Edition 5 global property scene

GLOBAL

PROPERTY NO. SCENE ISSUE 005

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

This issue: The rise of UK development | The US Masters | Farming for oil investments How conflict can effect the world of property investment | A guide to living in New York

IS IT TIME TO INVEST IN NEW YORK? FOCUS ON : FLORIDA

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INSIDE Features

15 New York Investment

24 The US Masters

40 Salford’s on the rise

56 The effects of conflict

New York City needs no introduction. Its reputation as the cultural and financial centre of the world means that the city attracts fifty millions tourists each month, never mind the 8,405,837 permanent residents. All of this just about fits within the city’s 305 square mile radius. The question is how has this American powerhouse fared during the economic downturn?

The US Masters is the smallest major, with only approximately 90 competitors. However, it always attracts the top 50 golfers in the world as they vie for the trophy and secondary prize- the famous green jacket. The first tournament of the year, it’s a chance for experienced players to show off their form and for new professionals to ignite their careers.

After the closure of the docks, Salford City Council formulated a complete overhaul for the city, seeking to establish a framework for environmental improvement, economic development and employment in an attempt to entice both public and private sector long-term investors. Thus, the revolution of Salford began.

Conflict has an insurmountable effect on both a country and its economy. Whilst each war is distinctly different (with different triggers, different political agendas and different strategies), the repercussions on the nation are equally as different. However, several unequivocal factors have proved to be greatly compromised by the outbreak of war.

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07 Market Focus : Florida

87 UK

EDUCATED IN THE UK

With a ballooning local population, Florida’s property prices are only going one way.

82 Should I move to New York?

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Moving to a different city can be hard, but moving to a whole new continent 3,000 miles away from home is in a different league altogether.

The home of the Industrial Revolution, the UK has long been established as a major commercial centre, benefiting from strong trade links with companies on every continent. With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.

Knight Knox International have sold thousands of properties. We have experts on the ground that can help to find your perfect property. Why purchase with anybody else?

ISSUE 005 GLOBAL

PROPERTY NO. SCENE ISSUE 005

EDITOR’S NOTE

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

This issue: The rise of UK development | The US Masters | Farming for oil investments How conflict can effect the world of property investment | A guide to living in New York

IS IT TIME TO INVEST IN NEW YORK? FOCUS ON : FLORIDA

Those of us looking for ways to reduce the risks of inadequate financial growth agree that, of all solutions right now, property is standing strong. Interest levels are starting to point in a more northerly direction, but the financial institutions are still suffering instability amid tight lending restrictions.

One place that is showing no sign of restrictions is the New York property market. Manhattan’s skyline is one of the most distinctive and impressive in the world. Currently out performing its European rivals, demand for property in New York remains high. As space becomes even more restrictive we take a look at why now is the time to invest in the big apple.

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Credits Individual Samantha Jones, Hannah Wilde, Rachel Sharman, Christine Schulz, Richard Ellis, Alistair McGovern, Suzanne Todd, Callum Whiteley, John Power, Martin Copeland, Sue Hedges, Dee Barber, Mark Roberts, Michael Vickers Commercial Knight Knox International, X1 Developments, Fortis Developments, Forshaw Land & Property Group, Porsche, Buy Association, INTUS Lettings, Gold Key Media Shove Media, Shutterstock, Property Investor, Red Spot Media Solutions

With current tensions running high across the globe we find ourselves on the verge of military action. Conflict has an insurmountable effect on both a country and its economy. Despite the dire consequences of war, all is not lost in the times after fighting ceases. In our piece on conflict we discuss how investors can see the potential of investing in a rebuilding economy.

The growing popularity of cities is evident, but even amongst all of these flourishing, productive successes; there are a few powerhouses to take note of. In this edition we take a look at two of these great cities, and try to decide which would serve your investment best, Paris or London?

And finally connecting these two great cities is one of man’s greatest engineering achievements. Effortlessly traversing the English Channel without seeing a single drop of water, we take a look at the Eurostar’s not always smooth history.

Many thanks to you the reader for your on going support. I hope you enjoy reading this edition as much as we did making it.

Editor-in-chief Michael Smith

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MARKET IN FOCUS Florida – A Future Capital for Investment?

Words : Christine Schulz | View : Cristina Muraca

Known as America’s Sunshine State, Florida lies in the sunny south-eastern region of the United States, snuggled in between the Gulf of Mexico and the Atlantic Ocean. The majority of its 65,755 square miles form a large peninsula that possesses an impressive coastline spanning 1,350 miles, the largest seashore in the US. Florida gets its name from La Florida – meaning ‘The Flowery’, first given to it by Spanish explorer Juan Ponce the León in 1513.

During the Seminole Wars and America’s Civil War Florida’s population shrunk massively, to as little as 140,424 people. Due to racial segregation, a result of the Civil War, approximately 44% of the remaining people were actually enslaved. Today however, with a population of 19,893,297 and occupying a size larger than England and Wales combined, it is not only the 22nd biggest state in the US, but also the 3rd most populous and the 8th most densely populated of the 50 states. Exceeding the 19.7 million mark in December 2014, Florida has now even surpassed the population of New York.

Attractions Florida is an absolute honeypot for tourists from all over the world, as it has something in store for everyone: endless beaches; famous cities full of life and culture such as Orlando and Miami; historical towns such as St.

Augustine – America’s oldest city, and world famous theme parks.

Located at Bay Lake, near Orlando, Walt Disney World is the flagship of the Disney Theme Park Empire. Since its opening 44 years ago, it has become the world’s most visited vacation resort, with 52.5 million people visiting it annually.

Close by, in Orlando, one can find the second largest resort in Greater Orlando: the Universal Orlando Resort, or Universal Orlando. Wholly owned by NBCUniversal, it too is a theme park resort, containing two amazing theme parks, the Universal Studios Florida and Islands of Adventure, which, as of a few years back, is the home to The Wizarding World of Harry Potter.

Another main theme park in Florida is LEGOLAND Florida, located in Winter Haven. Opened only recently, in October 2011, the park comprises 145 acres, making it the world’s second largest LEGOLAND after LEGOLAND Windsor in the UK. Additionally, there are many other world famous attractions to draw in the crowds, including SeaWorld, NASA’s Kennedy Space Centre and various breath-taking nature landscapes such as the Everglades, which attract thousands of tourists every year.

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With tropical temperatures, never-ending beaches, a rich, extensive history and beloved attractions, it’s not surprising that Florida attracts over 87 million visitors per year.

Historically, Florida’s economy was once centred on farming. This remained the case until 1920, when the popularity of the state suddenly began to flourish, instigating an immediate increase in tourism as well as a surge of construction of bespoke hotels and resorts. Through its abrupt profile boost, land speculators started to discover America’s Sunshine State in the early 20th century, causing a brief yet very intense land development period. With tourism and construction booming, the property market exploded.

Back then, everybody was buying property. Estate agents report that before the crisis in 2008, financing was extremely easy and people kept purchasing property with the sole aim of reselling it shortly after, leading to the beginning of America’s housing bubble. The bubble, which reached its peak in 2006, is said to have partly triggered the financial crisis of 2007/2008. Some of the other reasons included: policies encouraging homeownership and providing easy access to loans, the over-evaluation of mortgages, which were based on the expectation that property prices would carry on escalating, dubious trading practices from sellers as well as buyers, and a substantial lack of sufficient capital holdings from banks and insurance companies to back the financial commitments that they were making.

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Florida, as well as California, Nevada and Arizona were some of the hardest-hit states when the US housing market went up in flames. Here, home values dropped by as much as 50%, meaning that a four bedroom house that once would have been sold for $350,000, would have been purchased for as little as $170,000 by 2009, if the seller was even able to find a buyer at all. In fact, state figures suggest that in 2009, Florida was left with a staggering 300,000 empty homes.

Even today, the US economy is still on its way to recovering from the shock of the disastrous 2008 financial crisis. It took house prices four full years to stabilise. The Miami Associations of Realtors for example claim that in Miami, one of Florida’s many property hotspots, 2012 saw the metropolitan area setting a new record regarding its number of home sales. Savvy investors considered the bottoming out of prices that year as an opportunity to purchase inexpensive properties, to then convert them into rental accommodation.

Since then, Florida’s housing market has continued to show growth and stability, as median prices are on the rise, active inventory increases, and fewer distressed property sales are being made. With median home values recorded in the region of $167,500 in 2014, a 10.6% increase since 2013, Florida represents one of the brighter spots of America’s housing recovery.

By taking a more in-depth look at the property market in Florida, Florida Realtors have discovered that the two property categories – single-family

Florida Quays, Florida

homes and townhouses/condos – differ from each other in terms of their growth. Research findings indicate that while single-family homes, with an average value of $176,000, only saw an increase of 3.5% from November 2013 to November the following year, townhouses and condos, on average worth $140,000, experienced a massive increase of 7.7% in the same period.

The Institute for Economic Competitiveness (IEC) reports that distressed sales of single-family homes, or sales that were made in a very pressing manner and commonly at a loss for the seller, have rapidly decreased by -46.3% in the year leading up to 2014. At the same time, it suggests that traditional sales grew by a confident 20.4%. Overall, Florida is one of the top five US states in terms of home price appreciation, with an impressive 9.6% growth.

It is important to note that while the sales and prices of single-family homes are up, they grew at a sustainable rate, allowing the market to become once again well balanced. It is obvious that whilst the market is still recovering from the 2008 crash, many Americans still simply don’t have the money or credit score to get back onto the property ladder, meaning that many continue to rent. In Florida, landlords ask for median rent prices of $1,400, which amounts to approximately £920 per month.

Interestingly, in the past year, payments for properties were to a large extent made without any sort of financing. The IEC estimates that almost half of all closed sales in January 2014 for single-family homes were cash

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Miami Beach, Florida

Surfside Beach, USA

transactions, while the same was the case for almost three quarters of all condo sales in Florida. Publisher of trade magazine Inside Mortgage Finance, Guy Cecala, commented that the American average percentage of transactions being cash payments is usually between 5-10%.

So who are Florida’s investors, lured by the state’s strengthening market and constant low prices? With 35.1%, most investors in 2010 came from Canada, followed by 15.1% from the UK, 5% from Germany, 4.1% from Venezuela and 3% from Brazil. Four years down the line Canada, with 31.6%, still remains the most dominant country in terms of investing into the Floridian property market. The rest of the top five real estate buyers are today made up of the UK with 7%, Brazil and China, both with 5.7% and Germany with 5.4%.

What Does the Future Hold for Florida?

Thanks to the continuing high level of foreign investment activity, relatively low inventories and rising house prices, a huge surge in home constructions has been triggered. The IEC expects the construction sector to grow the most from 2014 to 2017 with an expected 10%, which is more than twice the growth of Professional and Business Services (4.3%) and Trade, Transportation and Utilities (4%).

After being named the third best State for Business in 2011 by the Chief Executive Magazine, Florida is on the right track to achieving its pre-crisis glory. Joel Altman, president and CEO of Altman Companies, declared Florida, with a special focus on South Florida, the best place for investing in the entire country. Whilst residential developments have hugely picked up over the past few years, commercial projects have always lagged a little behind. However, according to CBRE Global Chief Economist Richard Barkham, all economic fundamentals, such as an ever-growing population and increased tourism, point to a great and robust growth of Florida’s economy, including both the residential and commercial property markets.

All statistics about increasing inventories, rising property values and foreign investment activity show statistical patterns reminiscent of the market that prevailed prior to the financial catastrophe of 2008. Florida, especially its famous holiday destination Orlando, which every year attracts a record number of tourists and eager overseas investors, is one of the US’s hotspots for property buyers, who want to combine business with pleasure by investing into holiday homes for themselves or other holidaymakers.

Florida Realtors’ Chief Economist Dr. John Tuccillo forecasts continued strong market growth in 2015, adding to the state’s already existing $807.9billion Gross State Product (GSP) - the sum of all economic value added by industries within a state. The only states in the US with a higher GSP are California, Texas and New York.

Buying property in the US remains relatively easy: there are no restrictions on foreign ownership; they have a well regulated, easy to understand property market and a sophisticated internet infrastructure, facilitating quick access to any and every listed property in every corner of the country. Here businessmen, who enjoy more flexibility than anywhere else in the world, truly are living the American Dream. And who wouldn’t want to invest in a property next to palm trees at the beach in America’s ever-thriving Sunshine State?

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INVEST IN NEW YORK Just how did the Big Apple fare during the economic crash and where is it now?

Words : Rachel Sharman | View : Songquan Deng

Everybody knows that the USA is the richest country in the world. In 2013 they reported a massive Gross Domestic Product of $16799.7 billion. To put this in context, second place China had a GDP of $9251.6 billion and the United Kingdom, in sixth place, made $2522.1 billion. However, once you get down to thirteenth place, which should go to Spain’s GDP of $1358.2 billion, a new competitor enters into the fray. New York’s Metro Area in 2013 produced $1386.0 billion, exceeding Spain’s, South Korea’s and Mexico’s totals.

New York City needs no introduction. Its reputation as the cultural and financial centre of the world means that the city attracts fifty million tourists each year, never mind the 8,405,837 permanent residents. All of this just about fits within the city’s 305 square mile radius.

It is undeniably an international city. It is one of the most ethnically diverse conurbations in the world and has a huge number of foreign corporations stationed there. It is estimated that one in ten private sector jobs in New York City is with a foreign company. Plus, this cultural melting pot can also boast the largest number of Chinese citizens in the Western hemisphere.

New York’s fame culminates from being one of the primary destinations for art, commerce, education, entertainment, fashion, media, research and technology, amongst many others. Even the city’s history has a colourful and entertaining story. After going back and forth from Dutch to English hands throughout the 17th Century, swapping names from New Amsterdam to New York and back again, the two European empires came to a deal to swap islands. England got Manhattan and the Netherlands got Run. (Run, should it have passed you by, is a 3km wide Indonesian island which produces nutmeg) Manhattan’s skyline is one of the most distinctive and impressive in the world. As of 2011, New York City had 5,937 high rise buildings. A number which has already been smashed, partly thanks to One World Trade Centre which opened at the end of November 2014. Proudly standing at 1,776 feet tall, it doubles as a reminder of the year the American declaration of independence was signed (1776) and as both the tallest building in New York. One World Trade Centre is Manhattan displaying its freedom and fearlessness for the world to see.

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Manhattan Island, New York

There is reason New York’s skyline is always being updated- the demand for real estate in the city is greater than almost anywhere else in the world.

In 2012, New York City had the largest number of billionaires living there than any other city. But even those with money to spare cannot always buy what they want. The Big Apple is so popular that famous streets and views of Central Park are often simply not on the market despite the budget.

It may appear then that New York, with its massive gross profits, massive population, and massive demand may have had the means to avoid the economic crash of 2008, or Great Recession, as it has been dubbed. Now, eight years on, people look back at the city’s fate with mixed memories.

New York’s previous Mayor, Michael Bloomberg, used to boast about the lack of time the city spent in recession, apparently entering and emerging faster than the rest of the US thanks to its strong internal economy.

