The flexibility to tailor the fractional usage of your one or two bedroom apartment each year • The luxury full service and attentiveness of a distinct members club • Freedom from the many tax implications and substantial capital outlay of owning, maintaining and managing a property outright

Voted London’s Happiest Town*

There’s plenty for Kingston’s residents to smile about, as the area is renowned for its short 30 minute commute to central London, its wealth of shops, stunning Royal Parks and easy access to the river Thames. It’s hardly surprising that Kingston Thamesfractional has become increasingly popular with With a limited number ofthen Individual and Upon Corporate interests remaining and buyers wanting to enjoy the best of an idyllic riverside lifestyle with a hint of the vibrant city.

prices from £117,000, your London apartment awaits.

2 bedroom apartments from £725,000. 3 bedroom apartments from £1,000,000. 90% of Kingston Riverside is now sold, don't miss your opportunity to purchase this iconic Visit : Openatdaily 9 am -development. 5 pm

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Phone : +44 (0)20 7950 5528 Email : yourabode@47parkstreet.com Web : www.47parkstreet.com

KINGSTON RIVERSIDE

Data Protection: Your personal information and details will be stored in a database controlled by MVCI Europe Limited and may be used and transferred outside the EU to Marriott Vacation Club International companies and their approved agents worldwide (including butKingston not limited to,Riverside countries with a lower or higher level of data protection standards) to administer this promotion and to advise you of other offers. To exercise your data protection rights of opposition, access, rectification and deletion, you may write to the Consumer Affairs Manager at: MVCI Europe Ltd, Barnard’s Inn, 86 Fetter Lane, London, EC4A 1EN, UK. IPL-14-004. THIS ADVERTISING MATERIAL IS off Henry Macauley Avenue BEING USED FOR THE PURPOSE OF SOLICITING THE SALE OF FRACTIONAL RESIDENCE CLUB MEMBERSHIP. Subject to applicable terms and conditions. This is neither an offer to sell nor a solicitation to buy to residents Kingston Upon Thames 5UT or sale of fractional residence club membership is prohibited and your eligibility and the membership clubs available for purchase will in jurisdictions in which registration requirements have not been fulfilled or whereKT2 marketing depend upon the jurisdiction of your residency. Prices are subject to change. Key information is available upon request by contacting 47 Park Street Grand Residences by Marriott, Mayfair, London, W1K 7EB, United Kingdom or email yourabode@47parkstreet.com.Marriott Vacation Club International and the programs and products provided under the Grand Residences by Marriott brand are not owned, developed, or sold by Marriott International, Inc. Your mobile operator may charge for data usage so please ensure that you have the appropriate data plan. Images from Kingston Riverside showhome. View is from the 15th floor. Prices correct at time of going to press. *Rightmove – Happy Home Index 2013. Marriott Vacation Club International uses the Marriott marks under license from Marriott International, Inc. and its affiliates. © Copyright 2014, Marriott Vacation Club International. All rights reserved.

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DESTINATION LONDON

Rich

With the political temperature rising ahead of May’s general election, Andrew Langton, chairman of Aylesford International shares his reflections on the residential London market in the coming months

PICKINGS

Which properties and which postcodes are attracting greatest interest from HNW buyers at present in PCL?

SW1, SW3, W8 parts of W1 and W2. What would you say are the biggest drivers of the market (PCL) – do price and quality take precedence?

New developments in prime central London are the current biggest drivers. Does the adage ‘a home for nesting not investing’ still have validity in the current market?

Both. London is still top of the wish list for most HNW individuals and foreign buyers. 44 Abode2 // Volume 2 Issue 7

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Tor Gardens Kensington W8 An outstanding, beautifully presented five bedroom stucco fronted family house which has been fully refurbished in recent years. The property comprises approximately 3,662 square feet, with a south facing terrace and garden as well as off-street parking for 2 cars. This very elegant house has excellent entertaining space, including an impressive raised ground floor drawing room. In addition, there is a stunning kitchen/ family room on the lower ground floor with doors opening on to the garden. The transport, shopping, and restaurant facilities of both Kensington High Street and Notting Hill Gate are within easy walking distance as are the green spaces of Holland Park and Kensington Gardens. Guide Price: £9.85m Freehold

For decades overseas buyers have enjoyed a CGT free dip into the London market – do you envisage any ‘panic’ selling ahead of April 2015 and the new legislation coming into effect?

I don’t envisage panic selling but I do anticipate buyers will think twice hereafter about making a decision largely because of excessive taxation – in fact the market is now experiencing the impact of indecision everywhere. With buyers, including those from overseas, now spreading their net to the prime outer London area, which locations are the ones to watch and why?

Politicians have raised concerns that foreign investment is leaving the capital’s leafier streets less diverse. But a mansion tax would – by definition - make certain expensive neighbourhoods even more expensive. Does the tax in your opinion pose a threat to market liquidity?

Politicians should be extremely concerned. It is they who are entirely responsible for killing the golden goose that is the prime central London residential market. The impact on the market following the Envelope tax, the sanctions on Russian buyers, the restrictions on Mortgage availability, the recent collapse of the Oil price and soon the ill-founded Mansion Tax will inevitably result in a property melt down which will reverberate on the Banking sector and ergo Recession.

The overseas buyer is also looking at better valued (and better quality of life) opportunities outside London, specifically within easy distance of private Airports such as Farnborough and Oxford. The young married domestic buyer will start to focus on whether they should sell their London house for say £4,000,000 because of the mansion tax and put some money in the Bank for education, then acquire a house for say £1,500,000 located within 60 minutes outside London and commute. We predict there will be strong growth in this sector.

Montpelier Street London SW7 A superbly modernised freehold house ideally located just off Montpelier Square in the heart of Knightsbridge. The property is arranged over four floors and has four bedrooms and a secluded private garden. £5.25m Freehold Sole Agent

For further information go to www.aylesford.com Volume 2 Issue 7 // Abode2 45

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DESTINATION LONDON

STAYING A STEP

Ahead

The London lettings market is unique in its competitiveness. As rents rise so do tenants’ expectations. Rupert Collingwood of the London Management Company offers some pointers on realising the full potential of your investment

wning a property in prime central London is a significant investment, and one, much like any other asset class, that has to be maintained and managed to ensure its intrinsic value is protected. A no-frills 2 bedroom flat in a prime location in central London currently sells for in excess of £2m. Its rental value can be well over £1,000 per week. With a rent bill of £52,000 per annum, tenants will quite rightly expect their property to be kept in prime condition with any necessary repairs fixed in a timely and professional manner. With increasing numbers of absentee landlords owning and letting in London, this burgeoning supply of rental property means that tenants have more choice as to where and with whom they rent. By definition, these properties run the gauntlet of being vacant for longer periods. In fact, for every month that a property stands empty, its overall yield can be reduced by as much as 8%. With rental yields in central London rarely breaking the 3% barrier, such a discrepancy is hard to ignore. It stands to reason therefore, that a good property management service can have a significant impact on the bottom line. Good management doesn’t however just apply to rental property. As a rule of thumb, homeowners should spend approximately 1% of the value of their house on its upkeep every year. In London this is perhaps a little excessive given price growth versus inflation, however the principal remains the same. Running and maintaining a property is, in reality, no different to maintaining a car or a yacht. Servicing the engine,

replacing the fluids, repairing dents and scratches and cleaning the windows are no different to servicing a property’s boiler, flushing the plumbing system, repainting the sashes and yes, cleaning the windows. Offering a prospective tenant a professionally managed property speaks volumes – not only about an owner’s property, but also about their commitment as a landlord. It minimises their need for involvement and helps ensure the tenancy follows a positive pathway, and perhaps, more importantly, that the property’s asset value is protected. The London Management Company understands that running a property from long distance is far from straight forward. It’s for this very reason that our clients retain our services to manage their London investments and homes on their behalf. We cover all types of ownership; Homeowner, Landlord, Property Professional or Freeholder. From annual servicing of your boiler to organising a project managed refurbishment of your home, we can take care of it all. We only use contractors with whom we have long-standing relations. Our aim is to ensure clients have access to a team of experts they can trust. All clients are granted access to our interactive management portal which includes an online site as well as iPad, iPhone and Android apps. From here, they can inform us of any maintenance issues, order an array of services as well as track the progress of the tasks we do. Our system offers clients a unique way of managing their property no matter where they are in the world.

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DESTINATION LONDON

Kiss and Tell Faith Glasgow talks to boutique property consultant Harry Kiss on the image of the estate agent profession, the looming threat of mansion tax, and the need to adapt in order to survive and thrive in the UK’s ever-changing property market.

he real estate industry is not noted for its high moral principles. Estate agents have an unenviable position within the ranks of the most disliked professionals, up there at the top alongside journalists, lawyers and traffic wardens. But Harry Kiss, managing director of agency Henry & King Estates (named after Harry’s great grandfather Henry King) has made it his mission to show that it’s a mistake to tar them all with the same brush. Before setting up Henry & King, Kiss spent several years working for larger agents, during which time, he says, he found that ‘ethics and morals seemed to be lacking’ in their dealings with clients. Fuelled by his experiences, he became increasingly committed to driving change in the industry. After he found himself increasingly being asked for advice by friends and other contacts looking to buy property, he took the plunge and set up as an acquisition agent, rapidly branching out into property finance, followed by sales, lettings and management as demand grew. ‘It happened much more quickly than we anticipated,’ he says mildly. ‘We now have a team of three front-end negotiators driving and closing deals, supported by two independent financial advisers.’ However, in the course of this rapid expansion the agency 48 Abode2 // Volume 2 Issue 7

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has not lost sight of its drive to operate on ‘high ethical and moral principles’. As Kiss observes: ‘All agencies offer the same basic services, but it’s how you go about them that differentiates you; I believe we have been given two ears and one mouth and should use them in those proportions. Our clients rely on our professional advice and look to us to fulfil a need; their needs have to be the focus of the business, and it is crucial to listen so that we can address them.’ Notwithstanding his high ideals in terms of customer service (for example, negotiatiors are rewarded for the quality of service they provide, rather than for sales and lettings figures), Kiss considers himself a thorough-going property entrepreneur. As he explains, his decisions are driven by not only the demand of customers, but the shifts and shakeouts of an ever-moving market, and the profit margins that open up as it changes. ‘The market is in a constant stage of transition – at present it is a harsh place, it’s changing very rapidly and those who fail to adapt ultimately fail to survive,’ he says. To date, his clients have been mainly overseas buyers, investors and developers looking to purchase ‘in central London’. But he anticipates demand from that quarter will die back in the face of an increasing tax burden, particularly if the mansion tax championed by the Labour party becomes a reality. This annual levy would kick in on houses valued at more than £2m, with the lowest band (£2m to £3m) paying around £3,000 a year, according to shadow chancellor Ed Balls. ‘The proposed mansion tax does concern me, because most of the properties we deal with fall into that category and it could make a big difference to the strength of the market,’ he says. ‘I must admit I find myself in conflict, because in principle I think taxing more expensive properties is a fair idea, but the fact is that it doesn’t go down well with our clients.’ He believes firmly in going with the ebb and flow of different elements of the market: ‘When one aspect is poor, another strengthens,’ he maintains. As far as the mansion tax is concerned: ‘Maybe £2m plus properties will drop off slightly, but those below £2m will pick up. I’d look to take on more properties priced below £2m to compensate.’ Similarly, he takes the recent slowdown in his stride. ‘Sales have seen a big drop-off recently, but I expect lettings to pick up.’ He also has an eye to opportunities beyond London, as

the ripple of rising prices expands outwards from the capital. ‘I think there will be a big tip in the balance between prices in London and further afield, as people increasingly look outside the city and values start to increase faster than in London. ‘We may look further afield if the profit margins and market activity are promising; after all we already deal with the overseas property market. I don’t like to put all my eggs in one basket; not being reliant exclusively on one source of revenue helps generate a sense of security.’ How does Kiss see the market shaping up in the next few months, as the general election approaches? ‘I tend to plan for the worst and hope for the best. I try to not worry too much about politics in relation to the business – I have concerns about some of the parties as I am sure everyone does, but all of them are much of a muchness really. We can be sure that whichever one gets into power, there will always be both policies that are beneficial and detrimental. We simply can’t have it all, so it really has to be business as usual before then. We’ll adapt as the market changes and hope things go our way.’ In the meantime, most of his energies are going into lettings and further development of their residential block management portfolio. ‘Block management has not always been top of our agenda – but it is where we are focusing next as sales drop off and development remains high, because it appears as a safe bet in the transition of the market.’ Volume 2 Issue 7 // Abode2 49

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DESTINATION LONDON

PERFECT MATCH Wimbledon village and town offer winning qualities, with a tempting choice of property to suit all buyers. Stevie King reports

erched on top of a steep hill on the edge of Wimbledon Common and just seven miles out of central London, Wimbledon, like kindred spirits Hampstead and Dulwich, is one of just a handful of ‘village’ locations in the capital where it’s still possible to imagine life going back in time. In fact visitors who go up to the village for the first time after a day at the tennis are often surprised by its’ vintage charms. The area has something of a tumultuous past. For centuries, land ownership passed back and forth between the Crown and a number of wealthy aristocratic families. The arrival of the railway at the bottom of the hill in 1838 changed this idyll forever. It brought a Victorian building boom with roads of houses built for a new breed of London commuter. Today, the district neatly divides into four distinct areas Wimbledon, Wimbledon Village, South Wimbledon and Wimbledon Chase, all of which are in easy reach of each other by foot or by public transport with the area served by mainline transport links including the District Line and Northern Line. Surrounded by upmarket boutiques, shops and cafes, the area also enjoys a status as one of London’s leafiest suburbs. In short, those who own property benefit from all the conveniences of urban living while simultaneously enjoying a tranquil setting with a countryside atmosphere; the best of both worlds. According to latest price indices, prices are 17% higher than at the market peak in 2007 (when they stood at £678,000). Detached houses have a £2.3m average price tag, while semidetached homes are up to £1.39m from £1.33m five years ago. Average terraced houses are currently selling for £858,000, compared with £719,000 in 2007. Flats have risen from £329,000

to £373,000 over the same period. Local agents Foxtons confirm there is a “lot of movement” in the market between £500,000 and £1.2m, in part thanks to demand from people who have been delaying a move on to the property ladder. Up to one in five buyers at the £2m-plus end are from overseas, with Europeans forming the largest group.

FAST FACTS WIMBLEDON •

900s: In 907 the village of ‘Wimbedounyng’ is mentioned in a charter signed by King Edgar the Peaceful.

•

1500s: Henry VII stays at The Old Rectory and is taken ill.

•

1700s: The Dog and Fox is used by volunteers to plot a defence against a Napoleonic invasion.

•

1868: Wimbledon’s All England Croquet Club is founded and goes on to become The All England Lawn Tennis Club.

•

2000s: The Wimbledon Way – a heritage trail through the village to the home of tennis – is opened.

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9821_0

Luxury Apartments at Wimbledon Hill Park Wimbledon Hill Park comprises of a limited collection of 2 and 3 bedroom luxury apartments. Set to become one of Wimbledon’s premier addresses, the apartments at Wimbledon Hill Park are within a beautiful green setting, and conveniently located for Wimbledon Village. Wimbledon Hill Park offers a unique blend of spacious living with luxurious specification and a variety of desirable service features including a residents’ gym and concierge services. Set beside 19 acres of protected parkland the apartments at Wimbledon Hill Park bring reassuring luxury to a desirable part of London.

Luxury apartments from £1,150,000 To register your interest, please call our sales consultants on 020 8003 6212 or email sales@wimbledonhillpark.co.uk

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Representative computer generated images of Wimbledon Hill Park and previous Berkeley interiors. Prices correct at time of print.

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DESTINATION LONDON

London Calling

hen it comes to naming the most recognised Internet brand among Chinese communities globally – online media company Sina stands head and shoulders above the rest. Founded in 1998, the company today boasts more than 280 million registered users worldwide and over 900 million daily page views. It’s perhaps no surprise that sister company Sina Le Ju which specialises in real estate has been equally strident in its quest for growth – establishing itself as a leading player in the property industry, selling 11 million properties to Chinese domestic buyers since its launch – with over 200,000 homes last year alone. Backed by this impressive pedigree, the launch of Sina

Overseas Properties UK (the UK arm of the group) – is carving out a successful niche in the UK real estate market. Launched in the UK in the summer of 2013, with offices in central London; the company’s aim is to provide a one-stop property service informing, educating and advising Chinese investors working and living around the world (including mainland China) about the UK (specifically the prime central London) residential property market. SOP’s UK portal offers comprehensive information to clients from up-to-date news and views on a rapidly changing and diverse London market, to marketing and promoting the latest luxury developments by prestigious agents and developers including Berkeley Homes and Colliers International. In addition, SOP UK can put interested buyers in contact with expert tax, wealth and legal experts covering all aspects of the property acquisition and sales process. SOP UK’s online portal features an extensive portfolio of properties for sale across the capital for from traditional period homes through to turn-key, new build apartments, buy-to-let investments and even larger country mansions and estates. Sina Overseas Properties also provide a platform to profile properties and development projects using http://haiwai.house.sina.com.cn/ which is the property portal of Sina.com.cn. For further information go to: http://haiwai.house.sina.com.cn/UK Email: info@sina-vantage.com Tel: 0207 228 8281

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T:T:020 T:020 020 7228 7228 7228 8281 8281 8281 T:T:020 T:020 020 7228 7228 7228 8281 8281 8281 T:T:020 T:020 020 7228 7228 7228 8281 8281 8281

W: W: W: haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK W: W: W: haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK W: W: W: haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK haiwai.house.sina.com.cn/UK 15/01/2015 28/10/2014 16:58 09:37

DESTINATION LONDON

Park

PIED-À-TERRE 47 Park Street - Grand Residences by Marriott prime central London location is attracting a cosmopolitan membership base with its intelligent alternative to secondhome ownership. Serena Templeton reports

ew global capitals have quite the same ‘cachet’ status as London. Be it for business, culture or a blue-chip education. Indeed a recent report by the Chinese magazine Hurun revealed that 85% of high net worth individuals were planning on sending their children abroad to study and 22% said that the UK and London was their preferred choice. It seems top schools are among the key factors driving foreign investment in prime central London property, with Chinese buyers leading the way. ‘There’s a real confidence in London at present,” confirms investment consultant Jeremy Dickson. “Signs of weakness in the Chinese economy mean there is an element of a ‘safe haven’ status. However, Asian companies are growing their global footprint, which is also driving demand in the capital. More interestingly perhaps is the growing trend for Chinese intent on spending quality time in London visting offspring who are studying in the capital.” It’s this emerging ‘frequent visitor’ sector of the market that 47 Park Street - Grand Residences by Marriott is finding resonates with the company’s fractional ownership model. In a nutshell, the membership template enables individuals to match apartment ownership time to actual usage time. Individuals can stay in their apartment for the amount of time they spend in London each year, with the flexibility to use their time however they choose and the peace of mind knowing that the property is managed and maintained with integrity by Grand Residences by Marriott. Members, who are unable to use their full allocation, can also rent any remaining nights out via the Marriott rental pool; a service, which is managed by Park Street’s dedicated member services team. Explains 47 Park Street spokesperson Andre Gini: “Like any form of real estate, fractional interests can be sold, bequeathed or transferred by the member and can also be incorporated into a company via a corporate purchase. Members may also make any part of their time available to family, friends and associates.” Opened in 2001 by the Marriott International Hotel Group, the Residences Georgian townhouse situated in the heart of

London’s prestigious Mayfair, comprises 49 individually designed and impeccably appointed one and two-bedroom apartments, complete with works of art and crystal lighting, sumptuous furnishings and state-of-the-art entertainment amenities. Adds Gini: “Members like the fact that there is very little capital commitment. It also offers total flexibility, and means they can enjoy London as a home, whether it’s for business or pleasure or a combination of the two. Our dedicated concierge team are there to manage individual stays. In advance of arrival, any personal belongings stored in-house can be placed in their apartment, the kitchen stocked with favourite items. Whether a guest wishes to host a dinner in their apartment, arrange tickets to the opera through our partnership with The Royal Opera House, or relax at a nearby spa, our concierge team is on hand to make all of the arrangements. It’s the financially savvy way to have a bolthole in the capital without the sizeable capital outlay and hassles of upkeep.”

Former banker Virginia Yee, a Chinese American living in Hong Kong, has been a 47 Park Street member since 2008. “The whole fractional concept is very appealing, very progressive. It offers the utmost flexibility. It is similar to owning a debenture in Hong Kong. It is convenient and practical, it means I can enjoy London as a home. Residences like this make you feel absolutely secure that you can come on your own. The staff know you by name and there is only one entry point. This really is a house. Many of my friends have second homes; one has spent 18 months redecorating hers; another always has something falling apart. ‘I should just do what you do’, they say.” • 47 Park Street membership starts from £117,000 for a one-bedroom executive residence rising to £270,000 for a two-bedroom deluxe residence. For more information visit: www.47parkstreet.com

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DESTINATION SKI

A Pisteof the Action Alpine retreats are proving surprisingly resilient to la crise in France’s top-notch ski resorts, but there’s still room for price negotiation, as Serena Templeton discovers.

ollowing last year’s bumper ski season in the Alps, expectations are riding high for a repeat helping of the white stuff in 2015. So what does the ski-in skiout sector hold for would-be property buyers in what is, historically, a buoyant market?

How are prices faring in the region? Ski properties have traditionally been geared towards lifestyle owners rather than hard-nosed investors, with low levels of speculative buying, which have kept the market relatively stable. “French mortgage rates have dropped to new all-time lows,” says Nicholas Leach at Athena Advisors. Prices have held well in chic retreats such as Courchevel, Chamonix and 56 Abode2 // Volume 2 Issue 7

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Megeve, confirms Elise Bachelard of specialist ski agents Antoine Immobilier. “Mainstream alternatives like Samoens, Chatel and Grand Bornand have, by contrast, proven more susceptible to price depreciation due to available land, with a softening in values and transaction prices 20-30% below their 2007 peak, more in some cases, for apartments. The re-sale market is getting busier too, with the next 12 months likely too see further market consolidation and discount opportunities bolstered by low interest rates.”

What should investors be looking for when considering a purchase? High-altitude purpose-built resorts are fine and dandy for seasoned ski buffs, but many go into hibernation for the remainder of the year. “Consider how high the ‘ski factor’ rates on your wish list and consider the primary motivating factors behind your investment,” advises Sonia Blanc of Century 21 Immobilier. “You may find that a village location a short drive from the slopes with year round facilities is a better option.” Building regulations enforced by Department and Communes, also mean tighter restrictions on new build construction, with large sections of land re-zoned, prohibiting future development in major resorts. “This will have a knockon effect on what is, historically, a supply-led market,” adds Blanc, “which means if you see a place you like, you need to get in early.”

What about rentals? Whether you decide to rent privately or through an agent, most property can be let for 10-12 weeks in the winter and 6-8 weeks in the summer. Rental returns vary per resort with average returns peaking around 7-8% for those prepared to do some of the legwork themselves in promoting their pine-clad pied-a-terre. To save on the 19.6% VAT purchasers are liable for in France, buyers may decide to opt for one of the government backed leaseback schemes available with certain new developments, under which buyers agree to let their property through an approved agent for a set number of weeks per year. Leaseback owners have restricted use (usually between 3-7 weeks per year) but are guaranteed an average gross annual income of around 5% of the purchase price. “Always bear in

mind location,” says Cristophe Vacquier of Espace Vacances, “and remember the trade off between rental income and capital growth. A luxury chalet may not yield a high rental return but will appreciate in value over the years, whereas a well-maintained modern duplex apartment in a thriving resort like Les Arcs is likely to deliver a healthy, regular rental income irrespective of property appreciation.”

Where should I consider buying? Best for beginners - Serre Chevalier One of the most southerly Alpine resorts located at the crossroads between Provence and Italy, Serre Chevalier’s bevy of groomed north facing slopes reach high above the tree line, making a snow-sure investment for seasoned skiers. Boasting 300 days of sunshine a year, the resort comprises the three chocolate box village municipalities, Chantemerle, Monetier Les Bains and Villeneuve, plus the main town of Briancon. The municipality has consciously strived to maintain its hype-free charm, escaping the concrete monolith build structure that defines nearby Flaine, with a superior selection of renovated brick and wood detached homes, ski-in ski-out chalets and tastefully designed turnkey apartments. “Serre Che is a firm favourite with French investors,” says Dominique Berard of local agents Berard Abelli, “although improved airlift into Turin airport less than two hours drive away means Italian, Dutch and British owners are discovering the region, with an award winning British Ski School also now based in Monetier.” On the market with the agency for £295,000 is a tastefully restored Savoyard-build chalet in the hamlet of Montgenevre, just minutes from the slopes. Built on two-levels, the four-bedroom property sports numerous period features including beamed ceilings, an open fire and dry-stone walls. Best for intermediates - Bisanne 1500 Little more than a remote faming hamlet a few years ago, the hideaway haven of Bisanne is the latest feather in the cap of what is tipped to become one of the world’s biggest ski areas – Espace Diamant. One of the more authentic domains in the Alps, dominated by wood, stone and slate architecture, snow is pretty much guaranteed throughout the winter months: “At 1,500m, the village isn’t as high altitude as some of the more Volume 2 Issue 7 // Abode2 57

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DESTINATION SKI

popular local resorts like Megeve, but the area’s topography and close proximity to Mont Blanc ensure above-average snow levels,” says local agent Stephane Clerc. Property sales and rental company Chalet Montagne is marketing a beautiful four-bed new build chalet with garage and wine cellar for £305,000 – this ski-in ski-out property comes with a stunning open plan living room with panoramic views over Mont Blanc. Best for families - Plateau d’Assy Just an hour from Geneva, nestling at an altitude of over 1,000m in the Mont Blanc foothills, Narnia look-a-like Plateau d’Assy is renowned for its winter and summer wonderland scenery and fresh air climate. Nearby Passy Plaine Joux offers 12km of family ski runs including a dedicated childrens’ ski area, with the neighbouring big hitting resorts of Combloux, Megeve and Chamonix just a short drive away, offering access to over 350 individual pistes. Juliette and Co Immobilier have a beautiful five-bedroom detached chalet on their books for £500,000. Situated on the heights of the Plateau, on a plot of 1079 square metres, this tastefully renovated property sports a stylish, gourmet kitchen, generous sized living room with wrap around balcony and double garage. Best for die-hard ski fans – Chamonix Boasting some of the best skiing and mountaineering activities in the French Alps, Chamonix’s vista is dominated by the perma-white peaks of Mont Blanc. The birthplace of winter sports where the first Winter Olympics were held in 1924, the property market has profited from years of British and Italian-led interest, with property prices today on a par with those of upscale Megeve. Entry-level prices are attractive in the up-and-coming area of Chamonix Sud, with some attractive

bargains in the satellite resorts of les Houches and Servoz at the entrance of the valley; the surrounding area dotted with oratories, chapels and farms bearing witness to its past. Chamonix specialists, France Property Angels are marketing a spacious, turn-key new build chalet a few minutes’ drive south of Chamonix centre near Les Boussons for £690,000. The property sports three bedrooms, a fully equipped kitchen, two bathrooms, cellar and large open-plan living room. An established rental market means good prospects for those considering holiday lets.

