Blog contributions are provided exclusively from Luxury Real Estate members throughout the world.
Courtesy of Michel Cruz of Rimontgó
While many bemoan the state of the property market, it is good to know that there are real estate companies that are recording good results. The success achieved may have been hard-fought, but it provides an encouraging sign that those who are willing to innovate and adapt – and are well-prepared in terms of marketing, organisational structure and the service they provide – can do well.
In terms of significant sales, i.e. the sale of so-called important properties, Inmobiliaria Rimontgó recorded four such transactions in its home market area in 2010. These included two luxurious villas in Jávea, along Spain’s scenic east coast, a large villa just off the city of Alicante, a little further south, and a grand property in the region of Elche.
But in addition to such ‘local’ transactions of note have come the fruits of the international cooperation that Rimontgó has worked so hard to develop, and which finds itself embodied in EREN (European Real Estate Network) and the other international organisations that the company belongs and contributes to.
Most notable among these are a luxury Vienna apartment bought by an American-based
couple that was being transferred to the Austrian capital. Working closely with its EREN partner in Vienna, Marshall Immobilien, Rimontgó succeeded in finding its transatlantic client a beautiful new home and concluding the multi-nation deal in an efficient and transparent manner.
Other enquiries for international real estate that came through Rimontgó’s award winning website and which were successfully concluded with the EREN partners in Switzerland,
Portugal, New York and Florida respectively, are:
· A record sale to a Danish citizen of an estate in Lugano listed at CHF30 million
· A beautifully restored city apartment bought by a French family in Lisbon’s historic Chiado district
· The close working relationship with its partners in New York was also emphasised in the purchase of an important apartment by a Venezuelan national
· When a Florida resident wanted to sell his property in the Oliva Nova Golf Course near Valencia, without having to travel to Europe. Powers of Attorney were issued on behalf of Rimontgó and the proceeds from the sale of the property to a Madrid family were wired to the seller, who was very pleased with the service received
It all proves that international cooperation between likeminded companies can produce excellent and mutually beneficial results. For Rimontgó, the good results of 2010 serve as further encouragement and reward for the hard work and dedication they have shown in pursuit of a clear and effective market strategy.
Courtesy of Luxury Homes by VAPF
According to the well-known ‘A Place in the Sun’ magazine, Spain has once again come top as the favourite British destination for buying a holiday home, ahead of neighbouring France, Portugal, Italy, Florida, Turkey and other Mediterranean locations.
The results of the study carried out by the British publication, specialized in overseas properties, situate the Spanish coast as the most popular location for second homes, having carried out a worldwide research on the standards of living and the property options available in each country. Hundreds of the magazine’s readers and visitors to the exhibitions they organize have pointed out their reasons for purchasing their dream hideaway home in Spain and the survey also reveals the costs involved in buying and owning a house in this sunny country. The result is that Spain tops the chart of the best places to buy abroad in 2011, with all the right ingredients: a great transport network that makes travelling to and from Spain extremely easy, an extensive cultural offer, well-established infrastructure and, of course, the fundamentals, sun, sea and siesta!
France comes on the list as a close second, followed by the other European countries of Portugal and Italy. Florida has dropped to 5th position from 2010’s second place, then its back to the European continent to Turkey, in 6th place, Greece, in 7th, and the Mediterranean island of Cyprus in 8th position. Finally, the 9th and 10th places are taken by two new entries, Malta (which officially is the most crowded country in Europe) and Egypt, with countless new developments bordering the Red Sea.
Don’t miss out on the trend of owning a luxury seaside villa in Spain and take a look at the kind of properties that you can enjoy in 2011’s ideal destination by logging on to the Luxury Homes by VAPF website, www.luxuryhomesinspain.com.
Courtesy of Ole Jespersen of IRG International Realty Group
IRG International Realty Group, exclusively represented The World, the only private community at sea. IRG International Realty Group was appointed as the exclusive agent in Portugal to represent The World. The World is the only residential community at sea, arrived on July 5th in Portimão and July 7th in Lisbon, after docking in Spanish ports, Marbella and Cadiz. This ship allows its residents and guests to travel the world without leaving the comforts of a private home. There is an average of 150 adventurous and like-minded explores onboard at onece, travelling to intriguing destinations all over the globe.
