PROPERTY NO. SCENE ISSUE 003
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This issue: The regeneration projects set to define Britain’s future | A guide to the commonwealth games The construction techniques set to rock the industry | The booming aviation industry
FOCUS ON LONDON UK
BRAZIL : THE HOME OF THE 2014 WORLD CUP
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20 Modern Construction
28 A guide to Brazil
42 The media maelstrom
65 A booming industry
Bricks and mortar have always been regarded as a solid investment and unlike digital investments which often tend to reduce time to a snapshot; bricks and mortar seem permanently averse to the tests of time.
When we think of Brazil we think of a culture that is the stuff of legends: round the clock partying, beautiful locals, football, beaches, and music. However, don’t be fooled, Brazil boasts much more than that.
As technology continues to evolve and advance, so too do the techniques used to promote businesses to their intended audiences; but with these advances comes the inevitable waning of more ‘traditional’ methods of promotion and the big question is, how have companies adapted to these changes, and are they for the better?
Arriving on the world stage at the start of the 20th century, air travel was only an option of the very wealthy. It was Jan. 1, 1914, when a 25-year-old test pilot by the name of Tony Jannus flew aircraft designer Thomas Benoist’s wood-and-muslin “Flying Boat No. 43” across Tampa Bay and into aviation history.
With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.
Miles of white sandy beaches and lush tropical rainforests make this idyllic paradise an ideal choice for all.
Attracted by a stable property market and strong economy, German real estate is the hottest investment market in Europe.
From a condo on the Florida Keys to a penthouse apartment in stylish Manhattan, the New World has opened the door to a flood of investment from overseas’ buyers.
The Turkish real estate sector, offering ever-greater opportunities for investors every year, has come to prominence especially in the last decade.
With the outlook improving in the majority of major property markets now is the time to look to invest abroad.
07 Market Focus : London This enduring appeal holds strong because visitors are always treated to a different view, no matter how often they ascend its lofty heights.
80 Should I move to Prague? Historical, fanciful, decadent and sometimes cynical, Prague both perplexes its visitors at the same time as helplessly charming them.
ISSUE 003 GLOBAL
PROPERTY NO. SCENE ISSUE 003
This issue: Should I move to Berlin? | The benefits of chartering your own helicopter A guide to skiing in Europe | How to capture a city | Focus on Manchester UK
BRAZIL - A CURRENT HOT-BED FOR INVESTMENT
Everything has to move forward; despite the difficult economic conditions created by the not so distant global recession, construction seems to be gathering significant pace. If we look at any major city globally we see a similar picture of construction cranes swinging into action.
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At the forefront of this construction boom is the introduction of new, and increasingly complex forms of construction. We look into how this technology is establishing a newfound importance within the property market, which may lead to a future where property becomes a disposable asset and demand is a thing of the past.
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For those of us who already have a significant amount of capital tied up in property, there is an unusual and eye-opening piece on alternative methods to beating the stock market. From acquisitions as bizarre as pedigree pigs to traditional antiques, these investments bend the traditional rules of commerce, the first commandment of which has always been ‘do not mix business with pleasure.’ With Brazil taking its turn to host one of the most prominent sporting events in the world, it seemed only fitting to make Brazil our main focus in this edition. We take a look at this eclectic country, how preparations including stadiums and infrastructure have been delivered and rounded things off with an Interview with Savills, who give us a unique insight into the Brazilian property market.
Individual Samantha Jones, Grace Price-Salisbury, Patrick Kinsella, Richard Ellis, Alistair McGovern, Hannah Wilde, Rachel Sharman, Suzanne Todd, Callum Whiteley, John Power, Martin Copeland, Pisaphotography, Urostom, T photography, paulrommer, archideaphoto, tovovan, r.nagy, Sergey Nivens, Coda Studios, Olivier Le Queinec, f9photos
So with that, I leave you to enjoy this new edition of Global Property Scene. Remember, if you don’t get the results you want at this year’s World Cup, there are plenty to be had in the global property market.