BUY WISE •

Even if you’re just buying for the winter, always view the region in a snow-free state; it can reveal a multitude of sins.

•

Most local agencies have excellent letting and property management services. Shop around during inspection visits and check agency commission rates, service rental agreements, and standard rental tariffs for resorts.

•

Higher altitude resorts are great ‘pay-yourway’ investment opportunities, as snowsure areas have a larger demand for rented accommodation. Smart buyers, however, are also heading to traditional lower lying villages such as La Clusaz and Chatel in the Portes du Soleil, where the local lifestyle in summer is boosting tourist numbers.

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Abode2

Turn Your Alpine Dream Into Reality Ski Invest – The Ski Property Specialists

Available in France and Switzerland Land with building permission, leaseback apartments (France only), freehold ski apartments, luxury apartments, chalets and bespoke luxury chalets. French ski resorts include: Chatel, Les Arcs, Sainte Foy, Courchevel, Meribel, Alpe d’Huez and Val d’Isere. Swiss ski resorts include: Verbier, Nendaz, Les Collons, Veysonnaz, Champery, Ovronnaz, Zermatt and Villars.

For more information

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DESTINATION SKI

IN THE SNOW Securing a solid return on your property investment starts with good financial planning, advises Debbie Bradbury of specialist accountancy firm SAREG

hen it comes to choosing the right type of investment property, your decision will depend on whether your purchase is largely for personal use or whether you’re looking to accrue rental income, perhaps by offering luxury catered accommodation; an option that is proving increasingly popular in French ski resorts. Either way – it’s true to say that making the most of your investment will come down to solid financial planning and the ability to offset costs incurred in relation to the purchase itself, renovation and refurbishment considerations, as well as on-going running costs. Choosing the right kind of tax regime is therefore a vital first step. For those looking to secure rental income - investors effectively have two options open to them. The first - self-catered accommodation through a rental agency gives owners the flexibility to use their property when not in use. The alternative is to offer catered services. This option could involve signing a commercial lease with a tour operator who would then effectively take control of the property and in return, pay the owner an annual fee for the exclusive use of their home.

Self Catered •

•

Self-catered furnished rental has a specific status in France as an activity in its own right but not as a professional activity. Whatever an individual’s situation, that owner must register the rental activity, and, according to how they own the property, they may choose between two tax regimes the REEL (profit and loss) or MICRO (simplified) regime. The choice of regime will depend on key criteria such as a property’s value, whether there is a mortgage, costs for providing services, and how often the owner will use the property for personal use.

•

Owners who opt for the profit and loss (REEL) regime are obliged to submit annual accounts and any deficits are carried forward. There is also an allowance for wear and tear which can often allow an individual to show a deficit on paper and, can result in no French income tax to pay. Individuals who opt for the MICRO regime by contrast, are required to declare their gross turnover and a fixed tax-free allowance, (50% in the majority of cases), is automatically applied. This option means that the owner will always pay French income tax on the fixed profit. For non-residents this rate starts at 20%.

Catered Services •

For individuals who wish to offer catered services to their guests, similar to those you would receive staying in a hotel (reception, breakfast, daily cleaning, change of linen), this would be classed as a “professional” activity and would require the owner to set up a French business and to contribute into the French welfare system in relation to their income. • The alternative would be to sign a lease with a tour operator to take charge of these services, (for which they must be fully registered). As with the self-catered set up, the same two tax regimes may apply, only in this instance the fixed allowance on the MICRO regime would be 71% instead of 50% (to go towards the costs of providing the services). • The catered services option is particularly worthy of consideration when purchasing a property off-plan, where buyers may be entitled to reclaim the 20% VAT paid on purchase. For further information contact: Debbie Bradbury, SAREG Chartered Accountants: + 33 4 50 25 23 97 www.sareg.com

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Thinking of taking the plunge?

If you are thinking of investing in France, becoming a French resident or running a business in France, speak to the experts who can advise on • method of purchase & inheritance • taxation (income, capital gains & wealth) • property rental & business activities • annual accounts & salaries

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DESTINATION SKI

WE ARE FAMILY Buying a ski apartment or chalet can enhance your family ski holiday routine and be a nice little earner into the bargain, says Terry Brine of prestige agency Ski Invest.

amily skiing holidays are something to be cherished â&#x20AC;&#x201C; spending time with your children in the mountain fresh air, doing something you love and coming together at the end of the day to tell tales of challenges overcome on the slopes. For those considering trading up from their annual holiday getaway to full on ski home ownership, the primary consideration should be your choice of resort - get it wrong and youâ&#x20AC;&#x2122;ll be lugging three sets of skis and screaming kids around half the day, frantically trying to remember why youâ&#x20AC;&#x2122;d shelled out so much and how your property will ever pay its way. But pick your resort wisely and everything else should fall into place. Ski Invest is a big fan of Famille Mountain Plus - the first and only national tourism accreditation in France to approve the facilities and services available to families with children staying in French tourist destinations. Recognised by the French Ministry of Tourism, it sets a new benchmark standard and resorts without it strive to offer similar or better services and facilities.

The label aims to meet the requirements of families with children aged 18 months and above as well as helping to identify the offer available to families both in France and abroad. For more information visit: www.france-montagnes.com

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TOP FAMILY RESORTS Les Gets – Portes du Soleil A traditional and charming mountain village within easy access of Geneva, Les Gets boasts a myriad of attractions and facilities which cater for children up to 12 years. For the bigger kids, there’s the vast Portes du Soleil domain with 650kms of piste to explore. Property picks: 1 bed turnkey apartments start from €298,000. 3 – 5 bed chalets can be picked up from €550,000.

MOUNTAIN KARMA Built over five floors and boasting 445 square metres of living space, Chalet Marigold comprises no fewer than 8 spacious en-suite double bedrooms, a self-contained flat, stylish mezzanine area and numerous terraces and balconies with panoramic mountain views. Sporting a hi-spec kitchen, underfloor heating, sauna, hot tub and WiFi throughout, this property has apres-ski heaven written all over it. Price €2,500,000. www.ski-invest.co.uk.

Saint Foy – Tarentaise A jewel in the crown of the Tarentaise Valley, famous for its challenging off-piste terrain, Saint Foy is also a major draw for families; the village is built around the nursery slopes and everything is within easy reach. The resort also offers ‘queue free’ skiing for older skiers in the group. Plus many of the bigger resorts are just a short drive away. Property picks: 1 bed leaseback apartments start from €222,690. Saint Foy is also a premium location for luxury new build chalets – a bespoke build four-bed chalet setting you back in the region of €1m. Les Arcs – Paradiski Comprising four action-packed traffic-free purpose-built villages, Les Arcs offers everything families need and for those who really like to travel on skis, the link to La Plagne takes the skiing possibilities into the Trois Vallées league. Property picks: Les Arcs 1800 is home to luxury Edenarc, ‘Les Monarques’ 5 star development – ski-in ski-out, pools, spa, gym, and panoramic views over the slopes in the winter and golf course in the summer. Prices range from €267,000 for a 1 bed leaseback apartment to €1,190.400 for a spacious 3 bed penthouse apartment.

Vaujany – Alpe d’Huez A compact, pretty, and popular resort that punches well above its weight, Vaujany boasts a centre-point sports and leisure complex with pool, bowling alley, ice rink and gym. Local skiing is excellent and the cable car whips up to the massive Alpe d’Huez ski area at 2800 metres in just 15 minutes. Property picks: options include land to self-build, chalets and 3* leaseback investments - 1-3 bed apartments from €145,858, leaseback yield over 4%.

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DESTINATION SKI

The French Alps THE PERFECT CHOICE From snow-sure resorts to a vintage chic apres-ski scene, the French Alps have a lifestyle cachet that’s hard to beat, as Joanna Leggett of prestige agents Leggett Immobilier explains

s the sun starts to set, turning snow-laden mountains opposite your new Alpine home a rosy pink – it’s the perfect time of day to sit and savour your peak perfect surrounds. Time too - to plan your evening meal from the tempting repertoire of regional cuisine the French Alps has to offer. Perhaps an apero of crisp white Savoyard wine or a ‘vin chaud’ as your tartiflette cooks, wafting delicious savoury smells from the kitchen to whet your appetite? Or perhaps this is the evening to sample the best of local après-ski fare on offer? The choice will be yours. The French Alps have a quality lifestyle all of their own – from premium winter sporting activities set around picturesque villages and resorts, to a bountiful summer season when there are many additional activities and indulgences on offer - thermal spas, sailing on the beautiful lakes of this region; a round or two of golf or perhaps sampling more strenuous pursuits such as rock climbing and mountaineering – for this truly is a year-round location. As for the magnificence of the Alps themselves - after many years of living here, they still take your breath away. If you’re looking to purchase a second-home, worldrenowned resorts such as Méribel, Courcheval, Tignes and Val d’Isère are always a magnet. But the choice of real estate and locations in this scenic region is as extensive and varied as the vast domain of ski-slopes and terrains on offer. For many, the dream of owning a mountain property will only be complete if it’s a luxury renovation; a traditional Savoyard farmhouse complete with original period features. For others, their ‘Grand Design’ might look traditional but will

be brimming with cutting edge technology, perhaps a turn-key apartment with the latest contemporary design accents? In your search for your Alpine retreat – whether it be a buyto-let investment or a holiday home to enjoy with friends and family – some elements remain constant – especially excellent transport links, accessibility to ski-lifts, proximity to a village or resort centre, while retaining tranquillity and unspoiled mountain views. At Leggett Immobilier, we are ideally placed to help you turn your Alpine dream into reality. We know the French Alps intimately, and with a dedicated team of 24 specialist agents based across the region and the very best in real estate stock for sale and for rental - we’re here to help you every step of the way towards your perfect purchase. And, with prices stabilising – we believe now couldn’t be a better time to consider investing in a mountain bolthole. Want to find out more? Then visit: www.leggettski.com

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SKi

LEGGETT

LOCAL KNOWLEDGE YOU CAN TRUST

EUROPEAN PROPERTY AWARD WINNER - BEST REAL ESTATE AGENCY FRANCE 2013/2014 AND 2014/2015

R E A L E S TAT E

««««« BEST REAL ESTATE AGENCY FRANCE Leggett Immobilier

Samoens, Haute Savoie €1,200,000 Ref:44809SA74 Modern chalet with 5-6 bedrooms, 5 bathrooms and wonderful views.

La Clusaz, Haute Savoie, €1,560,000 Ref:39021SD74 South facing 4 bedroom contemporary style chalet, near the ski lifts.

Les Houches, Haute Savoie €2,650,000 Ref:38353DL74 Renovated 19thC farmhouse with luxury Interiors and 5 en-suites.

St Martin de Belleville, Savoie €1,680,000 Ref:35331HB73 Lovely 5 bedroom chalet - breathtaking views, just a short walk to lifts.

Courchevel, Savoie €8,320,000 Ref:340989MJ73 4 bedroom luxury apartment in Courchevel 1850, 50ms from the piste.

Meribel, Savoie €2,500,000 Ref:30352TCF73 Large, traditional central Meribel chalet with potential for expansion.

We have over 700 ski properties for sale in the French Alps, and 20 specialist agents living and working locally. We are on hand to help you find your perfect ski property in all of the following areas and more... Meribel • Courchevel • St Martin de Belleville • Les Menuires • Val Thorens • Brides les Bains • La Tania • Pralognon • Valmorel • Ste Foy • Tignes • Val d’Isere • La Plagne • Les Arcs • Champagny en Vanoise • Grand Bornand • La Clusaz • La Giettaz • Chamonix • Argentiere • Les Houches • St Gervais • Les Contamines Montjoie • Morzine • Les Gets • St Jean d’Aulps • Abondance • Samoens • Morillon • Les Carroz • Sixt Fer a Cheval • Serre Chevalier Montgenevre • Briancon • Puy Saint Vincent • Les Deux Alpes • Alpe d’Huez

www.leggettski.com www.leggettfrance.com Email: ski@leggett.fr Tel: 0033(0)5 53 60 84 88 Head Office: La Maison du Chapitre Route de Riberac 24340 La Rochebeaucourt France

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DESTINATION SKI

Snow Place

Like Home

The Hideaways Club is the key to a unique concept for discerning investors and travellers, combining investment in a diversified portfolio of exquisite properties located in some of the world’s most desirable locations, with holidays accessed through a luxury destination and lifestyle club. Annabel Hillary catches up with Tim Henman to find out how The Club enables him to indulge in his love of skiing

f you are a keen skier and are considering buying your own patch of paradise on the piste, but worry that you’d become bored with the same runs every year, then The Hideaways Club offers a brilliant alternative. This unique shared ownership club allows members to invest in, and holiday in, exquisite luxury homes in fantastic locations around the globe. Among the Club’s unique collection of properties are five hand-picked luxury chalets in great locations, accessible to some of the best skiing terrain available. In Switzerland, The Club owns two contemporary chalets, Chalets Etoile and Lune, overlooking the unspoilt resort of Haute-Nendaz, in the Four Valleys, Switzerland’s second largest ski region. These ski-in, ski-out chalets sleep eight in 66 Abode2 // Volume 2 Issue 7

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sumptuous surroundings, with open plan living areas and balconies giving perfect views of the mountains. In France, The Club’s Chalet Soleil in Chamonix, is hugely popular with experienced skiers, while Chalet Lumiere in Morzine, is a favourite with members taking family ski trips. For a complete change, away from the Alps The Hideaways Club offers Kitsutsuki, a very impressive chalet, located in Niseko, Japan’s premier ski resort. Niseko caters for all levels of skier, and is also a great place for a summer holiday too, offering mountain biking, walking, golf and white-water rafting. Kitsutsuki is a modern chalet built in traditional style with a vaulted double height living and dining area, huge balconies with views over the mountains, plus games room, jacuzzi, sauna and separate ski room. In fact, all The Hideaways Club chalets are finished to an extremely high standard and are equipped with everything you would need for the perfect holiday, including hot tubs, widescreen TVs, iPod docking stations and well-equipped kitchens. A huge benefit of Membership of The Club is the concierge service, which really comes into its own in assisting with the organisation of a skiing trip. The service can organise transfers, book ski lessons, equipment hire, ski tours and lift passes, stock the fridge before guests arrive, as well as make restaurant bookings, organise a private chef, or book a babysitter. Full catering is available in the European chalets during the ski season. The Hideaways Club, CEO Poonam Dhawan-Leach, says, ‘We’ve chosen the location of our ski chalets really carefully to ensure the highest standards of accommodation in a

variety of great resorts providing perfect ski or summer breaks. Our members like the lower capital investment required compared with buying a second home, plus the flexibility to stay in a variety of beautifully furnished homes, each with a different character and ambience, underpinned by a great concierge service. They also have the knowledge that their investment is spread across different markets.’

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DESTINATION SKI

MY PERFECT HIDEAWAY TIM HENMAN retired from tennis in 2007. I would say I am an intermediate skier; I like blue and red runs and the occasional black run. My wife Lucy is a great skier having skied as a child and our girls are catching me up!

How do you use the Hideaways Club at different times of the year? For insurance reasons I couldn’t ski while I was a professional player and skiing is something we really enjoy as a family, so we always have an annual skiing holiday with The Hideaways Club. So far, we have stayed in the Club’s chalets in Chamonix, Nendaz and Morzine. While the children were small we didn’t want the hassle of long haul flights for some winter sun, but now we are keen to explore properties further afield; in fact we are planning a post Christmas trip to one of the club’s Asian villas this year. For the last two summers we’ve stayed in two different villas in Tuscany, including a restored farmhouse near Florence. How long have you been skiing for and what is your level of expertise? I skied just twice before the age of 10, but have skied every year since I

What is your experience of The Hideaways Club ski chalets? The Hideaways Club properties are of an extremely high standard. We’ve been to more than 12 properties in different locations, of which 3-4 have been ski chalets and they have all been fantastic, with the wow factor ever-present. The first chalet we visited was in Chamonix and we were so well looked after by the couple employed to look after the chalet that we’ve kept in touch ever since. How do you make use of the concierge service? The concierge service is a huge benefit and it’s great to know that when you arrive after a long journey, everything is arranged for you. When our children were small the concierge would organise things like cots, car seats and even stocked our favourite foods. Which of the Hideaways Club chalets is your favourite and which would you like to visit next? Chalet Lumiere in Morzine is our favourite and we’ve been there six times. It has five comfortable double bedrooms, a play room, great fireplace and dining area and the girls love the hot tub. We love Morzine; it’s a great resort and we’ve got to know the runs and the great restaurants, however, we’d like to stay in the Crans Montana chalet one year.

THE HIDEAWAYS CLUB ESSENTIALS •

The Hideaways Club offers two funds: Classic or City. Investors in either of the funds become members of an exclusive lifestyle and destination club allowing them to holiday in properties owned by the fund.

•

The Classic Collection offers 33 luxury properties, ranging from Tuscan farmhouses deep in the olive groves to tropical island villas. A further 250 homes are available by reciprocal arrangement with other holiday destinations. Entry level Lifestyle Associate membership of the Classic Collection starts at just £88,000, which is far less than the cost of purchasing a ski chalet.

•

The City Collection owns seven properties in some of the world’s most vibrant and iconic cities, with a further 13 available by reciprocal arrangement. Entry level price for an Associate membership starts at £69,500.

•

The Hideaways Club properties are all worth over £1.2 million and the club aims to own a total of 100 homes in the Classic Collection and 100 in the City Collection. Members’ views are sought when deciding on where to buy next.

•

Visit www.thehideawaysclub.co.uk for more information. WNT56-uk

Why did you become a member of The Hideaways Club? When I stopped playing professional tennis, my wife Lucy and I were considering buying a home abroad in either Tuscany or the south of France. We love skiing and also thought about buying a chalet, but we weren’t going to buy several properties. A friend introduced me to The Hideaways Club and we realised membership of the club was the answer, as it provides access to a wide variety of beautiful properties around the world, plus potential investment growth.

Who do you go skiing with? We usually go skiing with groups of friends who have children of similar ages to ours and we always have great fun. We usually ski in the morning while the kids have their lessons, then we all meet up for a long lunch with a bottle of wine on the mountain.

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Selling up in the UK and moving abroad? Take tax advice before you move! We need to talk. Have you considered all the tax implications of selling your UK property, both in the UK and your new country? How will your savings, investments and wealth be taxed abroad? Could you take action to save tax? Donâ&#x20AC;&#x2122;t risk paying tax that could have been avoided, contact us for advice on your situation.

0800 668 1381 Freephone UK enquiries@blevinsfranks.com

WNT56-uk

w w w. b l e v i n s f r a n k s . c o m Blevins Franks Financial Management Limited (BFFM) is authorised and regulated by the Financial Conduct Authority in the UK, reference number 179731. Where advice is provided outside the UK, via the Insurance Mediation Directive from Malta, the regulatory system differs in some respects from that of the UK. Blevins Franks Trustees Limited is authorised and regulated by the Malta Financial Services Authority for the administration of trusts and companies. Blevins Franks Tax Limited provides taxation advice; its advisers are fully qualified tax specialists. This promotion has been approved and issued by BFFM.

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DESTINATION SKI

HALET HIC

Dawn Woods founder of Chamonix Mont Blanc Prestige explains why the resort remains one of the most popular Alpine locations for international second home buyers

©Mario Colonel

or the legions who love it, Chamonix is quite simply the best winter sports resort in the world. Yet its location, at the heart of the Haute Savoie, makes it perfect for year round holidays too. First ‘discovered’ as a tourist destination by Brits, William Windham and Richard Pococke in 1741 and host to the first Winter Olympics in 1924, it has since become a snow time playground of epic proportions, more than satisfying the most demanding skiers as well as the après-ski revelers, with the community now attracting upwards of 2m visitors every year.

Where is Chamonix? Nestled at the foot of Mont-Blanc, the resort is strategically located on the border with Italy and Switzerland, with keynote domains including Verbier and Courmayeur within easy reach. Just an hour’s drive via motorway from Geneva airport, visitors have their choice of dozens of daily flights from major US and international cities. From Paris, there are also direct flights and trains to Aix-les-Bains and Annecy, less than an hour and a half away. For die-hard ski fans, the night train from Paris to St Gervais gets to Chamonix in time for an action-packed day on the slopes.

What is the range of skiing on offer? The resort rises to a splendid 3,842 metres with over 150 kilometres of slopes and 15,000 acres of off-piste skiing. Made up of 4 different ski areas: Les Grands Montets, Le BreventFlegère, La Balme and Les Houches; the Chamonix Valley offers a multitude of slopes for all levels. Each area offers something different: tremendously long slopes, skiing through the trees, free ride, off-piste or novice runs. There’s something for everyone, including superb panoramic views.

What are property prices like? Real-estate prices have largely been cushioned from dramatic declines in recent years, with most Chamonix Valley sections (notably high-altitude locations) holding value. In sought after areas such as Les Tines, Les Bois, Les Nants, and Argentière prices start around €10,000 per square metre.

Why buy now? The European Central Bank has lowered interest rates and banks are now lending generously. Much of the demand for property in the French Alps comes from northern European and British buyers who are now taking advantage of lower mortgage rates and a weaker Euro (£1 = €1.25, compared to €1.15 a year ago).

ABOUT CHAMONIX MONT BLANC PRESTIGE Dawn Woods, an independent real estate negotiator and Founder of Chamonix Mont Blanc Prestige lives and works in Chamonix. Chamonix Mont Blanc Prestige provides a bespoke, comprehensive buy-sell service to clients offering expert advice on property search and selection, mortgages, property management, renovation and refurbishing, interior decoration, through to ‘need to know’ tax and legal essentials. For further information please contact Dawn Woods on: +33 (0) 699 65 64 85.

Why buy here? Proximity to Geneva and its all-round, year-round active lifestyle appeal has made Chamonix a sought-after spot for both property investment and for rentals (short and longterm). The resort has recently confirmed a 40 year investment programme worth €477 million to upgrade facilities in the Valley, which bodes well for future real estate returns. The resort scores highly for leisure and pleasure amenities too boasting a premium selection of gourmet restaurants, including several Michelin star establishments, with countless off-piste activities to enjoy including 18-hole championship course Golf de Chamonix designed by acclaimed American architect Robert Trent Senior. 70 Abode2 // Volume 2 Issue 7

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Abode2

Mountains of Luxury in the Chamonix Valley 2

Bespoke property services.

Sale and acquisition of luxury chalets and apartments in Chamonix and the Mont-Blanc region, one of the most stunning and sought after Alpine locations in world.

For more information visit: www.chamonixmontblancprestige.com Tel: +33 (0) 6 99 65 64 85 Enquiries: contact@chamonixmontblancprestige.com

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Switzerland

GRIWAPLAN AG

GRIWARENT AG

GriwaPlan AG acts as a centre for the purchase, sale and management of properties in Grindelwald and the Jungfrau Region. If the owner of a building, apartment or even a plot of land in the region wishes to put his property on the market, we are delighted to handle this for him with success.

We provide a truly personal service, from the initial offer to your departure. Our efficient service is available to you before, during and after your stay in Grindelwald.

Tel. +41 33 854 11 60

Tel. +41 33 854 11 40

info@griwaplan.ch - www.griwaplan.ch

welcome@griwarent.ch - www.griwarent.ch

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Grindelwald

ALPINE LIFESTYLE HOTEL****

The young, host family express a Swiss emphasis and a heartfelt atmosphere. From here you can directly access the legendary Kleine Scheidegg / M채nnlichen downhill ski slope from the sun terrace, see the mountain peaks glow.

Tel. +41 33 854 40 00 info@hotel-aspen.ch - www.hotel-aspen.ch Abode2_Volume2_Issue7.indb 73

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DESTINATION SKI

ALL WHITE

NOW A

t Chesa Araus, in the Alpine resort of Arosa, there are no frozen toes. Each ski boot is warmed in advance of a morning’s trip up the mountain using specially designed technology that heats the air around the boot rather than the boot itself, which can cause cracking. This state-of-the-art toasting equipment is offered in bespoke private boot rooms along with an honesty bar for immediate post-piste sustenance. “The majority of boot rooms are not pleasant places to spend any more time than needed to grab your skis”, says Nick Williams of Powder Byrne Properties, the boutique travel company turned property developer. “We are determined not to follow suit. We want to create an enjoyable and luxurious environment.” Powder Byrne, which has been offering well thought out family ski holidays for 30 years, prides itself on such attention to detail. Since 2006 it has applied this to the design and construction of holiday chalets in Switzerland including in the resorts of Flims and Laax. Its latest project, Chesa Araus, comprising nine two and three bed off plan, freehold apartments, promises not only access to the smartest boot room in the Alps but also a rare opportunity for British buyers to invest in Switzerland’s “best kept secret” while earning enough rental return in three weeks each winter to ski virtually free for ten years. The village of Arosa is at an altitude of 1,800m in the heart of the Graubünden mountains and at the end of the Schanfigger Valley, two and a half hours from Zurich airport. Though it has been a ski destination for almost 100 years, and is popular with

Boasting stylish ski homes and perfectly groomed pistes – Laura Whateley finds her peak retreat in the Swiss resort of Arosa the European elite - two year’s ago the Duke and Duchess of Cambridge visited for a society wedding - it is an unknown for many Brits. This is likely to change with last winter’s opening of a 1.7km peak-to-peak cable car linking Arosa to the neighbouring resort of Lenzerheide to create on of Switzerland’s largest ski area, with a combined 225km of piste. In the summer it is also home to one of Europe’s highest golf courses. Capital property values in Arosa have risen by 10% over the past two years, but are expected to increase more sharply thanks to the new cable car and the recent Swiss Government ruling that sets a cap on the number of second homes that can be built in

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Swiss ski resorts. The lack of supply of new homes is expected to boost values for existing properties and those that have already been granted planning permission. Powder Byrne’s apartments come with a managed rental scheme, which classifies them as tourist properties rather than “second homes”, allowing the company to circumnavigate the law. Mr Williams explains: “When an owner purchases the apartment they sign a rental agreement with Powder Byrne to let the apartment when they do not require it. This access to rental is the reason we can build the project. There is no restriction on how much time an owner can use their apartment, it’s just available to rent when the owner is not around; we suggest two to three weeks a year.” Each buyer automatically becomes a member of the Swiss Owners Collection which offers exclusive access to Powder Byrne’s resort services, such as children’s programs and crèche, ski guiding, airport transfers and resort concierge services. The

Swiss Owners Collection also manages the apartment on a dayto-day basis, cleaning, sorting the laundry, stocking the fridge and keeping on top of bills. Each of the nine apartments, which will be completed ready for the 2016/17 ski season, have large open-plan living and entertainment spaces, equal bathrooms to bedrooms - something rarely found in Switzerland - wooden floors with underfloor heating, Boffi kitchens, stone fireplaces with wood-burning stoves and south facing views. Communal facilities include a private gym and wellness centre with sauna, steam room and Jacuzzi. Prices start from CHF 995,000 (£657,000) up to CHF 2.5m, (£1.65m) which include all fixtures and fittings. An apartment’s annual running cost is expected to be around CHF 3,250 (£2,970), and an Arosa family season ski pass costs CHF 1,860 (£1,228). These fees are however fully offset by rental income of, it is estimated, CHF 24,000 (£15,800) for those who let their property three weeks of the year.