However, the statistics paint a different picture. It was only in April 2014 that the average price of a Manhattan apartment topped the pre-recession averages. Finally reaching $1.7 million per flat, the $1.6 million average of the beginning of 2008 was finally broken, six years later. But even these do not represent the true picture of the city’s property market, as two thirds of residents are in the Private Rental Sector, meaning house prices don’t actually directly affect a big chunk of New Yorkers.

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Barry Hersch, professor at NYU’s Schack Institute of Real Estate recalls: “I remember in 2007 at a big conference in the Lincoln Center, that Robert Shiller got up and said that the subprime crisis affecting the country will come to New York. It caused a stir, because everyone thought the housing crisis wouldn’t be extreme here, because we have more rentals and more co-ops. But we saw that New York is not immune to what happens to the rest of the country.” However, he agrees with Bloomberg that the financial crisis came to the city later than the rest of the country, “We were delayed by two years because of Wall Street and bonus compensation and the explosion of new development,” he said. “But we caught up virtually in one day after Lehman collapsed.”

Although not directly related to the property market, the severity of the Economic Crisis was often measured by unemployment rates, which New York has struggled with since the Great Recession. The state saw its unemployment reach a record high of 9.1% in July 2012, long after the crisis was supposed to have dealt its biggest blow. However, New York’s high popularity means unemployment figures are slightly skewed in comparison to the national average. New York City saw a massive 2.8% increase in population in just three years from 2010-2013, with that 2.8% representing a huge 230,704 new residents. Now more people live in New York City than the second and third most popular cities in the US (Los Angeles and Chicago) combined.

All in all, New York’s uniqueness means it is almost impossible to compare it with anywhere else in the US. Although it appears that whilst may have taken some time to recover to the exaggerated prices of immediately before the economic crash, the New York property market did not fare too badly throughout the Great Recession, even if it did affect other aspects of life. Mostly, this appears to be thanks to how late it hit. The city’s stability throughout those turbulent years has improved its international reputation even further, and now New York is once again a top location for property investors.

Geneva) have property markets which are expected to lose value.

A lot of this is due to Chinese investors who are more interested in the city than ever before thanks to relaxed visa terms. A survey by the Association of Foreign Investors in Real Estate, or AFIRE, found that two thirds of respondents believed China would become the largest source of capital into the US from 2016.

New York is now even beating London, despite the British capital’s massive hike in property prices during the summer of 2014, in terms of attractiveness to foreign investors. The Big Apple has regained its place as the number one global city, a title the city has held since 2010, with the exception of last year. Whilst there were 1,511 sales of prime residential properties worth $2million - $5million in the twelve months preceding Q2 of 2009, the twelve months leading to Q2 2014 saw 2,580 sales.

“As it periodically has been in the past, the United States is currently the target of much of the foreign investment in real estate globally,” said Thomas Arnold, Head of Americas - Real Estate Abu Dhabi Investment Authority, and Chairman, AFIRE. ”With a stable and transparent market and an economy that appears to be steadily improving without the fits and starts experienced in other regions, the U.S. has become the first stop for foreign real estate investors. And with the continued creation of wealth in China, it is not surprising that they, along with other nationalities, are voting with their ‘dollars.’”

So, the improving economic climate, alongside this foreign interest, meant that by the fourth quarter of 2014, prime prices had risen by 6.7% throughout the year. And this is a trend many expect to continue. 2015 is expected to see growth of between 5%-10%, which fares very well considering many other global cities (Singapore, Hong Kong and

The prices of the city are back to their notorious highs as well. If you had invested $1 million into New York during 2010, that would now be worth $1.22 million as the city’s postcodes are back to being the most expensive in the US. Of the top ten most expensive neighbourhoods in the whole country, New York postcodes snag five of the ten spots.

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Manhattan Island, New York

Nuclear power station

Upper East Side

Midtown East

Lower Manhattan

SoHo is the third most expensive neighbourhood in the country. The 10013 post code includes the historical Hudson Square neighbourhood as well as parts of China Town and Little Italy. “In SoHo, there are two thousand 4,500-square-foot lofts” according to Jonathan Miller, President / CEO of Miller Samuel Inc. “You don’t have a large concentration of small apartments.” This goes some way to explain the massive median price of $6.1 million per apartment. However, the fourth and fifth most expensive postcodes are only $5.9 million and $5.3 million for pads in Lenox Hill and the Upper East Side respectively, so really not that much lower. But no one looks to invest in New York thinking that it will be cheap.

The future of New York City looks as bright as the lights of Times Square.

It is estimated that by 2024, New York will have overtaken London to become the most important city to the world’s wealthy. Its forecasted GDP is expected to remain equal to many OECD countries, with a projected growth of $874 billion from 2013 to 2030. Also by 2030, the city is due to be home to 5.3 million high income households.

Jonathan Miller once again shared his thoughts on the city: “I anticipate further gains in New York house prices through 2015. After five years of relatively low to modest house price growth, the pace of gains has increased over the past three quarters.

With chronically low inventory levels, unyielding interest from foreign investors and an improving economy, I fully expect additional price increases over the next six quarters.

While I don’t expect an expansion of already heavy participation by international investors, I anticipate the current level of interest to remain for the next few years. There is no doubt that New York’s business links to other global cities is aiding inward investment at the current time.

The shift to higher interest rates over the next few years will limit longer term price growth here as everywhere, but I remain positive on the outlook for demand in the city.”

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Hydroelectric power station Central Park, New York

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THE US MASTERS 2015 Despite being the smallest major, the US Masters always attracts the best Words : Rachel Sharman | View : Don Land

Golf is a sport in trouble. From its peak in 2002 to 2014, the number of US golfers dropped by 24%. Fundamentally, it appears that this is not a sport suited to modern day life. Business is now done on the smartphone rather than the green. Plus the time it takes to play 18 holes means a casual game simply takes too long in our world of shrinking leisure time.

Participant numbers are diminishing, equipment sales are decreasing and courses are disappearing in their hundreds.

The real crux of golf’s problem is its difficulty. It can take years to perfect a putt, to sharpen a tee shot, years that many young people aren’t willing to commit to. So, rather than alienating this new generation, golf is looking to adapt. To become more beginner friendly, one idea is to make golf easier to win. Typically, a golf course’s average cup is 4.25 inches, which can leave even a seasoned player furiously jabbing the ball around the green.

Now, to make it easier, some courses are implementing 15 inch holes.

Whether this will attract new players, or whether this will be viewed as too much of a patronising simplification, remains to be seen.

But golf’s popularity is falling with viewers as well as players. Television ratings dropped in 2014, a lot of which is accredited to the absence of Tiger Woods who was recovering from surgery. Tiger undeniably brings interest, with a unique aerial based style of golf; rivalry, with the most wins of any current professional golfer under his belt; and star power, being arguably the most well-known golfer of all time, to the course, which were sorely missing last season. Now, in 2015, we are in the build up to the first

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golf major of the year- the US Masters. Two years ago, in 2013, a massive 10.2% of US households tuned in to see the Masters’ finale. Unfortunately, by 2014 only 7.8% were watching. Now Tiger is back the question is how will the ratings fare?

That being said, the 2014 Masters still saw an average audience (in America) of 8.6 million, which is not a figure to be sniffed at. The allure of the course the Masters is played at- Augusta, still piqued the interest of a lot of the nation, despite an anti-climactic and predictable finale. After all, the US Masters is often described as the best of the four golf majors.

Controversial as this statement is, especially as it has such strong competition from the wonderfully traditional Open Championship and tense and exciting US Open, the Masters has a lot going for it.

The US Masters is the smallest major, with only approximately 90 competitors. However, it always attracts the top 50 golfers in the world as they vie for the trophy and secondary prize- the famous green jacket. It is the first tournament of the year, a chance for experienced players to show off their form and for new professionals to ignite their careers. A win at the Masters automatically gains you a five year invitation to the rest of the majors, and a lifetime invitation to return there. All in all, it is no surprise then that in a poll of 50 professional golfers, 50% of them claimed that the Masters was the major they’d like to win the most.

Another reason for the tournament’s prestige: the season’s three other

3rd hole at Augusta, Georgia

majors, the US Open in June, The Open Championship in July and the PGA Championship in August, swap courses year-on-year, but the Masters Tournament always has been and always will be played at the beautiful Augusta National Golf Club, Georgia.

The two are intrinsically linked. Part of the Masters’ popularity is due to how serious the club is about the traditions of golf. Only once a year does this club open its gates to (what is estimated to be) around 35,000 patrons to watch the world’s best compete. At every other point of the year, the general public are not welcome in Augusta, and even during the competition there is a long list of regulations which, if planted, will get patrons removed from the venue. Mobile phones, chairs with armrests and cameras on certain days of the week, are amongst the banned items.

Augusta guards golf’s traditions vehemently, both attracting passionate players and viewers, but also causing some controversy.

Considering the class and tradition Augusta prides itself on, you might be surprised to know that it is actually home to the youngest of the four majors. Bobby Jones, an American amateur golfer, alongside businessman Clifford Roberts, first came up with the idea for a golf course in the sleepy Georgia town in the 1930. Upon finding the plot of land, Jones famously said: “Perfect! And to think this ground has been lying here all these years waiting for someone to come along and lay a golf course upon it.”

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The course was designed in 1931 by legendary golf course architect Alister MacKenzie, known for his style and quality, and by 1933 it formally opened. Horton Smith won the first tournament in March 1934, but back then it was not known as the US Masters. Jones and Roberts felt this title was too ostentatious for the tournament, instead preferring “The Augusta International.” It took five years of public and media pressure before the tournament gained the name we use today. The US Masters and Augusta have since flourished, gaining a reputation as one of golf’s most exciting majors played on one of its most sacred courses.

Occasionally, the US Masters has found itself falling into trends. From 1960 to 1978, the ‘Big Three’, Arnold Palmer, Jack Nicklaus and Gary Player, were almost competing amongst themselves, winning twelve of the eighteen years. Then after the first European winner, Spain’s Seve Ballesteros, won in 1980, non-Americans started an impressive campaign, winning eleven of the next twenty. Jack Nicklaus briefly came back to win for a sixth time in 1986, and consequently holds the title of oldest ever winner.

Augusta’s history, though short, is rich. It is clear to see that its appeal lies in both its tradition and exclusivity. There are only approximately three hundred members at any given time, with a membership cost rumoured to be between $10,000 and $30,000, as well as annual fees of under

12th hole at Augusta, Georgia

$10,000, although the precise figure is kept a secret. However, there is no application process: members are exclusively invited to join.

So, when the doors open for The US Masters, golf fans flock from around the world to experience what is an “Eden with flagsticks”, according to Rod Green’s book on the Masters. “It is a place where anyone who loves golf should be allowed, by some heavenly intervention, to go to at least once.”

These divine metaphors, although somewhat exaggerated, do reflect how the course’s beauty often amazes visitors. It frequently tops lists as one of the prettiest sports clubs in the world. Like every golf course, the grounds are meticulously kept, but Augusta goes the extra mile. Colourful azaleas frame the fairways and Magnolia Lane, lined by 161 magnolia trees, give the club an pastoral atmosphere.

The traditions of the club also add to the reputation. In 1952, Ben Hogan organised the first Champion’s Dinner, an opportunity for the current champion to host a meal for all the previous winners. Winners often chose food native to their home country, as they decide the menu. Meals have ranged dramatically from Scottish Sandy Lyle choosing haggis in 1988, to Tiger Woods serving his distinguished guests cheeseburgers and milkshakes after winning in 1997.

The other, most famous tradition of the Masters, is the winner’s green jacket. In 1937 members were asked to wear the green jackets as a sort of identifier, should a visitor have a question about the club. Only in 1949 did the green jacket become a prize for the winner. Nowadays, it is one of the most famous, covetable trophies in any sport. In a meaningful ceremony, the previous year’s winner helps the new champion into the blazer which is then it is theirs to keep for one year. These jackets hold so much prestige they can be taken from Augusta by the winner for that year, and afterwards are only allowed to be worn around the grounds.

However, Augusta’s mission to uphold all of its traditions has left it with some rather controversial policies over the years. It was 1990 before an African American was allowed to become a member, even though Lee Elder, an African American, was allowed to play there in 1975. Despite Elder’s skill as a golfer, he was not seen as a suitable candidate to actually join Augusta. Another controversial choice by the club- Augusta supplied players with caddies all the way up to 1983, and every single one of these caddies had to be black. Augusta’s Chairman in Memoriam and co-founder, Clifford Roberts, was quoted as saying: “As long as I’m alive, golfers will be white and caddies will be black.” However, twenty years after Roberts’ death, Tiger Woods won his first US Masters, accompanied by a white caddy.

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Issues were also raised with the club’s reluctance to accept female members. Only in 2012 did two women, Condoleezza Rice and Darla Moore, receive membership invitations, and this was after decades of protests. Augusta defended its past decisions with the explanation that it is a private club, so it has the right to make up its own rules. But critics believe that a club hosting an event as big as the Masters is no longer private, but on a world stage. The Masters, Augusta counters, is a one week event at a private club which exists perfectly well for the other 51 weeks of the year. This is where the bond between Augusta and the Masters starts to be called into question. They both rely on each other for prestige, so are they truly separable?

Augusta is arguably a good analogy to what many people’s problems are with golf. It is an old fashioned establishment clutching onto traditional values which simply do not gel with today’s society. People see it as overly elitist, despite golf’s beginnings as a working class sport. The fact that all of Augusta’s members are not only part of the 1% but also are often legacies, coming from old money, intensifies golf’s image as an inaccessible sport for the average Joe. Plus, with the average age of members being in their seventies, Augusta does not do well to market golf as a sport for young people, even though the sport is trying to reinvent itself as suitable for the new generation.

Another thing people have accredited to golf’s decline to is the loss of its poster boy, Tiger Woods. Although he still competes, bringing excitement to tournaments, his fall from grace in late 2009 left many fans with a bitter taste. After all, many claim that Eldrick Tont, or Tiger as he’s more famously known, reinvented the sport. He made his debut in 1996, age 21, and by April 1997 he had won his first major. After that, until 2008, he was basically an unstoppable force on the circuit. These days, Tiger Woods is the sixth highest paid athlete in the world, although his reputation is far from its golden past. He attracts long term fans, as they know they’re in for a show when he steps on the fairway, but no longer can his name be used to promote the sport in the same way.

When he first arrived, Tiger was the man who challenged golf’s old-fashioned stereotypes. He was young, cool, African American, and most importantly, he was clearly the best competitor in the modern game.

Around the world, professional golf courses felt the need to modernise as Wood’s strong aerial game made easy work of even high par holes.

Augusta was one of many to go through what was known as ‘Tiger-proofing’, adapting the course to make it longer and more difficult.

Woods, however, welcomed these changes, and still continued to win. Golf saw an all-time popularity high in 2002: in the year of his 27th birthday, Tiger won both the Masters and US Open Woods may have won his last major in 2008, but even today he is still seen as one of the most dangerous competitors on the green. Altogether, his 14 wins at the four majors make him the second most successful golfer of all time behind Jack Nicklaus. His reputation alone intimidates other players. Studies show that the average professional’s game is better when Tiger is not playing. Perhaps it was fortunate for them then that he was going through recovery in 2014, but he is due back to Augusta in April, and he is still seen as a definite threat. After all, at 7 out of his last 8 Masters, Tiger has not finished worse than tied sixth.