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MARKET IN FOCUS Forced Out: The homebuyers and investors leaving London in their droves Words : Patrick Kinsella | View : Pisaphotography
The London Eye has stood in the city for nigh-on 15 years, yet its popularity has never waned or wilted. This enduring appeal holds strong because visitors are always treated to a different view, no matter how often they ascend its lofty heights. This is due to London’s rapidly changing skyline, which has scores of new-build blocks added to it every year. The majority of these are built by a strong contingent of foreign investors; in fact, 20% of the largest 50 development sites planned for central London are set to be constructed by foreign buyers. This mass investment will see new-build stock arrive at a record breaking pace over the next few years, with over £80 billions worth of new-build properties set to be built between 2013 and 2022. These apartments are not only largely built by foreign investors, but also tend to be purchased by them, having been responsible for 69% of prime central London new-build sales over the 12 months to June 2013. Another testimony to their immense spending power is that foreign buyers have also purchased 49% of all £1 million plus sales within the central London market during the same period.
China and Italy, cite the heritage of London and the prestige of the UK education system as the main reasons for this major spending. London is also popular with investors because they are not taxed on their global wealth, which draws them away from competing countries such as the USA, (which does tax global wealth,) and Canada, which has recently abandoned its immigrant investor programme. This major spending has seen London hailed as a centre for investment, fuelling the belief that there is one housing market in London and another for everywhere else. The London economy holds a similar dominance over the rest of the UK with the capital accounting for nearly a quarter of the country’s total Gross Value Added (GVA), leading many to view London’s economy as equally separate from the rest of the UK. As a result of this, house prices are now spiralling out of control in London’s turbo-charged market rising by 17% annually, far exceeding last year’s results when there was growth of just 3.2%. This annual performance was the strongest in London since 2010, defying the views of many experts that there would be a natural correction in prices within the capital.
These investors, who are mostly from the United Arab Emirates, Russia,
As a result of this, the capitals’ house prices now dwarf those around the rest of the UK; London prices were 162% higher than the average across England and Wales in January this year. While this immense growth serves to provide a timely boost to the British economy, it also results in many homebuyers being forced out of the London market. In fact, over 900,000 residents moved away from the city between 2009 and 2012. This mass exodus can be attributed to two main reasons. Firstly, because they can no longer afford the soaring house prices and secondly, because housing within the capital is now skewed towards investment apartments rather than family houses with a garden. With 70% of London households earning less than £50,000, many have been forced to up sticks and move towards cheaper commuter locations, evidenced by the fact that buyers moving from London to commuter locations have accounted for 26% of sales this year, compared to just 21% in 2013. Recent statistics also show that the average number of applicant registrations for home purchasing in London fell by a third below the number of applications received in May 2013 and mortgage approvals also fell for the third consecutive month in April.