MOUNTAIN MOGUL The youngest of eight, Rory Byrne, founder of ski company Powder Byrne, learned early on about the dynamics of a family ski holiday. Such a big brood meant hotels were unaffordable so Byrne’s father bought a caravan. One memorable winter he towed it to Grindelwald in Switzerland. Byrne fell in love with the mountains on the spot. Powder Byrne has been going strong for 30 years - how did you come up with the idea for the company? I spent most of my school and university holidays in Grindelwald, latterly working as a ski guide. These were the early days of powder skiing and I wanted to share my passion for the sport, but in 1985 the chalet experience was poor. I started out providing something different, chalets with personalised service. My ethos from the beginning has been “nothing is too much trouble”.

What is different about Powder Byrne? We are a brand that clients trust with their precious holiday time and even more precious, their kids. Our secret lies in striking the right balance between family time and time to yourselves. What do second homeowners gain from buying through Powder Byrne? Our decade’s experience of building and developing Swiss Alpine property allows us to ensure each home is delivered on time and finished to my exacting standards. All properties are designed to the same specification as a high quality project in central London. What do you think makes a great ski holiday? Excellent service that means you can make the very most of your time on the mountain with none wasted dealing with little details. Where is your favourite place to ski? It’s hard to beat Alta Badia in the Italian Dolomites, heading down Lagazuoi, stopping for a steak at Scotoni’s before being pulled back to your hotel by one of the only remaining horse powered ski lifts - the ultimate environmental solution.

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The closest thing to heaven Chalet Zermatt Peak boasts spectacular panoramic views over the village of Zermatt to the iconic Matterhorn. Offering the most substantial all-inclusive package of any chalet, let our Michelin-star chef wow your taste buds and our staff take care of your every need. For those seeking the ultimate in luxury, in one of the most desirable ski destinations in the world, choose Chalet Zermatt Peak.

• Winner of the Best Ski Chalet in Switzerland 2013 at the World Ski Awards

• Official 5 Star+ Rating from the Swiss Hotel Association and Swiss Tourism

• Voted the #1 Swiss Chalet in the Ultra- Luxe Category 2013 with Premium Switzerland

• Luxury Sleeping Accommodation in Five Unique Bedroom Suites

• International Award-Nominated Design and Architecture

• Award Winning Fully-Inclusive Service

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• Private Spa with Beauty Therapy and Massage

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The Premier ChaleT in The SwiSS alPS

Chalet Zermatt Peak Triftweg 47 3920 Zermatt Switzerland Tel +41 (0) 79 244 7721 www.chaletzermattpeak.com

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...AND BREATHE. BREATHTAKING, LUXURY VILLAS With nearly 800 luxury properties worldwide within our portfolio we have something to suit every traveller. Be it an exceptional view, a beachfront house or a breathtaking infinity pool, our luxurious villas provide the ultimate in comfort, individuality and style. With the emphasis as much on service as on the villas themselves, our professional and multi-lingual travel experts make sure everything is perfectly tailor-made by visiting every new villa and regularly returning to our existing properties. With such a unique knowledge of each villa and its surroundings we can give you the best possible guidance and advice to create the perfect holiday just for you. For the ultimate experience extra services can be added upon request in many of our villas. So if you would like to be greeted with champagne, benefit from a private chef providing exceptional international or local cuisine, enjoy full housekeeping and concierge services or charter a yacht, we can ensure that you and your party have everything you need for a relaxing stay.

GREECE ITALY FRANCE SPAIN PORTUGAL CARIBBEAN MOROCCO TURKEY GREAT BRITAIN

www.cvvillas.com T: 020 7563 7996

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WINTER SUN

RENTAL RHAPSODY

Vacation rentals can offer the best of both worlds – deluxe accommodation with poolside pampering minus the crowds. So how do you find the best property for you? Concierge guru to the stars Anthony Samuels reveals all

he old adage “you can’t please all of the people all of the time” has more than a hint of truth to it, with perhaps one notable exception – finding the perfect rental property. For visitors eyeing up the copious bounty of accommodation options, finding something to suit both taste and budget is unlikely to be an issue, with everything from super-size-me beachfront villas to concierge serviced apartments to choose from. Location and size may determine the price, but a property’s home-spun attributes also figure highly in the pick ‘n mix equation. So how do you find the perfect home-fromhome?

Get online Review top ranking rental websites and get a feel for location choices, price points and property styles. The most helpful listings will not only provide ‘in depth’ details of the property, but additional information on the surrounding area, including places of interest, and recommended restaurants. Take time to view interior and exterior shots and scrutinise property descriptions to see what is provided by way of ‘extras’ – satellite TV, Jacuzzi bath, beach/sports equipment.

Start looking early A year in advance isn’t too soon, particularly if you’re interested in peak season rentals over Xmas and New Year. Holidaymakers will often book the same house for the following year, so if you have your eye on a particular property, get your pitch in early. 80 Abode2 // Volume 2 Issue 7

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A separate lounge area or snug, as well as secluded spaces outdoors allow people to roam and relax away from the group.

Focus on facilities Keeping your guests entertained, not to mention comfortable, is a given. In warmer climes - a fabulous pool and shady lounge areas will go a long way to making lazy days memorable. Stereo and entertainment systems, hot tubs, fireplaces, indoor and outdoor games for kids (and adults), also all contribute to an enhanced experience. Think daybeds and hammocks overlooking scenic views, glass of chilled rosé in hand…

Check service levels

Consider the full implications of where you plan to stay. Beachfront locations tend to command a higher price and can be considerably hotter peak season than a less expensive hillside retreat with cooling breezes. Draw up a list of what’s important to you and flag up priorities when you talk to the agent or owner.

Rent direct and you run the risk of not having a responsive owner during your stay. If a problem develops, they may be thousands of miles away and not equipped to help. Agents, by contrast, are primed and ready to handle most rental misdemeanours from faulty plumbing to leaky roofs. Chances are you won’t want to be the one churning out those chilled margaritas all day either. Your private and potentially out of the way rental property should nonetheless include the option for staff including a cleaner, while a private chef is all but necessary. Save the barbeque for another day and set yourself up with a top quality chef (sourced by the rental owners) for that special day.

Consider agents versus owners

Think outside the box

Going through a reputable agency gives you an assurance of quality that the property has been vetted. Local agencies invariably have ‘hands on’ knowledge of homes on their books, enabling you to compare and contrast a variety of options in one fell swoop.

Casting your net wider for holiday inspiration can pay dividends, especially if you’re considering a ‘dual location’ rental. Stephen Grant, MD of Worldwide Dream Villas based in Barbados (www.worldwidedreamvillas.com) says: “We have clients who use the island as a stepping stone to explore other Caribbean hotspots such as St Barths, Antigua and Grenada. Rentals can work supremely well in this respect, with shorter stays easy to book and competitive prices into the bargain. Yacht charters can also be arranged for that extra night away with five-star oomph.”

Choose your location wisely

Make privacy a priority You’ll need enough space so as not to disturb neighbours with your holiday revelry and enough privacy on the property so you and your guests can sneak off for a little quiet time.

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VILLA SIERRA BLANCA MARBELLA • SPAIN

LUXURY • SALES • RENTALS Buying and investing in international property demands sector expertise and local market knowledge. So how do you ensure that you are making the right purchase decision? Cyan International Properties is one of the UK’s leading independent luxury agents specialising in lifestyle and investment real estate across the globe; catering to buyers looking to make a permanent move overseas, purchase that perfect holiday home or lucrative buy-to-let interest.

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The companyâ&#x20AC;&#x2122;s expertise has a particular focus on the luxury property market in Spain as well as magnificent properties in Italy, France and Turkey and offers a full spectrum buy-sell service from specialist property search and selection through to after sales rental and management of your home. With an expanding overseas network, specialist partners and extensive contact database, Cyan can provide everything you need to make the perfect property investment.

info@cyan-ltd.com +44 (0) 1628 94 70 70 cyaninternationalproperties.co.uk

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WINTER SUN

the game in

SPAIN

Famous for its designer emporia and mega yachts, chic retreat Marbella is now the leading property hotspot in Spain for sales volume growth. David Almand of Cyan Interational Properties looks at what prospects are in store for buyers in the year ahead

hen it comes to old-school glamour, celebrities have always flocked to the Spanish hotspot of Marbella – and with 300 blue sky days of sunshine a year – who could blame them? This upscale getaway has it all - beaches, mountains, vintage charm, cosmopolitan atmosphere and services, not to mention scenic countryside and cityscape. From Cabopino to Guadalmina, passing through the pleasure ports of Marbella and Puerto Banús, the coastline is fine sand all the way, and the land that goes back from the beaches is a paradise of luxury housing developments, golf courses and five-star leisure amenities. Property performance wise – real estate market recovery is comfortably ahead of the rest of Spain, although prices are still 15 to 25% below market highs, even in the most consolidated areas, which bodes well for ‘negotiation’ purchases for the foreseeable future. As for sales volumes - the upturn that first manifested itself in 2012 has continued to gather pace increasing year-on-year and for one simple reason – a cosmopolitan buyer pool means the region is not dependent on domestic investment with 85% of the buyers hailing from overseas. Taken as a whole, the province of Málaga led the nation in the final quarter of 2014 with a 9.6%

increase in sales compared to the same period last year, and in Marbella the trend is even more pronounced, leading at first to a stabilising of property values and now a gradual increase in those areas most in demand with cash buyers dominating the market. Not only do such buyers make up the vast majority of new

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homeowners in the Marbella area, they also make up 13% of all property sales in Spain. A strong recovery has put British buyers back at the top of the list, accounting for 15.8% of all property purchases by non-Spaniards, followed by buyers from France (10.1%), Russia (8.1%), Germany (7.5%), Belgium (7.3%), Sweden (5.9%) and Italy (4.7%). While new construction is gradually resuming - the bulk of properties being sold are re-sales of existing homes; a trend that is likely to continue in the medium term. The primary reason for this is that older properties remain less expensive, but it is also due to a shortage of new build homes and this will take some time to address. Indeed, the greatest demand at present is for properties that feature contemporary design and technical amenities, and while there are many specialists highly adept at modernising existing homes, one can expect that the weight of the market will gradually shift back to new-build properties once enough supply is available again. However, with land resources limited and Marbella increasingly keen to nurture its luxury appeal, the focus in the coming year will be on quality, not quantity. So where are the sought-after locations to buy? At the moment, Nueva Andalucia and San Pedro are proving popular, because of their close proximity to Marbella, great beaches and of course Malaga airport. Not to mention the numerous first-class golf courses on their doorstep, a major draw for many prospective buyers. Top of the range homes in Nueva Andalucia are selling for well over €5 million.

Despite price drops of up to 50% for non-prime locations – inland, without sea views, land, or access to golf – beachside properties continue to command premium prices, with demand dominated by British, Scandinavian and Russian buyers. A case in point is Estepona. Boasting stunning sea views and panoramic vistas of Gibraltar and North Africa, home luxuries, and a lively Spanish town ambience, this compact cosmopolitan town still retains the charm of whitewashed Andalusian settlements, combined with a sense of civic pride that has seen it win international acclaim for its cultural, architectural and beautification projects. Sought-after townhouse properties find themselves at the heart of it all, at a few paces from a stunning beach, the restaurants, shops, cafés and pretty squares of the old town. The nearby marina offers its own dining venues and nightlife, while the mountainous gateway to the Andalusian hinterland lies only a few kilometres inland. Yet all that Marbella and Puerto Banús have to offer is just a short drive away. In addition come the golf courses, marina, horseriding centres, natural scenery and ambience of the area. For those who love the Andalusian way of life, beachside Estepona is a very attractive option indeed. www.cyaninternationalproperties.co.uk

FAST FACTS GOLDEN VISA PROGRAMME •

•

Spain has introduced a new law that offers residency visas to non-EU nationals in return for an investment of €500,000 or more in Spanish property. The objective of the law is to attract entrepreneurs to Spain, and stimulate foreign investment in Spanish real estate, public debt, and job creation. The law can also lead to longterm residency in Spain if certain conditions are fulfilled. Spanish residency, and the ability to travel freely in the European Schengen area (for 90 out of every 180 days), is already proving a major attraction for many non-EU investors with a healthy take up from the Middle East and Russia.

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WINTER SUN

NEW

horizons Sean Keddy of bespoke holiday company TravelBag reveals his go-to destinations for 2015 THAILAND Perennial favourite Thailand is the ideal getaway for those looking for a mixture of relaxation, culture, great beaches and mouth-watering food and drink. Known as the Land of Smiles, the hospitality experienced is second to none. Thailand is also a great choice for a combined city and beach break; spend a few days experiencing the buzz of Bangkok and then head to one of the secluded beach resorts, boasting pearly white sands and crystalline oceans that will take your breath away.

• Trek into Northern Thailand’s dense rainforest mountains • Dive into the majestically crystalline waters of the Andaman Sea

Thailand highlights: • Sail across the lazy waters of the majestic Chao Phraya River • Relax on the pristine sands of Thailand’s glorious coastline • Lose yourself in the bliss of an authentic Thai massage and spa treatment • Enjoy a fine fusion of authentic Thai cuisine and international classics 86 Abode2 // Volume 2 Issue 7

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DUBAI Now one of the world’s premier holiday destinations, and a hotspot for holiday-makers searching for year-round sunshine, luxury accommodation, stunning beaches and world-class shopping. Considered a haven for fashionistas and shopaholics alike, Dubai is often referred to as the shopping capital of the Middle East - home to upscale shopping malls, boutique fashion outlets and designer jewellery stores. The city is also a top foodie destination with world-class fine dining in many of the top hotels.

Dubai highlights: • Visit the tallest building on the planet - the Bhurj Kalifa • Plunge into Dubai’s superb water parks at Aquaventure and Wild Wadi • Admire Dubai’s distinctive skyline at night • Splash the cash in the world’s largest shopping centre • Bounce across the sands dunes on an exhilarating desert safari • Peruse the shiny wares in Dubai’s famous gold souks

Ranked as one of the top diving spots in the world, whether you’re an experienced diver or a complete beginner, there is plenty to explore offshore from coral reefs and sea caves to national park marine life, with many species unique to the region. Mauritius is also well known for its golf courses with acres of quality tees and greens to suit everyone from beginners to pros. Perhaps the most impressive course is ‘Le Touessrok’, a luxury golf centre located on its very own tropical island, Ile aux Cerfs.

MAURITIUS

Mauritius highlights:

One of the most idyllic island getaways in the Indian Ocean, Mauritius is a paradise on earth. It boasts fine white sand beaches, clear warm seas, and an all-year-round tropical climate - perfect for honeymooners, families, or as a romantic getaway.

• • • • •

Step foot on the sugary white sands of Mauritius’ beaches Dive deep to discover a magical underwater world Pamper yourself with a decadent spa treatment Explore Mauritius’ spectacular mountainous hinterland Tee off on a world-class tropical golf course

Your Worldwide Travel Specialists Established in 1979, Travelbag is an expert when it comes to tailor-making Worldwide holidays. Our reputation for value, independence, specialist knowledge and bespoke experience means thousands of travellers put their faith in Travelbag every year.

DUBAI

THAILAND

MAURITIUS

BARBADOS

AUSTRALIA

3nts 5H Residence & Spa by One&Only Royal Mirage HB

3nts 5H Sofitel Bangkok Sukhumvit BB & 7nts 5H Sofitel Phokeethra Krabi BB fr £889pp

7nts 5H One&Only Le St Geran HB

7nts 5H The House by Elegant Hotels All-Inc

fr £1,499pp

fr £1,689pp

4nts 5H Radisson Blu Sydney RO & 3nts 5H Capella Lodge, Lord Howe Island HB fr £2,499pp

fr £699pp

All prices include return international flights

For more information or to book visit travelbag.co.uk or call 0871 911 0067 Visit your local Travelbag shop: London, Alton, Brighton, Cheltenham, Knutsford, Solihull & Winchester

Fares are correct at the time of going to print, but are subject to change and availability.

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The ownership opportunity of a lifetime is on the horizon Sanctum: Spectacular, Secure, Sustainable Located in a lush valley in one of Thailand’s fastest growing and most innovative cities, Chiang Mai, a Sanctum villa offers the ideal blend of comfort and practicality in one stunning package. Spectacular vistas, an ultra-modern design, and unparalleled luxury come as standard. Unmatched eco-friendly features abound in what is Thailand’s first LEED qualified residential development. Sanctum’s fortified luxury eco villas offer you comfort balanced by security, elegance combined with cutting-edge innovation, and a world-class design that’s in equilibrium with nature. World-class security features are built into the development’s design, protecting you and your home from all eventualities. An exclusive pooled rental programme is available upon request, providing homeowners with an added and risk-free revenue generation opportunity. Whether you are looking for a holiday home, a judicious investment, or a permanent residence, a Sanctum villa offers you everything you could want or need in a breathtaking setting of outstanding natural beauty. +66 (0) 86 185 8827

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info@thesanctumchiangmai.com

www.thesanctumchiangmai.com

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WINTER SUN

Egyptian ESCAPADE

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Boasting wall-to-wall sunshine and an exclusive collection of properties - the Red Sea Riviera haven of El Gouna has foreign buyers diving in. By Stevie King

he sun-baked dunes of the pharaohs roll back on one side, while the tropical reef walls off the Sinai Peninsula are a spectacular haven for marine life. Manta rays; bug-eyed parrot fish, swaying coral gardens-the volume and variety of underwater life coupled with lapping warm waters make the Red Sea Riviera a top destination for divers. Now the terra-firma side of life is shaping up too in a move to boost luxury residential tourism. Cue the upscale resort town of El Gouna where foreigners can own a slice of freehold paradise. Located just 25kms north of Hurghada, this once tiny fishing port has been transformed into a “desert oasis” by billionaire Egyptian developer Samir Sawiris who acquired the prime waterfront spot in 1990, as the location for his own holiday home. Now a stepping-stone island chain set around lagoons, a marina and Red Sea beaches, the village has a permanent population of 22,000, with a pick and mix of high-end leisure facilities within walking distance of the old town quarter. Managed by world-renowned real estate conglomerate Orascom Hotels and Developments (OHD), the area’s first phase of residences consisted of villas built exclusively for Egyptian nationals who wanted to settle in the area. Since opening its doors to the world, however, over 2,500 units have been sold to foreign buyers, ranging from Medinastyle villas with domed interiors mosaic courtyards designed by trendy Egyptian architects Ramy El Dahan and Ahmed Hamdy to curvaceous and cool-toned Nubian lines in the case of those behind the exclusive community of West Golf. Likened to the Algarve’s celebrated Vale de Lobo with its well-heeled, golf-centric ambience and located close to El Gouna’s sleek 18-hole course designed by Gene Bates and Fred Couples, the community is drawing a cosmopolitan crowd. “Projects like this are filling a niche for amenity-laden lifestyle buys in town,” explains property consultant Alexandra Elhatawy. “A spacious three-bed villa with lagoon and golf views comes in around the £350,000 price mark - well below equivalent products in rival destinations like Portugal and Italy.” Adds Elhatawy: “Buying in a resort

is a safer bet for investors as there is no uncertainty over guaranteed title, a problem that you may encounter buying a private resale with the ensuing red tape that goes with such a purchase. Egypt hasn’t promoted itself aggressively until now - yet it’s affordable, easy to get to plus you’ve all that history to soak up. That’s a pretty good start even without the sunshine.”

BUYING IN EGYPT • •

•

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Foreign nationals cannot own more than two properties at a time. In certain jurisdictions in Egypt foreigners can only buy property on a 99-year lease (renewable on resale). In El Gouna freehold ownership applies. Buying off-plan, developers will typically expect a 10-30% deposit, with staged payments through with a final 5% payable on completion. Closing costs for property buyers should not exceed 3%. This includes all legal fees, power of attorney (if needed) and property registration fees. Make sure your lawyer is bi-lingual and is familiar with Egyptian property law, search procedures and sales negotiations.

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HKwIEHS LE MRAHS lAeD vaArH t.G tpRyUgH e.w- w levart.tpyge.www

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Abode2

www.egypt.travel

We’re vibrant

We’re serene

We’re Egypt

See you by the Red Sea

SHARM EL SHEIKH - HURGHADA www.egypt.travel

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07/01/2015 17:01 10:39 15/01/2015

CHANNEL ISLANDS

Changing Channels

With its gentle climate and tax haven status the Channel Islands are proving an enticing prospect for investors looking to shelter their fortunes. Serena Templeton reports

he home of twinkle-eyed BBC TV detective Bergerac, first time visitors to the Channel Islands often comment on the archipelago’s vintage charms, a quaintly old-fashioned destination yet with much to offer despite its diminutive dimensions.

Back in the 60s the destination thrived as a quintessential UK bucket and spade getaway but the islands have since evolved to embrace a genteel cafe culture with no shortage of HNW residents putting down roots thanks to a tax friendly regime. “The Channel Islands are internationally recognised as highly reputable jurisdictions and well respected business centres, ideally positioned for investment,” reflects Advocate Jason Green, Head of Property at Collas Crill. “The combination of an established, tax efficient structure, proximity to the UK, more sunshine and the same time zone and language is also prompting many high net worths to consider the benefits of relocating here both for work and for retirement. The islands are a great environment to bring up children too. And whilst historically, we have seen more retired people moving over, that trend is now starting to change where younger families with their own businesses are looking to relocate.” But while the islands have much in common – property purchase procedures are markedly different for each. Geri O’Brien, Head of Office for Savills in Jersey explains: “Both islands have limited housing stock, which necessitates a form of population control. Jersey has three broad categories

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ISLAND LIFE With an amazing variety of terrain for walkers, a coastline ideally suited to water sports, and a network of country lanes perfect for cyclists, Jersey epitomises the great outdoors. The island is also home to world-renowned attractions including Durrell Wildlife, and spectacular events such as the Battle of Flowers Parade. Guernsey has a lively cultural scene - a large concert hall boasts an extensive diary of performances by both visiting and local musicians. There are also a number of galleries and exhibition spaces that house permanent and touring works with an annual programme of visiting global artists.

of housing defined under its law: those only available to local residentially-qualified individuals; properties available to the ‘essentially employed’ such as nurses and teachers; and properties available to individuals whose residence in the island ‘can be justified on social or economic grounds’ which effectively equates to HNW individuals. Those who can prove an income of £625,000 – enough to guarantee an

annual income tax take of £125,000 – and are thought to be of sufficiently good character will be welcomed with open arms.” A UK buyer can buy an ‘unqualified’ property’ or a ‘Share Transfer’ property in Jersey, adds Geri O’Brien: “That person can buy an ‘unqualified’ property and build their residency that way - compared to Guernsey where they cannot build up or gain residency - where one can only ever buy in the ‘open market’.” In the case of Share Transfer properties, a development is registered as a company, where you buy shares in the company relating to that particular property - these tend to be mainly apartments. Adds Geri O’Brien: “The main issue here is that a UK person could not occupy the property, but is allowed to lease out the apartment. Because of the complexities, it’s essential to consult a tax expert.” In Guernsey two major categories of ownership apply - a local market for people who qualify - mostly Guernsey born - and an open market for newcomers. Although there are no restrictions on buying property in Guernsey, there are on occupation. Local Market properties can only be occupied by those who hold local qualifications, while Open Market properties are more widely available. Jason Green explains: “The property purchase system on Guernsey is to some extent more streamlined. Open Market properties can be bought by EU passport holders with no other restrictions. There are no thresholds to cross and no lengthy application process. Choice wise there’s also an abundance of open market product for rent and purchase, offering something for almost every discerning individual.” Prices on the Open Market in Guernsey start at around £500,000 for a one bedroom flat, £800,000-£1,200,000 for a three or 4 bedroom town house up to £3,000,000 plus for a substantial home set in its own private grounds. “Historically, the market in Guernsey has always been stable, although when an election is close and there’s doubt as to which party will win the day we often see a spike in interest in moving to the islands,” adds Matthew Henry, MD of agents, Swoffers. Volume 2 Issue 7 // Abode2 93

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CHANNEL ISLANDS

FAST FACTS CHANNEL ISLANDS •

The Channel Islands comprise two separate bailiwicks: the Bailiwick of Guernsey and the Bailiwick of Jersey. Like the neighbouring Isle of Man, both owe allegiance to the monarch but are not a part of the United Kingdom nor the European Union and are not subject to EU legislation. The islands retain their own legal system and courts based on common law concepts from French-Norman and English law. They also have their own tax systems, currency and individual parliaments.

•

Jersey is the larger of the two islands, comprising a total area of some 45 square miles, whilst Guernsey comes in at nearer 30 square miles. They have a total population of around 163,000. Situated close to the north coast of France, the islands benefit from their close proximity to the warm waters of the Gulf Stream, offering not only an enviable climate, but also scenic surroundings.

•

Daily flights connect the islands with London and most other mainland airports. There are also regular car ferry links to the UK and into France.

As to the islands’ lifestyle attractions? Alison Stantonbury a former investment banker came to Guernsey five years ago from London and enjoys the community minded set-up: “The locals are very welcoming, plus people who relocate here also tend to stay for the long-term. The cost of living is equivalent to the UK - however some items, such as cars and appliances are generally cheaper due to the lower tax rates. The primary downside is travelling off island. There’s always that extra leg of the journey to do. I occasionally get withdrawal symptoms from leaving the hubbub of London – when I do - I book a ‘top up’ visit and catch up with family and friends.”

CMY

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CMY

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CHANNEL ISLANDS

Next Stop, the Island of Jersey Why move to Jersey?

What tax will I pay personally?

The Island is beautiful and welcoming. Its small size (45 square miles) betrays its rich and varied history and culture. For centuries, the Island has welcomed residents from abroad. In more recent times, Gerald Durrell settled in Jersey having found a beautiful estate in which to establish his conservation headquarters (which continue in his name to this day). Derek Warwick, Nigel Mansell and others with a public profile speak of enjoying normal family life and feeling part of the Island’s community. Much loved broadcaster Alan Whicker lived on the Island for many years until his death in 2013: he valued the “tranquillity, peace and not having to see people you don’t want to see”. For those with younger children, the local education is excellent and there are plenty of opportunities for sports and outdoor pursuits. The Island also enjoys its festivals, particularly of good food, music and film. Jersey is international in its outlook but is fiercely independent. The Island is committed to protecting its traditions and trading success but very much welcomes those who wish to join and contribute to Island life, and not just in a financial sense.

The standard rate of income tax for individuals is 20%. There is no capital gains tax, inheritance tax, gift tax or other ‘wealth’ taxes. The Island has a goods and sales tax (similar to VAT) of 5%. Where a person has been granted 2(1)(e) status, any income above £625,000 is taxed at 1%.

How might I relocate to Jersey? There are no travel restrictions for those holding a British or EU passport. Housing rules apply to help with population control (currently the Island has a population of 100,000). Residential status may be granted on economic grounds under Article 2(1)(e) of the Control of Housing and Work (Jersey) Law 2012 (High Value Residency).