This remarkable, 12-deck, 200 meter-long floating home offers an elegant and intimate travel lifestyle with impeccable service and amenities that deliver a personalized and bespoke experience. Discerning travellers can travel in one of the 165 private residences aboard The World or elect to own one of the select homes available for resale. Approaching its eighth year of successful sailing, The World looks ahead at innovative developments in the horizon. In late April 2007, the ship underwent multi-million dollar refurbishments, resulting in new soft goods in public areas including the Lobby/ Plaza area, several of the onboard restaurants and the full-size tennis court as well as the debut of The World Spa by Banyan Tree on the vessel. The World´s Residents are deeply invested in the upkeep of their onboard homes. The private homes onboard the vessel undergo ongoing modifications and enhancements such as wine storage rooms, new technology and other personal touches that ensure Residents feel at home while onboard. In its eight years at sea The World has attended the America´s Cup Races in Auckland, the Louis Vuitton Challenger in Valencia, Carnaval in Rio, the Monaco Grand Prix and the British Open. Due to ots worldwide itinerary, the vessel is able to span the globe every two-to-three years. For more information about the residential sales please contact IRG International Realty Group at the Lisbon Head Office: +351 210 305 022 or info@irgportugal.com
Courtesy of: Carina de Sousa of IRG International Realty Group
IRG International Realty, the exclusive affiliate on the Mainland since 2005, is awarded new territories in the Atlantic Islands and the Republic of Cape Verde
London, United Kingdom--IRG International Realty Group, the exclusive affiliate of Christie’s Great Estates in Portugal for the past five years, has been appointed to additionally represent the leading network of real estate brokerages in the Madeira, Azores, and Cape Verde archipelagos.
“Christie's Great Estates selected IRG International Realty Group to be our service provider because they deliver our key requirements of integrity, professionalism, and an exceptionally high standard of customer care,” says Neil Palmer, Chief Executive Officer. “We are pleased to announce, therefore, that we have now further strengthened our relationship with IRG by adding these three new territory assignments. Concurrently, we expand the reach of the global real estate network to encompass 140 countries.”
Christie's Great Estates is the only international luxury residential network owned by an art business. Together with Christie's, the world’s leading art business, the network delivers a unique synergy of being able to advise on the acquisition and disposition of both fine homes and fine art.
IRG International is a leader in the marketing and sale of important properties in Portugal, entrusted to list the country’s highest-value properties. These include the exquisite Vila Mar, an exceptional residence nestled in Quinta da Marinha, considered to be the most luxurious resort development on the Estoril Cascais Riviera.
“With Christie’s Great Estates renowned global sales and marketing network we can further develop IRG´s worldwide marketing program,” says Ole Jespersen, managing director and owner of IRG International Realty Group. “Both IRG and Christie’s Great Estates focus on quality marketing to achieve the best results for our vendors.”
IRG International Realty Group’s Head Office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago in the Algarve, Estoril, Funchal (Madeira) and in Kensington, London, United Kingdom. Sales Representative for the office in Madeira is Frederico Fernandes, experienced in Madeira real estate for many years.
About Christie’s Great Estates
Christie’s Great Estates is the leading international network of real estate companies dedicated to the sale and marketing of luxury homes and is a subsidiary of Christie’s, the world’s leading art business. Christie’s clients who buy and sell works of art often request real estate services. To satisfy this demand, Great Estates, founded by Kay Coughlin in 1987, was acquired by Christie’s in 1995. Today, the Christie’s Great Estates global network spans more than 40
countries with 1,000 offices and approximately 34,000 brokers.
Admittance to the Christie’s Great Estates network is offered by invitation only to those real estate companies with proven records of success in high-value home sales and who exemplify Christie’s traditional value of service. Once awarded affiliate status, brokers may then display the coveted Christie’s brand and use the proprietary marketing services of Christie’s Great Estates, which has successfully marketed high-value real estate around the globe for more than 20 years. Exceptionally skilled local real estate specialists, a client-focused approach, and strategic global marketing to a qualified audience of proven luxury consumers are the hallmarks of Christie’s Great Estates.
About IRG International Realty Group, Portugal
IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s Head Office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago in the Algarve, Estoril, Funchal (Madeira) and in Kensington, London, United Kingdom. www.irgportugal.com
Courtesy of: Paula Maia of O & O
Since the last alterations on planning legislation, the government has been strict about new constructions and developments.