Furthermore, outer prime London markets now have a greater concentration of UK buyers than the more central locations and have continued to see strong growth, with average values increasing by 13.2% over the past year. The type of housing dominating the city market is now pushing homebuyers out. This is because new-builds and those properties priced upwards of £1,000 per square foot represent the most fully supplied property types. Meanwhile, those properties more suited to families (such as those no more than £700 per square foot and those under £450 per square foot) have little or no supply coming on to the market. This evidence originates from property consultants Savills, who claim London needs 50,000 new homes a year; of which 80% cost no more than £700 per square foot. However, the building pipeline set for the city is showing no signs of responding to this shortage, with Savills’ claim that despite plans for new homes, there will remain a shortage, of 15,000 homes a year, increasingly concentrated within the lower tiers of the market. Savills also note that there is a major shortfall within the affordable sector. Here there is a projected further shortfall of 7,500 units per year in a sector where 15,500 new homes are needed. This combined shortfall adds further belief that London is truly becoming an investor capital, where the demands of homeowners remain unanswered, forcing
Big Ben, London
family after family out of the city. Some investors are also following suit in opting to leave the ‘old smoke’ behind; a decision more related to the strong yields on offer in regional locations rather than the soaring costs pushing homebuyers out of the market. This is because in spite of the mass investment pouring into the city, rents are actually falling on an annual basis. The latest figures show that annual rents in April had fallen by 1.6%, marking the 23rd consecutive month where annual rent declines have been recorded in the capital. These drops mean that yields are actually relatively low in London, standing at just 2.84% in prime central areas and at 3.67% in outer London, causing scores of investors to re-direct their gaze towards regional locations, where the yields outscore those above. One of the most popular of these locations is Manchester; the world’s first industrialised city, which has resurged since the crash of the industrial market to find itself at the forefront of Britain’s new service-centred economy. The UK’s third largest urban economy, Manchester has recently been voted as Britain’s second city in a national poll, after it became one of the UK’s most visited cities, with more than 10.3 million tourists visiting
Manchester in 2012. People are not only enticed to visit the bustling city, but increasing numbers are moving there, as evidenced by the fact that the population increased by 80,400 between 2001 and 2011. This population growth is showing no signs of slowing, with forecasts being made that a further 80,000 residents will have joined the population by 2027. In response to this swelling population, investors and developers are swarming to Manchester in order to house the city’s many new inhabitants. A fact shown by the £1.2 billion construction bill recorded in the period from July to December 2013. These investors are attracted to the city because of the high rental yields available within Manchester, which has seen it named as Britain’s second buy-to-let hotspot in a recent report by HSBC. This standing shows growth within the Manchester market, which finished fourth place in last year’s table when potential yields were recorded at 7.60% compared to the impressively high yields of 7.98% now available in the city. This increasing trend of investors purchasing property in Manchester has caused prices to boom in the city, with prices rising by 18% in the first quarter of 2014, outscoring even London where prices grew by 17%. However, despite these rises, the Manchester market remains attractive because it can still boast of a price point that is nearly half the amount that investors would have to spend to acquire property in the capital, with the average house price in Manchester standing at £211,748 compared to the average house price of £400,465 in London. The rental market is also booming in the city, due to a low unemployment rate of 2.9% which attracts increasing numbers of young professionals to the area, who are looking to acquire a city centre rental apartment close to work. A further reason for Manchester’s booming rental market is the 100,000 students that currently reside in the city; a burgeoning populace which further grows when the additional 400,000 students who live in the larger Greater Manchester are considered. In total, there are 18 university establishments in Greater Manchester, three of which are stationed in the city centre. Despite this massive student population, there are currently only 30,000 student beds in the city, leaving 70% of students Manchester without access to student accommodation; something which investors are responding to in order to produce strong yields from their investment property. Although clearly the standout performer, Manchester is just one of many growing northern areas, attracting investors away from the traditional location of London. Evidence of this trend is that Blackpool and Hull rose above competition from Southern areas to finish 4th and 5th in terms of rental yields throughout the UK. Those investing in Blackpool can claim potential yields of 7.63%, while Hull is particularly popular because it provides a unique combination of high rents of over £5,000 a year and low average property prices of just over £68,000. Liverpool is another city which possesses this unique combination, with yields of 6.5% available in a city where the average house price stands at just £91,000, the fourth lowest out of all those ranked within the top ten in HSBC’s table ranking. This contingent of high-performing cities increasingly concentrated within the north, reflect a number of factors as to why increasing numbers of investors and homebuyers are moving outside of the traditional location of London. They see the booming populations, low price points and rising rental yields and immediately want to leave the ballooning London market behind, which for many leavers has become increasingly flat and is more than on its way to wheezing its last.