What are the qualifications for 2(1)(e) approval? Applicants must provide evidence of a sustainable minimum annual income of not less than £625,000 per annum which can generate an annual tax contribution of not less than £125,000.

What about my business and its operations? Most Jersey companies are subject to zero per cent tax on their worldwide income. Income accruing in respect of any land or building in Jersey is subject to tax at a rate of 20%. All businesses require a licence before starting to trade or employing staff in Jersey. This can be discussed and agreed as part of the overall decision to relocate your business and family to the Island. Technologically, the Island has embraced digital technology and is committed to ensuring the Island has the infrastructure to support existing and new businesses. Logistically, the Island’s airport has at least five flights a day to London (and a selection of other regular connections) so is well-positioned for those who have continuing business connections in Europe. Depending on the type of business you run, it may need to be licensed for example the financial services sector is regulated by the Jersey Financial Services Commission and again this can be discussed as part of the overall relocation. For further information on relocating to Jersey please contact: Siobhan Riley, Trusts and Fiduciary Partner, Carey Olsen, Jersey siobhan.riley@careyolsen.com Chris Philpott, Property Partner, Carey Olsen, Jersey chris.philpott@careyolsen.com T: +44 (0)1534 888900 www.careyolsen.com

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CHANNEL ISLANDS

Living Life to the Full A key success factor for Jersey has historically been the simplicity of its tax regime and its attractiveness to high net worth individuals. Stevie King does the maths for individuals looking to relocate

key consideration in the granting of permission to purchase or lease property on Jersey on the grounds of being a High Value Resident is the expected level of annual tax contribution to be made by the applicant. Individuals would normally be expected to generate sufficient income so that, at the present rates of tax, their annual tax contribution is a minimum of £125,000. As part of the application process, consideration is also given to the total net worth of the applicant. New High Value Residents to the Island are currently taxed on the following scale: • The first £625,000 of worldwide income (including Jersey based) will be taxed at 20% thereby accruing the £125,000 per annum minimum tax contribution. • All personal income over £625,000 will be taxed at 1%. Other individuals seeking permission to work on the Island and to purchase or lease property do not have to agree a minimum income tax contribution with the authorities, but do need to be able to demonstrate compelling benefits in terms of job creation and any other benefits that may be derived. These individuals are subject to Jersey’s general income tax rules and will pay tax at a standard rate of just 20% on their worldwide income (including Jersey source income).

In many instances, employees will also benefit from the favourable ‘benefits in kind’ rules that apply, for example, to share incentive schemes and proprietary investments in funds managed by them. Generally, any initial benefit obtained when purchasing such shares will be taxable but the subsequent growth in value will be free of Jersey tax. Social Security payments in Jersey are also low compared with many Jurisdictions and significant payroll savings can, therefore, be made by relocating.

JERSEY WORKS Over 12,000 people are currently employed within Jersey’s financial services sector. Over the past four decades the Island has developed a breadth and depth of services that many other competing jurisdictions find difficult to match. The island also has approximately 900 regulated trust and company administrators; over 100 investment managers, stockbrokers, advisers, custodians and fund administrators; a significant presence by all ‘Big Four’ accountancy firms as well as many of the medium sized international firms; and a range of highly regarded offshore law firms with close links to major international firms.

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Jersey. For business. For life.

Beauport Bay on Jersey’s south-west coast: 49° 10’ 43” N, 2° 12’ 28” W

With some of the lowest direct taxes in Europe, in Jersey you can grow and prosper. ✚

Pro-Business

✚

Low Taxation

✚

Quality of Life

Independent government with a strong and stable economy

No corporate tax for nonfinancial services businesses

An enviable work-life balance

Robust yet pragmatic approach to regulation

10% corporate tax for financial services businesses

Strong sense of community with an international outlook

Beautiful island setting with stunning beaches, coast and countryside

Extensive leisure and sporting opportunities with an outdoor focus

Excellent, modern services in education and healthcare

Proactive support for inward investment with aftercare Jersey ranks as the top offshore finance centre in four independent reviews Skilled, professional workforce

No capital gains tax

No inheritance tax

Low personal tax rates for individuals

Low stamp duty on property

locatejersey.com Locate Jersey provides free advice and support to you and your business in becoming resident in Jersey. Please contact Kevin Lemasney, Director, High Value Residency +44 (0)7797 783457 or email k.lemasney@gov.je

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CHANNEL ISLANDS

HIDDEN TREASURE I

n times gone by, the idyllic island of Guernsey may have attracted wealthy professionals considering retirement, drawn to the sunshine, golf, sailing, fine food and quality of life. But how times have changed. Today the capital’s quaint cobbled streets are ‘brimming’ with entrepreneurs and High Net Worth Individuals at the height of their careers. It’s not hard to understand why. Just 40 minutes by air from Gatwick, Guernsey is arguably one of Europe’s best kept relocation secrets. Contrary to popular belief, moving to Guernsey couldn’t be simpler. A successful housing system controls the occupation of property and helps to manage the population. Properties are classed as either “Open Market” or “Local Market”. Local Market properties are occupied by those born in Guernsey or who have been granted a housing licence due to the “essential” nature of their professional skill-set. Open Market properties, of which there are approximately 1600, can be bought or rented by any British or European national, or indeed anyone who qualifies by other means for right of abode in the UK. Unlike Jersey, there is no minimum income requirement – merely occupying an Open Market property gives residents the right to live and work here for as long as they wish. Some Open Market properties are even used as holiday homes by globally mobile families, whilst others

©Wilson Estate Agents Jersey

are only occupied for a few months a year by those who like to follow the sun and migrate to warmer climes during the winter. Jo Stoddart, Managing Director of Quintessential Relocation Consultants says: “It really is that simple – although not widely understood. Come and find a home you’d like to live in, and the island, with all its continental charm and beauty, is your oyster.” Jo has been relocating people to the island for many years and explains its enduring popularity: “Guernsey not only provides a dynamic environment in which to do business, it is also safe, family-friendly and offers an exceptional quality of life. As with any move, professional guidance and local knowledge make an enormous difference. It is my job to take care of all the details so that my clients are free to hit the ground running and get on with their new lives.” Residents of Guernsey enjoy a few additional, and not insignificant, perks. There are no inheritance taxes, death duties, wealth taxes, capital gains taxes or VAT. In fact, there is only income tax, which for individuals is generally charged at a flat rate of 20% after deducting personal allowances. And finally, a location closer to France than England provides ‘the best of both worlds’ lifestyle - the relaxed and exotic feeling of being abroad, but without the language barrier. With stunning beaches, excellent schools and high quality healthcare – why not come and see for yourself?

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Bespoke relocation services ...the easy way to step straight into a new life in the Channel Islands

rsey

• Independent buyer’s agent acting on your behalf to find the right home • Property search and negotiation service

To find out how easy relocating to the Channel Islands can be, please contact Jo Stoddart or Helen Hart:

• Finding the right school for your children

Jo Stoddart Guernsey office T: +44 (0)1481 257200

• Helping you to settle in and make new contacts

Helen Hart Jersey Office T: +44 (0)1534 854574

E: info@qrcci.com | www.qrcci.com

• Single point of contact to coordinate all your relocation-related issues

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CHANNEL ISLANDS

RELOCATION

relocation With low direct tax rates and continuous economic strength, the offshore world has much to offer. Jonathan Hughes and David Cooney, of leading international law firm Ogier, explain

any of the world’s leading international finance centres comply with international bodies such as the IMF and OECD. Tax systems and infrastructure have attracted a significant talent pool of international banks, major accountancy firms, international legal practices and financial services companies, all with highly skilled workforces. This is all supported by excellent transport networks to other parts of the world. The quality of life enjoyed by offshore residents is second to none, from stunning locations, leisure and pleasure opportunities, the offshore world has it all. In addition, the education systems in place are world renowned and the health services first class. In the case of the Channel Islands - the Islands’ legal framework, tax system and infrastructure have attracted top tier corporations across international banking, finance and legal sectors. This blue-chip presence is supported by an excellent transport network with reliable sea and air links with UK and Europe, including regular air services to London, Geneva and Zurich. Quality of life enjoyed by island residents is a major draw - close proximity to France adding a distinctly European feel

CHANNEL ISLANDS HIGH VALUE RESIDENCY A recent uptick in HNWIs relocating to the Islands has not only seen wealthy retirees putting down roots but also young families relocating to live and work. The pleasure of being able to head to the beach with family and friends within a few minutes of leaving the office is attracting a new, younger demographic to the island. A compact and bijou community – property is finite in supply and understandably in demand. Choice is nevertheless varied ranging from £1m+ stylish marina apartments through to multi-million pound bespokebuild residences with swimming pools, tennis courts and acres of land and gardens. Recent trends suggest that HNWI newcomers to the Island are not only purchasing traditional homes, but are also investing in residential sites where there’s the opportunity to develop new, contemporary, low-carbon homes. For such investments, employing the services of a property search consultancy, as well as seeking specialist legal advice is recommended. with Michelin-star restaurants serving the freshest seafood and locally grown produce. From international film and nouvelle cuisine food festivals to scenic countryside and stunning beaches, opportunities for pursuing pastimes and leisure activities are plentiful.

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R E L O C AT I N G O F F S H O R E

Idyllic

Finding a location that offers the very best tax advantages might be your driving force, but choosing a jurisdiction that is to become your home is about much more. The key is to settle somewhere that works for your wealth but, first and foremost, works for you and your family too. The British Virgin Islands, Cayman Islands, Guernsey and Jersey are independent, low or no tax jurisdictions. They are cosmopolitan islands that offer a beautiful, secure place to live with traditional values sitting at the very heart of our contemporary lifestyles. Respect and privacy are enjoyed. Business and leisure opportunities abound, the schools are superb and the health services on these islands are first class.

International Law Firm of the Year

Ogier Contacts For more information about relocating offshore please contact: David Cooney Counsel - High Net Worth Relocation Asia and Caribbean

Jonathan Hughes Partner - High Net Worth Relocation Europe

+1 345 815 1851

ogier.com

Private Client and Trusts Law Firm of the Year 2014 in Cayman and Guernsey

+44 1534 504111

Information on the Ogier Group and details of its regulators can be accessed via our website.

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www.lovellsproperty.com

Currently being utilised as a guest house this delightful property offers room for expansion

Clos de Vaul Creux, Sark. Farmhouse in idyllic setting. Clos de Vaul Creux is located within easy reach of the main village centre including the shopping areas, restaurants and cafes. The property comprises the main farmhouse an ajoining single storey commercial centre (formerly a pottery) and to the rear a Cottage which together provide a delightful setting for a Bed & Breakfast paradise. Licensed as a guest house for 12 guests and owners accommodation, a catering licence for forty and a liquor licence for residents only, this is a good opportunity to acquire a property with great potential.

FOR SALE ÂŁ795,000 Long Leasehold interest available Contact Chris Lovell on +44 (0)1481 723636 or chris.lovell@lovellsproperty.com

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www.lovellsproperty.com

Slow down and relax.

Our experience and attentive service will help make the move to Guernsey even more satisfying.

There are many advantages to living in Guernsey, Alderney or Sark. These include a healthy economy, excellent public services and a low crime rate, combined with the financial benefits of a low rate of income tax, no Capital Gains or Inheritance tax and zero VAT. Those who have chosen the Island as home enjoy a quality of life which is relaxed and uncomplicated, and yet allows one to enjoy a variety of leisure pursuits that only an island can offer.

SALES. MANAGEMENT. LETTINGS. PROFESSIONAL

Lovell & Partners Limited, PO Box 50, 11 Smith Street, St Peter Port, Guernsey, Channel Islands GY1 4BA

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For more information of how we can help you make the move to the Islands, or details of specific properties currently available please contact Chris Lovell on +44 (0) 1481 723636, email chris.lovell@lovellsproperty.com or visit our website. We look forward to helping you.

www.lovellsproperty.com

15/01/2015 17:04

CHANNEL ISLANDS

The Best

OF BOTH WORLDS Jersey is an appealing place to conduct business as Helen Ruelle, Partner, Jersey and Gavin Renault, Head of Property, Jersey of offshore law firm Mourant Ozannes explain

ersey has many enticing relocation strings to its bow. The ability to undertake a high powered and rewarding city job against the background of a slower more balanced pace of life attracts many new businesses and residents to the Island year on year. Coupled with low tax, a solid regulatory infrastructure, opportunities for investment and a prospering property market, it’s an attractive choice of location to establish a new business or to introduce an existing branch of a business offshore. The key to the success of that new venture however is to ensure local rules and regulations are adhered to – that way any company transfer or start-up can be swiftly and easily settled into the corporate fold.

from local authorities and regulatory bodies. The company must have a clear business plan and awareness of its goals and aspirations for the future as well as being able to demonstrate the positive benefit it will bring to the Island and potentially to Jersey’s economy.

Compliance counts The actual process for setting up a new business on the island is straightforward, but certain requirements have to be considered in advance. An entity must obtain a business licence before providing or operating any services in the Island. The business may also require additional consents 106 Abode2 // Volume 2 Issue 7

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Prospering property market Those relocating to the Island will most likely need business premises and residential accommodation. Mourant Ozannes’ highly skilled and experienced property law team is focused on providing clients with expert property advice on all commercial, residential and financial transactions. The last 12 months has seen an increase in activity in the property market with this trend likely to continue. Vive la difference There are several key differences between Jersey and UK property transactions. The Land Registry of England and Wales guarantees title to registered land, whereas the States of Jersey do not guarantee title to property. Transactions recorded in the Jersey Public Registry serve as a record for public inspection and do not provide any guarantee of title. Ultimately the legal firm acting for the purchaser/tenant effectively certifies a good and marketable title to their client. There are also some key differences relating to assignment, privity of contract and termination. Lease differences Leases for a term of over nine years are known as “contract leases” and are passed before the Royal Court and registered in the Public Registry. Leases for a term of nine years or less are known as “paper” leases and are signed by the parties and not registered in the Jersey Public Registry. No stamp duty is payable on paper leases.

BUSINESS ESSENTIALS • Use specialist legal advisers to help with new business set up and relocation. • Ensure familiarity with local laws, rules and requirements. • Be prepared for Jersey’s idiosyncrasies – it is a great place to do business but there are differences to be aware of. • Engage your legal property team at the earliest possible opportunity given the regulatory differences in Jersey property law. • Consider your fit out requirements. Will you use a local contractor or bring in your own specialists? In the latter event, specific consent needs to be obtained. Residential restrictions In terms of residential property, there are restrictions on the type of property that can be leased or bought depending on the housing qualification of the individual. Cost considerations Stamp duty is payable on the acquisition of property and on contract leases by the purchaser/tenant on an accumulative scale. A sales tax was introduced to Jersey in 2007 (GST) and whilst there are some similarities between GST and VAT, incoming purchasers/tenants of commercial property should be aware there are some significant differences. www.mourantozannesproperty.com Jersey: +44 1534 676 380

Local expertise. International reputation. Mourant Ozannes is an offshore law firm advising on the laws of the BVI, the Cayman Islands, Guernsey and Jersey. Our clients include many of the world’s leading financial institutions, public companies, corporations and fund promoters as well as high net worth private clients. We are chosen regularly to work alongside the most respected international law firms with whom we enjoy deep and longstanding relationships. In our four jurisdictions, no other offshore law firm has more top tier directory rankings than Mourant Ozannes (Chambers & Partners, IFLR1000, Legal 500, 2014). “Mourant Ozannes is undoubtedly a first choice firm.” Legal 500 “Their service is second to none” Chambers & Partners To ﬁnd out more visit mourantozannes.com

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‘No one knows Jersey high-net property better than Margaret Thompson’ Thompson Estates are justifiably proud of our reputation as a bespoke Estate Agency. We offer a service that is unmatched by any other local Estate Agency. With our award winning premises located on Jersey’s busiest High Street, and over 30 years experience in the property business, there is no wonder Margaret Thompson is the first choice for new incoming high net worth clients.

If you are looking to sell or relocate to Jersey, contact Margaret in the first instance. Confidentially and integrity assured. Contact Margaret Thompson to sell or purchase on 07797 711 190 or email margaret@thompsonestates.com

R www.thompsonestates.com

R 5 King Street, St Helier, Jersey JE2 4WF

Property, done properly

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15 14:55

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Hartmann Designs +44 (0) 20 8694 6915

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info@hartmanndesigns.com

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15/01/2015 11:45 17:04 27/06/2014

USA

Investment Clouds and SILVER LININGS As property prices head higher in the Sunshine State, it’s the locations with a pathway to international markets stealing the investment limelight. Laura Henderson reports

nce upon a time the prospect of a sun-kissed holiday home across the Pond was a dream aspiration for legions of UK buyers. US house prices were on the up and up and life in the greenback economy was good. 2006 marked an abrupt end to the fairytale: a decades-long binge of fevered price appreciation that we’ll never forget nor probably ever truly comprehend. While the market these days still has some way to recoup, with around 6.4m homes still in negative equity, most industry pundits acknowledge that recovery is well under way with higher median prices, more new listings, and the continued stabilisation of inventory. More interesting perhaps is the return to market of overseas buyers. Take Florida. Last year’s tally from the National Association of Realtors confirms nearly a third of all U.S. sales to foreign buyers came from the Sunshine State, helping to bolster a still flagging market: (the latest Standard and Poor’s indices show that real estate is 30%+ below its 2006 peak.)

This is helping the decision making process and giving buyers extra leverage to move to a more select neighbourhood for a reduced outlay. Fundamentals such as good transport links and a superior quality of life are also back on the wish

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social capital. “The area has a steady flow of newcomers,” adds Anthony Jaquinto of Remax Realtec Group. “Jobs are being created not cut, the local economy is diversified and developers are now building tracts in small phases to prevent a bubble of unsold inventory.” Home to a culturally diverse mix of homeowners, sought after neighbourhoods Clearwater Bay, North Beach and Grovewood are “safe prospects”. Condos can be picked up for $270,000, luxury villas $400,000 a piece. list particularly in locations with a low-supply, high-demand ratio – cue places like Vero Beach, St Petersburg and the Florida Keys. “Buyers are also keeping an eye on capitalisation potential, (likely future income return expressed as a percentage of the original property price) and looking at areas where values are still largely on an upward track,” advises Lisa Dorek of Remax Advance Realty. “That way they maximise their chances of bagging a genuine deal.”

PICK OF THE BUNCH Clearwater A haven for retirees seeking sun and relaxation, working in this vintage Gulf Coast resort’s sustainable favour, is its pristine barrier-island location, Mediterranean climate and

Florida Keys Joined to the rest of civilisation by nothing more than a narrow umbilical causeway, the sought-after hideaway of the Florida Keys has long been associated with big name authors and movie stars, from Bogart to Hemingway. These days the bohemian attractions of this polka-dot island chain are luring an altogether different clientele - investment savvy soon to be retirees looking to dock in one of the few remaining unspoilt corners of the American continent. The areas’ resilient performance has a lot to do with its wide open ‘cruise ‘n’ sail’ peninsula, making it one of the largest unexploited waterfront lots still in Florida, much of it under strict environmental controls. “Constrained new build and a ‘keep it green’ policy have helped to sustain a healthy minimum pricing floor,” says Megan Behmke of Compass Realty. Raffish Key West, the islands’ heritage hot spot, is a good starting point with the luxury 3-bed condos with pool access selling for $390,000. Choices do open up however, for those willing to consider the lesser-known islands, with prices ranging from a more modest $170,000 for a luxury mobile home in the Middle Keys to upwards of $2m for a five-bedroom detached home with private mooring in the charter boat capital, Islamorada.

Vero Beach Voted one of the top cities in the Sunshine State in which to buy by CNN Money, Vero Beach on the northern fringes of Florida’s fabled Treasure Coast is a slow-mo respite from southerly over-frequented neighbour Miami, yet the overall feel remains upscale, with its Intracoastal waterways, ancient pine forests and cultural wealth. Income per capita growth is also gaining on that of neighbouring Palm Beach, the State’s Volume 2 Issue 7 // Abode2 111

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USA

TOP TIPS FOR A STATESIDE STEAL Pre-construction sales can be risky at present, with any number of reasons why a given project will not go through; zoning, density, as well as an inability to reach a minimum threshold of sales by a certain time. Warning signs are under-capitalised finances and a request for high deposits of 20% plus. Make certain that the cost of any ‘incentive’ to buy is not built into the price of the home, it should be a legitimate perk. Most importantly if the promotion involves financing don’t be coerced into dealing with a particular lender as a prerequisite to the sale. If an offer sounds too good to be true, it probably is.

richest county. “Sellers may not be seeing the previous big bucks,” says Ginny Mitchell of Coldwell Banker, “but entrylevel prices for deluxe waterfront homes along the town’s scenic South Beach, while down 25% of the highs are generating enquiries. Average annual property price appreciation is also now hitting a steady 3%.” On the market with Vero Coastal Homes are a limited edition collection of front line luxury condos in the Bay Tree complex on Vero Beach Barrier Island. Prices start from $300,000 to just over $1.2m.

Take a good look at expense ratios. How you plan to cover the maintenance and upkeep costs of what you buy is critical to work out in advance. A desirable location is key - lowdensity build, quality facilities and not a ‘cookie cutter’ proposition are all important factors, particularly when you come to sell. Everyone attaches a certain cachet to what they go for when they rent. You should be equally discriminating when you’re looking to invest. Remember that the true test of investment strength and desirability of a property is whether the local market can hold its value relative to other equivalent areas during an economic downturn. Focus on that and your investment may well have a happy ending.

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Abode2

R E T I R I N G A B R OA D? We’re with you all the way. If you’re considering retiring to the sun, we understand that it won’t be without a little trepidation. But as ever, Bupa is here to help with international medical insurance that gives you access to a 24/7 helpline and a choice of local medical centres of excellence. So you’ll have peace of mind in the knowledge that you can take us with you on your new adventure. For more information or to receive your FREE guide to retiring abroad call us today or visit us online

+44 (0) 1273 322 079 www.retireabroadwithbupa.com Our guides to retiring abroad are full of helpful tips and information that will help you to start making plans, with confidence. Bupa International may not be able to provide cover in some jurisdictions as local restrictions may apply.

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Premier DeveloPers We are pledged to the letter and spirit of the U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status or national origin. Oral representation cannot be relied upon as correctly stating representations of the developer. For correct representations make reference to the documents required by section 718.503, Florida Statues, to be furnished by a developer to a buyer. Obtain the property report required by federal law and read it before signing anything. No federal agency has judged the merits or value, if any, of this property. All features, dimensions, drawings, graphic material, pictures, conceptual renderings, plans and specifications are not necessarily an accurate depiction and are subject to change without notice, and RIVA-139 Abode2_sprd_JAN.indd Developer expressly1 reserves the right to make modifications. BSP Job #: RIVA-139 Abode2_sprd_JAN Client: RIVA Description: RIVA Ad Mech: 1 Date: December 18, 2014 9:42 AM Mech Person: GU PUB: Avenue Magazine

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Size: 420mm x 297mm Spread Bleed 3mm

Color: 4c

Material: PDF

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The one in Fort Lauderdale theyâ&#x20AC;&#x2122;re all talking about.

Riva is the new riverfront condo that every agent who sells luxury has at the top of their list. And every buyer who wants to live on the water has squarely in their sights. With over $55 million in sales, Riva is already the most successful new prestige address in town. And with exceptionally large 2 and 3 bedroom models from $700,000 to over $3 million, it has the answer for everyone who wants to live right on the water. And above it. Visit our waterfront sales gallery just north of Sunrise, across the river from Galleria and the park. Entrance drive at 1180 N. Federal Hwy. +1.954.233.3288 riva-condo.com.

La Dolce Vita Where the River Meets the Park.

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USA

A Sunshine State of Mind T

aking pride of place in the global Top Ten of luxury property destinations, Miami is in esteemed company for a second year running alongside chic retreat Cote d’Azur, Hong Kong, London, New York, Paris, San Francisco, Sydney and Toronto. South Florida has always been a choice locale for overseas buyers looking to purchase second residences, vacation homes and investment properties. CBRE’s latest Capital Markets report lists Miami as one of the top five cities in the US for investment by Asian investors over the past year. During that time period, Asian investment across the US as a whole increased by 23%. Over the course of 2013-2014, S&P/Case Shiller’s Index also confirms Miami as the top major city in the country for residential real estate price appreciation. But while this buzzy, beach city remains the top destination for some, Fort Lauderdale is quickly gaining investment ground among buyers from Europe, China, UK, Toronto and

Michelle Farber Ross of MMD Realty reveals why South Florida is firmly back in the investment spotlight

South America. Fort Lauderdale International Airport’s US $2.3 billion upgrade is playing a key role in this conversion as airlines continue to add more direct routes; including London, Lima and Scandinavia.

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PROPERTY SPENDER PICKS • $500,000 Detached, three-bed property comprising 2,500 square feet in Weston. Luxury two-bed turnkey apartment in Fort Lauderdale Beach. • $1,000,000 Spacious 3,500-4,000 square foot villa with garden in Parkland. Three-bed designer apartment in Sunny Isles. • $2,000,000-$5,000,000 Luxury, three-bed beachfront penthouse with roof terrace in Fort Lauderdale Beach. Fivebed, 10,000 square feet bespoke build mansion in Boca Raton. • $5,000,000-$10,000,000 Prestige brand, oceanfront home with all the trimmings – cue Trump Towers, Auberge, and Armani Casa. • The Sky’s the Limit Hillsboro Mile Mansion ‘Le Palais Royal’ - a steal at US $139,000,000. Price wise - South Florida inventories have dropped 30% from 2 years ago with home values on the rise. Attractive prices could be the reason for this popularity surge. The average price per square foot of a luxury home in South Florida currently stands at US $570, compared to US $1,000 in San Francisco and upwards of US $5,000 in London. Small wonder that savvy international buyers are homing in on the region’s ‘room-for-growth’ potential, not to mention ease of access, a rich cultural mix and balmy climate. As to what lies ahead for would-be investors – all signs indicate that the wider Florida market will be trending upwards over the next three years. In 2012 and 2013 economic growth was on a go-slow. Growth has however since accelerated to 2.6% in 2014 and 2.7% in 2015, with projections of 2.8% in 2016 and a robust 3% in 2017. With an attractive mix of new development projects taking shape along the coastline, now is a great time to buy a piece of Florida Sunshine.

LOCATION LOWDOWN FORT LAUDERDALE A city that can never be entirely separated from its funand-sun mythology and the raucous spring-break hijinks immortalized in such 1960’s movies as ‘Where the Boys Are’, many visitors to Fort Lauderdale never leave the promenade, with its signature white wave wall, or Las Olas Boulevard, the Rodeo Drive of Fort Lauderdale. But the more curious will ﬁnd examples of the city’s rich leisure and pleasure mix. Known as the Venice of America, the city is home to over 300 miles of navigable sparkling waterways, which snake through this city and county of one million, and are trafficked with astounding yachts as well as many smaller vessels, each captained by enthusiastic nautical lovers from all over the world. These coveted waterways are home hunting heaven - lined as they are with spectacular mansions, many owned by some of the country’s most successful business tycoons. Port Everglades the second-busiest cruise port in the world is truly international and atmospherically lively. Better still, the port is close to the center of town. In minutes, you can be dining in quaint local eateries, or watching wild Brazilian squirrel monkeys scamper through lush estates. Beachfront hotels excel at five-star, as do the Blue Wave certified beaches. Fort Lauderdale’s development as a fine dining destination is gathering pace. From the casual-but-classy to the impeccably indulgent, the city is now a mini foodie haven, with the likes of celebrity chef Steve Martorano and Lauren DeShields providing oodles of cool cuisine flair.