Planning permission is no longer given to more than three storey properties built on the coast and no more homes will be constructed closer than 500m from the shore (except touristic developments with low construction densities).
Developers are also required to consider how much green space is provided.
The tight restrictions on developments and the efforts made in appealing an increasingly up market clientele make of Portugal the perfect country to those looking for a reliable investment. Stability has been highlighted as one of the benefits of buying property in Portugal that is becoming more exclusive and attractive for wealthier purchasers looking for a home in the sun.
By Carina Sousa of IRG International Realty Group
IRG International Realty Group, the exclusive affiliate of Christie’s Great Estates in Portugal is selected to be the exclusive agent for the marketing and sales of the prestigious resort Madeira Palace Residences. In 2005 the Fibeira Group, owned by Engº Armando Martins bought the prestigious Madeira Palácio Hotel together with the project for Madeira Palace Residences. Designed by Ricardo Bofill Associated with Atelier Caires – João Francisco Caires e Associados, the Madeira Palace Residences are a striking example of the best in contemporary architecture and quality living.
With 100 homes ranging from one bedroom to four bedroom apartments, all with garage parking and storage, the development benefits from spectacular views over the Atlantic.
Constructed around an interior garden, where exotic water features play an integral role, the development has been designed to provide a restful and elegant environment and will be forecasted to be ready in the summer of 2010.
A serene and private haven, Madeira Palace Residences represents the best in luxury living. Residents will have access to the services of the adjacent five star renovated Madeira Palácio Hotel including spa, restaurants, room service, laundry and cleaning, and membership of the Beach Club.
The Hotel Madeira Palácio Hotel has a very rich history. It opened its doors in 1971 and was operated by Hilton Hotels between 1971 and 1973 owned by Robert Jabara Pereira Ganhão (Pastelaria Suiça), TAP and Hotel Palácio in Estoril.
In 1982 the hotel was bought by the Albaker Group that owned the Marriott (formerly known as Penta), Eden Hotel, Hotel do Mar and Hotel Palácio Estoril.
The renovation of the hotel has been designed by WATG associated with Atelier Caires – João Francisco Caires e Associados – Projectos de Arquitecture Lda.
An extensive program has been implemented to give the Madeira Palácio Hotel a five star luxury rating according to international demand including a sophisticated interior design for the rooms and public areas.
About IRG International Realty Group
IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s Head Office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago in the Algarve, Estoril and in Kensington, London, United Kingdom. www.irgportugal.com
About FIBEIRA SGPS, S.A.
FIBEIRA SGPS, S.A. is a managing group of social investments. Its strategically cores are present in the realm of Real Estate Development, Hotel Management, Services and
Media/Press, a wide variety of business activity sectors. In a Group that established itself in 1984 with the creation of FIBEIRA, the ability to expand and respond efficiently to all the new challenges was the key point for the current confident broadening of its interests into new business domains and lead to a solid presence in markets like the hotel industry.
Success and innovation have been a constant reward for the evolution of our companies which allowed them to work in different business areas with levels of performance much higher than the ones present at their creation. www.fibeira.pt
By IRG International Realty Group
Well, we couldn’t really escape it! We, like the rest of the world, are becoming increasingly aware of these networks’ outreach and have decided to assess its potentials, which we understand are enormous and worth exploring.
And the choice is a difficult one. There are endless social media tools available out there that we can all benefit from.
Being a company focused on luxury real estate, connected with several international networks, tools like Twitter and Facebook are a great way to communicate with those partners. Twitter’s microblogging, for example, can be a great marketing tool. Many real estates use it to promote listings. With Facebook you may launch a topic for discussion with your network partners, where everyone can join in, make suggestions and who knows help you solve a problem or clear a doubt much faster than before.
But these are merely two of the tools available and those in the industry really need to have a look at the offer and determine which one, or which ones will benefit them the most. At IRG we have decided to give Twitter and Facebook a go. Though taking baby steps still, we are determined to find out how far these two can take us.
You can follow us on Twitter on http://twitter.com/IRGIntlRG or join IRG International Realty Group on Facebook.
About IRG International Realty Group
IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.
10
Top Ten Property Hotspots
By Ann Adenius of Signature Residences Worldwide
We have asked industry experts to give us their hot tips for the property market in the coming year…..