However, there is a new, cool guy on the golf scene these days. Northern Ireland’s Rory McIlroy is the favourite to take the Masters’ trophy and green jacket this year at Augusta. McIlroy turned professional in 2007 at age 18 after being a childhood golf prodigy. His potential was first recognised at age 2 when he managed to hit a 40-yard drive and his career started when he won in his age category- 9-10 at the World Championship in Florida.

What is exciting about Rory McIlroy is that he has the potential to become the greatest golfer that ever was. So far he has won four majors, including both the Open Championship and the PGA Championship in 2014. He is popular both on and off the green, and appears to have picked up the reigns from Tiger as the modern face of the sport. Perhaps as he begins to rack up wins, he too will inspire a new generation to pick up golf clubs.

Plus, Rory too has challenged some of the less popular traditions of the sport. At last year’s Masters, McIlroy celebrated with his caddy in a way that would have been highly inappropriate thirty years before: with a kiss. His then fiancée, female tennis professional Caroline Wozniacki, donned the traditional caddy’s white overalls to support McIlroy at the 2014 Masters, a stark change from the archaic, discriminatory rules of time gone by.

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9th hole at Augusta, Georgia

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All in all, McIlroy looks to be giving golf a breath of fresh air- he is the new ‘one to beat’, and adds a level of intrigue for spectators looking for a good show. At only 25, this is still the start of his story and people are already tipping him to be the next Jack Nicklaus.

This, however, is a big expectation for McIlroy to live up to, as Jack Nicklaus is undeniably the most successful golfer of all time. Nicknamed ‘The Golden Bear’, Nicklaus won a massive 18 majors over his career from 1961 to 2005, and is still a familiar face when every year at Augusta the 75-year-old takes the first ceremonial shot.

Nicklaus holds a number of records, including being the first man to win the Masters in consecutive years. Without a previous winner to pass the jacket on, he put it on himself, a symbol of his dominance over everyone else in the game. Ever since, the two following, consecutive Masters winners (including Tiger Woods) were helped into their second green jackets by the club Chairman. Nicklaus will forever be the only one to do it himself. In total, over 25 years at the majors, he came first 18 times, second 19 times and third 9 times. Jack Nicklaus is often thought of as the greatest professional golfer of all time.

However, McIlroy is on track to beat Nicklaus’s record should he continue with his current form, and so far, 2015 is looking positive. Already Rory has won one of the first tournaments of the year, the Dubai Desert Classic, by a confident 3 shots. Now, with the Masters rapidly approaching, the pressure will be on, as it is the only major he has not won, despite being the favourite. Nevertheless, in typically modest fashion, when asked if he was hitting a peak, McIlroy replied: “I’d like to think that I could still get better.

I’d like to think that I can still improve in certain areas. But right now I’m very happy with where my game is, and as I said, I feel like each week I turn up, I have a chance to win.”

But McIlroy will be competing against 90 others for the trophy and green jacket, including the 2014 and 2012 champion Bubba Watson, who is under significantly less pressure yet clearly has the skill to win. The 36-year-old American is currently at a career-high world ranking of third after 12 years on the professional tour, proving he is definitely at his peak, and definitely a strong challenger for the trophy. Although he may not have the reputation of Woods or McIlroy, Bubba certainly has a name to remember, and has always been a consistent competitor on the tour.

Golf is a highly unpredictable sport: unknown competitors can easily have the round of their lives, meanwhile favourites play one bad hole which can leave them well over par and out of the running. Alone on the course, professionals rely on precision and accuracy as their every moves is watched by silent crowds as well as millions at home. It is easy for golfers to lose their nerve, but as many tournaments are won by one or two shots, it is essential that they don’t.

Equally, the future of golf’s popularity remains uncertain, even though positive changes against racial and sexual discrimination will certainly improve Augusta’s reputation. It is important for golf to refresh its image and high-esteemed clubs like Augusta beginning to champion equality is only going to help. But questions still remain. Will Rory McIlroy once again revive the sport’s name? Will the falling figures reach a plateau or perhaps begin to rise? Will golf companies find an effective way to encourage new players onto the green and new spectators to turn on their TVs? It is as impossible to predict how golf will fare as it is to say who will win 2015’s Masters.

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Magnolia Lane, Augusta, Georgia

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EDUCATED IN THE UK Why is the UK such a popular student destination?

Words : Christine Schulz | View : Peteri

The history of education in England can be traced back over 2,000 years; as far back as Julius Caesar’s occupation of Britain in AD 43. Alongside prominent English independent schools, the first universities, such as Oxford and Cambridge, were founded in the beginning of the 13th century.

The concept of higher education institutions was quickly adapted across the country, resulting in the British Isles now possessing over 140 universities and other higher education providers, seven of which are some of the most ancient universities in the world. Being known for first class higher education, British universities are also famous for their strong emphasis on employability alongside knowledge and skills.

So it is not surprising that the majority of the hundreds of thousands of people coming to the United Kingdom ever year, are young people looking for a higher education at one of Britain’s renowned universities.

Seeing that there are over 200 countries in the world to choose from, what is it that makes international students enamoured with gaining a higher education degree in the UK? The Higher Education Statistics Agency (HESA) has released data showing that in the academic year 2012/13, a total of 2,340,275 students were enrolled at higher education institutions in the UK, of which 18% were overseas students. Having nearly half a million non-domestic students means that globally the UK is the second biggest market in terms of international students, with 13% of the overall market share. In fact, in the same academic year, non-UK students in Britain made up 15% of all full-time undergraduates, 71% of full-time taught postgraduates and 49% of all full-time research degree students.

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According to a recent report by Hobson EMEA, the top five countries chosen by students for their higher education system include Australia and the UK, each with 42% of students wanting to study there. The US is currently the third most popular destination, with 27% planning on moving there for higher education purposes, followed by Germany with 13% and New Zealand with 9%. On the other end of the spectrum, the report shows that the most unpopular go-to destinations in the eyes of international students include India, Russia, Turkey and Bangladesh.

So where are Britain’s international students coming from? By far, the country sending the most students to the UK is China, as almost one fifth of international students in Britain are Chinese. The rest is divided between India, making up 5.3% of non-UK students, Nigeria with 4.1%, USA with 3.8% and Malaysia with 3.5%. Interestingly, Britain’s largest European supplier of international students, aren’t its neighbours Ireland and France, who each supply approximately 3% of non-UK students, but Germany with 3.4%.

Reasons for studying in the UK There are a multitude of reasons for students to migrate to the UK in search of higher education. Life here is seen as convenient and easy, as it is possible to travel the entire country even without a car, simply by taking advantage of the country’s excellent transport infrastructure. Furthermore the UK is also considered a politically stable country, hence a very safe place to study, which is a key requirement for students considering moving abroad.

Cambridge University, UK Burj Al Arab, Dubai

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Another aspect is the famous student unions system in the UK, one of the best organised student run organisations in the world. Many foreign students enjoy and actively participate in the numerous societies run by fellow students, such as foreign societies aiming at connecting students from the same country, as well as educating fellow students about their culture through events and exhibitions. Student-run societies facilitate a platform for establishing and maintaining friendships for individuals with similar interests and opinions.

When asked about what brought them to the UK, the vast majority of international students say that the main reason is the quality of the British education system together with its glowing reputation worldwide. Four of the world’s six most reputable universities can be found in the UK, making Britain one of the most attractive go-to-destinations for students from all over the world. These include: the University of Cambridge, the Imperial College London, the University College London and the University of Oxford.

As seen in the report by Hobson EMEA, the top university countries besides Germany are primarily English speaking nations. In fact it is estimated that, as it remains the language of global business, there are one billion people worldwide able to speak English. It is therefore not surprising that the opportunity to improve one’s English skills is considered by a large number of students to be a major criterion when choosing a suitable study destination. Just to apply to a UK university, a non-native speaker must pass one of the official English tests, such as the TOEFL or IELTS test or the Cambridge Certificate, to ensure that their understanding of the English language is of high standard.

The University of Oxford

For non-EU students, coming to the UK to study is an enormous investment, as the cost tends to be extremely high. The tuition fees for overseas students can range widely from £4,000 to £18,000 annually, compared to domestic fees of only up to £9,000. Additionally these students must also account for potential visa fees and living costs.

Research shows that remarkably, international students tend to choose different courses compared to domestic students, which could indicate a number of things: there could be a degree of specialisation in certain countries when it comes to the programmes of study offered, a lack of subjects in students’ country of origin, or better employment opportunities that are associated with specific fields of education in the chosen country.

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The foundation date of this collegiate research university isn’t known, but there is strong evidence indicating that teaching goes back as far as 1096. It is thus the oldest university in the English-speaking world as well as the world’s second oldest surviving university, behind the University of Bologna.

Since the University of Cambridge separated itself from Oxford, the University of Oxford has since been associated with an astonishing 58 Nobel Prize winners, who have either studied or taught at the university. To date, all of the post-war Prime Ministers were educated here, including Margaret Thatcher, Tony Blair and David Cameron. The inventor of the World Wide Web, perhaps one of today’s most used and popular inventions, Tim Berners-Lee was also educated at the university.

It is therefore not surprising that Oxford is highly in demand. In December 2013 Oxford revealed that it had a total of 22,116 students, of which 53% were undergraduates, 45% graduate students.

The University of Cambridge Consistently ranked as one of the best universities in the world, the

Oxford University, UK

University of Cambridge dates as far back as 1209, when it was first founded. It is the second oldest university in the English-speaking world, next to only the University of Oxford. In fact Cambridge was formed by a group of Oxford scholars who left the university after a severe dispute in 1209.

Singlehandedly it is the UK’s only university to focus exclusively on science, engineering, medicine and business, whilst creating and maintaining strong international relationships.

Celebrating its 800th anniversary in 2009, the University of Cambridge has produced a number of notable alumni. These include Sir Isaac Newton, Charles Darwin, Stephen Hawking, David Attenborough and popular British actors Hugh Laurie and Sir Ian McKellen. It was furthermore the birthplace of the world’s first ever computer and webcam.

Like the Imperial College London, the University College London (UCL) is also a public research university. It was the first university to be built in London and the first in all of England to be fully secular, meaning that it pioneered the concept of admitting students irrespective of their sex or religion.

In the academic year 2012/13 the university recorded an impressive 19,891 full-time students. Building on its rich and extensive history, Cambridge is currently undergoing one of the greatest expansions in its history. Through donations of benefactors, it is not only creating a new science and technology campus, but it is also planning on further expanding into the north west of Cambridge.

With a whopping 28,859 students in the year 2013/14, UCL is both the largest university in London and the biggest postgraduate institution in the UK. In 2013 the Times declared it to have the best ratio of academics and students (1:10) in the country, allowing it to facilitate world class individual support for its students.

The Imperial College of London The Imperial College of London, established on the 8th of July 1907, is legally known as The Imperial College of Science, Technology and Medicine. Previously part of the University of London, it gained independence only recently in July 2007.

This public research university is one of the largest estates of any UK tertiary institutions, bringing forward many Nobel laureates, such as Alexander Fleming and H. G. Wells. The Imperial College of London is known as one of the most selective universities in the whole of Britain. In fact, its acceptance rate is consistently below 20%, accepting only 19.5% of postgraduate applicants and 15.3% of aspiring undergraduates.

The University College London

Having produced numerous Nobel Prize winners, such as Mahatma Gandhi and women rights campaigner Marie Stopes, the university has big plans for the future: The University College London plans to become an even more diverse intellectual community, which is engaged with the wider world and known for its exceptional ability to integrate its outstanding research into its education.

So it seems like the more reputable the institution, the more justifiable it is for international students to invest large amounts of money into their tertiary education abroad. Generally speaking, international students often respond that compared to the institutions in their home countries, they see British universities as straightforward, very well organised and honest.

Another commonly perceived benefit is the fact that the courses at British universities tend to be relatively compact, allowing the full course duration

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The Imperial College London, UK

to be generally shorter than in a lot of other countries.

Whilst there are a variety of direct benefits to studying in the UK, such as better career prospects and enhanced employability, there are many psychological benefits of studying abroad. International students in Great Britain realise that living away from home can benefit their personal development in so many ways: they are given the chance to grow as a person, become more independent and be more open-minded.

Nevertheless, when asked about it, many students would admit that living in the UK can also be rather challenging. Besides missing families, friends and their traditional cuisine, non-EU students often only get to visit their home country as little as once a year because of time and financial constraints.

Challenges to International Students Coming from a foreign country and staying here for a few years, the question arises: Should international students be considered as migrants?

Home Secretary Theresa May recently announced her plans to reduce the number of people migrating to Britain by introducing regulations, such as annual NHS fees of £150 and attendance monitoring for international students, along with landlord checks and credibility interviews. These measures were created partly due to the number estimated by the Office for National Statistics (ONS), who claim that in the academic year to June 2014 121,000 non-EU students entered the country, whilst only 51,000 of those left, meaning that 42% remained UK residents after their graduation.

Many oppose these changes, as they argue that international students already heavily invest into their education and living in Britain. Figures from the government show that overseas students in fact not only contributed £3.9billion in the form of tuition fees, but also a whooping £6.3billion to the British economy through their living expenses. These expenses worth over £10billion represent goods and services that are technically being purchased from outside of the UK and can hence be seen as British exports.

According to these statistics, it is rather obvious that the policy on International Students is very likely to be the top issue for many voters at the General Election later on this year. Whilst students make up the largest flow of migrants from outside the European Union, almost 60% of the public thinks that the government should not reduce the number of international students, as they are considered to be the most popular migrants. However, 61% of the British population thinks that higher tuition fees for non-UK students are an important source of funding for British universities. The Organisation for Economic Co-operation and Development (OECD) explains that allowing international students to study in the UK does not only help boost the local economy, but it also is an essential part of the broader strategy to then successfully recruit highly skilled immigrants.

According to the OECD, there were almost 4.3 million students enrolled in tertiary education outside of their country of citizenship, the international student market is a highly lucrative and important marketplace. It is important for the UK to build on its unique selling points in regards to its reputation for excellence in the field of education, instead of trying to strictly regulate the flow of international students into the country.

Britain’s exceptional reputation for its academic institutions and its enthusiastic and involved student body gives it a comparative advantage when it comes to the recruitment of students from all over the world. Its location, infrastructure and scenery further augment the appeal it has to international students looking for an education in English, with high standards to improve their career prospects and employability.

Non-UK students do not only contribute immensely to the British economy, but they also considerably increase the diversity and vibrancy of local areas. After all, part of the UK’s charm is thanks to the fact that when visiting, one will encounter different cultures, not only the likes of English, Scottish, Welsh and Northern Irish, but also characters from all over the globe.