Tower Bridge, London
GLASGOW’S COMMONWEALTH LEGACY As the 2014 Games approach, we take a look at Scotland’s largest city and see if it can step up to the mark! Words : Samantha Jones | View : Callum Whiteley
The largest city in Scotland and the fourth largest city in the UK, Glasgow has a rich and illustrious history that has today made it one of Europe’s Top 10 financial centres and the proud holder of the 2014 Commonwealth Games. One of the first cities in Europe to reach a population of 1 million, in the 18th century, Glasgow was one of Britain’s key seaports and became a main hub of transatlantic trade with North America and the West Indies. Throughout the 20th century, the city witnessed major decline, having been heavily affected by the recession caused by the First World War, a renewal by then bouncing back to growth during the post-war boom for Word War II. By the 1960’s however, a lack of innovation and investment allowed the city to become weakened. By growing competition from countries like West Germany and Japan, Glasgow was forced into a prolonged period of economic decline and de-industrialisation. Throughout the late 50’s, 60’s and 70’s, the city actively attempted to regenerate itself with differing levels of success. The Bruce Report,
published by the Glasgow Corporation, outlined numerous initiatives aimed at re-building the city, which led to the levelling of the notorious tenement slums and the building of new housing estates and high-rise towers. Whilst the regeneration projects of the mid 1990’s did little to help Glasgow’s rising crime rate, it did establish an improved transport infrastructure and allowed a new service-based economy to be built on the dying embers of its industrial past. At the beginning of the 21st century, Glasgow had undergone both a cultural and economic revival via the growth of a distinct financial district and the introduction of numerous blue chip companies; all of which helped to boost its population to over 500,000 inhabitants and turn it into one of the foremost cities in the UK. A city that continues to reinvent itself, the physical regeneration of Glasgow has been one of the driving forces behind its successful bid for the 2014 Commonwealth Games. The proposals by the city council and the team behind the Games’ bid are the blueprint for a new Glasgow, which aims to create a legacy for its inhabitants for years to come.
The Glasgow Plan Being the host of a renowned sporting event has many benefits, the main one being that it allows the city to take centre stage and engage in a sustained period of regeneration and investment that it might not previously had planned. Using previous host cities like Manchester 2002 and Melbourne 2006 as a benchmark to work against, the Glasgow Bid Committee put a comprehensive 10-year plan in place, encompassing the five years in the run-up to the event and the five years after the event, showing their commitment to the city and the legacy that the Games would leave. One of the main drivers behind Glasgow’s successful bid was that the city already had a large amount of the necessary infrastructure in place – 70% of the planned venues were already built; although many have needed refurbishing and updating to raise them to the standards applicable to that of a global sporting event. The venues are also excellently located, being just a mere 20 minutes’ drive from the newly built athletes’ village in Dalmarnock, which will accommodate approx. 700 new homes. With only a matter of weeks before the opening ceremony all of the
venues are now complete including: the Emirates Arena, Tollcross International Swimming Centre, Cathkin Braes Mountain Bike Trails, Kelvingrove Lawn Bowls Centre, the Clyde Gateway route and the £5.5m Glasgow National Hockey Centre. Whilst the stadia that the events will be held in are the main external focus of any sporting event, there are also a host of internal infrastructural projects that the city has addressed, including transport, entertainment and hospitality, in order for the city to cope with the huge influx of athletes and tourists that will descend upon the city. Whilst the actual event lasts just two short weeks, the legacy of the Games is something that Glasgow City Council hopes will last a lifetime. Its vision is that the hosting of the Games will provide benefits that are both tangible and long-lasting, for every citizen of Glasgow. According to the Glasgow 2014 Legacy Framework, the six broad aims to be achieved are: • A Prosperous Glasgow A more Prosperous Glasgow will build on the investment and social
renewal already achieved over the past decade, to create real and permanent economic progress. • An Active Glasgow A more Active Glasgow will use the Games to inspire citizens to become physically active and participate in sport, leaving a community legacy of world class venues being developed as part of the Games. • An International Glasgow A more International Glasgow will use Glasgow 2014 to showcase the city and help strengthen its image, worldwide reputation and civic pride. • A Greener Glasgow A Greener Glasgow will use Glasgow 2014 to help Glasgow become one of the most sustainable cities in Europe by setting an environmental standard that the city will follow. • An Accessible Glasgow A more Accessible Glasgow will see around £2 billion of investment in the city’s transport infrastructure, providing businesses, citizens and visitors with faster, more reliable access in and out of Glasgow.