1. DOMINICAN REPUBLIC
The Dominican Republic is one of the fastest-growing Caribbean destinations:
• The World Tourism Organization named the DR the “Caribbean's No. 1 Destination,” ending Puerto Rico's 40-year reign.
• 25% of all travellers to the Caribbean pick the Dominican Republic as their destination, according to the Minister for Tourism.
• Dominican Republic recorded an 8% increase in visitor arrivals in 2008 and aims to reach 5 million by 2012.
Not only is the nation committed to maintaining its status as one of the most reasonably priced Caribbean destinations, but millions of dollars of investment are going into everything from golf courses to marinas and from upscale shopping malls to sports facilities.
Dominican Republic already has more golf courses than any other Caribbean destination, with courses designed by legends such as Jack Nicklaus, Arnold Palmer, Gary Player and Nick Faldo. There are 27 courses either operating now, under construction or in the planning stages.
The Dominican Republic has seven international airports, more than any other Caribbean island, making travel easier than for other similar locations.
For investors, a combination of increasing tourist numbers, lower prices and occupancy rates that average above 85% in the most popular areas mean that rental property in Dominican Republic can produce excellent returns.
2. PANAMA
After Panama announced its canal expansion project in 2006, GDP growth rose to 11.2%, outstripping China, and making Panama not only the fastest-growing Latin American economy but, according to the IMF, one of the fastest-growing in the world. Now that growth has proven to be sustainable, Panama is firmly on the radar of European, Russian and Middle Eastern property investors.
The canal expansion, which will double shipping capacity, is expected to bring in an additional US$13 billion in direct revenue for the first 11 years, following completion in 2014. Already, the canal project is estimated to be adding an additional 1% to the GDP annually.
Panama City, home to the largest concentration of international banks in Latin America, continues to grow in importance as a financial hub — it hosts about 150 banks from all over the world. The Panamanian banking sector, which is attracting significant new investment, currently has a market liquidity of US$14 billion.
Being allied with the world’s foremost currency has its benefits, with monetary and price stability — almost unique in emerging markets — the net result.
Political and fiscal stability, combined with a mood of confidence, have triggered a construction frenzy — mainly luxury developments in and along the coast around the capital. These developments cater to an upwardly mobile local market, as well as an influx of North American buyers.
Hotel development is rampant, as developers rush to keep up with demand. A steady annual tourism growth of 12.5% shot up to 30% in 2007, the biggest spike in visitor numbers in the Western Hemisphere. The World Travel and Tourism Council predicts revenue from tourism will double by 2018, creating a need for another 8,000 rooms, 1,800 of which will be added in 2009–10.
There are significant tax incentives offered to investors in Panama. For instance, some new construction projects are exempt from real estate tax for 20 years.
All these plans are great indicators that the fledgling investment property sector is being built upon solid and sustainable foundations, backed by the Panamanian government’s continuing commitment to a long-term programme aimed at making Panama more desirable and its people more wealthy.
3. KOH SAMUI, THAILAND
Thailand's incredible growth is fuelled primarily by a boom in tourism. With the number of travellers who flock to the Southeast Asian nation for its white sandy beaches, tropical climate and friendly, relaxed atmosphere increasing by 20% per year, resort properties on the island of Koh Samui will continue to attract a great proportion of these visitors. And that means property prices will continue to grow strongly.
Koh Samui offers the amenities of a developed destination, yet manages to retain the feel of a romantic tropical island. This, combined with its year-round sunshine, low cost of living and great hospitality, has made the island one of the most sought-after holiday and retirement spots in the world.
Several luxury resorts are planned for Koh Samui over the next five years, and aircraft seat capacity on international flights is expected to increase by 62% to accommodate the rise demand.
Koh Samui has also adopted stringent building laws to protect the island’s natural beauty and to prevent the construction of the type of highrise developments which blight so many resorts around the world. This means that no buildings over three storeys can be built in certain areas, and large properties cannot be developed on or near the beachfront.
The island is very accessible, with direct flights with Bangkok Airways from Bangkok, Singapore, Hong Kong, Kuala Lumpur and mainland China. The recent opening of a direct route from Bangkok to Koh Samui by Thai Airways International has added to the tourist boom by bringing in 300 tourists a day to the island.
4. SILVER COAST, PORTUGAL
The Silver Coast in Portugal has become one of the hottest properties in every sense of the word.