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Oxford University, UK

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BOOMING UK CONSTRUCTION Currently a hotspot for investment, GPS looks into the regeneration of Salford Words : Hannah Wilde | View : Richard Ellis

Within the metropolitan county of Greater Manchester, a conurbation housing a huge 2.7 million people and boasting the third-largest urban economy in the UK, is Salford, an area that has grown in both popularity and esteem in recent years.

Salford is a city steeped in culture, history and prestige. Its boundaries are clearly marked by the majestic River Irwell, as well as being home to interesting historical landmarks including the first free public park in the UK, the first free public library in Great Britain, and Chapel Street, the first street in the world to boast gas streetlamps way back in 1806.

Despite being built on a rich and illustrious past, Salford slipped into disrepair after its lifeblood, the Manchester Ship Canal, closed in 1982.

Once known as Britain’s third-biggest port (despite being 50km inland), the Manchester Ship Canal in its heyday put Salford at the forefront of the world’s industrial revolution, with a reputation as one of the UK’s major industrial towns. The city’s thriving cotton and industrial trade allowed Salford to enjoy booming commerce, a skyrocketing population, and high employment rates. However, the late 1960s saw a rapid decline in dockland activity—Greater Manchester’s manufacturing sector was dwindling, several innovative new shipping techniques were introduced (including containerisation and increasing ship sizes), and a significant shift in trade patterns. Therefore, it was no surprise that 1982 saw the final closing of the docks and the loss of 3,000 jobs, leaving in its wake

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redundant and derelict infrastructure, a declining employment economy and a surplus of land that was once the backbone of the city.

However, the present and future of Salford doesn’t paint such a bleak picture. After the closure of the docks, Salford City Council formulated a complete overhaul for the city, seeking to establish a framework for environmental improvement, economic development and employment in an attempt to entice both public and private sector long-term investors.

Thus, the revolution of Salford began.

Fast-forward to 2015 and every aspect of the city is utterly unrecognisable.

From the iconic Salford Quays area to Chapel Street, the central corridor between Salford and Manchester, the whole city has benefitted from a huge injection of investment capital from both public and private funds to build Salford back up to its former glory. And the area is truly burgeoning as a result. There are a number of individual regeneration projects happening all over Salford, but with one collective vision in mind: to turn Salford into a modern global city in its own right.

MediaCityUK The regeneration of Salford can be traced back to as early as 2011 with the creation of the now-famous MediaCityUK, a 36-acre bespoke multi-million-pound media hub on the site of the once-derelict docklands.

Salford Quays, Salford

Sheikh Zayed Road

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Upon the site’s completion, the leading UK broadcasters BBC and ITV soon relocated from their original locations of London and Manchester respectively, to their new regional home, which now boasts beautiful state-of-the-art studios overlooking the picturesque waterfront. On the back of the broadcasters’ success at MediaCityUK, the floodgates were then opened to other businesses looking to relocate to the area. Now at the time of writing, MediaCityUK is the second-largest digital cluster in Europe after London, with an eclectic mix of over 200 companies, including broadcasters, bespoke media companies and even a brand-new University of Salford campus now taking up residence in MediaCityUK’s 70,000 sqft of office space. To complete its status as a recognised tourist destination, MediaCityUK boasts a beautiful five acre piazza set on the waterfront that is twice the size of London’s Trafalgar Square and is designed to accommodate over 5,000 people.

regional economy, MediaCityUK also competes on an international scale.

With the area boasting in excess of 5 million visitors annually, it is safe to say that the MediaCityUK site has well and truly accomplished its vision of becoming a world-class business, culture and residential area of international renown, a digital city now more than capable of competing with similar emerging modern digital conurbations in places such as Copenhagen and Singapore.

Mayor of Salford Ian Stewart is particularly enamoured with the bespoke site, claiming: “MediaCityUK is at the heart of Salford’s regeneration and a jewel in the city’s crown. I’m delighted to see this new hotel, office block and media hub which will create jobs and opportunities as well as bringing new investment into our proud city.”

Port Salford

Incredibly, this is just the first phase of MediaCityUK. The site is expected to expand by a huge 455% within the next decade, as the current site occupies only 36 acres of its allotted 200. The expansion will be released in phases, with MediaCityUK’s second phase already in construction. Set to join the iconic waterfront are more hotels, office and retail spaces, as well as X1 Media City, the biggest residential development in the North West, housing more than 1,000 luxury apartments.

In addition to enhancing the local area by contributing up to £1.5bn to the

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Also along the waterfront, plans are currently underfoot for an exciting new Port Salford development. At one time the closing of Salford’s ports was considered detrimental to the city, but now the area opens itself up to new innovations that fit with a modern and ever-evolving world. This new Port Salford will be bigger and better than ever, set to become a bespoke £138million inland multimodal distribution park with the unique selling point of being the only one in the UK with the capacity to be served by rail, road and sea. Earmarked as one of the biggest projects in Greater Manchester

MediaCityUK, Salford Quays

in half a century, Port Salford will truly revolutionise the distribution process throughout the region, becoming both more time- and cost-effective as a result. Furthermore, along with the creation of Port Salford National Import Centre, a 153,000sqm warehousing facility, this scheme aims to boost the local economy through the creation of 10,000 jobs, as well as reducing road use, which ultimately will help to save millions of tonnes of carbon every year.

Chapel Street Corridor Another major regeneration plan is happening in Salford’s city centre: the Chapel Street corridor, currently benefitting from a £10million facelift to transform the area. For those unfamiliar with the Salfordian landscape, Chapel Street is a central corridor connecting Salford with its neighbouring city of Manchester, a vital link between the two conurbations. Increased connectivity is the aim of Chapel Street’s investment, in order to accommodate future growth and interconnectivity between Salford and Manchester city centres. Already the public realm around the Chapel Street area has been greatly improved, moving away from the traffic-congested highway it once was into a distinctive and picturesque city high street, making for a safer and calmer environment for businesses and visitors alike. However, the regeneration is set to continue, building on the pre-established foundations of interconnectivity and creating an improved public space.

Such is the importance of Chapel Street that plans are also underway at the Eastern tip of Chapel Street with a project all its own. Named Greengate, this area is especially important to residents, as Greengate is known locally as the site of the earliest settlement in Salford, so special focus is placed on its restoration. This unique vision involves the creation of a new corporate centre for Salford, including high-quality public spaces, new homes, and offices. With a budget allocation of £13 million for the first phase, Greengate’s bespoke public realm seeks to become a collaborative joint venture so that public sector funding can run seamlessly alongside private sector investment. Just Greengate’s mixed-use commercial space alone is set to deliver around £400 million of private sector investment and facilitate over 5,000 new jobs in the area.

Salford Central In addition to the vast changes happening in the city, Salford is also benefiting from a complete overhaul to Salford Central, set to become the main of Salford’s two train stations. Interestingly, Salford’s transportation infrastructure is second-to-none—within a three mile radius, the city hosts two railway stations, a Metrolink line and 50 bus routes, making Salford one of the most fitting and sustainable locations in the North West for large scale regeneration.

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MediaCityUK, Salford Quays

One such regeneration is happening at Salford Central train station.

Based on a 15-year vision, Salford Central station’s revamp comes under the umbrella of the £100 million Ordsall Chord investment by National Rail. 2008 saw the train station complete its first phase of development, opened to the public in February. Improvements included a new glass concourse at road level, enhanced access via new ramps to the upper concourse and lifts to platforms, as well as extensive refurbishment to the upper concourse arches and ticket office. Although appearing to be only marginal changes, structural improvements to Salford Central train station have since improved efficiency and usability of the station, leading to an increase in passengers in the seven years since its redevelopment.

However, the train station’s improvements are still ongoing, with the hope of enhancing this key corridor from east to west by increasing its capacity, its efficiency, and its ability to accommodate the expanding employment potential in the future.

It seems that almost every area of Salford is benefiting from an influx of investment in recent years. Transformations are continuing all over this vast and diverse city to further improve its liveability for its ever-growing population. Even public parks, river bridges, and public areas are set to be overhauled, giving the city a complete rejuvenation. To put the sheer scale of Salford’s investments into context, the ongoing regeneration in just the city centre alone covers the equivalent of 21 football pitches.

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However, it’s not just the city’s vast regeneration plans that are changing Salford’s landscape. Its future looks bright thanks to both the devolution of Greater Manchester and the ongoing development of the Atlantic Gateway project. Both these schemes will have an untold impact on Salford’s future, and will push the city further to fulfil its goal of becoming a global city.

Greater Manchester’s devolution was announced in November 2014 by Chancellor George Osborne, confirming that the county is to get its own directly-elected Mayor, and in turn will receive £1bn-worth of powers over transport, housing, planning and policing. This means that the region’s decisions will be made locally rather than by politicians in Whitehall, meaning that the cities that make up Greater Manchester should enjoy more control over where the public funding for the region is spent.

Furthermore, the devolution will see all ten of Greater Manchester’s boroughs combined, creating a ‘powerhouse’ of interconnected strengths, resources and opportunities, and will in turn make Greater Manchester the largest non-capital city in Europe.

Since its announcement, Salfordians have generally welcomed the devolution decision on the whole, with politicians and communities’ alike keen to continue Salford’s vast growth and regeneration that the devolution will provide. With the area still reaping the rewards that came as a direct result of MediaCityUK’s success, it is almost a certainty that the

Imperial War Museum, Salford Quays

region will continue to expand, transform and develop the ever-expanding City of Salford under a new devolved policymaking structure.

Split into four remits of increasing growth, connectivity, infrastructure and sustainability, Atlantic Gateway will focus its attention predominantly on areas of potential in Salford, keen to capitalise on the city’s wealth of To further the notion of a more connected Greater Manchester becoming underutilised facilities. This project has a number of key developments a ‘Northern powerhouse’, the Atlantic Gateway project was announced to in its arsenal, including the aforementioned MediaCityUK site and the improve the general connectivity between the North and the rest of the as-of-yet incomplete Port Salford. The unequivocal scale and success of country. Whilst devolution will allow for the inter-connectivity of the Greater MediaCityUK alone serves to highlight the capacity of the wider Atlantic Manchester region, the Atlantic Gateway allows this new combined region Gateway project, as MediaCity is just one in a multitude of developments to have improved access to other areas of the country, ultimately bridging happening as part of this scheme. Among the scheme’s 20 individual the gap between the North and the South. For years, the UK’s economy developments within the umbrella of Atlantic Gateway, other notable has been incredibly imbalanced in favour of its capital city of London, but developments in the area include HS2 (a bespoke £32 billion high-speed economists and politicians alike are keen to stabilise the economy by railway line connecting London, West Midlands, Manchester and Leeds) redistributing wealth to other regional cities to make for a more fiscally and Airport City Manchester, a proposed £800 million expansion of sustainable economy.

Manchester Airport.

Of course, Greater Manchester plays a big part in this plan, with huge national investment projects featuring their plans around key areas in and around Salford. Perhaps the biggest and most influential for the region is the aforementioned Atlantic Gateway project, with their proposed redevelopment strategy for the North West of England centring on the corridor between Greater Manchester and Merseyside. Atlantic Gateway will be backed by £50 billion of investment over 50 years, making it one of the most expensive and expansive development projects in UK history.

With so many regeneration schemes underway in and around the city, as well as countless more in the works, it is safe to say that Salford is thriving, growing from strength to strength in recent years and beyond. Its future is bright, and there is no end in sight for Salford’s incredible transformation— this is just the beginning.

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Adelphi Wharf, Salford

Avalon Court, Nottingham

New Bank House, Sheffield

For more information and details upon products contact Tel: 0161 772 1394 | Web: www.fortisdevelopments.com

LUXURY CONTINENTAL TRAVEL Words : Rachel Sharman | View : Rob van Esch

Celebrating it’s 20th birthday, we take a look back at one of man’s greatest engineering feats

On 14th November 2014 Eurostar celebrated its 20th birthday. Its wellworn routes between London and either Paris or Brussels see the famous grey and yellow trains travel at 186mph, with a record of a breathtaking 208mph. The minimum of 26 Eurostar trains which depart from St. Pancras every weekday manage to traverse the English Channel without seeing a single drop of water (except, of course, in the on-board bar).

50 metres under the seabed lies the Eurotunnel which holds the noteworthy title of being the world’s longest underwater tunnel. It is owned and operated by a separate company to Eurostar, meaning as it continues to be the only rail and road connection between Europe and the mainland, it gets a significant salary from the rail company too.

However, The Eurostar has had its troubles. French strikes, derailed trains, and what were described as ‘teething problems’ at the beginning, have all been covered extensively by the media. The latest fire, which has caused extensively delays for many passengers (as well as those going to drive through the tunnel), fortunately saw nobody hurt.

Until a major problem occurs though, Eurostar are proud to be, on the whole, more punctual than alternative travel methods. 2014 saw over 90% of trains leaving London and Paris on time, plus an increase in the

number of trains that arrived within fifteen minutes of their scheduled arrival time (up to 92.2%) from 2013. But thanks to the January problems, 2015’s figures may not be as positive.

In total, twenty years have seen 150 million customers using these subterranean trains (and add on another million very confused cats, dogs and ferrets, thanks to 2000’s Pet Travel Scheme). The railway is a far more popular choice than flying from London to Paris, and has been since 1997. For every one customer waiting in a departure lounge in Heathrow, there are two lugging as much as they can carry onto the train. One of Eurostar’s benefits is their lack of weight restrictions thanks to no fear of them dropping out of the sky.

However, in our world of convenience, you might think that the speed of flying from Heathrow to Paris’s Charles De Gaulle Airport should surely be appealing. The trains take twice as long, at 2 hours and 20 minutes to an aeroplane’s 1 hour and 10 minutes (both at best). But then again, these are only journey times. International flights often require travellers to arrive two hours early to check in, whereas the train only needs 30 minutes for the same process. Plus, once you arrive at Charles De Gaulle, you realise that you’re 22km away from the city centre. Once you arrive at Gare du Nord station, you can see the Eiffel Tower.

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Eurostar’s benefits don’t stop there: > The trains are more comfortable for travellers with more room and the ability to walk around. > Eurostar has also recently updated their fleet to receive Wi-Fi and stay fully connected throughout the journey. > There isn’t even much discrepancy in cost. In our comparison: a return journey from London to Paris, plus one piece of baggage, found it cheaper to fly… by 50p.

All in all, it is no surprise that the Telegraph’s recent survey showed that 89.6% thought the Eurostar was the best way to get to Paris, whereas a low 5.3% chose the plane and 5.1% would travel by ferry and car.

So where did it all begin? In 1802, Monsieur Albert Mathieu first proposed a channel tunnel. Unfortunately, come 1988 when the actual project’s construction began, not all his ideas were realised. Eurotunnel opted for the electricity over oil lamps, and rather than an artificial island in the middle (perfect for swapping horses) they actually chose to build three tunnels next to each other for trains and cars to travel seamlessly.

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In 1993 the tunnel was complete and in 1994 a lavish opening ceremony had the Queen and then French Prime Minister, declare it ready for business. Finally, on the 14th of November 1994, the train set off on its first public journey from Waterloo to Gare du Nord and the Brussels’ Midi/ Zuid railway station.