• An Inclusive Glasgow A more Inclusive Glasgow will be an opportunity for all who don’t have a formal role in Glasgow 2014, to participate in this once in a life time event. So in real terms, what major changes can the people of Glasgow expect to see in regards to urban regeneration, social activity and internal investment? Throughout the city, Glaswegians should have already begun to see major changes in the following: • Redevelopment of empty and degraded sites • New employment opportunities for local people • Improved leisure and recreational facilities • Better public transport • More attractive public open spaces, particularly in areas that are currently run down • Wide ranging environmental enhancements Prior to the 2014 bid, the Broomielaw-Tradeston Bridge was opened in 2009, providing a route between Tradeston and the newly created
International Financial Services District (IFS) in the Broomielaw. Further east, the historic Merchant City, the High Street and Glasgow Green represent crucial components in the regeneration of the river. The Merchant City offers opportunities for business and employment, while Glasgow Green provides a unique amenity within walking distance of the city centre. These urban regeneration activities fit in perfectly with one of the council’s main aims, which is to deliver jobs and training opportunities for thousands of people across the city. To date; 447 New Entrant Trainees have been placed on Games-related projects and over 250 work experience places have been secured for school leavers and the long-term unemployed, with an additional commitment to produce 235 more. There have also been approx. 250 graduates employed through the council’s Commonwealth Graduate Fund (boasting a 92% retention rate), with the Commonwealth Jobs Fund also securing jobs for over 450 people that were previously unemployed. In addition to these schemes, the council has also developed a
Commonwealth Apprenticeship Initiative, which forms a key element of the £25m Glasgow Guarantee. The Guarantee’s aim is for every young Glaswegian between the ages of 16 and 24 to have access to a job, training or apprenticeship. So far, more than 2,500 school leavers have been found places on a Modern Apprenticeship in the city – a phenomenal achievement that needs to be carried forward long after the Games have been and gone. The predicted cost of delivering the games is £524million, raised predominantly with funds from the Scottish Government – up to £344m and Glasgow City Council – approx. £80m, with the remainder being sourced through income from sponsorship and the sale of ticketing, merchandising and broadcasting rights. There is no doubt that the regeneration taking place will be of huge benefit to the city and its residents, but the question for Glasgow is, long after the Games have disappeared, will its legacy be a lasting one?
Manchester 2002 – a lasting legacy The 2002 Commonwealth Games have had a lasting impact on the city of Manchester, most notably in the east of the city, where most of the events took place. At the heart of that regeneration was the Commonwealth Arena, now re-named The Ethiad Stadium and home to Manchester City Football Club, the National Squash centre, an athletics track, tennis centre and the Velodrome, all of which were newly constructed venues built specifically for the 2002 Games. The legacy of the games continues to take place today, 12 years on. Across Manchester it is estimated that around 6,000 jobs were created as an immediate result of the Games, with over £700m spent on infrastructure, including the new arenas. With the new Metrolink extension connecting the east of the city to the surrounding areas, in addition to new sporting facilities which are currently under construction, the city’s legacy continues to attract investment to areas where there previously had been none.