While Panama’s national currency is technically the “balboa”, it is matched on a 1:1 basis with the U.S. dollar and, for all but minor transactions, the American greenback is normally used.
Located on the west coast of Portugal on one of Europe's most spectacular coastlines, the Silver Coast is significantly less developed than the Algarve and offers superior value and investment potential. Property on the Silver Coast is on average at least 25% cheaper than the Algarve, with prices rising by 10-20% annually over the last five years. Returns have consistently outperformed the Algarve.
As well as offering close proximity to Lisbon and easy access to the airport, the region has breathtaking cliffs, long sandy beaches, medieval towns, charming fishing villages, fascinating historic and architectural sights to explore. The Silver Coast has been labelled the “real” Portugal.
Strict planning restrictions aim to prevent excessive development and preserve the area’s natural beauty, which is one of the aspects that make the Silver Coast so attractive in the first place.
5. VIETNAM
Real estate investors see in Vietnam the same opportunities presented by Thailand 20 years ago. In fact, many believe that Vietnam, with its breathtaking landscapes, friendly people and good food, will become the next Asian star, thanks to its wide appeal to both holiday-makers and those seeking a second home.
Vietnam’s recent policy changes on direct foreign investment are already attracting investors from around the globe, with an estimated US$44.5 billion plowed into projects in the first seven months of 2008 alone. Most of the newly licensed projects are in the real estate sector.
There is also enormous potential for tourism. Vietnam enjoys a 3,300-kilometre-long coastline, much of which comprises untouched sandy beaches and forest hinterlands. Experts predict Vietnam has the potential to become a prime resort destination in Asia, similar to Thailand and Indonesia’s Bali.
Luxury hospitality firms including Six Senses, Banyan Tree and Viceroy are already entering the country, signalling the start of Vietnam’s coming-of-age.
6. ST. LUCIA
St. Lucia, recently voted by Condé Nast Traveller as one of the four most beautiful islands in the world, is enjoying worldwide attention, with a 7% increase in arrivals for the first eight months of 2008over the previous year.
Along with a booming tourism trade, St. Lucia benefits from a stable government and economy. It has a well-established real estate market, where buyers get a lot more for their money compared to more developed islands such as Barbados. Property prices in St. Lucia are currently 35-40% of the price in Barbados, a gap likely to narrow in the next few years.
A World Bank report has ranked St. Lucia, which benefits from good air transportation links, among the Top 30 places in the world in which to do business. Private property is well-protected on the island, where the legal tradition is based on British common law, with the highest court of appeal the Privy Council in London.
St. Lucia also gets top marks for its warm climate, stunning beaches, crystal-clear sea and charming people, making it a leading island destination in the Caribbean for North American, British and European visitors.
7. BERLIN, GERMANY
Berlin represents one of the most attractive property markets in Europe, with prices currently below those of Prague, Budapest and Warsaw. Many private equity funds and investors have already invested billions of euros, believing the property market is still trading at a significant discount to other comparable Western European economies.
A large majority of Berliners live in rented accommodation, mainly apartments. Only 14% of the city’s residents own their own homes, a figure extremely low by EU standards, and also significantly lower than the 42% home ownership rate in Germany as a whole. The resulting strong rental market presents an excellent opportunity for a buy-to-let investor looking for reliable and secure rental returns.
In addition, there are signs of an increasing willingness among Berliners to purchase their homes, which is creating an increasingly stronger resale market.
With Germany’s economy dependent on the production of automobiles and consumer goods, there has been a slight downturn in prices recently as the recession takes hold. But the experts are still bullish on Berlin, forecasting that over the long-term, the city will be one of the great investment destinations for property buyers.
8. RIO GRANDE DO NORTE, BRAZIL
North Brazil, including virgin coastal areas of Fortaleza, Natal, Recife and Salvador, is attracting interest from investors as it is relatively underdeveloped and has a wealth of natural beauty. Brazil offers some of the most beautiful landscapes in the world, with thousands of miles of unspoilt sandy beach coastline. Northeast Brazil has the added bonus of being free of hurricanes, tsunamis and earthquakes.
The importance of tourism in this area is paramount, prompting the region’s authorities to invest heavily in infrastructure. A huge new $560-million airport — expected to be the largest in Latin America and one of the seven largest in the world — is being built in the city of São Gonçalo, about 30 kilometres from the region’s capital, Natal. Once completed in 2011-12, a dramatic rise in visitors is expected as air carrier routes continue to be added and airlines compete for business.