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Turn your dream vacation into reality Magic Village Resort celebrates the luxury second-home lifestyle in a unique location • 24-hour Concierge style community • Bespoke design homes • Secure and private environment • Premium resort facilities

info@magicvillage.com +1 407 992 8802

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Magic Villageâ&#x20AC;&#x2122;s Orlando location is unique, next to Disney area and less than 1 mile away from Disneyâ&#x20AC;&#x2122;s Animal Kingdom Park, in Kissimmee. Surrounded by theme parks, restaurants at the heart of everything, the resort is also just an hour from Clearwater and Daytona Beach and forty minutes from St. Petersburg. The Club House is the community centrepiece, complete with restaurant, pools, sun deck, jacuzzi, indoor spa, sauna, gym, tennis courts, and 24 hour Concierge. With 124 houses, and 2 different floor plans, bespoke design properties are contemporary in feel and feature all modcon essentials. Magic Village Resort offers all the convenience, resort facilities and priveleged guest services any homeowner could wish for.

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CITY CHIC

Game,Set

and Paris Match A new pecking order in luxury real estate is luring greater numbers of foreign buyers to the City of Light. James Matthews pays a visit

owhere does nostalgia quite like Paris: the Gothic buildings, the ornamental fountains, the gilded walkways across the Seine - all intricate reminders of a city inextricably linked with its past. It seems that same ‘vintage’ mind set can be applied to investor sentiment at present, according to James Price of Knight Frank, with analysis of 2014’s budget implying a rejection of the negative tax narrative that has blighted much of President Hollande’s term to date, with welcome initiatives such as additional CGT discounts to foreigners now filtering into the fiscal mix. The latest statistics from the FNAIM also reveal the French capital to be performing well in the premium sector of the residential market. In Île-de-France, the region which includes Paris, prices are up 6.7% compared with 2007. In the adjacent Nord-Pas-de-Calais regions prices have increased

3.7%. Top-end property values in Paris, meanwhile, are up 14% since 2008, according to a study by the Indice Notaire Insee. Buyers are an eclectic mix of nationalities, according to Iris Tang of Dauphine Immo. “Middle Easterners and Singaporeans are increasingly active as are the Chinese, who now account for around 7% of the market. Upwards of 10% are now Russian investors with renewed interest from both European and US buyers. Typical value investments come in around the €3 million mark for a traditional pied à terre but some are looking for larger estate investments to the tune of €25 to €40 million.” Those looking for a bolthole buy will find other fiscal inducements. “In the case of the UK - France applies a tax credit in relation to UK tax paid on some forms of income, such as salaries and dividends, where these are taxable in

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both countries,” explains financial expert Simon Conn. “For the UK state and private pensions, a 10% allowance is applied before these are taxed in France, whereas a tax credit is applied to government-earned pensions. For families considering a purchase - mortgage rates are extremely competitive at present and currently start from 2.15% and you can possibly borrow up to 80% of the value of the property subject to your financial profile and property valuation.” Compared to rival capital cities, particularly London, belle epoque Paris also boasts relative affordability. Prime prices, at approximately £12,000 per square metre, are at a similar level to where they were three years ago. The 6th, 7th, 8th and 16th arrondissements remain the most sought-after locations among foreign buyers with the 2nd gaining in prominence. New developments, confirm Knight Frank, partly due to their scarcity are selling well thanks to international demand. Situated in the desirable 7th arrondissement one boutique project attracting its share of attention is 140 Rue De Grenelle. Set within exclusive, private landscaped gardens, the development has an impressive 300 year pedigree dating back to 1724, when it was built by the Duke of Noirmoutier. Today,

the collection of just 17 townhouses, apartments, duplexes and one mansion offer the epitome of modern day living, complete with 24 hour concierge and security. Stylish interiors, created by French architect Thierry Despont, renowned for the design of the Paris Ritz Hotel, have been carefully considered to maximise space, light and luxury finishes. Ranging from one to five bedrooms, each residence has its own distinctive design from lateral living spaces to spacious master bedroom suites and wine cellars. The two duplex properties are being sold as a ‘shell’, enabling the owner to create their own bespoke interiors and finishes and will include lower ground spaces for a swimming pool and gym. All properties benefit from views of the private landscaped gardens and have secure underground garages, which also feature direct internal lift access into each property. Prices start from £7.5m. Situated in the exclusive 8th district meanwhile and ideally located between Place de l’Etoile and Parc Monceau, prestige agents Daniel Feau are marketing a beautifully renovated private mansion with a sumptuous façade offering a generous 4,850 square feet of living space. On the market for £5.4m, the property comprises a spacious ground level of two bedrooms

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with ensuite bathrooms, the first floor boasting a large master suite with staircase leading up to the second floor and 750 square feet living room with 6 metre high ceilings, and a further guest bedroom with bathroom. Overlooking the living room on the mezzanine is the dining room with adjoining Boffi kitchen, while the top floor offers a haven of tranquillity complete with sitting room opening onto a stunning 400 square foot garden terrace. With laundry room, staff quarters and fitness room located in the basement – the property tastefully meshes contemporary accents with vintage flair – the perfect haute gamme combination.

PARIS TOP PROPERTY SPOTS South of the fashionable avenues, the quays along the Seine - Quai d’Orsay, Quai Anatole France, Quai de Bethune and Quai de la Tournelle are strong contenders for the title of Paris’s most expensive address. As for the top two streets – try the Avenue Montaigne and the Avenue des Champs Élysées.

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BREAK FOR THE BORDER

ross border inheritance issues have always been an involved process even with the best specialist legal advice on hand to steer a steady course through to completion. From this summer however, August 17th to be precise, new EU legislation will come into effect, which will hopefully lighten the load – the new formula expressly designed to streamline the process of international succession and cross-border inheritance.

Current Position At present, individual countries and states each have their own set of rules on private international law applicable to international succession. In England and Wales for example, the domicile of the individual governs which system of law is applicable to different classes of assets in the estate. If a person dies domiciled in a common law jurisdiction, then common law will apply to the succession and administration of the estate as regards movable property wherever situated (assets other than land) and immovable property (land) where it is located. Similar principals also apply under French law, though the definition of ‘residence’ is completely different, which can lead to different solutions being required. Some continental jurisdictions have a “unitarian” approach, in which the law of succession and administration is determined by the law of the individual’s habitual residence (for example Switzerland) or citizenship (Italy or Spain). It is therefore entirely possible for two separate jurisdictions to apply conflicting laws to the administration and succession of the one estate; the net result causing uncertainty and confusion for heirs.

Increasing international mobility can make the process of transferring assets to the next generation a complex process. Cecile Acolas of Rosemont Consulting offers some useful pointers on how to manage the journey Bright Future The new EU legislation will also mean a standardisation of international rules of private law to inheritance law. The Regulation is broad in its application and will also apply to a conflict of laws between both EU and non-EU member states. In general terms, the law of the country in which the deceased had his or her habitual residence at the time of death will apply to all assets. Should the deceased have closer ties with a country other than their country of habitual residence, the law of that country will apply. Under the new Regulation, the location of the asset is no longer relevant, as the Regulation expressly adopts the principle of unity of the deceased’s estate, so the law of one jurisdiction applies to the entire estate. • The Regulation will permit a testator when making his Will to elect to choose the law of his citizenship as the law that will apply to his estate on his death. • The administrative burden will be simplified with the introduction of a European Certificate of Succession, without any additional authentication, as is currently the case. Cross-border estate planning continues to be a complex process and requires the skill and knowledge of a qualified team with experience in resolving international issues. With over 20 years in the industry, Rosemont Consulting can assist with choosing the most suitable approach to take in view of personal and family circumstances: Will, life insurance, pre or post nuptial contracts, gift, and business succession plans - we can also advise on transfers under appropriate and individual specific legal systems. For further advice and updated information, please visit: www.rosemont.mc

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PRESTIGE B Y N AT U R E International buyers propping up prices in London are now setting their investment sights on France’s wealthiest region - Ile de France, as Terence Alldritt of prestige agents Groupe Mercure reports

omprising 8 distinctly different departments of which Paris is the focal hub, the Ile de France is a sought after haven, attracting national and international buyers seeking to settle near the capital while enjoying the lush countryside, a pleasant living environment and excellent transport links. Top investment locations with overseas investors include Versailles and Saint Germain en Laye primarily for their proximity to the bilingual schools but also for their ‘old world’ charm. More recently however the South and the East of Paris are catching up and experiencing an increase in popularity bolstered by property choice in Fontainebleau and Disneyland. Prices, which are comparable with those in other major international cities, are competitive having recently undergone a decline of around 5 to 10%. Property stock on the fringes of Paris is also in healthy supply and offers opportunities in a hesitant economic context but with interest rates that are low. 126 Abode2 // Volume 2 Issue 7

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WHERE TO INVEST Ile de la Cité and Ile Saint Louis The old-school heart of Paris, Ile de la Cité and chic neighbour Ile Saint-Louis are a cocooned world apart from the hustle and bustle of the rest of the capital. Most buildings date back to the early 17th and 18th centuries, one magnificent example being that of Hotel Lambert, a statuesque 17th century mansion located on the Ile Saint-Louis, owned by the Rothschild family and recently sold for over €60 million to the Emir of Qatar. Property prices on the islands range from €16,000 to 20,000 per square metre for a front line river property to €14,000 to 16,000 per square metre for a central island location. On the market for €1,100,000, Groupe Mercure is marketing a beautifully renovated apartment overlooking the tranquil Place Dauphine. Built in the 1600s during the reign of King Henri IV, this 50 square metre home makes the ideal ‘pied a terre’ and offers excellent rental prospects. Avenue Foch – 16th arrondissement One of the most prestigious avenues in the capital opened in 1854 by Napoleon III, Avenue Foch was constructed to link the Champs-Élysées and the Bois de Boulogne. The route’s unique feature is the copious amount of greenery with unpaved bridle paths running along each side. The surrounding district is home to plush Haussmann-style buildings, luxury residences and mansions. Property prices per square metre today range between €11,000 and 15,000. Groupe Mercure is marketing two stunning turnkey properties - a three-bedroom apartment on the north side on the market for €2,840,000, and a smaller two-bedroom apartment on the south side priced at €2,350,000.

FAST FACTS ILE DE FRANCE The cradle of the French monarchy, the Ile de France dates back to the 14th century and was then applied to the land bounded by the Seine, the Ouse, and the Marne Rivers and their affluents. Today, the region includes the city of Paris and surrounding area, yet it remains one of the smallest régions in France geographically, covering only 2% of the total area of the country, while its 11 million inhabitants, represent almost 19% of the French population, making it one of the most populated urban areas in Europe.

LE SENS DE L’EXCEPTION EXCEPTIONAL PROPERTIES THROUGHOUT FRANCE SINCE 1936

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The French Connection W

hen it comes to relocating abroad – financial perks and a quality lifestyle go hand in hand. Those considering a move to la belle France, however, may not immediately rank the country high on their list of ‘go-to’ locations for tax benefits. Many may, in fact, fear that by declaring themselves French residents they will be subject to high taxes. Or, they may believe, incorrectly, that they can continue to declare themselves UK residents while living in France. In France, residents are assessable to tax on their worldwide income. That means a pension being drawn out of the UK, by a French resident, must be declared in France. One example of numerous favourable French tax deductions, over the UK system, is that of 10% on pension incomes, which is capped at €3,689 per household. France has a ‘parts’ system for income tax, which means that one person in a couple earning £100,000 (the other earning nothing), would be viewed in France as two people earning £50,000, with both entitled to their own allowances and low tax thresholds. This means that, in theory, a couple could change from being high rate tax payers in the UK, to low rate tax payers, merely by moving to France. As in the UK, residents in France are subject to capital gains tax, with capital gains on investments added to household income and subject to standard tax bands and rates. In France, however, those gains can be reduced according to the length of ownership of the investment assets, by 50%, after just two years and 65% after eight years. A further means of reducing ones tax liability in France is through the use of French-approved life insurance investment structures. There are tax benefits to be gained if these insurance policies are used correctly and planned ahead of a permanent move to France. With these structures, any capital invested can be withdrawn in a highly tax efficient manner, as much of the

Moving to France is a dream that many share. Robert Kent of tax and investment consultancy Kentingtons explains how relocating full time can work to your financial advantage

withdrawal is deemed as a return of the original capital. Indeed it is possible to receive a significant income and yet be a low rate tax payer due the impact on what is deemed “taxable”. There are also inheritance benefits linked to these policies. If descendants are identified as beneficiaries to the policy, no inheritance tax is payable up to €152,500 per person, on top of the standard inheritance tax allowances. Estate duty over and above this sum is set at 20% rising to 25% for very large sums. This compares well to UK inheritance tax of 40% for assets over the nil rate band of £325,000 per person, thus living in France clearly benefits those with larger estates. Regarding wealth tax, the current UK/France Double Tax Treaty exempts assets held outside France from liability to French wealth tax for the first five years as a new French resident. It is possible to leave and return, restating this five year term, whilst still spending up to half the year in France. There is also a tax ceiling of 75% of income which includes all taxes, meaning that if the majority of your income comes from certain types of investments, your wealth and income tax bills may not be as high as you might expect.

ABOUT KENTINGTONS Kentingtons provide tax and investment advice, in combination, to private foreign individuals moving to France and to those already living in France. Registered as “Conseil en Gestion de Patrimoine Certifiée” the company can advise on and assist with all personal financial matters including wealth tax, income tax, succession law, marriage regimes, capital gains tax and even guidance on the French health system.

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New York Stories Stylish condos and super-scraper apartments are challenging the real estate status quo in the Big Apple, with foreign buyers leading the way. Laura Henderson reports

ind back the clock to prime time ‘Sex and the City’ days and you may recall Carrie nursing her ice-pink Cosmopolitan and moaning about the prospect of having to buy her beloved apartment: “I’m a New Yorker,” she ranted. “I rent.” Pre-2008 most NYC residents were of a similar mind-set. They were buying into the market by the hour and for good reason: prices were shooting up. Seven years on from the financial crisis and the US economy is on the up although The CaseShiller home price index still puts property prices in the Big Apple at 20% below their 2006 peak. Green shoots growth is primarily focused around the city’s elite Downtown district which continues to draw HNW investment thanks to a potent combination of must-have features: limited space, a wealthy investor pool and one-of-a-kind property. “The city has never really solved the housing shortage that began after WWII,”

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stream, Curran adds, also reveals a shift in the appetites and aspirations of buyers for whom a building’s design has become its investment pedigree. More than a dozen high profile projects have recently broken ground ranging from hi-style, minimalism and super-scraper lofts by celebrity names such as Rafael Vinoly and Frank Gehry to smaller but equally fashionable Art Nouveau projects with attitude. “New York has a long history of rich people wanting to live in the clouds,” says Chris Fry of luxury agents Elegran. “When the city’s first luxury residential towers were built in the 19th century, they were marketed as technological triumphs, packed with hotel-style extras. We’re now seeing a natural progression, with technology matched by architectural and interior design priorities. Some projects are nothing more than flash expressions of vanity, while others fulfil a dual-role, offering a much-needed break from the classic street front, as well as meeting the demands of today’s ‘work-hard play-hard’ buyers and the environment they inhabit.” 432 Park Avenue is the latest example of a race skyward among luxury residential developers. This residential tower under construction in Manhattan will have plenty of opulent amenities to draw well-heeled investors: The units, which start at $7 million, feature private elevator landings, 12.5-foot ceilings, separate servant entrances, heated bathroom floors and the option to buy additional climate-controlled wine cellars and guest apartments. The building will have a 75-foot-long pool, a private restaurant for residents, room service and catering, even chauffeur service. But for all of the over-the-top accents, the stand-out feature set to attract buyers will be its height, jutting 1,396 feet into the air over midtown Manhattan upon completion in 2015. Developed by CIM Group and Macklowe Properties, it will be New York City’s third-tallest behind One World Trade Centre and the Empire State Building. “432 is a prime example of developers taking multifamily buildings to staggering new heights,” explains Emmanuel Dessin of Exit Realty Landmark. “They’re vying for the prestige that translates into larger returns on investment while

explains property consultant Alan Curran, “added to which, there’s a steady influx of buyers who just love the lifestyle on offer.” Room to negotiate, coupled with lower interest rates are also making for ‘favourable conditions’ for overseas buyers.” “The number of foreign buyers has doubled in the past two years,” confirms Jonathan Miller of research consultancy Radar Logic, figures backed by the National Association of Realtors, which report nearly one in five realtors have sold a home to an international client in the past year, with a third of this lucrative market from Europe: “The city is also attracting buyers who have lost faith in other US hot spots like Florida, with a bolthole in New York seen as a prudent investment that’s likely to hold its value.” Increase in demand, adds Curran, has also been fuelled by a building boomlet of high-rise luxury condominiums in sought-after districts: “Historically over 75% of available real estate stock in NYC was only available for purchase in cooperative buildings, which in most instances preclude buyers from other countries who don’t have credit histories in the US or who don’t intend to use their apartments as primary residences. Condominiums and apart-hotels by contrast, have no such restrictions.” The sheer number of new developments coming on Volume 2 Issue 7 // Abode2 131

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delivering the breathtaking views buyers are seeking. But they are also doing it because they can build that tall and capitalize on the land.” Head to midtown Manhattan meanwhile and the vintage classic St Regis Hotel offers an altogether different ownership proposition. With a velvet-bound visitor book that reads like a who’s who of rock stars and royalty, John Jacob Astor IV scaled new heights in luxury, when he opened the gilded doors of his star-spangled hotel in 1904. Convinced that downtown needed an over-the-top residence that pampered the leisure and business classes in equal measure, New York’s oldest and arguably finest luxury hotel has lost none of its nostalgiainfused charm today, despite a recent Beaux Art makeover under the watchful eye of parent group Starwood’s Director of Renovations Aliya Khan. Oil paintings, porcelain figurines and tapestries adorn the marble-inlaid corridors, while cosy lounges and day rooms are filled with calico covered sofas and boudoir armchairs. Complementing the hotel’s existing 182 room quota, a limited number of one and two-bed private suites are available on a fractional basis. Residences from $169,000 for a 28-day fractional share to upwards of $680,000, boast ten-foot ceilings and range in size from 430 to 1,183 square feet. Interiors major on classic, muted shades of dusty daffodil, saffron and cream with sumptuous ottoman damask sofas, heavy drapes and cavernous crown canopied double beds. Showstopper bathrooms with double sized Kohler baths are decorated in travertine marble, with state-of-theart entertainment systems, high-speed Internet access and plasma screen hideaway TVs fitted as standard. A value-added component of the ownership package is access to the full range of hotel amenities from customized spa treatments to a yoga and fitness centre with daily housekeeping and 24-hour butler service on tap. “Go back a decade or more and the hotel industry was offering a fairly one-sided product,” explains Jeff Johnstone of specialist agents the Private Residence Clubs, “with little ‘pay-back’ to repeat clients in either capital or leisure terms. The

market has diversified hugely since, with a range of ownership options now available to meet those needs.” Balancing exclusivity with time-tested usage, the St Regis package offers a combination of Fixed and Float time throughout the year. Members can also convert up to two weeks per year for use at any one of parent group Starwood Hotels and Resorts hotels, covering over 850 properties in over 95 countries worldwide. Adds Johnstone: “Typical buyers, will probably have toyed with the idea of purchasing a second home outright, but ruled it out in light of likely limited use. For many, it’s the perfect middle ground solution - a share in a property asset, with a third party to manage the maintenance and upkeep side of things. Full rights of ownership, including selling to others, and buying additional shares is standard, as is a fraction becoming part of an owner’s portfolio of heritable wealth. There’s a certain comfort in knowing that you’re buying into an established brand. Not everyone wants to commit capital to buying a holiday home outright. If you can live with a restricted calendar of occupation, it’s an option well worth considering.”

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Pioneering hospitality For stays in hand-picked New York homes.

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A TALE OF Two Cities

Why settle for one city chic bolthole when you can have several? Laura Henderson examines an innovative shared ownership concept for live-life-to-the-full investors.

rimming with ‘neighbourhoods’ strung together like pieces in one of the world’s largest urban puzzles, New York and London have much in common not least of which is their high-octane vibe. Today, both cities continue to attract a well-heeled, cosmopolitan fan base; a ‘captive’ investor audience that hasn’t passed travel industry expert David Rogers by. As a former COO of luxury travel company Abercrombie and Kent and a Founding Director of Oxfordshire based consultancy Rocksure Property, Rogers has a keen eye for top-notch locations; his creative zeal now channelled into the development of a flexible and intelligent ownership concept that has been quietly revolutionising the ‘second home’ investment market. The idea, Rogers explains, is “simple enough”. A limited number of investors buy an equity share of a company,

which purchases and owns a portfolio fund of luxury properties in glamorous destinations around the globe. In return, investors enjoy a guaranteed return against future

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inflation from annual rent-free holidays for the life of the Fund. With a built-in exit strategy, individual Funds are then sold and any capital gains repatriated amongst investors. Profits can then either be banked or invested into another Fund. “What makes the concept interesting is that individuals can use their property and a collection of others in the Rocksure portfolio as homes away from home, and at the end of their tenure, those that invest stand to make capital gains on their initial investment,” he explains. Along with business partner Desmond Patrick-Smith, Rogers has raised over $30 million from 150 investors since the company’s launch in 2006, many multinational clients now “rolling over from family holiday villas (of the Crystal Fund) into turn-key city apartments (of the newly founded London and Manhattan Funds). The Fund’s first duty, he adds, is to buy really well with a view to a capital gain at the end of its life, but “a close second” is to choose locations and houses in which shareholders can enjoy themselves with family and friends without having to lift a finger while they’re there. Investments are conducted on a cash-only basis, which side steps the need for expensive gearing and mortgage bureaucracy. Buyers also avoid the hassle of dealing with the legal aspects of purchasing abroad Rocksure handles all this on behalf of the owners. Destinations have been chosen carefully to give a spread of long and short-haul and solid medium-term capital growth opportunities. While the life of a given Fund is seven to ten years, this period only kicks in following the completion and purchase of all the properties. Adds Rogers: “This means that those buying early in the game can take advantage of a ‘bonus period’ before the full complement of properties has been acquired.”

Now with five successful Funds through to completion, Rogers has set his sights on a city footprint with the launch of the company’s London and Manhattan Funds. “Previously we have seen lifestyle led decisions with the property as an incentive. In both London and New York, however, we expect to see the opposite, property led decisions with lifestyle as a secondary concern. The appeal will span from downsizers looking to keep a foothold in their ‘home town’ to overseas professionals who don’t want to miss out on fast-paced markets.” With high quality 2-bedroom apartments in central London already costing £3million or more, Rocksure’s offer of a hassle free entry into the market at a fraction of the usual cost, is a shrewd application of prime time bricks and mortar ownership. “Growth in prime central London property has now slowed with many attributing this to feelings of uncertainty in the run up to the 2015 general election,” he adds. “Prices are expected to surge again after the election by as much as 8% in 2016 alone. As for New York - ranked as the largest global real estate market by sales volume, the city stands out among world cities as receiving the largest share of investment by ultra-high net worth individuals in direct residential property.” As with all of the company’s property portfolios, rather than a significant financial outlay, the Rocksure Fund requires just £245,000 (London) or $350,000 (Manhattan) to secure equity ownership with the opportunity to use properties at times of choosing for an average of 18 and 21 nights each year (respectively), during the 10-year life of the Fund. The first 10 Founder Investors in each Fund will also receive a discount of £10,000 (London) or $15,000 (Manhattan) on the subscription price. Volume 2 Issue 7 // Abode2 135

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A HOME FOR ALL SEASONS Company director John Quinn lives in Hamble, near Southampton. He has invested in the Bravo and Capital Funds. What attracted you to the Rocksure concept? The combination of a number of things: great destinations that we would be happy to visit more than once; it would make us take holidays; the ability to take extended family away too – also the tax efficient nature - instead of receiving taxed dividends we enjoy tax free accommodation; and the term nature of the investment in a relatively secure investment class.

The London Fund will comprise four 2-bedroom, 2-bathroom apartments in coveted boroughs such as Kensington, Chelsea and Westminster in London, and in Midtown, Upper East Side and Lower Manhattan in New York. All will be luxuriously furnished and equipped, professionally managed, offer a maid service, and provide access to a dedicated Concierge Service. As well as enjoying the properties themselves, owners may also lend their apartments to family and friends and, if they choose, roll excess nights forward to the following year. Adds Rogers: “The pairing of the Funds is very deliberate; we see London and Manhattan as a genial duo and are hoping people may invest in both. Other residence Funds cater more to the family market, whereas our apartment Funds tend to be aimed at empty nesters armed and ready to take time out, explore and pursue new interests.”

Have you ever considered buying a second home outright? Yes, in fact we have a small flat on a golf course in Spain. The difference is we can escape to the flat at very short notice while the Rocksure villas require more planning. Which destinations have you spent most time enjoying and why? Thailand is wonderful but we have fallen for the delights of Croatia. The villa is a converted, disused school set in the quiet countryside and surrounded by fields but only 20 minutes from wonderful beaches. The Croatian couple who look after it are, after three visits, now friends; Giovanni is a great cook - no one has been known to leave his table hungry. Have you rolled forward your entitlements to the following year? Yes. Last year we had too many other commitments what with family weddings and the football season, to take up all of our entitlement, so the unused ‘Rocksure £s’ automatically rolled forward. We’ve enjoyed using them up in the current year, including a fabulous time in Portugal where we managed a few rounds of golf. Have you given any thought to reinvesting in a new Fund? The timed nature of the investment clinched the deal for us. Other, similar funds talk about creating an internal market to sell your shares but my concern was that those funds would actually be more interested in selling new shares than marketing existing ones. With Rocksure the fund has to be liquidated and the process is transparent in that the value of the fund is what the properties fetch when sold on the open market. Given there are no mortgages it is pretty straightforward.

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Pioneering hospitality For stays in hand-picked London homes.

Your own front door key in London. There’s a new way to experience what it feels like, before you invest in a property. We believe that hospitality and homes go hand in hand. That’s why we designed a service to give the world onefinestay. We’ve found the best homes in the greatest cities, and we take care of everything for your stay. Already invested in a London property? Learn how our members make the most of their property. Call Humphrey Bowles on +44 7824 512 541 onefinestay.com

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RONIN FARM

Brewster, NY

vailable at $6,950,000, this state-ofthe-art equestrian facility sits just to the north of Manhattan within a comfortable commute. Ronin Farm extends to 52 acres and incorporates a 38,000 sq ft equestrian facility, 50 horse stalls, numerous paddocks and two modern, luxury houses. The main accommodation – a 4,200 sq ft four-bedroomed house – and the secondary, two bedroomed house, were both completed in 2008.