In 2003, HS1 opened in England, meaning the train no longer had to slow dramatically upon reaching British shores, increasing speeds and journey times. 2007 saw more improvements to the UK side, as Eurostar trains now arrived and departed from the wonderfully refurbished St. Pancras International station, complete with its own Eurostar terminal.

So in twenty years, Eurostar has truly made waves in international travel between the UK and France and Belgium. However, travelling further into the continent was always going to be tricky. Different European nations use different signalling systems, a lot of which the current Eurostar trains are simply not compatible with. This has prevented expansion in the past, drawing criticism to the company.

In the same Telegraph poll that saw so many preferring the Eurostar, only 52.1% believe it has definitely been a success. A serious lack of new routes makes it appear as if the company has not progressed much since the beginning. Many see the Eurostar as having unfulfilled potential, as

shown by 40.5% of the survey answering, “Perhaps it has been a success, but it still needs to improve.”

To counter these critics, on the eve of its 20th anniversary, Eurostar unveiled its new, state-of-the-art e320 trains and announced that they’d ordered 17. Twenty years of growing popularity means the company now feels confident enough to send these new, expensive, 900 seat trains to more far flung destinations and know there will still be demand.

The e320s are specially designed to carry 20% more people, with more room, in fewer carriages. Plus, they are ‘inter-operable’ which means they can take on Dutch and German railway lines and with no conectivity issues. Their average speed is 200mph, meaning they’ll be faster than ever. Best of all, they expect to enter commercial service by the end of the year, with new city destinations too.

Named Midi/Zuid station in keeping with the country being bilingual, this is the largest station in Brussels, which is the largest city in Belgium, the thirteenth smallest country in Europe. Belgium is famous for its cuisine- fine chocolate and indulgent waffles, coupled with famous beers all give the country a world-renowned gastronomical reputation.

However, the sprouts are not so popular.

Many of the districts in Brussels are in the unique art nouveau style, as they were developed in the style’s heyday. It is a bizarre city for tourists: not only is everything in both French and Dutch, but because so many buildings were devastated by the Second World War, modernisation projects sprung up everywhere. This construction period saw the term, ‘brusselisation’ coined to describe “the indiscriminate and careless introduction of modern high-rise buildings into gentrified neighbourhoods”. However, Brussels is now home to an eclectic mix of beautiful parks, monuments and buildings, in both contemporary and traditional styles.

Eurostar was never created to be two single routes between the British, Belgian and French capitals. Some of the exciting destinations around Europe, including these future plans, include:

Bourg-Saint-Maurice in Bourg

Midi/Zuid station in Brussels

During the winter months Eurostar offers two ‘snow trains’ per week which travel to Bourg-Saint-Maurice in the heart of the French Alps. This station was heavily rebuilt for the 1992 Winter Olympics in Albertville and

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so can now accommodate the 400 metres long Eurostar trains. These routes were created for skiers and snowboarders, who in turn opt for the slower journey (in comparison to flights) get to make the most of the generous baggage allowance. Rather than renting when they get to the mountains, snow enthusiasts can save money by taking their own equipment on the trains for no extra charge.

The town is bustling all year, although the streets still retain their authentic French feel. But these great connections mean come the winter months, Bourg-Saint-Maurice is a skier or snowboarders’ paradise. There are 239 slopes in total (12 Green, 132 Blue, 66 Red, 29 Black) and as well as calmer options, such as tobogganing, for the less-thrill inclined.

St. Pancras in London Although 85% of Eurostar’s passengers are British, occasionally tourists use the trains to explore the UK’s capital. St. Pancras International, one of the few UK railway stations to boast the ‘International’ title, has gone through £800 million’s worth of renovations and expansions since the millennium in order to receive Eurostar trains.

London is the world’s biggest tourist city, both in terms of visitors and spending. The innumerable famous attractions brought approximately 18.5million tourists to the capital in 2014 alone. Plus, the vast population of 8.3 million (not even accounting for the masses who commute to the capital) make London one of the busiest, most bustling metropolises in the world.

Interestingly, the most popular things to experience in London are not the famous sights, but the city’s culture. With the exceptions of the London Eye and the Tower of London, the top ten most visited attractions in London are either galleries or museums. The most popular of which, The British Museum, is only one mile from St. Pancras International.

Gare Du Nord in Paris Translated to the ‘North Station’, Gare du Nord is the most popular station in the whole of Europe. It has 34 working platforms and sees around 190 million passengers pass through every year. London to Paris is the Eurostar’s most popular route, and on a Friday 18 trains travel from capital to capital taking up to 10,044 passengers.

Paris is an historical, beautiful, global city which attracts millions of tourists every year. The City of Love truly excels as the global capital of art and fashion. It is the home of the Louvre, the Musée d’Orsay and Musée National d’Art Modern which all celebrate a range of different art styles. Paris is third in terms of amount of tourists, behind London and Bangkok, and also highly popular as one of the most loved cities in the world thanks to its unique and chic charm.

Gare de Marseille-Saint-Charles in Marseille Trains to Gare de Marseille-Saint-Charles will start to run from the 1st of May 2015. This city has a fascinating history, as before the era of easily accessible air travel, the city was a key stage in the journeys to Africa and Asia. Nowadays, the exotic locations people used to travel to are represented by a series of statues which line the impressive stairs leading up to the railway station.

Marseille is France’s largest city on the Mediterranean coast. Its impressive past as the oldest city in France (founded by the Greeks in 600 BC) and as the French Empire’s main trade port, means that the city has a unique historical charm. But the southern city’s story is far from finished. In 2013 it was awarded European Capital of Culture, which attracted 11 million visitors to over 900 cultural events organised throughout the region. The 300 days of sunshine it receives every year are yet another reason why Marseille is so popular with tourists.

Amsterdam Eurostar intends to begin sending direct trains to Amsterdam by the end of 2016, providing competition to Europe’s busiest airline route (which sees over three million passengers per year). Currently train travellers are required to change at Brussels, so this direct route will save them time and money, although whether it will match the plane’s popularity remains to be seen.

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London’s Kings Cross Station

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Amsterdam is famous for a number of reasons: the impressive Royal Palace and Rijksmuseum, the historical Van Gogh Museum and Anne Frank House, and the infamous red light district and cannabis coffee shops. The Dutch capital is one of the most diverse in the world, with its liberal and tolerant society attracting a range of races and religions.

Around half of the city’s residents have immigrant ancestry, and although it does cause some tensions, the overarching belief is to lee fen laat leven- live and let live.

Gare de Marne-la-Vallée – Chessy This railway station has the unique attraction of being located inside of Disneyland Paris. Typically four trains a week depart from St. Pancras bound for the resort, but this number goes up dramatically during the school holidays.

Disneyland Paris is Europe’s most visited attraction. The 4,800 acre site has multiple hotels, a golf course, and the theme parks (Disneyland Park

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with its iconic Sleeping Beauty castle and the newer Walt Disney Studios Park which is more focused on show business, production and Hollywood). The Disneyland brand is famous around the world with five resorts in total and this Paris location is the second most popular of the lot. 2013 saw 15.6 million visitors to the “happiest place on earth”.

With this diverse range of exciting destinations, Eurostar’s future looks set to flourish. However, it does continue to run into challenges. The UK is not part of the Schengen Area, meaning that whilst international trains can run throughout Europe without passport checks, they cannot enter the UK. Unfortunately not every one of the Eurostar’s new destinations comes with an area suitable for screening, meaning that passengers travelling from Marseille, Lyon and Avignon (a route opening in May 2015) will have to get off the train at Lille, do the relevant security checks, before boarding again to travel to the UK. This time-consuming frustration does not have an easy solution, as on-train passport checks were vetoed.

But Nicolas Petrovic, Eurostar’s Chief Executive is not fazed: “Having

London’s Kings Cross Station

had ten consecutive years of growth, we are seeing a record demand for our services, and the addition of new trains to our fleet will be key to our growth ambitions. With just one year to go until our new e320 train comes into service, our passengers will soon see a complete transformation of our service. The combination of bold design, chic interiors and wifi connectivity will raise the bar, providing an unprecedented level of style and comfort for our customers.”

“Over the last twenty years, we have led the way in cross-Channel high speed rail travel, cementing the link between the UK and mainland Europe. Our 20th birthday represents a key milestone for our business and marks the start of the next phase of growth and expansion. With this substantial investment in our fleet, our stations and the on-board experience, passengers can look forward to an exciting future.”

Whether Eurostar continues to beat alternative travel remains to be seen, especially as they branch further into Europe, increasing the journey times. For now though, passengers are satisfied, the fleet is growing and the early 2015 problems seem to be easing.

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THE COST OF CONFLICT Words : Hannah Wilde | View : Dezi

Just what are the real effects to both a country and its economy?

Insurrection, revolution, rebellion, coup, armed civil conflict—however it is described, fundamentally it all amounts to the same thing: war. This pressing issue has an untold knock-on effect on all aspect of life, adversely affecting a country fiscally, politically and culturally, and continues to have a detrimental effect for many years to come.

unimaginable: civilian instability in conflicted countries mean that hundreds of millions of people are forced to leave their homes, finding refuge either in safer locations within their countries or, in more extreme circumstances, are forced to flee to other countries, oftentimes never to return.

Direct effects of conflict

Furthermore, the infrastructural impact of war is also vast and equally detrimental—pivotal structures that underpin the foundations of a whole nation, such as homes and businesses, are often damaged or destroyed beyond repair during times of unrest. Even the homes that remain standing during conflict don’t fare much better—experts say that the value of fixed assets like housing falls by between 20-40% during times of civil unrest. With the destruction of a country’s lifeblood comes even more instability, as well as the impending issue (and growing cost) related to rebuilding and repopulating the communities after the fighting has ceased.

Conflict has an insurmountable effect on both a country and its economy.

Whilst each war is distinctly different (with different triggers, different political agendas and different strategies), the repercussions on the nation are equally as different. However, several unequivocal factors have proved to be greatly compromised by the outbreak of war.

First and foremost, the most direct effect of conflict is the rapid decline in population that comes from the dissolution of a country’s stability. Huge population losses in times of conflict come from two main fronts: the fatalities that come as a result of direct combat or casualties of war, and the mass migration caused by people either fleeing because their homes have been destroyed or by those seeking asylum to escape the violence engulfing their communities. To put the scale of migration in context, the UN estimates that in Syria alone, which is just ONE of the world’s troubled countries, over 1.2million people have been displaced—the equivalent of the entire population of Birmingham, the UK’s second-largest city. Translate this to a global scale and the magnitude is

Additionally, countries in the throes of war almost come to a complete standstill in terms of domestic output. Construction and export trading declines, and businesses are often forced to stop trading due to safety or diminished assets. When coupled together, all these seemingly small factors have a crippling domino effect: destroyed businesses and dwindling consumer spending leads to unemployment, which in turn leads to a huge economic deficit from the lack of trade and jobs that would generally fuel an economy in times of peace. It is predicted that

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Baghdad, Iraq

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the Gross Domestic Product (GDP) of a country in conflict declines by between 3.3—6.1% for each year a country engages in war.

A country’s political stability is also increasingly called into question in times of conflict. The increasing fluctuations of power that come as a result of political unease often lead to conflicting interests from different political agendas, which means that attempting re-stability may cause continual governmental friction, which could inevitably prolong the conflict, and in some cases even escalate the already sensitive situation. Adding to this precarious political situation is the almost complete decline of the economy, as wars often lead to disastrous monetary policy and regulations, not just regionally but on a global scale.

To put these interwoven macro-, micro-, and meso-economic effects of war into perspective, two very different case studies are used to analyse very real areas of ongoing conflict to see how a country’s social and economic wellbeing is affected by the outbreak of war. The chosen countries of focus are two well-known current conflicts: the Middle-Eastern country of Syria, and the economic powerhouse that is Europe’s Russia. Both of these countries, while in very different fiscal situations, are fundamentally affected by war in the same ways, despite being separated by nearly 5,500km and dictated by very different circumstances.

Case study 1: Syria, Middle East The Syrian conflict began in early 2011 when civil war broke out, fuelled by protests against President Bashar al-Assad’s government. These disagreements were met with governmental violence in response, so the initial conflict soon escalated from popular protests to full-on armed rebellions, coupled with months of military sieges. In just three years of conflict, April 2014 saw the Syrian casualty figures far outreach 191,000, many of whom were civilians. This mass population deficit averages out to a huge 5,163 casualties during each of the country’s 37 months of conflict up until April 2014. Of course, since then, the situation has only worsened, with Syria now having overtaken Afghanistan as the world’s least peaceful country. Additionally, despite Prime Minister Wael al-Halqi’s desperate assurances that the Syrian economy is “strong and balanced”, this could not be further from the truth. As a result of the conflict, Syria’s economic wellbeing has been seriously compromised, with a large portion of the country’s capital stock diminished, the country’s productive capacity now almost non-existent, and the cost of reconstructing the damaged infrastructure already estimated to be in the hundreds of millions.

To put this into perspective, Syria’s macroeconomic indicators in the decade before the uprising were relatively sound, recording a growth rate that averaged 4.3% per year during the ten years to 2010.

Additionally, inflation was controlled at less than 5%, and structural reforms were underway to liberalise the economy to make it more market-oriented. However, in the period since the uprising, Syria’s fiscal deficit has nearly doubled to 9%, there has been a 2.3% decline in GDP, and inflation has jumped tenfold just a year after the conflict started.

Even more concerning is the behaviour of the Syrian exchange rate, which in 2013 registered a new low of 220 Syrian Pounds to the American Dollar, a massive 233% increase from the previous year.

The conflict has brought to the forefront a shocking revelation: Syria’s economy has all but collapsed, reaping the effects of declining activity and trade, witnessing inflation that is likely to spiral into hyperinflation through governmental money-printing to fund the ongoing conflict, and currency that is depreciating at breakneck speed.

When the Syrian altercation eventually ends, the effects of war will be all too clear. The country will have an unrecognisable economy, a severely depleted population—from both fatalities and displacement— and a stagnant infrastructure, no matter who emerges victorious.

However, unlike neighbours Iraq and Libya (both of whom have had to support a huge percentage of refugees fleeing the conflict across the border), Syria does not have access to oil revenues to support reconstruction, and instead will have to be almost entirely reliant upon the international community to assist in a complete reconstruction of the country’s infrastructure, creating new homes, roads, telecommunication systems and factories. That said, even with international assistance, the timescale for making changes of this magnitude are more likely measured in decades than years, leaving the Syrian population to remain in relative freefall until that time.

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Pristina, Kosovo

Ferrari F1 Team

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Case study 2: Russia and Ukraine, Europe Russian involvement in the Ukraine crisis has gained international press in recent months because of its position as one of the world’s economic powerhouses, boasting an economy of $2.1 trillion in 2014 alone. Russia’s position in Europe has always provided relative security against conflict, but the altercation involving another European country has increasingly divided both European and global loyalties. The conflict started by force, with Russia’s annexation of a Ukrainian region called Crimea, and Russia still seeks to occupy yet more Ukrainian territory.