The region is reported to have the cleanest air and the purest water in the whole of South America — second in the world behind the Antartic. And in a recent survey, Natal was found to have the lowest crime rate and one of the highest quality of life rankings in Brazil.
With an average temperature of 30°C, 360 days of sunshine a year and up to 400 kilometres of spectacular beaches, it is not hard to understand Natal's popularity. It also offers exceptional food and entertainment at a fraction of the cost of its more southerly competitors. As a result, it is becoming a firm favourite amongst tourists, especially Europeans, who only have to fly seven hours to reach its sandy shores.
Experts predict that investment in high-end property is likely to be lucrative, since Natal is currently devoid of sophisticated luxury resort developments. The nearby opening of a David Beckham soccer academy in Cabo Sao Roque should also increase Natal's global profile.
Brazil has been named as the host nation for the 2014 FIFA World Cup, which will bring in more tourists and turn up the heat on the property market. With Natal’s property market tied to growth in tourism, infrastructure and overseas private investment — experts predict that property investors will continue to see healthy returns.
9. FLORIDA, UNITED STATES
Florida — with its renowned sunshine — stands out as a property hot spot in the United States. More than 82.4 million tourists visited the state in 2007, which is among the world's top tourist destinations.
Property prices are traditionally low compared to other tourist meccas, and attract those seeking a second home, a good investment, or a rentable property. With attractions such as Disney World, Universal Studios and many, many golf courses, it is little wonder that Florida has become a leading tourist haven.
Thanks in large part to Miami, a city that is becoming a cultural and commercial centre for the whole of Latin America, Florida is also a business mecca. Trade between the United States and Latin America is increasingly important, and experts believe that with NAFTA and the growing numbers of Spanish Americans in the U.S., this trend will accelerate. For property investors, Florida offers opportunities. Badly hurt in the U.S. property crash, Florida now has property for sale at less than half the price it was selling for a year or two ago. This is good, well-located and brand new property. Experts believe that the bottom of the Florida property market has been reached – or is very close to being reached – and that this is an excellent buy for capital growth over the medium term. Select and buy well and rental return rates of 4% or 5% should be achievable.
10. MOROCCO
Morocco is appealing for a number of reasons:
• It is close – hardly any further than Spain.
• It has good weather almost all year round.
• It has a government that has committed itself to a 10-year infrastructure improvement plan with a view to boosting tourism. Much has already been done in the past seven years. Morocco has long been a favourite tourist destination for the French, and there are now more and more tourists coming from Britain and Ireland. Of these tourists, quite a number are now deciding to buy property. Mortgages are now available at sensible rates. There are, in effect, three different markets in Morocco: the Mediterranean coast, the Atlantic coast and Marrakech. Each is unique. But for investment purposes, the experts prefer Marrakech because there is not only a strong foreign market, but it is also highly favoured by Moroccans. In fact, many wealthy Moroccans have a home in Marrakech. This is important because when you sell, you are not solely dependent on one particular market.
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In summary, we think there are good property investment opportunities in many countries around the world, provided that you take advice and make sure you buy the right property in the right location at the right price. Go for quality property, as quality will always outperform inferior property.
For more information, visit Signature Residences Worldwide, http://www.signatureresidencesworldwide.com, Tel: +44 (0)20 7095 8703.
By Carina de Sousa of IRG International Realty Group
IRG International Realty Group assembled three leading exclusive developments to co-sponsor Portugal’s Tennis event of the year: The Estoril Open. The event takes place from May 2nd to May 10th and will be an excellent opportunity to expose the tournament’s spectators to the best this country has to offer in high-end real estate.
Troiaresort, Palácio Estoril Residências and Pine Hill Residences, although all different in location and product, have in common the pursuit of excellence and the Estoril Open 2009 boasts the perfect atmosphere for showing off these excellent developments.
Troiaresort, a project by Sonae Turismo, is located south of Lisbon on the spectacular Atlantic peninsula setting of Tróia. The project includes a marina, casino, conference centre as well as wonderful four and five star hotels which are now open and welcoming visitors. The resort boasts an offer of townhouses as well as plots for individual villas overlooking the golf course or the ocean and also apartments which are now completed.