• 52-acre farm and equestrian center • 50 horse stalls imported from London, England • Four-bedroom house • Two-bedroom secondary house

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THE ‘ART LUX’ HOME

Armonk, NY 10504 HATEMA HELEN NEZAJ (BROKER) 617 EAST 188TH STREET BRONX, NY 10458 T: +1 718-365-4310 F: +1 718-367-7386 E: helen@bajraktarirealty.com W: www.bajraktarirealty.com

ffered at $7,900,000, this stunning modern home was completed in 2008 and comprises 6,800 square feet on four levels and over a 4-acre site. Constructed to complement and incorporate the natural rock landscape and to offer privacy, water views and an easy commute to New York, the Art Lux House is your dream home in a dream location. • 6,800 square feet + 1,300 unfinished square feet • Four bedrooms, five full baths & two half baths • Construction completed in 2008 • 4-acre site • Two-car garage • Semi-private lake

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The Art of Luxe Living

CITY CHIC

he Art Lux Home was built in 2008 just north of Manhattan in Armonk, an exclusive area of New York’s Westchester County. This impressive 6,800 sq ft residence is set on 3.94 private acres of tranquillity, with tree-top aspects, natural rock cropping and a waterfront view of a private lake that is shared by just a few other homes. A real ‘foodie’ town, Armonk has many places where one can wine and dine, while the house is also within walking distance of one of Westchester’s finest country clubs and golf courses – the Whippoorwill Club. This is a 500-acre estate occupying one of the highest points in the towns of New Castle and North Castle, the most exclusive parts of Westchester. The Art Lux Home is a four-storey house built into the natural gninnurock ts sihin t ,0order 00,00to 9,7preserve $ ta derethe ff site’s natural beauty and The gnnihas ni d neutlake teslpsim hviews to,c00sa0w ,throughout. 00em 9,7o$h tnard e r e ff detailing includes blue edom stonework, a copper-front arched n i d e t e l p m o c s a w e m o h n r e d o m erauqs 008,6 sesirpmoc dna 8002roof, stained cedar siding and qasr0e0vo8with ,d 6nsaebuilt-in ssilrepvm erceara-au4patio elorcubarbeque, odfnnao80te0e2f cropped into the rock, that )REKORB( JAZEN NELEH AMETAH overlooks the lake. e r c a 4 a r e v o d n a s l e v e l r u etaroprocni dna tnemelpmoofcnoottedeeftcurtsnoC .etis )REKORB(TJA EL8E8H EEZRETNS N HT 1 TASM AEET7A1H6 staircase of cherry wood was handmade eta,yrInside, ocapvriorcpnrthe iedffnofloating aottndem e l p m o c o t d e t c u r t s n o C . e t i s na epacsdnal kcor larutan eht T E E R T S H T 8 8 1 T S 85401 YN ,XANEO7R1B6 the aviwrpeN reff tum dnsite, a oecpand aycssadethe nnaallarge coarswindows lw areuivtarneteathroughout hwt ,by k,yrcocraftsmen Y otoateotthe m dkn B 08153440-516Y3N -81,X7N1O + R:T capture ,home kroaYnw emtuam sasei ensathe nview a xsuwLeofitvrthe reteastars, i eeN mooht the enatural rm d orucoyylight, uodH A hwt the sunset, 0 1 3 4 5 6 3 8 1 7 1 + : T 6837-763-817 1+ :F the sunrise, and a ni emofalling h maeleaves, rd ruoywinter si esuosnow, Aaeeflowers .nHoixtuaspring cLoltrm rhdt 81n7el1e+ F moc.ytlae6ri8r3at7k-a7r6ja3b-@ h ::E summer swims. . n o i t a c o l m a e r d teef erauqs dehsinfinu 003,1 + teef erauqs 008,6 • m o c . y t l a e r i r a t k a r j a b @ n e l e h : E tsehetfaThe ebraflualuxury qhsodweh s& inthe 1econtinued +vfite,sem f eoroarudin qesbits 0r0uopen 8o,F6 •• floor plans, moc.ytlaeri ratka rjab.www :W t of sfihntuhome ab00ll3u,fis moc.ytlaeri ratka rjab.www :W to 30 feet – throughout, decks shitstahigh b flahceilings owt 8&0–0sup h t a b l l u f e v fi , s m o o r d e b r u oC F multi •• 2 ni detelpmoc noitcurtsnothe and patios with80tree-top and 02 ni deviews, telpmthe oc nnatural oietctiusretrock srncao-C4cropping •• lake escapes in its own back yard.egOr is it in the chief kitchen, e t i s e r c a 4 • arag rac-owT • the tiger wood engineered floors, the aertaamarble, gvirrapc--im ow ekeaglthe eT S ••California closets throughout and the radiant ekal eheating tavirp-in imthe eS •kitchen, family room, basements, five bathrooms and two powder rooms? The Art Lux home has it all: luxury, the beauty of nature, the water and the location… all fashioned into one work of living art.

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Price: $7,900,000 Selling agent: Hatema Helen Nezaj (broker) Bajraktari Realty Group LLC 617 East 188th Street, Bronx, NY 10458 Tel: +1 718-365-4310 Fax: +1 718-367-7386 E-mail: helen@bajraktarirealty.com Web: www.bajraktarirealty.com Volume 2 Issue 7 // Abode2 139

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DESTINATION GOLF

TEE TIME

i n Te n e r i f e Garnering a reputation as a golfers’ paradise with its affable climate and growing portfolio of courses – Tenerife has fairway investors firmly in its sights. Laura Henderson reports

nown as ‘the island of eternal spring’ due to its balmy temperatures - swapping swimming trunks and shades for a jaunty pair of plus fours and a visor isn’t unusual holiday practice on Tenerife; the singular pleasure of strolling the fairways under blue skies making it the ideal destination for some quality tee and green action enhanced by an impressive choice of courses (nine in total) including the 2nd oldest club in Spain the celebrated Real Club de Golf de Tenerife. In fact this lush, volcanic island is increasingly proving to be something of a magnet for golf tourism; the successful staging of several high profile championships including the Spanish Ladies Open held at Golf Costa Adeje last autumn with the International Golf Travel Market (IGTM) being hosted in Costa Adeje this coming October helping to enhance the island’s reputation as a premium golf destination. The largest of the Canary Islands, Tenerife first registered on the holiday radar back in the 50s and 60s with the growth of passenger air travel. Visitor numbers have been building ever since with five million+ tourists now heading to the

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island every year, (1.6m alone from the UK in 2013). This has resulted in increased demand for holiday homes as well as rental accommodation, with a growing portfolio of luxury golf real estate now entering the accommodation mix. According to Anton Sorokko of Century 21 Asten, Tenerife’s economy has proven more resilient to the after-shocks of the 2008 recession than mainland Spain. “Historically prices on the island have always been a little higher too – a 10-20% differential - due to restricted supply with little of the new build excess that has blighted the Costas. Property options nevertheless offer a representative mix from studio apartments a few minutes’ drive inland from the coast for as little as £100,000 to expansive luxury villas with dramatic ocean views for upwards of £2 million.” Location wise – among the most sought after areas for purchase are along the northern coast near sophisticated Puerto de la Cruz and the Costa Adeje in the southwest. “Puerto De La Cruz has seen fresh interest from German and Scandinavian buyers,” confirms Desiree Kotteck of Engel and Volkers. “New markets like Russia and Eastern Europe are also growing, and will be important for the island’s future investor profile.” Situated on the sheltered west coast between the resorts of Callao Salvaje and Playa San Juan, and stealing a march for luxury fairway living is The Abama Luxury Residences. Listed as one of the top ten European beach resorts by Conde Nast

Traveller, this stunning 160 hectare community consists of the magnificent 5* Abama Golf and Spa Resort together with a limited edition collection of luxury apartments, penthouses and villas. A standout feature of the residences, explains Director of Marketing Elodie Casola, is the originality of their design: “Celebrated architect, Bolivian-born Melvin Villarroel came up with the initial concept,” she explains. “The properties have been designed to maximize views, to integrate buildings with their surroundings and to retain stone walls, fences and local tropical vegetation. Architectural accents and property layouts draw inspiration from North African traditions and ancient Chinese Feng Shui principles, with tastefully dressed interiors that also reflect those influences. ” Buyers, adds Elodie, have three property options to choose from. “Custom Villa Plots occupy front line positions on the golf course and allow owners to custom design their dream home. 2 storey villas can be built with the possibility to develop private gardens and a pool. Access to the resort’s architects can also be facilitated on request.” Recently released Abama Bellevue Villas meanwhile will feature internal surface areas of 260 square metres on plots of approximately 500 square metres. Each property will come with private parking, pool and a mini-pool on the first floor and make for the perfect family home.

FAIRWAY ACTION Since opening in 2005, Abama’s course has hosted both men’s and women’s European Tour events and is presented in truly immaculate condition. Designed by golf legend Dave Thomas (San Roque Golf club, The Belfry), the course is winding, tactical, with 22 lakes, bunkers of marble sand and immense greens. Design wise it fits perfectly into the area’s topography and, consequently, there is a route of holes on uneven ground with the lowest point at 78 metres above sea-level and the highest, hole 5, at 315 metres. From the elevated tees and rambling fairways, the views of the Teide volcano, the Atlantic and the island of La Gomera all add to the visual drama. Just don’t let the vistas distract you.

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DESTINATION GOLF

OUR DREAM HOME FROM HOME Gareth and Barbara Davies from London bought a 2-bedroom apartment for €900,000 in Abama in 2011. “The resort is world class in standard with everything you could possibly want - access to the beach, gourmet restaurants, great Spa, high spec accommodation, and incredibly friendly staff. We spend about 10 days of the year here at present but hope to stay between 6 and 8 weeks once we are both retired. Home ownership has numerous advantages of which rental opportunities rank high.” Option three - two and three bedroom Abama Terraces apartments range from 130 square metres to 220 square metres and boast balconies overlooking the ocean and tropical gardens. Terraces apartments start from €350,000, Bellevue Villas from €1,650,000, and Custom Villa Plots from €300,000. Custom Villas meanwhile start from approximately €2million (including plot, construction, permits, licences and fees). For non-playing owners and an integral part of the home purchase package - buyers also have access to the full portfolio of resort services and facilities including the tennis club, luxury spa designed by the team behind the Sanctuary in London and Chiva Son in Thailand, and two Michelin-starred eateries. Of the international demand for properties, Casola adds: ‘We have sold to a variety of nationalities including British, Belgian, Russian, Norwegian, Swiss and Austrian. All have been impressed by the beauty of the location, and the quality of the amenities. The golf course could be said to be the icing on the cake.”

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Fairways to Heaven

Award-winning Sky Sports presenter Sarah Stirk reveals her favourite golfing getaways Golf resort with the wow factor? Gleneagles, the recent host venue of the Ryder Cup. It’s where I learnt to play golf and where I spend every New Year. I call it my spiritual home. It boasts three world-class courses but the setting and surroundings are absolutely stunning and the attentive but discreet service really sets it apart. Destination that’s leaps and bounds ahead in terms of golf tourism? I’ve always been a huge fan of The Algarve. I go there every year to host the Portugal Masters on the European Tour and I’ve been on numerous other golfing trips over the years. It’s just very easy with an abundance of quality golf courses within a short drive of each other. My favourite resort is Quinta Do Lago. The new North course has just reopened after a 10-month redesign by Beau Welling and European Ryder Cup captain Paul McGinley. Where would you take a novice to inspire them about the game? The Old Course at St Andrews, although getting a tee time

is difficult. Just to walk around the town and soak up the atmosphere is special. It’s the home of golf so will provide all the inspiration you could possibly need. Make sure to stop by the Jigger Inn for a post round refreshment too. Favourite chill out destination when you’re off duty? The Maldives. For pure relaxation and escapism it can’t be beaten. There’s not much to do and I love that, it’s the perfect destination to pamper your body and soothe your soul. I love going there at the end of the year when the golfing season is over and I have a clear mind with nothing to worry about. I find it very easy to switch off with the toughest decision of the week being pool or beach. Finest fairway vista you’ve ever seen? Probably Old Head in Kinsale, Ireland. A simply breathtaking course, which sits high on a narrow headland jutting out two miles into the Atlantic Ocean. I remember playing in a corporate day and three golfers had to walk in as they had Vertigo. If you’ve got a head for heights go and play it, it’s one of the most exhilarating golf courses in the world. Volume 2 Issue 7// Abode2 143

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DESTINATION GOLF

ONE

of a K I N D

itting at the heart of the 850 acre Gleneagles Estate, The Glenmor Village comprises some 53 2, 3 and 4 bedroom luxury lodges, all set around a small lake and village green. Seven night and short break tenures are available to purchase, giving you the chance to enjoy staying at one of the most sought after resort destinations in the world – The Gleneagles Hotel, voted the Best Golf Resort in the World for the third year running at the Daily Telegraph Ultra Travel 100 Awards. Owning a Glenmor home gives you full access to the hotel’s extensive range of facilities and activities including: 3 championship golf courses (including The PGA Centenary, Host Venue of the 2014 Ryder Cup) • The Club, which recently enjoyed a £5 million refurbishment, and offers 2 pools, an outdoor Alpine Onsen, gym and fitness classes, tennis courts, pitch ‘n’ putt and road and mountain bike hire • The multi-award winning destination Spa at Gleneagles by ESPA • 4 restaurants, including the two Michelin-starred Andrew Fairlie at Gleneagles • Country pursuits including falconry, horse-riding, shooting, fishing, off-road driving and gundog school And during the school holidays kids activity programmes run, packed full of affordable and complimentary fun for kids –

leaving parents a bit of time to pamper themselves. Glenmor is less than an hour away from Glasgow and Edinburgh airports with its own train station just 5 minutes from the hotel. Visit gleneagles.com/glenmor, call 01764 694 321 or email own@gleneagles.com for more information.

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Make the holiday of a lifetime last a lifetime Glenmor at Gleneagles

A typical holiday can last a week or two. But a Glenmor® holiday is far from typical. Each of the Glenmor luxury lodges gives you the chance to call Gleneagles home for one week every year until 2058. And with all of the hotel’s five star amenities at your doorstep, you’ll want to make this holiday last a lifetime. Prices start from a one-off payment of only £10,110*. To find out more:

Visit gleneagles.com/glenmor call 01764 694 321 or email own@gleneagles.com

© The Gleneagles Hotel 2013. ® The GLENEAGLES and GLENMOR words and the EAGLE Device are trade marks. *Purchasers may only rely on information in the Disclosure Document, which is available on request. The Timeshare, Holiday Products, Resale and Exchange Contracts Regulation 2010 requires Gleneagles to provide you with certain key information in relation to the proposed seasonal ownership contract. A standard information form which contains this key information in relation to that contract may be obtained by contacting Gleneagles at The Gleneagles Hotel, Auchterarder, Perthshire, Scotland, PH3 1NF.

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England and Wales Tim Greenwood Mobile +44 (0) 7815 097928 e-mail: tim@w3golf.co.uk Scotland and Ireland CD Thundow Agencies Chris Thundow Mobile +44 (0) 7768910606 e-mail: christhundow@aol.com

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DESTINATION GOLF

GREENS With Envy

The award-winning Dunas Douradas Beach Club boasts an unrivalled location between the prestigious resorts of Quinta do Lago and Vale de Lobo in the famous Golden Triangle

onceived in harmony with a landscape of sublime natural beauty, Dunas Douradas integrates classic Moorish-inspired low density, low rise architecture with the essence of modern comfort, all on a gentle south facing slope reaching down to the golden dunes and the sea. The resort clubhouse offers superlative facilities for owners and guests. In addition to a variety of wining and dining options, there are indoor and outdoor pools, one especially for children, a fully equipped gymnasium, classes and qualified personal trainers. For more leisurely-paced moments, residents can indulge in a massage, and beauty and body therapies at the spa. Seven of Europe’s top golf courses are also within a five-minute drive. There are just four new build individual villa plots adjacent to the Beach Club and six apartments within for sale. Most owners have contracted the Club to manage and rent their properties very successfully. Plots with Villa start from €1.3m. Apartments start from €600,000.

Evy Ougendal, CEO Dunas Douradas Developments

‘Even with the worldwide downturn that has affected many resorts, Dunas Douradas Beach Club is not only surviving, but thriving. What is our secret? Exceeding guests’ expectations.’

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DESTINATION GOLF

BAHAMAS BOUND

Just a short flight from pleasure-seeking Nassau, the pristine fairways of The Abaco Club on Great Abaco are tempting stay-and-play buyers with a new line in luxury real estate. James Matthews pays a visit

ver since Columbus returned home from the tropics with tales of the region’s warm, gentle climate and its beautiful, natural environment, the Bahamas have been a dream destination for people from across the globe. Most come to escape the cold slap of winter, to dip their toes in crystal-clear waters, and to shed every article of clothing they can while relaxing and soaking-in the sun. Here, all the cares of the world just seem to fade away - to be replaced by lazy days on the beach, rum cocktails with colourful umbrellas in them, seafood so fresh it’s still flapping, and leisure activities made all the more exciting by the majestic presence of royal palms. In short, it’s paradise. And of all the wonderful properties in this sunny part of the world, there’s one that does paradise just a little better than the rest: The Abaco Club on Winding Bay. For years a Ritz-Carlton Destination Club, the community is now owned and operated by Southworth - one of the world’s leading resort and residential real estate firms. What was a magnificent property to start with is now in the process of becoming even better, with a multimilliondollar makeover that will see a new golf practice facility, along with a stunning new marina.

“The Club has everything money can’t buy,” explains David Southworth, President and CEO of Southworth Development. “It’s a gorgeous setting, with a well thought-out master plan and a passionate club membership. It’s a perfect complement to our existing properties and we look forward to taking this world-class facility to an even higher level.” What makes The Club a world-class facility? For starters, it’s a one-of-a-kind setting, located on the most charming of

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BUYING IN THE BAHAMAS • • • •

There are no restrictions on foreigners buying freehold property in the Bahamas. Legal fees range from 1.0% - 2.5% of the property purchase price. There is no inheritance tax, Capital Gains Tax (CGT) or wealth tax. Foreign owners can apply for residency status. Preferential consideration of applications for permanent residence is given to investors and to qualified owners of residential property valued in excess of US$500,000.

For further information visit www.theabacoclub.com

the Bahamas’ Outer Islands - Great Abaco - and graced by a 2.5-mile powder-soft beach that stretches as far as the eye can see. It’s a place you never, ever want to leave. Fortunately, homeowners here don’t have to. Residences are magnificent, and come in varying designs and sizes, ranging from cosy cabanas and charming cottages to stately villas and grand oceanfront estates. Each home is within steps of the beach, and each is meticulously appointed. Wake to the sound of crashing waves, stroll to the golf course or spa, or just relax on your private deck and look out over the calm, turquoise sea while the Abaco parrots chirp their warm morning welcome. It’s an atmosphere of quiet sophistication, where you, your family and friends can enjoy total relaxation when you want it - and a wealth of amenities when a little activity is top of the ‘to do’ list. Created to be a true sporting club, Abaco has it all: a Scottish-style links golf course that’s perennially ranked No. 1 in The Bahamas, water sports galore - from kayaking, sailing and snorkeling to bonefishing and deep-sea fishing, with stateof-the-art tennis and fitness facilities. And at the end of the day, while the pristine white sand beach beckons, you might choose to steal away and toast the sunset at Buster’s Beach Bar, or sample the exquisite local cuisine at The Cliff House. One taste of this place and you’ll want to call it home.

TROPICAL TEE Designed by Tom Mackenzie and Donald Steel, the Abaco Club’s stunning seaside course evokes the spirit of Scottish links with grass-topped sand dunes, deep, sculptured bunkers and wide swales of native grasses. Seven holes play along the beach, and it is not usual to catch the waves leaping high into the air behind the 18th green.

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DESIGN AND INTERIORS

BEYOND

She has built a successful business empire on neutral tones and remains the doyenne of the crisp, clean interior. Laura Henderson reveals why Chrissie Rucker deserves her super-homemaker status

The Pale

hen it comes to home interiors - White Company creator Chrissie Rucker would quite likely be happy being ‘pigeon holed’ as an ultimate purist. A former fashion journalist at Harpers and Queen, she vividly recalls the day she purchased a white sofa for her flat and painted her walls white. Her family thought she had lost her marbles – but her innate flair for turning a germ of an idea into a universal style statement, has kept her in the vanguard of interior fashion for over two decades, not to mention giving a futuristic twist to an ever fickle UK home decor market. “In my twenties, the few white items I could find and afford were of the cheap design variety and of average or poor quality,” she explains. “All the gorgeous, high-quality ones I loved were only to be found in the designer departments and of course, with the designer label came the snooty sales assistant and the high price tag.” So Rucker embarked on a mission to create a business that specialised in supplying stylish, white, designer quality items for the home 152 Abode2 // Volume 2 Issue 7

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that were affordable, and a company whose whole ethos was about making its customers feel welcome, by providing a shopping experience that was ‘second to none’. In fact, putting the feel-good factor into home making is what Rucker does best. A busy mother of four, married to Nick Wheeler, founder of Jermyn Street shirt maker Charles Tyrwhitt, she makes it her mission to co-ordinate her life around her sizeable brood. Living in the welly clad environs of rural Oxfordshire with a menagerie of dogs, ponies and all the associated kiddy paraphernalia that go with a full-on family, would deter most people from creating a white-out colour scheme in their home environment. Yet the cultivated neutral palette that drives Rucker’s hugely successful business is not just a quirky marketing ploy – it’s an influence that defines her whole attitude to life. Her mantra for success when she set up her bed linens-totableware mail-order company in 1994 has always been ‘keep quality up and prices down’, and it’s a principle that has paid dividends over the years, transforming her business into one of the UK’s fastest growing private companies, with a turnover in excess of £100m. In spite of the recession, 2014 turned out to be a ‘bumper’ year and today her empire spans 50 stores around the UK, a thriving online business, while the mail order brochure has grown to 130 pages. Take a tour of the company’s flagship ‘concept store’ in the heart of Chelsea and you get an instant snapshot of the way Rucker likes to operate. Crisp, clean bed linen remains the focal point of the business - along with signature scent candles, room fragrances and luxury bath and body products. But she has enjoyed branching out into other homespun lines. “A while back we launched clothes that you wear at home: wraps and dresses in neutral shades of white and greys, a perfect match for chunky cable-knit cushions and blankets. We also have a kids’ line The Little White Company, which we launched in 1997 which encompasses everything from white wooden beds to soft toys and sleepwear.” But it’s Rucker’s understanding of the power of neutral, calm, pale colours and pared-back furnishings, that makes her concept both credible and investable. “I like everything to feel calm and peaceful,” she explains. “White – particularly a warm white – does exactly that. It gives a comfortable informality to any living environment.” Her business strategy wasn’t always as finely tuned. In the early days, she was packing small orders from a rented attic room where she’d set up a makeshift office. When the packaging and goods started arriving in ever larger volumes, she moved into a warehouse and took a spare room in the back of her husband’s office. “I was incredibly young and naïve,” she adds. “I had an idea and often acted on a whim.” Choosing mail order – a marketing tool with relatively low overheads, was, however, a savvy decision. With only a handful of competitors on the market 10-15 years ago, Rucker was quickly able to build brand dominance. “For the first eight or nine years we recorded amazing growth,” she explains. “The product range broadened. From bed linen and towels it became a complete lifestyle brand.” Expanding from mail-order to opening up the retail side of things has been a ‘necessity’. “More and more customers were visiting the warehouse,” she adds. “We had to find a way to deliver a walk-in version of the brochure.” Now with 50 stores nationally, franchise outlets overseas, plus Selfridges concessions and one in Harrods, Rucker has a stake hold in many influential locations. Volume 2 Issue 7 // Abode2 153

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DESIGN AND INTERIORS recently she has also started to delegate some of the areas of her business to her team. “It always works to focus your energy on the things you’re good at. I am still very involved with the product side, which is my biggest strength,” she reveals. “My energy goes into the form, the way it looks and feels and the way it is represented in the books, brochures and sites. The White Company also turned 20 last year and to celebrate we have several new projects on the boil, including The White Company General Store, which has just opened and is a collection of our most-loved and timeless items over the past 20 years. Also, we have launched The White Heart Foundation, our charity that works with Kids Company, The Prince’s Trust and Refuge, which helps vulnerable women and children in the UK have better futures.” As to whether her white obsession is likely to diminish anytime soon; the answer is categorically no. “There’s so much more one can do to maximise quality. What makes us special is that we’re still a family run, family orientated business. White works whoever you are, wherever you are, in ultra modern houses or in pretty traditional houses – it’s a life-enhancing colour.”

CHRISSIE’S TOP HOMEMAKING TIPS Layering is the buzzword for beds. Not only is it a clever way to quickly adjust the temperature, it’s also a fab way of introducing different colours and textures. Getting the proportions right in a room is a fine art. Use a floor plan and draw in key furniture. That way you know how much free flowing space you have to play with.

It’s a world away from her rural county upbringing in Kent, where her father worked in commodities in the City and her mother was a dance teacher and a pony-club girl. “My childhood was all about horses; my mother kept the stables spotless.” But it’s a hands-on upbringing that has influenced her approach to family life. Finding a work-life balance, she explains, is enormously difficult and requires “teamwork and organisation.” While she has the benefit of a ‘wonderful’ nanny and a ‘wonderful’ housekeeper to help run her home, she’s refreshingly honest enough to admit that, “you’re only as good as the team you have around you – that goes for work or home. I’m lucky in that I have two fantastic teams. We always try and have some family time every day. We are very lucky as working parents go. We manage to make it work.” Weekends are normally ring-fenced to spend with the children. But for Rucker there is also a blurring of home-work boundaries – with lots of input from family members. “The children were the inspiration behind the Little White Company, and still are,” she adds. “They love being involved and often give me ideas for new pyjamas or toys. They go in the Little White Company product testing room and we check things with them and take on board what they say.” As to future plans, Rucker has branched out into black, brown and grey, although she has no yearning to go vibrant. “Garish colours just aren’t me. They make me feel manic.” More

Lighting plays a vital role in creating atmosphere. Have different lighting for day and night - candles and tea lights dotted around, work particularly well. Change cushions, rugs and accessories with the seasons. If you have a neutral background, introduce berry tones in the autumn and winter then change to paler palettes in the spring.

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“Our aim is to be a centre of design excellence with a second-to-none service and to create beautiful, distinctive homes for our clients.” The Jenny Blanc design studio is wellknown for designing elegant, comfortable homes. Jenny is always personally involved in each project and prides herself on listening to and interpreting her client’s wishes to give them the home they have always wanted.

on the best, most suitable furnishings for a tropical climate. Jenny Blanc and her experienced team create bright, relaxing, award-winning holiday homes and offer a complete service travelling between the Barbados office and the design base in west London.

The company’s work for clients in the UK has led to them being commissioned to work on holiday villas in exclusive areas of the Caribbean. At the forefront is an understanding of how their clients wish to enjoy their second homes and relax on holiday.