Although a relatively new war, with unrest between the two nations coming to fruition in the latter end of 2013, the economic effects of this conflict have been abundantly clear from the outset —for example, on the first trading day after Russia began to occupy Crimea in February 2014, the Russian stock market nosedived almost 11%, the sharpest decline in five years. Also, echoing the Syrian conflict, Russia’s currency (the Ruble) declined significantly, decreasing 1.4% to its lowest rate in five years. This comes as a direct result of the unrest in the country and economists have warned that if the situation continues to progress, the Russian economy would take a hit in the order of 3% GDP, which would have a heavy toll on both the Russian and European economies. More pressing is the potential oil crisis that could emerge from Russia’s increased involvement in Ukraine. Russia specialises in the exportation of resources like oil and

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gas, of which the main benefactor of this production is wider Europe. In exchange, Russia imports many goods and services from the rest of the world, highlighting the country’s economy of interdependency.

However, ongoing conflict has already forced Europe and the wider world to form allegiances with either invasive Russia or defensive Ukraine. So far, both the US and the EU have imposed sanctions on Russia for their interference in Ukraine, which has further jeopardised the Russian economy—the West was forced to find an alternative (and more expensive) oil and gas provider than its long-term Russian supplier, while Russia has found itself forced to import a decreased amount of goods and services from the rest of the world as a result.

This has already had a cataclysmic effect on oil prices for both European traders and consumers, and historically rising oil prices have led to slower economic growth, so this could have serious repercussions on the wider global economy at large. It has to be said that evidence has already been proved that continuing trouble in Russia would make for a more volatile world, with fluctuations in currency and stock markets, as well as a declining Russian economy.

So what happens when conflict is resolved?

When a conflict comes to an end, what is often left is a completely depleted economy, a diminished population and infrastructure that has

Millau Bridge, France

suffered hugely. From here, countries have to start almost from scratch to return themselves to their pre-war state. Post-conflict reconstruction is incredibly important to the country’s environment, with repair and reconstruction of housing and the social and economic infrastructure providing a good framework for establishing the country’s future development and growth. In terms of property, times of conflict have a detrimental effect on prices and demand as the market stagnates, but in times of peace, the property market begins to prosper again. With peace comes a resurgence of population and the steady increase in the tourism industry as people begin to trust the country’s security once again, which in turn increases housing demand as the country becomes more stable.

Whilst this may take a few years to implement, the stability of a country is dependent on a growing housing market especially after conflict.

From a property investment standpoint, conflict can often completely reinvent a country, both economically and structurally. To highlight the positives that can come from post-war reconstruction, the country of Lebanon (a small country bordering Syria and Israel in Western Asia) was engaged in a civil war lasting fifteen years, from 1975 to 1990. In that time, there was considerable infrastructural destruction, large-scale population displacement, and an almost completely depleted economy. However, when peace was declared and a stable government was appointed, the country’s fiscal situation dramatically improved, and since this time, house prices have surged as people’s confidence in the economy grew. Now,

Pristina, Kosovo

the Lebanese housing market is flourishing. In recent years, the growing unaffordability for potential homeowners has led to an influx of renters.

The effect is such that the Lebanon housing market is now reminiscent of the market in the UK, especially with the rise of buy-to-let landlords investing in property to meet demand. If the Lebanese market is following the lead of such an advanced market as the UK, it is safe to say that its economy is well on the way to recovery.

In conclusion, while ongoing conflict has a hugely detrimental effect on the economy and infrastructure of a country, it has to be said that the country’s reconstruction after conflict means that it can be built even bigger and better than before. Post-war house prices are a good indicator of the stability of a country, with stagnation indicating that peace is not yet secure, yet growing house prices mean that confidence is returning back to the economy. Despite the dire consequences of war, all is not lost in the times after fighting ceases. There is a huge capacity to improve growth in a country once ravaged by war, with the case of Lebanon proving that even investors can see the potential of investing in a rebuilding economy.

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“Setting the standard in luxury living”

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

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£94,950 £119,950 £144,950

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0161 244 8500 www.knightknox.com

LONDON VS PARIS The growing popularity of cities is evident, but even amongst all of these flourishing, productive successes, there are a few powerhouses to take note of.

Words : Rachel Sharman | View : Iakov Kalinin

2015 is one of the first years to see a global shift towards the future- more of the world’s population live in urban areas than those who do not. With over a quarter of a million cities on this earth, it is no surprise that 54% of the population call these conurbations home, and this percentage is rapidly rising.

Fortunately, a city’s popularity rarely decreases. The more people who move there, the more eclectic the atmosphere. Jobs are easier to find, modern infrastructure is created to support the growing number of residents, investments pour into the conurbation and so more jobs are created. It is a continuous cycle which draws people in. Rural areas simply cannot offer the same opportunities.

What classes as a city’s population is sometimes difficult to define. Each individual city can have up to three figures: the smallest is the number of people who actually live in the city centre; then there’s the urban population, defined as the city’s built up area with high population density, such as suburbs and close by towns; and finally the largest- the metro population, which measures a wide area including suburbs, towns, as well as rural communities and farmland so long as it’s within commutable distance to the centre. This article will examine the most telling- a city’s urban population, unless otherwise stated.

In 2015, it is expected that the earth’s urban population will grow by 1.84%.

This doesn’t sound like much, but in real terms this equates to a massive one hundred thirty-four million three hundred twenty thousand people (134,320,000). Amazingly, urban populations are expected to grow at this rate every year until 2020. After that time the pace eases slightly, but until the furthest predictions in 2030, there is still a great expected minimum of 1.44% growth per year. Over the next fifteen years, 1.1 billion people are predicted to make that move to a city.

Looking to the future, it does not appear that the popularity of these urban cores will ever fade. A country’s cities on average produce between 70-80% of that nation’s economic output. Therefore, they are integral to the prosperity of their country and encouraged to grow.

In Europe, the figure of urban dwellers is already at around 75%. Modern, vibrant cities and well-connected suburbs are perfect for working, living and socialising in. Never mind employment figures, the best facilities and amenities- shops, airports, restaurants, as well as special events- tours,

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festivals and parades are often only found in these metro areas. Whether the figure of city citizens will flatline, as Europe is already a relatively well-developed continent, or continue to rise, remains to be seen.

The growing popularity of cities is evident, but even amongst all of these flourishing, productive successes, there are a few powerhouses to take note of. ‘Megacities’ is a modern term coined to describe cities with a metro area exceeding 10 million residents. In 2015 there are 35 of these famous conurbations (which are often capital cities) all with reputations so big, they sometimes dwarf the rest of their country’s.

One example of this is the British capital. If the confusion between ‘Great Britain’ and ‘United Kingdom’ isn’t enough for residents, you don’t have to travel far to find those who know nothing more to the entire nation than London (and occasionally Man U). London’s population is 9,790,000 (when last measured in 2013) in a country of approximately 64 million. Despite the disparity in these figures, the capital is often pitted against the rest of the UK as a comparable force. Looking at the money in London, the capital is forecast to see 11.8% economic growth over the next four years to 2019, equal to approximately one third of all UK growth over the same period.

In 2015 figures, London is expected to see 3.4% growth in 2015, whereas another region, the North East of England, will see only half of that figure- 1.7%, and from a lower starting point.

The rift between London and the rest of the UK is not just economically based. London offers the best jobs and pulls in many talented graduates (making up 58% of the work force) who then have no need to leave. There is a popular stereotype that born and bred Londoners don’t know what lies outside of the M25, but why would they need to venture beyond the ring road to find out? London is the centre of the UK for arts and culture (famously arts spending was reported to be £69 per London head, £4.50 for the rest of the nation’s), finance, tourism, innovation, parliament, in fact it is central in almost every way other than geographically.

London is far from the only capital city integral to its country’s success, France is seeing a similar story with Paris. With its population of 10,500,000 Paris towers above other French cities. Lyon is the second largest in the country but is only home to 1,570,000 residents.

Paris is home to France’s most revered university, the country’s financial heart, along with the hundreds of famous sites which attract millions of tourists every year. Plus, the French capital clearly offers the best jobs, as in 2009 the average income for a Parisian was 41% higher than those in the rest of the country.

In the past decade, Paris’s economy has contributed as much as an impressive 30% to France’s overall GDP. It has also proven itself to be a more secure financial backbone than London as during the 2008 recession it’s GDP increased, unlike most of the world’s cities. Paris is a global business hub, being home to 29 Fortune Global 500 companies, more than any other European city. Despite not speaking the language of business, the city of light continues to prosper.

It is incredible to think that two such thriving conurbations are less than 300 miles apart. It also begins to explain the fierce rivalry which has always raged between the two. These days they are mostly competing for tourists and sporting success, as opposed to in the battles of Hastings or Waterloo. However, there will always be comparisons between the two cities global success.

What the cities offer undeniably are similar: beautiful sites and interesting attractions for visitors, unparalleled job opportunities and the nation’s best infrastructure for residents. Paris boasts its art galleries, London boasts its museums. Paris offers bistros and brasseries, London offers bars and pubs. Paris has the Seine, the metro and the Eiffel tower, London counters with the Thames, the underground and Big Ben. Paris has its sunny days, London… …well the UK can’t really compete when it comes to the weather.

However, 2014 saw London receive more international visitors than any other city in the world. After briefly swapping with Bangkok in 2013, London regained its top spot. Paris took the third place. However, every year these rankings shift. Many see Paris as expensive, but nevertheless a must-visit, whereas it could be argued that London doesn’t hold quite the same romantic allure.

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Paris, France

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Paris appeal is partly thanks to its rich history and how it is interwoven with the streets today. The area shows signs of life from as early as the 3rd century by the Parisii tribe, who the city was named after. By the 12th century, Paris was the largest city in the western world, mostly thanks to its prosperous trade routes. During this century, one of Europe’s first universities was founded- the University of Paris, which has since split into thirteen successor universities around the local region.

The city’s turbulent history came to a climax during the French Revolution of 1789-1799. In July 1789, the storming of the Bastille may have only liberated the seven prisoners incarcerated there, however, the symbolic aspect of defeating a royal stronghold was highly important and inspiring, and to this day, the 14th of July is a French bank holiday.

London’s history is just as rich as its French counterpart. Originally it was founded by the Romans in 43AD, although that city was quickly stormed and burnt down by Queen Boudicca. London was reimagined, rebuilt and by the 2nd century had re-established itself, being home to approximately 60,000 people.

The following centuries saw the city home to a number of tragedies: the black death, the great fire of London, the plague; as well as Shakespeare’s Romeo and Juliet, Macbeth and Hamlet. Over the following centuries the success of the British Empire made London the most important city in the world. In 1777, Samuel Johnson famously celebrated the capital’s vibrancy, “When a man is tired of London, he is tired of life” a sentiment many still find true today.

Over the years both Paris and London have retained their places as global powerhouses. However, as they have such international reputations, the most impressive opportunities, and incredibly high density populations, there comes a very competitive property market. Everybody is vying to live in the capital, meaning house prices rise, and fall, at exaggerated rates to the rest of the country.

2014 saw London’s house prices rocketing out of control. On average, properties were only on the market for a short 40 days as demand was so high. By the end of the year, London homeowners would have seen the price of their properties increase by an average of £81,000. This is in comparison £15,000 for the rest of country, which in itself is not a low figure but highlights the absurdity of London’s unique market.

The British capital has seen a completely different 2015 so far though. It is not even clear if London house prices are even rising or falling anymore as different companies reveal different Q1 residential figures. Prices throughout the rest of the UK seem to have been steadily increasing according to Rightmove, the UK’s biggest property portal. However, some estate agents have reported declines in prices, always with London at the forefront of this fall.

In comparison to the residential rollercoaster occuring in London, Paris saw a steady downwards trend during 2014, continuing on from 2013.

Although a slight recovery was made in the last quarter (+0.3%), overall the French capital saw a 2.8% decrease throughout 2014. Other sources estimate that since a market high in 2011, prices in the capital have dropped by as much as 9.1%. Fortunately, the city had managed to avoid any sudden, extreme drops, which were predicted at one point, but instead prices have just been slowly decreasing. The worst faring Parisian properties were the city’s mediocre apartments. If a property is on the ground floor, dark, or even particularly badly laid out, it has been expected to have lost in between 10%- 25% of its value over the past few years.

However, this could be a sign of changing times for the Paris residential market. Many investors are choosing to buy into the city now, potentially snapping up the more favourable flats and houses. In the Île de France region (of which Paris is one of) a massive 9.2% of buyers were from overseas. Paris is a popular city, so it is unlikely that house prices will continue to sink forever. Risk-taking investors are buying now in the hopes of being able to cash out in the coming years. Where other global cities have seen soaring housing markets, and are now out of many investors’ price ranges, Paris offers a more affordable, yet still attractive alternative.

World renowned real estate agents, Knight Frank, noted this new interest in Paris in their latest Global Cities Forecast: “We expect to see a greater focus on opportunities in markets like Paris and Rome, which thus far have been largely overlooked by investors, nervous of political uncertainty, but which are increasingly offering good value when compared to neighbouring alternatives.”

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Paris, France

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London, one of the neighbouring alternatives in question, is still one of the most popular cities in the world to invest into, but this is based mostly on reputation as opposed to potential yields, which remain quite low. The high prices from last year managed to exclude modest incomes, so rather than paying higher rents, many Londoners chose to actually move out of the city in favour of other South East locations and commute in. It has left the capital city with underwhelming yields of approximately 4.3% in December 2014, the second lowest in the country and nothing in comparison to the yields the North West region offers of 7.1%.

pass through London, spanning 85 miles across the South East from Reading to Shenfield in Essex. Rather than focusing on the capital, the government has created this high speed line to allow for faster commutes, encouraging people to live all across the South East rather than just in the over-populated central hub. France, on the other hand, has a master plan called ‘Grand Paris’ which calls for a way of merging the suburbs around the city. The concept is similar to that of Greater London; France wants to create a better connected metropolitan area through new metro lines (costing upwards of €35 billion) and building new houses.

Paris, though still expensive, is not quite as notorious as London. On average a $1million apartment in prime central London would only be around 24m², the second smallest size in the world ( just ahead of Hong Kong’s 21m²). The same money in Paris would get you almost double at 42m². Parisians also benefit from having a lower cost of living than Londoners. In the 2014 Mercer Cost of Living, London came in as the 12th most expensive city to live in, whereas Paris was notably lower down the table in 27th place. Offering one of the highest minimum wages in the world is also beneficial to France’s residents, although with the average property costing around €8000 per m², the cost is still lofty.

Despite all this, the real interest in the citys’ futures will lie in their property markets. Both have seen far from ideal house price fluctuations over the past year, with neither being able to achieve a steady growth. London has been driving residents away, Paris can’t get people to move in.

Currently both cities have plans to improve. London and Paris have invested millions into their infrastructure to try and accommodate their vast populations. In the United Kingdom, the government has created Crossrail, a grand railway project due to open in 2018. This train line will

Similarly to Paris, the upcoming general election, which promises to affect the expensive London housing market more than any other in the UK, has left some wary to enter the market. ‘Mansion Tax’ is a Labour initiative which promises to tax properties worth over £2million, which includes a lot

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Unfortunately, currently Paris’s property market does not yet appear to be looking up. Political unrest in the country and a sluggish Eurozone have stunted growth for the year. However, many are currently exploiting these weaknesses and the French capital is seen by some as a potential gold mine.