Palácio Estoril Residências is set in the heart of the exclusive and historic residential resort town of Estoril. This magnificent development of 27 luxury apartments, from two to four bedrooms is adjacent to and served by the Hotel Palácio Estoril and with privileges at the Elements Spa by Banyan Tree, Estoril Golf and Cascais Marina. The project is being developed as a joint venture between Estoril Plage SA, owners of the Hotel Palácio, Estoril Golf, Banyan Tree Spa and operators of Cascais Marina in conjunction with Opway Imobiliáia SA. The apartments are considered some of the most luxurious in Portugal and completion is foreseen for 1st Qtr 2010.
Pine Hill Residences is a private, discreet development located within the well-known Vila Sol Spa & Golf Resort adjoining Vilamoura, in the Algarve. No expense has been spared in creating these 55 premium-quality residences. A hand-picked team of specialists has designed, built and equipped the resort and the individual properties to meet the highest of expectations in creating an atmosphere of unashamed luxury and elegance.
About IRG International Realty Group
IRG International Realty Group is one of the leading international brokerage companies in Portugal and specializes in sales of Portuguese high-end and luxury residential real estate. IRG is the exclusive affiliate in Portugal of Christie’s Great Estates, a worldwide real estate network and subsidiary of the world’s oldest auction house, Christie’s. IRG’s head office is located in the prestigious Avenida da Liberdade in the heart of Lisbon and there are also boutique offices in Quinta do Lago, Algarve, Estoril and Kensington, London.
By Carina de Sousa of IRG International Realty Group
IRG International Realty Group: Trends in Luxury Real Estate Market
Faced with the current global economical stand-still there are many voices expressing concerns and opinions on the matter as well as doubts as to how and when this cycle will finally have its end.
However, this crisis that is having its repercussions in most areas of business has propelled many companies and/or private investors to look for ways to compensate losses by investing outside their usual areas of business, specifically into one that is apparently unaffected by this crisis: Luxury Real Estate.
The demand for luxury items and services still surpasses the offer but in Real Estate, the usual investors are attentive and on the look out for trends and signs that can justify action on their part. But it is this inflow of new potential buyers that will keep this market unaffected and maybe still have an influence on its growth.
As far as luxury residential tourism is concerned Portugal has excellent product on offer that is more than capable of competing with the traditional luxury real estate markets from southern Europe.
Top construction quality, architecture and prime, exclusive after sales services are determinant factors in these capitalists’ assessments of the deals, and the latter is the one that will destine 2nd buys and produce the kind of reputation that will generate the brokerages further income. Once these gain the insight into the power of client satisfaction, the industry in general will certainly reap the benefits as will the buyers in particular.
In difficult times such as these, investing in luxury real estate seems to be the safest bet that can be made.
What is new in home design, travel, fashion, dining and entertaining trends?
Both style and lifestyle trends will inevitably vary depending to each individual’s concept, target and location but in fashion and interior design for example are the finishes and materials that fall in and out of favor.
Especially in the current economically challenged times, clients’ favorability will almost always rely on durability and cost, not neglecting also the environmental factor. Even for clients in the luxury segment, whereas before an haute couture, top designer dress might only be worn once, today we see examples being set by some of the royal families in Europe where they have made the decision to boast the same piece in more than one occasion.
Looking at the lifestyle side of things, when it comes to dining out, in Portugal as in most southern European countries the trend is natural and the key word is without a doubt Organic. People look for the natural flavor of the ingredients and more than ever care about the origin of the same. Great consideration is given to the choice of restaurant before venturing out and people nowadays have a tendency to opt for Mediterranean style cuisine over the previously favored ethnic restaurants such as Indian, Chinese, Thai, etc., unless they have specifically heard a great revue on a particular one.
According to a study conducted by Deloitte, New Zealand is a travel destination that is becoming increasingly popular with the majority of its visitors originating from Australia, UK, USA and Japan. The same study also concluded that the demand for fashion hotels has also escalated mostly due to the scheduled openings of Versace, Armani, Missoni and Moschino hotels.
In Portugal, the Algarve is by far the destination of choice and with such great weather and luxury accommodation, those that previously would have chosen other exotic prime destinations, now see this region as a safer and cheaper option with the same and sometimes superior exclusive standards they would find anywhere else in the world. The islands of Madeira and Porto Santo are also among the favourites for exactly the same reasons.
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