Two inspirational lifestyle showrooms, one in West London and one in Barbados showcase the company’s design work and offer an abundance of original, tantalising pieces. The Barbados showroom is a superb resource for everything you could possibly need for your second home from soft, luxurious towels, stylish cutlery to those key signature pieces that personalise each interior.

The Barbados office opened 11 years ago and has developed specialist expertise

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Interior Design Services NH Interiors is a long established, award winning, Interior Design Practice, specialising in luxury properties in both the residential and leisure sectors. Regardless of individual taste, truly memorable interiors are distinctively unique and each project brings its own challenges and opportunities. Exceptional results are achieved by unparalleled attention to detail and workmanship, crafted to create elegant and authentic surroundings that are both sophisticated and supremely comfortable, they should always exceed expectations. We take great pride in the quality of the furnishings and materials we provide and from initial contact with a prospective client to the completion of the contract, you will find us versatile, attentive and accommodating. Our whole team is involved in every project, ensuring continuity throughout, dedicated to creating luxurious environments tailored to each Clients individual needs. We are always pleased to meet a prospective Client to discuss their aspirations for their new home and how we can make their dreams a reality. We believe that developing a beautiful home should be a pleasurable experience and encourage our Clients to be involved in the process. Each project is tailor-made to their aspirations and the exact needs. Whether it be a traditional or contemporary interior we provide the highest possible attention to detail, whatever the size of the project or budget, we strive to offer the same level of service. As interior designers (as opposed to interior decorators) our service is all encompassing, much like the services of an architect for the planning and building works. We provide all the detailing for the interior, which goes far beyond colour schemes and furniture and provides the developer with all the information required to fit out the house to the highest standards of specification.

Our services include the following: •

Scale drawings

•

Décorboards and moodboards

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Lighting speciﬁcations

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Joinery and woodwork detailing

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Fitted furniture, cupboards and shop ﬁtting

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Bathroom design and speciﬁcations

•

Flooring

•

Decoration schedules

•

Soft furnishings and furniture speciﬁcations

•

Procurement and project management

•

Site supervision

•

On completion of your project we continue to liaise with our Clients to ensure total satisfaction with all aspects of their home

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ALTERNATIVE INVESTMENTS

Join the CLUB S

Combining high-ticket housing for a more conservative outlay, fractional ownership is a rapidly growing area of the holiday-home market. Tania Jacobs examines the perks and the pitfalls

pending smart through the economic waves is a tricky feat and nowhere more so when it comes to investing in bricks and mortar. Having cast a recognisable footprint on the world of luxury acquisitions, namely private jets and designer yachts, the concept of fractional or shared ownership is increasingly being seen as an influential cog in the lifestyle real estate wheel. Cutting its teeth Stateside in the 90s in master-planned communities like Aspen in Colorado, the market has stratified in recent years to embrace a wide sphere of high-end resorts principally across Western Europe and the Caribbean. “Fractionals, unlike ‘vacation time only’ timeshare, confer a deeded interest and equity share in a managed property,” explains Piers Brown of fractional brand Fractional Life, “in

short, all the benefits of a holiday home for several weeks a year, but bought in partnership with others who bear the costs with you.” Typical buyers, he adds, will probably have toyed with the idea of purchasing a second home outright, but ruled it out in light of likely limited use: “For many, it’s the perfect middle ground solution – a share in a valuable asset, with a third party to manage the maintenance and upkeep side of things.” It’s a property trend Jerry Cobb of the Fractional Ownership Consultancy also considers “good business sense”: “Developers can find the fractional concept easier to market, while buyers get residence rights which better match their expected use. If anything, the real challenge is education – outlining what fractional ownership can actually offer.” Balancing exclusivity with time-tested usage, standard

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HOW TO BUY WISE •

Focus on quality-property size, usage-structure, resort amenities and value-added extras that come with ownership. Project density should also be appropriate for the area.

•

Ensure that all ‘on costs’ - property taxes, insurance, and maintenance are budgeted for and written into the deed of co-ownership contract and that a full property management service is included in your purchase.

•

Multiple ownership tax issues can be complex so take advice from a specialist lawyer. Buyers should also have contracts checked to ensure that you are receiving a clean equitable stake in the property and that there are no restrictions on selling your fraction on the open market, apart from, perhaps, having to offer the co-owners first right of refusal.

•

Research the market - buying a quarter share of a well-located high-end property can often yield better capital appreciation than an outright purchase in a similar price-bracket.

•

Annual maintenance fees vary per resort and should be reviewed carefully. The maintenance fee will normally include a contribution to a ‘sinking fund’ to cover incidental expenses and the refurbishment of the property after a period of time. This usually equates to 10% of the annual maintenance fee.

ownership configurations can lie anywhere between 4 and 13; the number of shares offered, principally a function of the amount of prime time that can be guaranteed. “Properties with a relatively short prime season will generally offer fewer shares,” explains fractional expert Scott Delaney, “with a float time during the least popular months. Full rights of ownership, including selling to others, renting, and buying additional fractional shares is standard, as is a fraction becoming part of an owner’s portfolio of heritable wealth.” Owners can also swap weeks between themselves or rent out their allocated period privately, with vacation exchange opportunities often available, although this is usually regarded as more of an ‘add-on’ benefit and not the primary reason for the purchase. Buyers considering investment have two legally approved purchase formats open to them; setting up a limited company in which each owner owns a percentage of the shares in the company (more common with five+ owners), or drawing up a deed of co-ownership with individual names placed on the

PICK OF THE BUNCH www.thehideawaysclub.com www.rocksure.com www.gleneagles/glenmor www.stregisresidenceclub.com www.thecrane.com

title deed. “An annex document in both cases outlines owners’ rights to certain weeks a year based on high/low season distribution,” explains Delaney, “with upkeep of the property the responsibility of the resort’s elected management company written into the deed of co-ownership.” Maintenance fees vary widely by resort with a benchmark of between £2,000 - £4,000 per property per annum, plus a contribution to a ‘sinking fund’ to cover incidental expenses which roughly equates to 10% of the annual maintenance fee. Like all schemes, market expansion is bringing with it much needed consumer legislation. Says Cobb: “Selling shares in a property is much more complex than a straightforward re-sale, with share promotion legalities and transfer duty issues to take into account, added to which there’s the issue of planning a workable exit strategy. Specialist advice is essential. Co-ownership isn’t for everyone, but if you have a particular holiday destination that you love and don’t mind a restricted calendar of occupation, it’s an option that just might fit the bill.” Volume 2 Issue 7 // Abode2 159

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ALTERNATIVE INVESTMENTS

Seeing the

Light As interest in shared ownership grows, a new trend combining business travel with leisure is increasing interest in urban fractionals, says Joanna Bishop, director of leisure property consultancy, Lighthouse

lthough the prospect of travelling for business can seem glamorous, it can lose its shine for those who find themselves away from home on a regular basis. Cue ‘bleisure travel’ a growing trend among time-poor business travellers and professionals who are increasingly looking for smart solutions to help them better manage that elusive work-life balance. One option growing in popularity is that of combining a business trip to a major city with a few days of leisure by taking friends and family to enjoy all that city life has to offer. For this rapidly growing segment of the market – finding suitable accommodation has until recently, been limited, with just a handful of stay-and-play alternatives to the high cost of hotel accommodation or indeed to buying a city bolthole outright. One company poised to address this gap in the market is fractional specialist Lighthouse. The firm is set to launch its new and exclusive portfolio of shared-ownership properties initially focusing on large cosmopolitan cities such as London, New York, Paris and Barcelona. Each Lighthouse residence will be owned outright by a small number of owners, but with individuals also able to use other properties in the portfolio, subject to availability. Offering owners a high level of flexibility as to when they can use their property, which will often be on short notice - owners can also expect to enjoy a high level of personalised service - properties will come with on-site concierge as well as membership benefits of a leading brand international concierge club. Considerable interest has already been generated for the product in Europe and North America. Although Lighthouse’s focus is on major urban destinations, the company is also looking to add to the portfolio a small number of properties outside the city; visitors from the US, for example, will be able to combine a trip to their apartment in London, Paris or Barcelona with a weekend’s golf in Scotland, a few days wine tasting in the Loire Valley or a week soaking up the sun in Marbella. For more information, visit www.urbanfractionals.com or register your interest at info@lighthousefractional.com. 160 Abode2 // Volume 2 Issue 7

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ALTERNATIVE INVESTMENTS

SHARE AND SHARE ALIKE Fractional ownership can be a prudent choice for portfolio diversification and lifestyle benefits, says Jerry Cobb of the Fractional Ownership Consultancy

eople instinctively know when something is stellar. Indeed inspired thoughts are often the simplest. Take the wheel, the plough, or even the printing press. Whilst by no means on a par - the concept of fractional property ownership is in many respects as life enhancing a concept. A ‘holiday home’ is an aspirational purchase. It is however also an expensive asset to purchase and to maintain; one that in all likelihood, will only ever be used for a limited time each year. But what if this ‘usage cycle’ could actually be improved upon? Being able to reap the benefits of owning a property in a location that you love but, as part of the ownership package, you have the opportunity to stay in other luxury homes around the world at little (or no) extra cost. That, in a nutshell, is the Oyster Share concept. A regular “bricks and mortar” freehold fractional purchase, coupled with membership of RCI (Resort Condominiums International), the world’s leading holiday exchange company, which, in addition to its hotel collection, also boasts a portfolio of world renowned brands, including Canvas Holidays, The Hoseasons Group and Landal Green Parks. Purchasers make their Oyster Share fractional selection based on the resort they like the best and, as part of that selected package, they are allocated an agreed number of RCI points for a five year period. These points can go towards chosen accommodation in “home” resorts or towards a stay in any of RCI’s 4,000+ affiliated resorts worldwide. If all points aren’t redeemed, it’s possible to roll those points forward. If purchasers wish to acquire additional points they can do so, and, after 5 years of exploring the world can enrol once again at minimal cost for a further 5 years. For those who decide against renewal – fractions can still be used in perpetuity - no strings attached.

T O P G

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Abode

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The Fractional Ownership Consultancy Limited OysterShare Limited PO Box 19 Albert House South Esplanade St. Peter Port Guernsey Channel Islands GY1 3AJ

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T +44 (0)1481 747800 F +44 (0)1481 713200 E info@fractional.net / info@oyster-share.com W www.fractional.net / www.oyster-share.com

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CARIBBEAN

CASTAWAY

Craving

The Caribbean’s most understated island - St. Lucia’s premium collection of luxury real estate makes it the ultimate place to play castaway. By Laura Henderson

ith a bounty of Caribbean getaways to choose from these days, it might be easy to overlook the softer-sell delights of St Lucia. That, however, would be an opportunity missed, because this former British territory (it gained independence in 1979) has much to offer - a staggering variety of landscapes for one, from jungle-draped peaks and black-sand beaches to tranquil cocoa plantations; luxurious marinas to sleepy Creole villages. Diving, hiking, sailing, and sport-fishing are all superb, as is the climate. True, the island doesn’t boast the same beach inventory as some of the other Caribbean havens. But therein lies its attraction; the informal, unadulterated glamour of the place is a clear indication of the direction the island is taking, in its bid to become the Caribbean hot spot for beachcombing sun seekers and take-it-easy second homers. Tourism, while a dominant force in the economy (currently accounting for 45% of GDP) hasn’t always been so prevalent. Until the early 1990s, banana production was the island’s primary source of income, but with globalisation and subsidy cutbacks in the European market, revenue from the ‘green gold’ industry has dwindled away, with the St. Lucian government stepping in to fill the gap with a raft of investment sweeteners aimed at attracting new sector interest, with residential tourism leading the way. “Tax

incentives and ‘start-up’ grants fast-tracked resort construction in the early stages,” explains property consultant James Lomax. “Operating and build costs are inevitably higher here than in many middle-market destinations, so the focus on high end products was inevitable, but it’s a formula that has stood the sector in good stead.”

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Prudent planning and a measured pace of development have also enabled the island to weather the worst of the recessionary storm over the past few years. While places like Antigua and St Kitts are still feeling the ill-effects of over supply, St Lucia’s focus on quality, has nurtured a well-heeled per capita tourist spend, coupled with improved airlift swelling footfall with a record 350,000+ visitors in 2014. Buyers in the market for a beachfront pad will find two distinct investment locations vying for attention – the more developed northerly coastal reaches around Rodney Bay Marina and vintage capital Castries and the quieter south around Soufriere. To date, property values in the north have had the edge over their southern counterparts with more demand for re-sales, particularly from Canadian, British and US buyers. Existing properties on resort developments in Marigot Bay, south of Castries, for example, have doubled in value the last six years, with new developments tipped to rise by 8-10% a year. Rental income is also high, with villas typically fetching up to £3,500 a week in high season. “St Lucia has a five-month peak season, but the other seven months are by no means barren,” confirms Gilbert Fontinelle of Cardinal Points Realty. “There’s always something going on, be it a golf tournament, music festival or yachting event.” Setting a premium benchmark in the luxury villa sector and one of the island’s newer residential offerings is the exclusive 38 acre residential community of Mount du Cap. Standing at the heart of the island’s prestigious Cap Estate – the project comprises just 16 villas of which only 7 remain available for sale, all homes sporting panoramic sea views and with oodles of privacy. Individual plot sizes ranging from 31,500 square feet to 83,000 square feet use the terrains own suggested boundaries, to maintain maximum advantage of the fabulous outlook. Homes range in size from a generous 3,000 to 8,000 square feet, with prices starting at US $2.5 million. For residents with relaxation in mind, the resort is set up to please, providing a full management service to oversee the dayto-day running of properties, including security, maid service, pool, garden and general maintenance. Additionally, full home letting facilities are available for owners who wish to offset some of their annual running expenses. Adds Sales Director Charlie Winand: “St Lucia enjoys an active holiday rental market and the demand for high end holidays is growing. It’s a long season too – December to May, with many return visitors booking a good eight to twelve months ahead to secure their preferred weeks.” As one would expect - villa interior design incorporates best of breed accessories and fittings - quality Italian kitchens, Siemens appliances, Kohler sanitary ware, stainless steel fittings and beautifully crafted doors and windows from Trinidad made with hardwood timber from Guyana.

Given the trends of the real estate market in neighbouring Barbados, forecasting by property industry experts suggest that St Lucia stands to experience a similar degree of desirability, particularly as other developments, which are planned or underway come to maturity. Says expat resident Deborah Jones: “Property choice is wide ranging and still a good 30% cheaper than Barbados. The island also has a colourful home spun culture that’s surprisingly accessible to travellers - another Caribbean rarity. Long may it continue.”

BUYING IN ST LUCIA • •

• •

There are no restrictions on non-residents buying property in St Lucia. Non-residents require an ‘Alien Landholding Licence’ to purchase property. The licence is granted for a specific property or plot of land and is not transferable. Stamp duty is 2% of the purchase price. There is no VAT, capital gains tax or estate duties.

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The Landings - St Lucia A waterfront resort of incomparable beauty, The Landings has emerged as one of St Luciaâ&#x20AC;&#x2122;s most prestigious residential resorts - one that offers the only freehold beach title in St Lucia. Located five minutes from St Lucia Golf Club and Rodney Bay Village, the combination of luxury beachfront location with spacious designer living, a private yacht marina, tennis centre, and a 7000 square foot signature spa and health club, The Landings caters to your every whim. The resort is currently planning a third phase of luxury residences â&#x20AC;&#x201C; a limited edition collection of just seven 2 and 3 bedroom apartments which will be available from 2015. 2 bedroom residences start at US $600,000 and 3 bedroom units from US $900,000.

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Residences span from 950 â&#x20AC;&#x201C; 2300 square feet and feature multiple oversized private terraces or balconies, separate living and dining areas and gourmet kitchens. The views are spectacular and can be selected from Marina, Ocean or Beachfront. A 5 star, professional rental programme generates income for owners year-round when not in residence. Contact: USA and Canada Craig Jaffa craigjaffa@century21.com +(1) 954 806 5432

UK Adam Gobat agobat@landingsstlucia.com +44 7957 208978 http://www.landingsvillasales.com/

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CARIBBEAN

FLY AWAY TO

Villa Firefly T

here’s nothing trite about Saint Lucia’s tourism tagline “Simply Beautiful,” because the island known as the ‘Helen of the West Indies’ is nothing less than stunning. From dramatic cliffs at its southern tip to volcanic twin peaks called The Pitons thrusting iconically from the sea on the west coast, Saint Lucia’s golden beaches, waterfalls, rainforests and rolling green hills are gasp-inducingly gorgeous, as almost a million cruise and stayover tourists per year will tell you. Cap Estate is an exclusive residential enclave nestled in the hills of northwest Saint Lucia, surrounded by the sparkling Caribbean Sea and dramatic coastal terrain. Saline Point on the southwest-facing coast of Cap is some of the most sought after property on the island. For over forty years, discerning homeowners have built their dream residences among lush greenery and vibrant flowering trees on the cliffs of Saline Point with its views from Pigeon Island all the way to the distant Pitons in Soufriere. But none has achieved the breathtakingly beautiful home that is Villa Firefly. Standing stately on two acres of hillside overlooking the sea, with its triple dormered design and distinctive oasis green exterior accented with white woodwork, the villa blends the gracious ambiance of old Caribbean living with every modern amenity. Grand but not grandiose, casual yet always elegant, luxury lies in every nook and cranny. A wraparound verandah holds the essence of Firefly living, cooled by the trade winds as the view sweeps across a glorious green garden to the eternally changing sapphire seascape, snowy clouds and the statuesque outline of misleadingly-named Pigeon Island. With its birds-eye view of the world-renowned Body Holiday resort, the villa is

‘There are so many islands As many islands as the stars at night on that branched tree from which meteors are shaken like falling fruit around the schooner Flight.’ After the Storm by Derek Walcott (b. St. Lucia 1930), West Indian poet, playwright. Nobel Laureate for Literature 1992

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WHY ST LUCIA? THE BUZZ BUILDS

moments away from one of the finest spa and wellness centres in the Caribbean. As a second home, Villa Firefly is an investor’s dream which for years has yielded steady revenue as a short term rental proposition. The property has potential to be developed in future, with existing approval for a number of residences on the lower grounds. With the lively buzz of Rodney Bay just ten minutes away, and golf, tennis, sailing and many of the island’s best beaches even closer, Firefly is the perfect balance of haven and home in the heart of the action. As to what it’s named Villa Firefly? Keep an eye out at twilight and you’ll see. Villa Firefly is an Exclusive Blue Reef Property. For an extensive gallery and description, please go to fireflysaintlucia. com or email info@bluereefrealestate.com.

•

The island is one of the most accessible in the Caribbean, with direct flights from the USA, Canada, Germany and the UK. Island-hopping is also easy with daily regional flights.

•

The cost of travel from the UK to Saint Lucia is set to reduce in the latter half of 2015 due to the removal of bands C and D of the UK’s Air Passenger Duty (APD) effective April 1st.

•

Popular for weddings and honeymoons, with a sixth World Travel Award in 2014 as Caribbean’s Leading Honeymoon Destination. Celebrities like Matt Damon, Gwyneth Paltrow and Sir Bob Geldof have given their stamp of approval too.

•

Signature events throughout the year such as the St. Lucia Jazz & Arts Festival (May), St. Lucia Carnival (July), Creole Month (October) and the Atlantic Rally for Cruisers (December).

•

Real estate prices are 20% to 40% lower than Barbados.

Blue Reef Real Estate Integrity • Reliablity • Diligence

Alfiona Plaza Rodney Bay, St Lucia

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+1 (758) 452 8941 +1 (758) 285 2001

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CARIBBEAN

Up TEMPO S t. Lucia continues to top the charts as one of the most sought after destinations in the Caribbean for luxury long-haul getaways and second-home investments. The latest statistics from the St. Lucia Tourist Board confirm this buoyant trend, with the 5% forecast mooted at the beginning of 2014 for stay-over arrivals for the October 2014 - June 2015 season, already comfortably hitting a heady 7%. Known as the “Helen of the West Indies” for its captivating beauty and voted “Leading Honeymoon Destination” at the World Travel Awards for a record twelve years, St. Lucia continues to demonstrate its appeal as both a romantic and magical getaway. The island’s rich culture and history, coupled with breathtaking topography from secluded beaches and lush tropical rainforest to unique visitor sites including the twin-peak UNESCO listed Pitons, has not only won the hearts of repeat visitors over the seasons, but also encapsulates its ability to entice first-time holidaymakers to sample the island’s charms. Airlift to the island is excellent with direct flights from many major US, Canadian, and European cities. Most international flights arrive at St. Lucia’s Hewanorra International Airport (UVF). The island also boasts two stunning marinas: Rodney Bay and The Marina at Marigot Bay, which accommodate yachts up to 285 feet with drafts up to 14 feet, making the island accessible for those who prefer to sail-and-stay. Residential tourism is a rapidly growing segment of the island’s economy - an influx of construction geared towards expat living, vacation rentals, and second home investment delivering an upscale, low-density mix of quality real estate offerings. Sugar Beach Residences, in Soufriere, is a prime example. Just 3 years old, the resort offers an option for hotel

Janine Royer of luxury agents Caribbean Habitats explains why now is the perfect time to invest in a slice of St Lucian paradise

living as well as off-plan luxury home ownership purchases. 24 lots have been released thus far, 15 have sold, with homes constructed and completed ready for new owners to enjoy. It’s a real estate truism that demand drives price growth. However, in St. Lucia it’s still very much a buyer’s market. As we embrace 2015, the investment prospects seem excellent, with a superior choice of real estate on the market: prime land for bespoke build projects; luxury re-sale villas; turnkey condominiums; and also fractionals. The fact remains that prices in St. Lucia are still considerably below those in Barbados and over the coming months there will be ‘deals’ to be made which could yield good capital gains as the market strengthens. If a tropical home-from-home is your ideal, then the time is ripe to consider an investment in paradise.

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Abode2

Caribbean Habitats St Lucia

Live where most vacation Invest in the premier Caribbean Island destination of St Lucia

Set the stage for a lifetime of special moments

Call us for more information Tel: +1 (758) 725 6325 Email: info@caribbeanhabitats.com

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www.caribbeanhabitats.com

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Prestigious Luxury Villa Residence du Cap Nestled in the hills of the former historic sugar plantation of Cap Estate, Residence du Cap is situated on approximately three quarters of an acre. This elegant property enjoys breathtaking views over the Caribbean Sea, Pigeon Island and in the far distance the World Heritage site of the Pitons. Newly renovated, the two-storey property is made up of three main bedrooms and a fully selfcontained guest cottage that serves as a fourth bedroom. The cottage is ideal as guest/nanny quarters. Leading from a decked footbridge from the car port, the entrance way leads into a bright and airy open plan living and dining area and through to a spacious fully-equipped kitchen.

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The three double bedrooms located upstairs all have en-suite facilities, are air-conditioned and boast magnificent vistas. The master bedroom sports an en-suite shower room and a private balcony with panoramic sea views. At the rear of the villa is a secluded patio and courtyard area offering private seating for shady al fresco dining. Stylish French doors open out onto a decked veranda where you can relax by the pool. Asking price: US$ 1.95m

For further information contact: www.tropicalvillas.net PO Box 189, Castries, St. Lucia, West Indies Tel: (758) 450-8240 or (758) 450-0349 Fax: (758) 450-8089

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CARIBBEAN

Barbados

Beckons With the last few winters in the UK getting wetter and colder, many of us will be considering spending more time in warmer climes. So how does the Caribbean island of Barbados measure up as a retirement haven? Vicky Goodall reports

arbados came fourth in the top 10 places to retire in a recent report conducted by Castle Cover – insurance specialists for the over-fifties – who researched retirement prospects in 23 countries to identify the 10 top places to retire overseas. Factors taken into account included house prices, health care costs, average temperature, rainfall and hours of sunshine – as well as crime rates and taxation. Over 5,000 Britons have reportedly already taken the plunge and retired to the island which boasts an expat community of some totally 27,000. It’s easy to see why, with average temperatures of 26°C, an English speaking population and a politically stable and democratic government. Membership of the British Commonwealth also brings an element of familiarity for UK residents, not least driving on the left and a shared love of golf and cricket. 2012 marked a step change in residency legilsation with the Barbadian government introducing new measures allowing high net worth (HNW) individuals, classified as owning assets of US$5 million/£3.45 million, to reside on the island for extended periods of time. The immigration measures, together with the availability of a tax credit on foreign income

now make it simple and tax efficient for HNW investors to permanently reside on the island, if they have not yet reached retirement age. The Barbados Income Tax Act also permits an individual who is tax resident in Barbados to claim a tax credit on income from foreign sources transferred to Barbados through the banking system of up to 93% (dependent upon the percentage of foreign currency earnings to total earnings) of the tax. This translates to an effective tax rate of 2.45% for an

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individual whose income is solely from foreign sources. Kieron Kelly of Chesterton Barbados says: “There are huge advantages to purchasing a home or property in Barbados as there are no taxes when buying and no inheritance or capital gains tax. There are also no restrictions to foreign buyers and property is owned freehold. Island laws in Barbados are primarily based on UK law so it makes the process very simple.” A popular choice for retirees, especially golf lovers is the 750acre Royal Westmoreland estate, situated a short drive inland from the coveted west coast, John Morphet, the British-owner of Royal Westmoreland, says: “We have several owners that have relocated or retired here. It seems the new residency rules have made a difference and some owners who have previously just visited for holiday are now looking to spend extended periods of time on the island and are buying larger properties to accommodate extended family. “Barbados has a lot going for it. It is politically stable, the legal system is based on the UK system, the crime rate is low and the people are very friendly. Our owners also like the sense of community and camaraderie. Social events are always well attended and there is also a busy social scene amongst owners hosting their own house parties, and arranging games of golf and tennis.” Jonathan Jeffery, Sales Manager at Royal Westmoreland, advises potential buyers to go through a check list to assess whether a location is right for them. He says: “An important consideration for anyone buying property overseas is the fluctuation in the currency, as this can have a tremendous impact on the value of the property when it comes to selling. With the Barbados dollar pegged to the US dollar for the last forty years, buyers can have confidence that they won’t suffer a huge swing in currency exchange, unlike some other countries.”

“Another key factor for those wanting to keep in touch with friends and family back home is the fact that there is significant airlift to Barbados with daily flights from London, Miami, New York and Toronto, as well as other Caribbean islands.” The estate currently has several types of property for sale from one, two and three bedroom apartments from $395,000, three and four bedroom town house style villas starting at $1,250,000, through to large detached custom built villas starting at $2 million.