London, UK

of the capital’s property market. Although the actual price of the tax isn’t quite as extreme as first predicted, the fact that there is additional price to pay has put off many investors.

However, after the general election at the end of the year (where expectations mostly point towards neither a rise nor fall in London’s property market) professional predictions see the capital’s property picking up again, albeit slower than the rest of the nation’s. The UK’s five year forecast sees house prices rising 19.3% by 2019, whereas London has the lowest expected growth of 10.4%.

It is clear that both Paris and London need to make moves to steady their property markets if they want to flourish, which will hopefully come in time as political stability is found. However, predictions for such massive markets are difficult to make; house prices could witness an unexpected rise or fall at any point.

The tale of these two cities is much more than a short supply of expensive housing. Their centuries worth of international prominence have given them impressive global reputations, making them treasured investment opportunities in any portfolio despite uncertainty or potentially lower yields.

Every year they attract millions of tourists, providing a steady income, as well as creating jobs. Plus, as more people are attracted to these cities, as they have been for centuries, the cycle of investment, improvement, and vibrancy will happily continue.

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WORLD MARKET VIEW The global financial crisis plunged property markets into a downward spiral. Seven years on and Global Property Scene takes a look at how the US property market stacks up to it’s overseas equivalents.

Detroit, USA • Median Sales Price: $42,850* • Average price per sqft: $38

Note - Figures correct as of stated dates: * Oct ’14 – Jan ‘15 ** Feb 2015

New York, USA Los Angeles, USA • Median Sales Price: $561,000* • Average price per sqft: $819

• Median Sales Price: $1,211,437** • Average price per sqft: $1,435

Atlanta, USA • Median Sales Price: $230,000* • Average price per sqft: $179

Miami, USA • Median Sales Price: $225,000* • Average price per sqft: $174

Cape Town, South Africa • Median Sales Price: $76,688** • Average price per sqft: $174

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Beijing, China Paris, France • Median Sales Price: $670,000** • Average price per sqft: $1,024

Dubai, UAE • Median Sales Price: $257,694** • Average price per sqft: $473

• Median Sales Price: $63,930* • Average price per sqft: $898

Sydney, Australia • Median Sales Price: $574,667* • Average price per sqft: $754

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LOOKING FOR PROPERTY BUYERS? BE SURE TO EXHIBIT AT THE

Attracted by the largest advertising campaigns supporting any UK property investment events, the April and October editions of this show attract thousands of visitors – serious buyers seeking additions to their portfolios… …and why not enhance your return by emailing your proposition to 45,000 motivated buyers?

FOR FURTHER DETAILS ON EXHIBITING AT THESE EVENTS AND OUR EMAIL MARKETING SERVICE CONTACT US +44 (0)20 8877 0610

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enquiries@propertyinvestor.co.uk

WHAT’S THE ALTERNATIVE? With its potential for massive capital growth we take a look at the complexities of oil investment

Words : Michael Smith | View : James Jones

Often considered a great vehicle for investment, the oil industry can yield large returns in a relatively short period. As with any investment there are characteristics to be aware of. This industry can prove confusing to both the professional and individual investor, with large price fluctuations sometimes occurring on a daily basis. Therefore it’s important to look at what drives this market, do we know enough to establish our own financial stakes? With a bit of luck I can guide you thorough the need to knows.

which have crude subsidies for the open market. As the demand has grown, an estimated one-quarter of this available crude has been used to supply the market as of 2013. There are some drawbacks to using these subsidies as part of the overall global demand; it can have a negative effect on economies in the countries in question. Quite often it can tend to spur demand in the country, causing the country’s oil producers to sell at a loss.

With countries such as China and India expanding at an exponential rate, dealing with demand is the biggest battle the oil sector faces. The Organization of Petroleum Exporting Countries (OPEC) and the International Energy Agency estimates the current world demand for oil at between 96 million to 97 million barrels per day in 2013. When the price of oil rises, this decreases demand in the United States, but demand from growing emerging market economies is expected to increase as these countries industrialize.

As such, removing subsidies can allow a country to increase oil production, thus increasing supply and lowering prices. In addition, cutting subsidies can decrease any shortage of refined products, since higher oil prices give refineries an incentive to produce products, such as diesel and gasoline.

Supply is often dealt with by some of the emerging markets economies,

On the supply side, in 2008, approximately 96 million to 97 million barrels of oil were produced each day. The need for new reserves is a constant cause for concern. Reserves in Brazil, discovered back in 2007 provide a relief from some of the larger reserves in Saudi and Nigeria. Further

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Semi submersible drilling rig, Cape Town South Africa

support will need to be introduced as oil fields in Mexico and the North Sea are experiencing steep declines in production. Most of the largest oil supplying states (OPEC), do not have the ability to pump out much more oil. Saudi Arabia, on the other hand, has an estimated spare capacity of 0.5 million barrels of oil per day as of 2013.

One of the latest major oil supplying markets that has become important to the global need is Nigeria. Unfortunately this supply is in a constant state of insecurity as a result of Nigeria’s financial, government and infrastructure related instabilities. With countless rebel attacks occurring, the production chain can become severely interrupted. One of the most significant occurred back in June of 2008, when a deep-water drilling vessel came under attack off the Nigerian coast. The repercussions of this event caused production to slip and settle to levels less than 60% of the regular daily output (2.5 million barrels). As a result it cannot be relied on to keep the global demand supported. It then becomes important for countries with addition capacity to remain on standby in the event of a shortage.

Another major problem the oil market is constantly facing is a short supply of high-quality crude, the type of oil that many refineries need to meet stringent environmental requirements, particularly in the United States. Much of the high-quality oil imported into the United States comes from Nigeria and surrounding African nations; according to the U.S. Department of Energy, together, Nigeria and Angola exported more oil to the United States than Saudi Arabia in 2010.

Another force driving oil prices has been investors and speculators bidding on oil futures contracts. Many major institutional investors now involved in the oil markets, such as pension and endowment funds, hold commodity-linked investments as part of a long-term asset-allocation strategy. Others, including Wall Street speculators, trade oil futures for very short periods of time to reap quick profits. Some observers attribute wide short-term swings in oil prices to these speculators, while others believe their influence is minimal.

Regardless of the underlying reasons for changes in oil prices, investors who want to capitalise on energy price fluctuations have a number of options. One simple way for the average person to invest in oil is through stocks of oil drilling and service companies.

Investors can gain more direct exposure to the price of oil through an exchange-traded fund (ETF) or exchange-traded note (ETN), which typically invest in oil futures contracts rather than energy stocks. Because oil prices are largely uncorrelated to stock market returns or the direction of the U.S. dollar, these products follow the price of oil more closely than energy stocks and can serve as a hedge and a portfolio diversifier.

Investors have a number of ETF and ETN options to choose from, such as a single-commodity ETF (e.g., oil only) or a multi-commodity ETF that will cover a variety of energy commodities (oil, natural gas, gasoline and heating oil). There are many choices for investors.

The oil market provides a diverse array of options for the potential investor. From indirect exposure via an energy-related stock to more direct investment in a commodity-linked ETF, the energy sector has something for almost everyone. As with all investments, make sure you do your research or consult an investment professional prior to committing your money, and remember the information outlined above when predicting price changes to help ensure a profitable investment.

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Offshore drilling rig, Cape Town South Africa

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

Q.

A.

I am currently interested in a property that is listed as having a property management company in place. What if I want to manage my investment myself?

The main benefit of buying property in the UK is that British property laws are very clear and protect property owners and their investment. The UK economy in general is one of the strongest and most stable in the world, with residential property showing positive rental yields of 6% and more for the past couple of years. As with all investments there are risks, so always ensure that you purchase through an experienced investment company with a good solid portfolio of delivered projects.

A. In most cases yes, it is possible to manage an investment yourself, however, there are exceptions to this and you have to ask yourself the question of why you would want to. A lot of people believe that managing their buy-to-let property will be an easy and cheaper option to paying management fees. However, in the long run this can result in you paying out for costly maintenance repairs, especially for overseas investors who may not have local contractors to hand. Having the property managed for you by an experienced management company takes away the stress and hassle of your buy-to-let investment.

Q. What are the benefits of purchasing a UK property as opposed to overseas investments?

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Q. Are all investments in the long-term, or are there property investments that allow almost immediate returns?

A. This really depends on the type of investment you are purchasing and the payment terms offered by the developer. Some will offer immediate returns, which are likely to be in the form of interest paid on the exchange monies. This will allow you to collect a return prior to the property being tenanted. Not all property investments are long-term investments, but

the longer you hold on to the property, the more rent you will receive and you should also see a higher capital appreciation over the course of the ownership.

Q. Particularly with student properties, are there extensive letting fees that are incurred on top of my initial investment?

Q. How difficult would it be for me to remortgage my property to invest the capital further?

A. This shouldn’t be too difficult however, all mortgages are offered on an individual’s circumstances and the properties are subject to valuations by the lender. Most people will often remortgage their property once completed so they can release the capital and grow their portfolio.

Remember to always speak to your bank or financial advisor to gain professional guidance on your mortgage options.

A. This will all depend on the type of investment you purchase. If you are privately renting a house that you own to students, then you will incur the same charges as if it was a traditional buy-to-let. If however you are looking to invest in purpose-built student accommodation, then all charges will be covered by your annual management fee. The advantage to this is that you can be secure in the knowledge that the management company assigned to look after your property will have extensive experience in the letting of student property, and will usually be responsible for the tenancy of the entire building.

ASK THE EXPERT

Q.

Conducting checks on individuals is a long and costly process. With the correct agent in place protection against rent arrears, damage and deposit

I’m having difficulty-finding tenants to occupy my apartment, should I look to use a lettings agent and what are the key benefits?

security will be handled correctly and impartially. This gives confidence to both parties involved.

A.

One of the biggest difficulties a landlord might face is maintenance issues.

Keeping on top of tenant’s needs is a sure fire way of gaining longer tenancy periods and less need to find replacements. A lettings agent can deliver quick response times to tenant needs, along with tried and tested contractors at good rates. These services are often completely hands-off reducing the stress experienced by investors with large portfolios.

When letting a property, the primary concern is keeping it occupied. Often this process can be difficult from both a time and financial sense. As a lettings agent we often find that our clients look to us as they simply want to alleviate much of this process, but what exactly do we bring to the table?

Firstly, we have a wide range of tools at our disposable for the sole purpose of filling your property. With access to both popular portals and print advertising, we can have your property on the market in a very short space of time, ensuring the lag period between available and occupied is minimal.

Another battle a landlord will face is getting to know potential applicants.

The lettings agent is also in a very good position to give invaluable advice on legal regulations i.e. tenant’s rights, gas safety certificates and current legislation. In an industry with complex, and often altering regulations it’s easy for a landlord to find himself or herself caught out. Buildings and contents insurance is another service included, giving the landlord the confidence they have the correct protection moving forward. Finding the best deal can save you a significant amount of time and money, especially if the property isn’t in your county of residence.

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

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SHOULD I MOVE TO NEW YORK? Words : Hannah Wilde | View : ventdusud design

Moving to a different city can be hard, but moving to a whole new continent 3,000 miles away from home is in a different league altogether.

Was it nerve-wracking? Of course. But was it worth it? Absolutely.

Yes, I lived in New York for a period of time, and it was one of the best experiences of my life. I’d watched hundreds of films that feature New York, so I thought I was relatively clued-up as to what to expect, but nothing prepares you for the sheer scale of The Big Apple. It was truly awe-inspiring.

Simply touching down in JFK Airport or getting off the train at Grand Central Station is a tourist rite of passage in itself, and from there, the experiences just keep on coming. Just walking down the streets, hearing the cacophony of sounds and the bustle of people makes you feel alive.

The drawl of the New York accent, the sight of the NYPD cops patrolling the streets, the neon signs illuminating Times Square, the mouth-watering smells of street vendors selling food from all over the world, the endless tourist attractions that are inescapable, the endless amount of Starbucks coffee shops on almost every corner. All these elements seek to constantly remind you that you are in New York, so unapologetic in its vastness and capitalism, yet so secure in its status as one of the greatest cities in the world.

What’s strange about New York is that, aside from the tell-tale yellow

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taxicabs and the novelty Liberty statue memorabilia pouring out of hundreds of novelty gift stores, at street level it seems like a relatively normal, if incredibly impressive, city. However, when you look up and see the skyscrapers looming above you, it’s only then that you realise that you are, in fact, in The Big Apple. And that feeling is indescribable.

Sure, as a tourist it’s incredible to see all the sights and do all the experiences that are described as a ‘must-do’ in all the guidebooks, like climbing the Empire State or going over to visit Lady Liberty on a boat heading to Ellis Island, but living there allows you to do so much more than that. For me, living in the City allowed me to be given the true Manhattan experience by seasoned New Yorkers who knew everything about this glorious and majestic city, instead of being caught in the traditional tourist traps. They showed me places I didn’t even know existed, like an incredibly luxurious and elite speakeasy hidden behind an old London telephone box in a run-down kebab shop off the beaten track, a secret place that only a select few people know. Or instead of being caught in a tangle of tourists climbing up the Empire State, I enjoyed a cocktail or two in an incredibly exclusive rooftop bar that overlooked the iconic building, enjoying similar, if not better, breath-taking views of the infamous city sprawled out below.

It’s moments like those that made me so glad I had the opportunity to live in New York. However, no Manhattan experience is complete without

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some touristy adventures—a yellow taxi ride, a folded up New York pizza slice eaten on-the-go, and of course a long amble through Central Park, a rural retreat in the heart of the metropolis. Central Park is reminiscent of the city that surrounds it, with each section owning its own unique identity— Strawberry Fields, an incredible tribute to the late John Lennon, the iconic Bethesda Terrace and Fountain that has featured in so many films, Bow Bridge, the most photographed and filmed location in the whole Park, and the boathouse, an amazingly idyllic place to enjoy a picnic by the waterside, along with many more attractions besides.

There are almost a limitless amount of things to enjoy in Manhattan, from visiting the truly humbling Ground Zero and window-shopping in the iconic Tiffany’s jewellery store on Fifth Avenue, to the giant floor keyboard in FAO Schwartz toy-store (made famous in Tom Hanks’ 1988 film Big) and shopping in iconic destinations like Macy’s, Bloomingdales and Saks. But incredibly, all these attractions are situated in one single borough of Manhattan, known locally as simply ‘The City’.