2014 Commonwealth Games Factfile 23rd July to 3rd August 2014 The largest sporting event ever to be held in Scotland, let alone Glasgow, the 20th Commonwealth Games will be held over 11 days and will consist of; • 17 sports and 260 medal events • Approximately 6,500 athletes and officials • 16 venues • 70 participating nations • Over 1 million spectator tickets • A record 22 para-sport events, with approximately 350 para-athletes competing
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THE FUTURE OF CONSTRUCTION The technological advances set to rock the property world Words : Patrick Kinsella | View : Urostom
Bricks and mortar have always been regarded as a solid investment and, unlike digital investments which often tend to reduce time to a snapshot; bricks and mortar seem permanently averse to the tests of time. However, technology is establishing a new-found importance within the property market, which may lead to a future where property becomes a disposable asset and demand is a thing of the past. Below, we establish the two major technological developments with the potential to transform the property world, making something as hard as bricks and mortar seem malleable and as open to the effects of technology as you and I. Mechanical Construction Crews Termite mounds, which can stand up to eight feet high, can truly be considered among the wonders of the world. They are like cities; built, rebuilt, reimagined, remade - by termites. Yet they are constructed without the help of architects, an eye in the sky and seemingly, without any leader. They are not just pointless mud heaps; in fact they contain such elaborations as ventilation, cooling systems and independent chambers
that contain fungal gardens, hold eggs, store food and even house the egg-producing queen. These mounds, stared at by many a passer-by, are raised through a mixture of dung, saliva and soil. The moulds are pierced with many tiny holes ensuring outside air blows throughout the structure and through the central chimney, when this air blowing out of the chimney meets with fresh air it cools and sinks down into the nest, resulting in a neat ventilation system. The queen and king reside in the most-lavishly designed cavity â€“ the Royal Chamber. Termites build a nest to help the queen in her egg-producing capacity and carry the eggs to a unique chamber, which acts as a nursery where they are fed on soil. Incredibly, the queen can do this for up to 45 years! The mound, however, outlives even the queen and the life-sustaining project continues as members live and die; the work is bestowed upon the next colony. Scientists are now trying to glean this brilliance from the insect world, creating crews of self-organising robots embodied with the same principles as an army of termites.
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The robots, created by scientists at Harvard University, can raise structures such as pyramids, castles and towers, like termites, without the instruction of any foreman or an eye in the sky.
The scientists specify a particular structure and the system then automatically generates the rules the robots must follow to guarantee the creation of the specified structure.
Lead only by signals from infrared and ultrasound sensors and simple ‘traffic rules’, the robots named ‘Termes Bots’ can carry bricks made of lightweight foam and construct impressive structures.
The bots use infrared sensors to detect patterns on the bricks and sonor for navigation to avoid clashes with their fellow workers. They know when to lift a brick and where to put it, and how to reach the highest heights of their structure by constructing staircases.
The robots are just over 6 inches long and have a set of wheels and a single lifting arm with a spring-loaded gripper. The other element vital to their working are a system of algorithms, designed by the Harvard scientists, which are based on the principle essential among termites-stigmergy. This principle enables termites to lift their mounds by reacting to their surroundings; examples of this in practice are if an insect picks up a lump of earth and transports it to a location already filled with soil, it knows to move on to the next site and dump it there.
The bots also follow a set of ‘traffic laws’, similar to the Highway Code. These laws correspond to specific structures and tell the bots which site they can go to next and help to maintain a steady flow of robots and material. Scientists are impressed by the capabilities of the bots and in the future it is hoped that similar machines could be used to build structures in places difficult for humans to tread, from underwater habitats, to warzones and even to the moon. 3D Printing
Chemical trails left by the termites in the front, and the very shape of the rising mound, guide the termites behind. The bots work in a similar way, without any controller or any complex system of communication.
It is not completely ludicrous to think 3D printing could solve poverty, health issues and prompt the start of a new industrial revolution. First created in 1984, it works by depositing material layer by successive layer to create a solid three-dimensional object.