THE GOOD LIFE - BAJAN STYLE Retired private equity professional Ian Armitage, from Kew in south west London bought a holiday home in Barbados in 2010 after holidaying there for the previous 10 years. Escaping from the British winter each year for a few weeks he and his wife liked the fact that Barbados is easy to get to and there are plenty of things to do. After searching for a property for about five years, they decided to buy a seven bedroom detached villa overlooking the 18th green on Royal Westmoreland. Ian says: “We bought here because the villa and leisure facilities were already built and there was no question that it was going to be a building site for several years, unlike some other developments. It has good security; we can lock up and leave our home, and know that it will be well looked after in our absence. We spend only two months of the year here so that was an important aspect for us. What we love the most though are the people; both the staff and other owners are fantastic. It’s a real club atmosphere and very friendly.” For more information visit: www.royalwestmoreland.com

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CARIBBEAN

ON THE BEACH A

s the global benchmark for luxury continues to rise to ever more discerning tastes, residential tourism concepts are also evolving into something palpably different from their rather uniform template of even a decade ago. It’s from this helicopter standpoint that the O’Hara and Capaldi families with a well-respected reputation in managing world-class hotels are drawing inspiration for their latest development project on the west coast of Barbados – Settlers. Tucked away on a serene stretch of white sand beach in the upscale parish of St James, this luxury boutique community, whilst a world away from the hustle and bustle of everyday life, boasts a prime waterfront location that’s still within easy reach of some of the finest restaurants, designer shopping and conveniences found in nearby bijou hub Holetown. Leaders in the luxury market for over 60 years, both families have a finely tuned understanding of the luxury tourism market, and the needs of the discerning international traveller; their expertise enabling them to channel their formidable experience into redefining ‘barefoot elegance’ in the Caribbean. “Settlers is very much about community,” explains project spokesperson Karen Capaldi. “With just 12 exquisite beachfront residences – the entire master plan from design through to on-site amenities is about enabling owners to feel right at home, yet with all the requisite luxury essentials at one’s fingertips to make every visit, every holiday, a truly memorable and relaxing experience.” Residences range from 3 to 5 bedrooms and are pleasingly spacious, each with an open floor plan where indoor and

Against the backdrop of a high-performing residential property market – the launch of Settlers Barbados on the island’s fabled west coast looks set to fly. By James Matthews outdoor living seamlessly transition to achieve a relaxed yet stylish environment. Individual villas also come with private pools whilst the estate boasts an elegant 118 foot long communal pool centrally located within the gardens. The reception building meanwhile is home to a dedicated Settlers concierge service as well as a separate private gymnasium. Prestigious London interior design firm, Helen Green Design, with a notable portfolio on the island, including the Plantation Suites at Coral Reef Club, the Tree Top Suites at The Sandpiper and The Spa at Coral Reef, has created stunning interiors for the project, including stylish kitchens and bathrooms, expertly designed furniture layouts and innovative lighting concepts. For the ultimate tailor-made package buyers may commission their very own bespoke interior collection. Property prices range from US$6.5m - US$9.5m.

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Abode2

SETTLERS BEACH St Jam es - Barbados

The Community – The Location – The Lifestyle Settler’s Beach will be an exclusive gated villa community made up of 12 world-class beachfront town-houses for sale on the West Coast of Barbados. These exquisite residences each with private 20 foot pool, will range in size from 3 to 5 bedrooms, featuring an open floor plan where indoor and outdoor living effortlessly transition to complete an elegant yet comfortable environment that truly feels like home. The interiors incorporate a contemporary yet classic luxury décor which blends harmoniously with the stunning and peaceful surroundings. Also available on the premises are a concierge service and private gymnasium. Tucked away on a majestic and tranquil white sand beach that stretches into the crystalline waters of the Caribbean ocean, Settlers is a haven where time is redefined by moments of unparalleled fulfilment. For more information or an appointment to view - contact us today. Prices from US$ 6.5 million To register your interest please contact Stephen@worldwidedreamvillas.com or call on + 44 (0) 1625 586 895

Worldwide Dream, Indigo Courtyard, Holetown, St James, Barbados: +1 (246) 432 6307 UK: +44 (0) 1625 586 895 E: enquiries@worldwidedreamvillas.com W: www.worldwidedreamvillas.com

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CARIBBEAN

COLONIAL CARIBBEAN Historic plantation homes offer a stylish alternative to turnkey living in Barbados discovers Jane Slade

he Caribbean island of Barbados is well known as a tropical playground for the rich and famous, studded with clusters of exotic beach-front hotels and high-end golf estates with turnkey villas and apartments. Yet travel a few miles into the interior and you find a very different island; a rural hinterland that evokes a colonial past of wealth and heritage. This lush tropical landscape is home to the plantation houses, or great houses as they are known, which were built by the British after Charles I’s accession to the throne in 1625. Many of these houses have been demolished or abandoned proving too costly to maintain and restore, but the few that survive are either still in the hands of the original families who owned the great sugar plantations, in need of restoration, or been converted into hotels, spas and B&Bs. “There is not better opportunity to buy a plantation house in Barbados if you have an interest in owning a piece of this island’s heritage and owning a home oozing style and character,” says David Coombes, CEO of Caribbean Island Properties, which has several wonderful ‘great houses’ on its books. “Part of the challenge of owning a plantation house is affording the upkeep and restoration which are often needed.

But they are wonderful places if you want to spend time on the island and become part of a community.” Plantation homes tended to follow a grand architectural style. They were traditionally built of coral stone which kept the houses cool. They also had tall casement windows, wooden hurricane shutters, mahogany floors, parapet roofs and

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window hoods which enabled owners to leave the windows open to let the air in, but keep the rain out. Many great houses also had colonnaded porches, and patios decorated with ballast bricks. These bricks were so called as they were used as ballast by sailing ships coming to pick up the sugar. The bricks, stowed in the bottom of the hull, kept the vessels upright and stable during the voyage but they were sold or discarded. The Palladian Villa Nova, constructed from hand-cut coral stone in 1834 and set in 15 walled acres of tropical forest and gardens, is one of the finest examples of a plantation home. After resigning as Prime Minister due to ill health Sir Anthony Eden paid £400,000 for it in 1965 and used it as his Caribbean retreat until 1972. Over the years it has had several owners and played host to the Queen, Noel Coward, Cliff Richard and Tony Blair. Located inland in the parish of St. John, it underwent a US$7 million restoration and extension before re-opening as a luxury four star hotel in 2001 with 28 rooms and spa with two tennis courts, a freshwater swimming pool and several ‘treatment’ cottages built in the style of plantation workers’ wooden chattel homes. It is now for sale for US$11 million and comes with its own industrial kitchen and restaurant. Most plantation houses have large living rooms the size of ballrooms used for entertaining but modest kitchens with a ‘yam room’; a cool, dark bunker used for storing provisions in the days before refrigeration. David Coombes adds: “For around US$2 million, the price of a three-bed apartment on a luxury beach development in Barbados, you can buy a three-acre plantation home with outbuildings you can convert and rent out. “It’s like owning your own estate. You can also re-live some of those colonial traditions of playing croquet, tennis, and even polo.”

Strong Hope Plantation is an example of a beautifully refurbished great house in St Thomas’s with five en-suite bedrooms, walk in wardrobes, air conditioning and a modern pickle-pine kitchen in the single-story main house, plus a two-storey barn offering a further three bedrooms. It also has a swimming pool and access through electric gates down a tree-lined driveway. “Strong Hope has the interior of a modern mansion with all mod cons,” adds Coombes. “Most plantation houses have four to six bedrooms which tend to be huge, most have enclosed patios or wrap around balconies and between three to eight acres of land.” Yorkshire Great House is a plantation home built in the traditional style despite being burned down and rebuilt in the 1840s. Situated in Christchurch overlooking the St George’s Valley which stretches from St Michaels to St Philip, it has five bedrooms, a stunning oak staircase, three acres of land and various outbuildings including staff quarters. There is also grass tennis court which needs some attention but no pool and is priced at US$2,500,000. “Many of the owners of these homes still uphold historical traditions such as honouring tea time and serving it properly,” adds Coombes. Others use the land to provide an income which helps maintain the houses. Brighton House which has 350-acres in St George is still in the hands of the same family that first built it. Michael and Alison Pile now grow carrots, onions and vegetables on land that formerly produced sugar cane and run a farmer’s market each Saturday. Similarly Wendy Kidd the owner of Holders which dates from the 17th century, hosts an annual music and theatrical festival in the grounds while her son Jack stages competitions on its polo ground. Other great houses currently for sale include Ayshford Great House which is being sold as ‘suited to an entrepreneur who wants his home and business in one location’. The six-bedroom main house, formerly owned by a wealthy American who hosted A-listers Frank Sinatra, actress Claudette Colbert and Ronald Raegan, is on the market for US$1,950,000. The property is so huge (4,784 square foot) it has its own lift. There is also a separate cottage and several warehouses and outbuildings. “I would love to see these old properties brought back to life,” adds Mr Coombes. “And enjoyed by families whether they are foreign or local.” Volume 2 Issue 7 // Abode2 181

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CARIBBEAN

Living the dream

The only property on Barbados selling shared ownership, the stunning Crane Resort is uniquely positioned to set a new investor trend, as resort spokesperson John Doyle explains

icture the scene; sun, sea, sand and security in one of the Caribbean’s most desirable destinations. Owning a holiday home in sophisticated Barbados has always been an indulgence for the rich and famous, but these days a property is also expected to pay its way. New buyers still desire luxury but with easily manageable homes, affordable running costs and good rental potential. The Crane Resort has built its reputation on marrying spectacular oceanfront real estate, luxurious spacious residences and five star resort amenities and services with unprecedented value. In 1922, The Red Book of the West Indies reported: “The Crane hotel occupies a high cliff on the Southeast of the Island swept by fresh, invigorating breezes. From its windows is, displayed the beautiful sea fringed with exquisite colours, the white soft sandy beach of the hotel’s superb bathing place, that has no superior anywhere in the

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BEACH HOUSES THE OTHER SIDE OF BARBADOS Building off its exceptional reputation in the fractional ownership industry, The Crane’s sister property, Beach Houses is a new residential community on the secluded East Coast of the island. One of the many attributes that makes Barbados so special is that each of its coasts has evolved quite differently. Unlike the developed South and West Coasts, 99% of the East Coast is reserved as a National Park so future generations may forever enjoy its spectacular natural beauty. The remaining 1%, will be Beach Houses; 62 free-standing residences and a boutique hotel spread across a gently sloping hillside specially designed for those who want to get away from it all. The project marries the simple elegance and open spaces of contemporary architecture with the casual comfort of the traditional East Coast beach house. Each two and three bedroom property is generously scaled and beautifully appointed, featuring floor-to-ceiling glass windows and two (one for the main residence, the other for the ‘lock-off studio’) infinity edge pools with hot tubs, patios offering ‘no tan-lines’ privacy, outdoor showers, hammocks and barbeques. On completion, Beach Houses will feature two restaurants, a bar, a state-of-the-art wellness centre – all boasting panoramic views, as well as a full-service day spa and convenience store. 4 weeks annually, in perpetuity at Beach Houses start from US$46,665 (summer) and US$93,380 (winter) www.beachhouses.bb

world.” This is the other side of Barbados, unspoilt, naturally spectacular and, devoid of formality. The Crane’s residences have been designed to rival its views. Combining timeless period architecture, twenty-first century luxuries, and warm Barbadian hospitality; the residences offer an unparalleled resort lifestyle. Luxurious one, two and three bedroom residences range from 750 to over 4,000 square feet, most featuring large private swimming pools. Complete with full resort facilities, they include everything from furniture to corkscrews. A Barbadian legend since 1887, the resort has close to 130 years of experience in world-class service under its belt. Services and amenities include incredible cascading swimming pools with waterfalls, award-winning gourmet and casual restaurants, an ocean view beach elevator, lit tennis courts, a fitness centre, spa and acres of tropically landscaped gardens. 4 weeks annually, in perpetuity at The Crane start from US$25,595 (summer) and US$51,180 (winter) www.thecrane.com Volume 2 Issue 7 // Abode2 183

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CARIBBEAN

Home Economics Property expert Bernadette Williams offers some useful pointers on looking after your tropical second-home

wning a property overseas can bring a lifetime of pleasure not to mention one or two challenges including managing your home from afar; which is why many second-homers choose to employ the services of a local Property Management Company to take care of their bricks and mortar investment. Whether your property is being let out for rentals or used purely for personal time away - our company philosophy is to

look after clientsâ&#x20AC;&#x2122; homes as if they were our own, from weekly inspections (for unoccupied properties) to 8 week inspections (while occupied). Our bespoke property management service covers all home care essentials from cleaning and general maintenance to attending to necessary repairs and upgrades, paying local rates such as water and electricity, through to property tax and insurance as and when needed. We also handle property viewings and rental bookings.

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TOP TIPS •

Let your agency know if you are planning to rent out your home. That way they can ensure your property is appropriately equipped and furnished. Remember - client satisfaction leads to repeat customers.

•

Make sure you plan a year ahead for your own stay as holiday makers tend to book villa rentals well in advance especially if they are repeat visitors.

•

Arrange for a few essential items to be bought in advance and your fridge stocked ahead of your visit - flights can be delayed and stores often close early on the island.

•

Always give plenty of notice of your intended arrival date so your home can be prepared – cleaning schedules in particular get booked up during peak season.

•

Don’t over prep your home if you are considering long-term rentals. Tenants often want to make it ‘their own’ with personal items.

•

Make sure you have sufficient funds in your account with your Property Manager for ongoing upkeep and maintenance as well as a sinking fund for unforeseen repairs.

experience your full service company Residential Sales Rental & Property Management Condos Homes Villas Apartments Holiday Rentals Long & Short Term Property Rental Commercial Rental & Sales Land Sales Citizen Investment Tel: +1 869 662 5227 Email: info@bwilliamsmanagement.com Website: www.bwilliamsmanagement.com

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BERMUDA

IN THE PINK IN

BERMUDA Steadfastly British, this staid retiree haven is reinventing itself as a funky, ‘flip-flops required’ getaway, says Laura Henderson

isitors to the pink-sanded beauty that is Bermuda needn’t worry about the country’s buttoned-up reputation. These days, it’s more flip-flops and shades with a Rum Swizzle in your hand. In its prime, this former British colony was the favoured weekend playground for Ivy League millionaires and captains of industry who’d fly in just to cruise the golf courses. But like an elite country club, the island has had to come to terms with the fact that highbrow is quite simply too high maintenance, and is trying to shake of its fusty image. Outdated customs are gradually being replaced by a laid-back urban style, best exampled by Bermudian businessmen clad in Bermuda shorts, jackets and ties, with the tourism focus now firmly on warm-weather values, in a bid

to lure a younger, trendier audience. Funded by a £100m taxfree incentive from government, hotel facilities are also being upgraded: hothouse floral drapes are out; WiFi, and BBQ casual are in. Nightlife, (albeit low-key), is also more in evidence as is the growing array of visitor attractions from eco-tours to beach tennis. Covering just 21 square miles, the island boasts its share of high-end real estate and a healthy smattering of ‘A’ list owners including Michael Douglas and Catherine Zeta Jones, David Bowie and Michael Bloomberg. This bedrock of ‘new money’ combined with a robust economy has helped to shield the community from the worst excesses of a tighter global credit market. “The island has the third-highest per capita income

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in the world,” explains former Minister of Tourism David Dodwell, “with tourism and international business interests now permeating all aspects of island life. Hamilton, the capital also has a growing blue-chip presence with many big insurance and reinsurance firms relocating here thanks to the island’s favourable offshore tax regime.” Property values (underpinned by limited supply and little remaining land for development) are also faring well compared to other global markets, confirms James Dockeray of Deloitte Bermuda, down by just 2.5% in the past eighteen months. A government cap on housing stock sold to non-nationals has further sustained values, with just a handful of residences in 2014 made available for sale to foreigners at an average price of US$ 5m. It’s a policy that has helped to counteract a stratospheric rise in values and ensure that Bermudian

residents are not priced out of their own market. “Potential investors can feel pretty secure about the intrinsic value of property here,” adds local agent Sam Weston. “If you’re a nonBermudian selling your house for just the right price, it should sell, and we have a demand for just that, without reaching saturation levels.” Keen to ensure that the island also embraces the easy-care, turn-key aspirations of first-time investors, the government has sanctioned the introduction of fractional ownership for non-nationals. Foreigners can own a deeded part-share in a property, which can be sold, willed or put into a trust like any other form of real estate. Projects will offer a strict limit on the number of resident owners per property to ensure that investors have maximum usage. “It’s an inspired decision,” Weston adds, “offering overseas buyers a vacation stakehold without the million-dollar price tag and the hassle of maintenance, security and insurance costs associated with whole ownership.” Perched on limestone cliffs in the cosy parish of Southampton, The Reefs Club is one shared ownership offering tempting buyers to dip their toe in the market. Partnered with the prestigious Reefs Hotel, which boasts the highest repeat-guest rate of any luxury hotel on the island, this eyecatching community comprises a limited edition collection of fully-furnished two and three-bedroom residences with unobstructed sea views. Spacious apartments, just steps away from a private pink sand beach, boast floor to ceiling picture windows, cantilevered stone and glass walls, with rich fabrics and mahogany furnishings that evoke the island’s lush tropical landscape. Luxury refinements include ‘smart home’ flat-screen TVs and Intercom, walk-in closets and spacious private verandas Volume 2 Issue 7 // Abode2 189

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BERMUDA BUYING IN BERMUDA •

• •

•

with outdoor whirlpool spas, while gourmet open-plan kitchens and spa bathrooms complete the minimalist look. Communal facilities haven’t been stinted on either, with a Zen-styled owner’s lounge, infinity-edge pool, spa and rooftop putting green. Owners also have the services of a dedicated concierge to coordinate leisure activities from organising daytrips to securing dinner reservations. Prices start at US$189,500 for a two-bed apartment rising to US$259,000 for a three-bed unit based on a 1/10th deeded share in perpetuity. Property access based on average usage patterns, works on a rotating priority system enabling members to book on a ‘planned’, ‘short notice’ and ‘space-available’ basis throughout the year. Located on the outskirts of bustling capital Hamilton at the prestigious Newstead Belmont Hills Golf Resort and Spa, owners are just a 5-minute private water taxi ride from downtown, with Belmont Hills Golf Club just minutes away by private shuttle. Under the resort’s shared ownership programme, owners can purchase a 1/6th deeded, fully transferable interest in one of the resort’s stylish 45 one, two, or three-bedroom suites or studios. Owners are guaranteed to

Non-Bermudians may only purchase property that is qualified by a minimum Annual Rental Value ("ARV"). The ARV is used to determine land tax and is not necessarily a reflection of market value. The minimum ARV for houses is US$177,000 and US$32,400 for condominiums. In addition, condominiums available to Non-Bermudian purchasers must be in “designated developments”. Houses with a qualifying ARV start at around US$4m and condominiums at around US$600,000.

Licensing and Fees • Non-Bermudian purchasers must obtain a license from the Minister of Labour and Home Affairs. License fees are 8% of the purchase price of a house and 6% for a condominium. Current License Fees will increase as of September 30, 2015 to 12.5% for a house and 8% for a condominium. All properties within a designated resort development are 6.5%. • License fees for Permanent Resident Certificate Holders ("PRC") purchasers will be 4% for a house and a condominium. The License Fee will increase as of September 30, 2015 to 6%. Multiple Property Ownership • Generally, a non-Bermudian will not be permitted to own more than one residential property at any one time. A non-Bermudian will be permitted to purchase a second property on the condition that he/she disposes of the original property within 12 months. For more information, go to: www.gov.bm

enjoy eight weeks of usage annual – two weeks at a time, four times a year. Nestled in manicured gardens dotted with lofty Bermuda Cedar trees, the resort estate is home to a select range of premium on-site amenities including a luxury day spa and hi-tech gym with concierge service and private beach shuttle. Prices start from $US160,000. Snapping up a stylish three-bedroom villa close to Hamilton, UK investor Janet Dickson moved to the island from London for a ‘better quality of life’ in 2011, and hasn’t looked back since. “It’s an eclectic place, with some 65,000 residents many of whom are expats. It’s also a safe environment for families. There are no flashy casinos or mega resorts. Quaint traditions still apply. Cars for example are limited to one per resident family-and visitors are not allowed to rent cars. You have to rely on taxis or motorized bicycles called ‘putt-putts’ which adds an element of fun.” As to whether the shared ownership model might dilute the island’s laid-back ambience: “It’s unlikely. As real estate investments go, they’re a sensible addition as resorts will never be 100% occupied. Buyers should do well on the capital appreciation front too. After all where else in the current climate could you snap up a ‘super-prime’ address for under £250,000?”

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BERMUDA

Bermuda BUYER’S GUIDE Realtor David Hyland, a principal at My Bermuda House, explains the key steps foreign purchasers must take to ensure a smooth and secure property purchase

n a letter dated 1910, Mark Twain expounded on the advantages of the Bermuda life. “There are no newspapers, no telegrams, no mobiles, no trolleys, no trams, no tramps, no railways, no theatres, no noise, no lectures, no riots, no murders, no fires, no burglaries, no politics, no offenses of any kind, no follies but church, and I don’t go there.” Bermuda has changed a lot since the early twentieth century, yet its natural beauty, enticing climate, proximity to the Eastern United States and position as an international business centre ensure an ongoing demand for property. Other advantages also make the island attractive to foreign purchasers:

• A British Overseas Territory, Bermuda Law is based on English common law and the final court of appeal in any legal action is the Privy Council in London. • Legal tender is the Bermuda Dollar, which has been pegged to the US Dollar for more than 40 years. The currency peg lends stability to real asset values. • Bermuda has no income tax, corporate profits tax, or capital gains tax, though there a property tax and ad valorem Stamp Duty is assessed on the transfer of real property. • Owning property in Bermuda does not convey any citizenship rights, but property owners are entitled to reside in Bermuda and the rights of ownership are ultimately enforced by the Privy Council. If you are considering a home in Bermuda, it is advisable to engage a licensed and experienced realtor to help you find the right property, navigate the intricacies of the purchasing process and ensure that your purchase is completed in the most efficient way. Available Properties: Well-defined rules govern the acquisition of property by international purchasers and, in general, only about 5% of the housing stock of private homes is available to international purchasers.

• The mechanism used to determine the eligibility of these properties is the Annual Rental Value (ARV), a notional value assigned by the Land Valuation Commissioner. • Private homes must have an ARV in excess of $177,000 to be available to international buyers. Qualifying properties typically start at about $3.5 million with prices going as high as $40 million. • International purchasers may also acquire a condominium located in one of seventeen “designated developments” with a minimum ARV of $32,400. Prices start at approximately $600,000. Mortgage Market: Most overseas buyers arrange financing from private means or from banks in their home countries. However, financing options are available in Bermuda from the local banks. Legal Representation: You will need the services of a property lawyer to ensure clean title and convey the property as well as to apply for the required license from the Bermuda Government. Your realtor will introduce you to one of the many qualified property lawyers in Bermuda. Government License: International buyers cannot acquire a home in Bermuda without a license from the Minister of Home Affairs. The application process involves a thorough background check and so may take a few months to complete and there is a fee associated with the issuance of a License. Your lawyer will guide you every step of the way through this process. Fees and Taxes: The closing costs associated with purchasing a property have been reduced in recent years. All buyers must pay stamp duty on a sliding scale and conveyance fees, set by the Bermuda Bar Association, are also assessed. In addition, overseas purchasers are required to pay a fee for the Government license, which is currently set at 8% of the price of a private house or 6% of the price of a condominium.

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MAKING DREAMS COME TRUE IN THE SOMERS ISLES Youâ&#x20AC;&#x2122;ve discovered Bermuda, fallen in love and now you want your very own island dream home. What next? To turn that dream into reality, you need a partner you can trust, who understands the Bermuda property market, who appreciates the buying challenge from your point of view, and who offers the quality of customer care to put your mind at rest a continent away. You need My Bermuda House. Our personalised service for international buyers is tailored to your goals and requirements. We have experienced realtors who research, consult, advise and manage logistics to introduce you to properties that match your aspirations. Their insight into local market dynamics and property valuations help to navigate contract negotiations and the intricacies of the property closing. Our breadth of local knowledge smooths the relocation process and provides valuable advice on reputable service providers you may want or need after closing. And finally, we offer a comprehensive property management service to take care of your property and protect your investment, allowing you stressfree enjoyment of your Bermuda home, whether on the island or not. Whether you are a first time or seasoned home buyer, My Bermuda House has what it takes to make your Bermuda dream come true.

Call us today or visit our website at www.my-bermuda-house.com Suite 201, Hamilton House, 10 Queen Street, Hamilton HM 11 Tel: 441 292 6245 or 441 296 6245 Fax: 441 293 6245 www.my-bermuda-house.com

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AND FINALLY

Los Angeles super agent, Greg Moesser of Sotheby’s International Realty, reveals his favourite city haunts

My Secret Beverley Hills Address Book

Hotel with the wow factor? The boutique Montage in Beverly Hills is my favorite hotel in the city. It embraces the California lifestyle with traditional Spanish-Mediterranean architecture and an amazing roof top pool. Ideally located, directly facing the beautiful BeverlyCanon Gardens and adjacent to Rodeo Drive, it offers a world class Spa, and the famous Scarpetta restaurant. But the real “wow” factor is their friendly and attentive staff. The hotel also has 20 private residences. They’re seldom available for sale. The last one sold for $12 Million, and there is currently a waiting list. Best time of year to visit? It’s always the best time to visit LA. That’s what makes the city so special. We have a wonderful, mild year-round climate making for a fabulous “outdoor” lifestyle. In addition to our beautiful beaches, we have numerous cultural offerings such as the Getty Centre and the Disney Concert Hall. In the winter you can ski the local mountains in the morning and worship the sun in Palm Springs, that same afternoon. My favorite time of year is probably January and February, during our awards season, (Academy, Golden Globes). It makes for great celebrity watching. Rodeo Drive Walk of Style highlights? Rodeo Drive is the most beautiful shopping street anywhere. While you may find the same stores in most major cities, what makes Rodeo Drive so special is its creative architecture, signature palm trees and statement cars. LA has a love affair with the automobile. The Bijan boutique always has the latest exotic models parked out front, Bugatti, Lamborghini. We

are all a buzz at present about the opening of the Burberry flagship store and it’s pretty fabulous. It’s the tallest, most tech savvy store on the street - the rooftop penthouse gives you the ultimate Rodeo Drive experience. Favorite chill out location when you’re off duty? Spending time with friends and family at Cecconi’s restaurant in West Hollywood. It’s just a stunning restaurant with a very intimate feel. The outdoor patio is secluded and they have the best bartenders in town. I would recommend the octopus appetizer and handmade pizzas. They’re also open for breakfast, which is great for morning meetings. Ultimate pamper day - who with and where? My partner and I really enjoy an “at home” stay at the Sunset Tower Hotel, since it’s only about 2 blocks from our home. Upon arrival, you suddenly unwind and step back in time, to the height of the Hollywood glamour era of the 1930s. Located on Sunset Strip, the owner, Jeff Klein, has done an amazing job retaining the historic hotel’s Art Deco architecture and celebrity ambience. The Tower Bar is probably the most romantic restaurant in town and Dimitri, the Maître’D, will always make sure your evening is wonderful. The pampering continues with breakfast in bed, a lunch and swim at the pool, and finally catching “The Book of Mormon” show at the Pantages Theatre. Voted “LA Super Agent” by Los Angeles Magazine, Greg Moesser’s website LAClassicEstates.com was named Los Angeles’ “Best Luxury Real Estate Website” by Billionaire 500 Magazine.

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