However, there are in fact an infinite amount of other experiences to enjoy in any one of the other four New York boroughs— Brooklyn, Queens, The Bronx and Staten Island, each more different than the last. Brooklyn is not quite as notorious as its Manhattan neighbour, but nonetheless this borough is iconic in its own right thanks to its independent bohemian feel, a favourite haunt for artists and musicians alike. Of course, the jewel in Brooklyn’s crown is the iconic Brooklyn Bridge, as famous and as much a part of the New York skyline as any Manhattan skyscraper. Queens is known for being home to two of New York’s three airports, John F Kennedy (oft abbreviated to JFK) and La Guardia, as well as being a creative hub thanks to its abundance of museums and galleries. Interestingly, although lesser-known than the aforementioned boroughs, Queens is in fact the largest New York City borough, accounting for 35% of NYC’s total land area. The Bronx is New York’s more urban neighbourhood, famed for being the home of hip-hop and hosting New York City’s leading zoo and botanical garden. Finally, Staten Island is one of the most interesting and culturally diverse of the boroughs, boasting two of New York’s most visited tourist attractions: Ellis Island, now an immigration museum only reachable by boat, and of course the glorious Statue of Liberty. The distinct personalities of all five boroughs that make up New York serves to highlight how diverse this city truly is, and the fact that there is something to appeal to every taste, budget and inclination.

One of the biggest things that connect these geographically linked but inherently independent boroughs is the almost universal support of America’s past-times—baseball. Of course, New York is synonymous for its baseballing prowess as home to one of the most popular baseball teams in Major League Baseball –The Bronx-based New York Yankees. However, like English Football has its local rivalry teams like Manchester United and Manchester City, or Liverpool and Everton, so New York Yankees also have a neighbouring rival, the lesser-known New York Mets, based in Queens. A Brit through and through, I ventured to Queens to attend a New York Mets game without much enthusiasm, but in such an enormous stadium as the Citi Field, a 45,000-capacity ballpark, I couldn’t help but get thoroughly engrossed in the game. Before long I was cheering the Mets on with surprising gusto, like a true American. However, my baseball experience was truly complete when I, complete with a pretzel in one hand and a luminous blue foam finger in the other, was featured on the JumboTron, the giant screen beaming around the stadium. Well, to paraphrase the old idiom, when in Queens…!

These were just a snapshot of my experiences when living in New York and, whilst everyone is different, I truly believe that this city has something for everyone to enjoy. Whether you live in New York for 5 days or 5 months, 5 years or even 50, I still don’t think it would be enough time to experience all that this magnificent city has to offer. So should you move to New York? Absolutely!

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KNIGHT KNOX INTERNATIONAL Specialists at providing buy-to-let properties to the private investor market, Knight Knox International has a wide range of developments available across the globe.

Working alongside a team of experienced developers, solicitors and agents in over 50 countries worldwide allows Knight Knox International to provide expert advice and guidance on a range of investments.

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

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

UK

Market Leaders in World Wide Property Investment

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

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X1 MEDIA CITY Salford Quays PRICES FROM :

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

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With 1,036 apartments covering an area of approx.

544,820sqf, X1 Media City is the largest residential development in the Northwest.

The development itself consists of four iconic towers, each containing a mixture of studios, 1, 2 and 3 bedroom apartments. With spectacular views over the city and MediaCityUK, the apartments are available fully furnished in a high-end, elegant flair.

ADELPHI WHARF Salford PRICES FROM :

ÂŁ94,995 > 6% NET rental returns Yields assured for 1 year 10 minutes walk to central Manchester Experienced managing agent Great transport links and close to shopping Chronic undersupply of housing in Manchester and Salford 90

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Adelphi Wharf contrasts city and country living. Located in Salford, bordering directly on Manchester City Centre, Adelphi Wharf is a picturesque property overlooking the beautiful River Irwell. It is a ÂŁ75million development comprising a total of 580 designer apartments.

With the first phase set to be completed in August 2016, residents of Adelphi Wharf can pick from a range of high-end studios and luxury townhouses, as well as bespoke one, two and three-bedroom apartments.

X1 EASTBANK Manchester PRICES FROM :

ÂŁ110,000 > 6% NET rental returns Phase 1 - 112 apartments / 40 parking spaces Phase 2/3 - 172 apartments with private parking Assured rental yield available Walking distance to Manchester city centre High rental demand in local area

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X1 Eastbank is enviably located on the edge of Manchester city centre in the thriving area of Ancoats and New Islington.

This luxurious development will have all the advantages of being a short walk away from the local parks and independent shops of suburbia, but also the vibrant bars and restaurants of the city.

X1 LIVERPOOL ONE, PHASE TWO Liverpool PRICES FROM :

ÂŁ69,950 > CIrca 7% NET rental returns Assured 7% rental income for 3 years Fully-furnished Phase 2 comprises 133 apartments Located in the centre of Liverpool city centre High rental demand in Liverpool

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Built by X1 Developments, the developer behind the successful Liverpool student accommodation projects X1 Borden Court and X1 Arndale House, the facilities in X1 Liverpool One are second-to-none.

This luxurious accommodation offers students a highspec gymnasium, cinema room, and communal areas in which to relax after a hard day studying. Normally, such an enviable location comes at the cost of space, but these amenities offered prove X1 Liverpool One is fully dedicated to creating the epitome in luxury student accommodation.

X1 THE TERRACE Liverpool PRICES FROM :

ÂŁ109,950 > 6% NET rental returns Assured 6% rental income for 5 years Fully managed and let by X1 lettings Great central location High-end fixtures and fittings Assured yield period

The Terrace is the fourth phase of the highly successful X1 The Quarter development (Phase 1 The Gallery and Phase 2 The Courtyard are fully tenanted with Phase 3 The Studios in construction).

This development is set to be a 101-unit new-build in the vastly popular city of Liverpool, launched as a direct response to the incredible demand for prime residential apartments in the region, shown by the incredible success of the previous phases.

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X1 THE EXCHANGE Salford Quays PRICES FROM :

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

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Comprised of 140 high-end apartments, this 10-storey building will be furnished to the highest standards and ready to accept residents by Q2 2016.

Built by the experienced developer behind the successful X1 Salford Quays Phase 1 (completed) and Phase 2 (under construction), X1 The Exchange is one of the most exciting developments to hit the Manchester market so far this year.

SOVEREIGN HOUSE Sheffield PRICES FROM :

ÂŁ59,995 > 8.35% NET rental returns Assured NET rental yields Lettings and management company in place Private communal facilities Great transport links and close to shopping Built by an experienced developer of both residential and student properties 98

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Sovereign House, a conversion project in the heart of Sheffield will provide a mix of beautiful studio and 1-bedroom apartments that are perfect for the influx of students in the area.

Let by a company with a great track record, Sovereign House is a hassle-free, hands-off investment that is perfect for any property portfolio.

THE STUDIOS AT X1 THE QUARTER Liverpool PRICES FROM :

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

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As the UK’s private rental sector continues to grow, prime buy-to-let developments in large regional cities like Liverpool present the perfect opportunity for savvy investors to expand their portfolio.

Comprised of 225 fully-furnished studios and containing a private fitness suite and communal areas on the ground floor, this 10-storey building will appeal to both students and young professionals alike, due to its proximity to both the town centre and Liverpool universities.

EAST POINT Leeds PRICES FROM :

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

East Point is the perfect place for the young professional, just a minutes walk from Leeds City Centre, The Calls and Harvey Nichols with its vibrant club scene for when weekend arrives.

Recent research has revealed that approximately half of people living in the city are aged between 26 and 35.

Approximately 60% of city apartments are occupied by two people and of these 73% are couples and 23% are housemates sharing a home.

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THE QUEEN’S BREWERY Manchester PRICES FROM :

£73,500 > 6.5% NET rental returns 73 luxurious 1 and 2-bedroom apartments Private courtyard and parking 10 minutes from Manchester city centre High-end fixtures and fittings Extensive refurbishment of a landmark Grade II listed building 102

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Housed in a beautiful period building being converted to the highest of standards by professional developers, The Queen’s Brewery will be divided into 73 luxurious apartments, as well as providing amenities for residents including private on-site parking.

Easily accessible to local amenities such as bars, restaurants, shops and theatres in just 10 minutes, residents of Queen’s Brewery have the best of both worlds in that they have the benefits of living just on the outskirts of a busy city, but also have easy access to the thriving city centre.

NEW BANK HOUSE Sheffield PRICES FROM :

ÂŁ64,995 > 8% NET rental returns Lettings and management company in place Private communal facilities Great central location Built by an experienced developer High demand in local area

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In partnership with Fortis Developments, Knight Knox International introduces the newest development in luxury student accommodation: New Bank House.

Situated in the heart of Sheffield, the new conversion project, set to be finished September 2015, will consist of 178 large, contemporary student apartments.

The student housing market in Sheffield is suffering from a chronic lack of bespoke student accommodation in the area, which is why New Bank House is set to ease this deficit.

THE COURTYARD AT X1 THE QUARTER Liverpool PRICES FROM :

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

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Built by an experienced developer in the residential buy-to-let market, The Courtyard at X1 The Quarter presents a unique concept in luxury living for the residents of Liverpool.

Upon completion in September 2014, the development will contain 77 modern 1, 2 and 3 bed apartments, in addition to 3 bed townhouses. Offered at an extremely competitive purchase price and with virtually no maintenance required due to the new-build status of the development.

BURGESS HOUSE Newcastle PRICES FROM :

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

Our twelfth project to be launched in partnership with Fortis Developments, Burgess House is a five-storey development located on St. James Boulevard.

A conversion of a former office block, the building will be transformed into 110 studio units, complete with communal areas including a gymnasium, laundry room, secure bicycle storage and fully-equipped entertainment lounge, designed to cater for the needs of today’s students.

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BENTO Sheffield PRICES FROM :

£279,000 > 8.62% NET rental returns Designed by award-winning architects Unique townhomes design High quality fixtures and fittings ECO-friendly investment Highly sought-after area

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Bento is a new high-tech concept in student accommodation, designed for to the modern student.

As well as fully fitted designer bathrooms, Bento’s interior is beautifully decorated in minimalist white and grey to enhance the already Zen ambience, which is further recognised in the installation of three beautiful private gardens, located on each of the development’s three floors. Furthermore, the development is eco-friendly, meaning that Bento is a perfect amalgamation of high-tech yet sustainable living.

X1 THE EDGE Liverpool PRICES FROM :

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

An opulent new-build development, X1 The Edge will cater for today’s more discerning students. Built by the developer behind X1 Arndale House, the building will be fully let and managed by X1 Lettings and investors will receive an assured yield of 8% NET for the first 5 years.

The seven-storey building, which will have amenities including a laundrette, bicycle storage and a private residents’ courtyard, has already received full planning permission from Liverpool City Council.

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CHRONICLE HOUSE Chester PRICES FROM :

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

Chester is a quintessentially English City set in the North West of the country. With three campuses in Chester, one in Warrington and an affiliation with the University of Liverpool, demand for both places and private accommodation is high.

Chronicle House has been designed to address the needs of today’s more commercially-minded students and will offer a high-end, fully-managed residence which will rival anything currently on the market.

LANDCROSS HOUSE Manchester PRICES FROM :

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

Launched by an experienced developer in the residential market, these self-contained studios are the perfect solution for students or young professionals who are looking for a competitively priced property that is close to the city centre.

Located in the heart of Fallowfield, Manchester’s most sought after student area. Landcross House gives tenants great access to both the University and the city centre.

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X1 LIVERPOOL ONE, PHASE ONE Liverpool PRICES FROM :

ÂŁ69,950 > CIrca 9.16% NET rental returns Assured 7% rental income for 3 years Fully-furnished Phase 1 comprises 92 apartments Located in the centre of Liverpool city centre High rental demand in Liverpool

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Built by X1 Developments, the developer behind the successful Liverpool student accommodation projects X1 Borden Court and X1 Arndale House, the facilities in X1 Liverpool One are second-to-none.

This luxurious accommodation offers students a highspec gymnasium, cinema room, and communal areas in which to relax after a hard day studying. Normally, such an enviable location comes at the cost of space, but these amenities offered prove X1 Liverpool One is fully dedicated to creating the epitome in luxury student accommodation.

THE GALLERY AT X1 THE QUARTER Liverpool PRICES FROM :

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

Located in Liverpool’s picturesque waterfront quarter, The Gallery at X1 The Quarter is comprised of 1, 2 and 3-bed apartments, all of which are fully tenanted – generating investors an immediate income from the moment of purchase.

Part of a five-phase development, The Gallery is let and managed by an experienced management company, and offers investors the opportunity to own a prime piece of real estate in one of the most sought-after locations in the city.

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TRINITY CHURCH Bolton PRICES FROM :

ÂŁ54,950 > 9% NET rental returns 9% assured NET yields for 2 years Conversion of Grade II listed version Walking distance to local train station Great central location Built by an experienced developer

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A modern refurbishment of a beautiful church in the heart of Greater Manchester, these studios and 1-bed apartments have attached such a hugh interest among investors, that there are now only a few units remaining!

The historic Grade II listed building will be transformed into a three-storey apartment block containing 84 studio flats.

AVALON COURT Nottingham PRICES FROM :

ÂŁ59,950 > 8% NET rental returns Circa 8% NET rental yields Designated letting service Fully furnished High-end fixtures and fittings Management company in place

Nottingham is widely considered one of the UK’s most thriving student cities, so Avalon Court is the perfect development to ease the deficit of bespoke student housing in the area. Also, its close proximity to Nottingham Universities, as well as residential amenities such as a gym and a private cinema room, means that Avalon Court is a perfect student hub.

Offering NET rental yields of circa 8%, Avalon Court is an excellent addition to any property portfolio.

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RATHMELL HALL York PRICES FROM :

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

A high-end refurbishment of a classical building in the heart of york. Offering investors good size apartments and large communal facilities.

A hugely popular tourist destination, historic York is known, amongst others, for its Minster, City Walls, Jorvik Viking Centre, National Railway Museum and Clifford’s Tower.

GEORGE LEIGH STREET Manchester PRICES FROM :

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

Ranked by HSBC as being the second best ‘Buy-to-Let Hotspot’ in the country in 2014, Manchester is a city which has a chronic undersupply of housing, in relation to its population.

Manchester has seen price rises of 18% in Q1 2014 bypassing even London, making this the perfect time to invest in this booming city.

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INSIDE THE OUR BUYING GUIDES YOU WILL FIND: • Information on the most popular regions for buying a property in each country, whether on the coast, in the cities or in the countryside • Detailed explanations of the process of buying a property in your chosen destination

• Pointers on the potential for buying investment property overseas, including letting potential and visa or residency offers • Legal and financial issues to be considered • Ten Top Tips to make sure buying your property abroad is a succes

BuyAssociation has Buying Guides for property in more than 30 countries worldwide, written by independent industry experts and regularly updated with the latest investment information. For all you need to know about buying property overseas in one place, visit www.buyassociation.co.uk

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A market leader in the UK buy-to-let sector, Knight Knox International has launched 50+ developments onto the UK market, totalling more than 4,500 units at a value in excess of ÂŁ360million.

By forging strong relationships with a select number of developers, we work in partnership with them on their projects and, as such, are able to provide our investors exclusive access to prime developments across the country.

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

Missed the motorway exit.

Missed the turn to the office.

There are days when everything works out perfectly.

The new Cayenne.

For further information call 0115 986 0911 or visit www.porsche.co.uk/cayenne

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