Instead of ink the most commonly used material for printing is plastic, while The growth of the 3D printing market could also drastically alter the face of the retail market; those with printers at home, which is extremely viable other printing materials include ceramics, metal, sand, chocolate, nylon, with recent models being sold for as little as ÂŁ500, could now, instead of stainless steel and titanium. going to the shops to buy a hairbrush, simply buy the rights to a design and print one at home. The industry has grown exponentially over recent years reaching approximately $2.2 billion worldwide, according to market research from It could also change how retail units themselves work, as those who Wohlers Associates. purchase 3D printers will be able to print on-demand goods from a A result of its practical, environmental and health benefits, the potentially unbounded digital object inventory, meaning when products sell mind-blowing potential of 3D printing has been exposed by scientists over out, they can be instantly re-stocked. recent years, helping its popularity reach dizzying new heights. This links with the potential environmental benefits 3D printing could create, as the mass transportation of stock could be reduced or even Its potential health benefits are maybe the most exciting; scientists are currently attempting to build a human heart with a 3D printer, which they stopped altogether, with the ability to order a design and print it yourself. envision in years could create a new heart for a patient, using the patientâ€™s Another environmental benefit is that 3D printers only use the exact material required, eliminating the waste which is often commonplace in own transplanted cells. traditional manufacturing. Printers have already been used to create splints, a device used to support Furthermore, if you want to send something far away, 3D printing will allow a limb or spine, heart valves, and even a human ear! the option to send a digital file over the internet for 3D printout at your friendâ€™s home or a foreign business office, again reducing the transport There are also specialist 3D printers that can build living tissue by depositing layer-after-layer of living cells; these printers have the costs of couriers and the carbon footprint left behind by such travel. However, even more amazing is the potential effect 3D printing could have characteristics to transform many areas of medicine by allowing on the housing market. Already in use at property exhibitions, exhibitors replacement skin and human organs to be printed, dramatically slashing waiting lists.
are creating 3D models of their new-build projects to give potential investors a tangible concept of how the development will look, ensuring they can connect with it interactively.
The project, taking place in Amsterdam, is set to take three years and is already attracting tourist attention with tickets being sold to visitors desiring to see the building process.
This use is set to be expanded further within the property market, with experimental 3D printers being built which can output a computer-controlled flow of liquid concrete; this may in the future allow whole 3D buildings to be built, causing demand to be instantly answered and housing shortages to be a thing of the past.
It has also attracted more high-profile attention, from none other than Barack Obama who has already received a briefing on the extremely exciting project.
In fact, progress is already moving quickly in this regard. A Chinese company has recently made 10 full-sized, detached single storey houses all in a day; other firms have created similar 3D homes in 2014 and possibilities such as the construction of these homes on other planets have been opened up. In the Netherlands, a 3D home called Canal House is being produced by an industrial-strength 3D printer. The building is set to contain 10 individual rooms with bricks made of molten plastic being created by the printer to provide the foundations for each room.
Developments like these could change the face of the property market, building a world where demand is answered with the press of a button and where houses become just as disposable as say the latest app. For more information on 3D printing technology check out: http://www.hobsstudio.com
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WELCOME TO BRAZIL As the world waits with baited breath for the outcome ofthe 2014 FIFA World Cup, we take a look at the host nation and all it has to offer Words : Grace Price-Salisbury | View : T photography
When we think of Brazil we think of a culture that is the stuff of legends: round the clock partying, beautiful locals, football, beaches and music. However, don’t be fooled, Brazil boasts much more than that. Brazil is more like a continent rather than a country. The landmass is bigger than the United States if you exclude Alaska; travelling from east to the west would take you longer than travelling from London to Moscow and the distance between the north and south is about the same as that between LA and New York.
Brazil benefits from an extensive coastline that measures almost 7,500km. Its other borders are made up of Venezuela, Guyana, Suriname, French Guiana, Colombia, Bolivia, Peru, Argentina, Paraguay and Uruguay. In fact, Ecuador and Chile are the only South American countries with which Brazil does not share its borders. Aside from being geographically large, Brazil is also innately diverse. It encompasses dense rain forests and jungles, stretches of coastline, looming mountains, oceanic archipelagos, rivers and rolling plains.
The most densely populated parts of Brazil are in the south-central regions, which include major urban multinationals such as Sao Paulo and Rio de Janeiro.
In regard to the local culture, Brazil continues to be influenced by the traditions and customs of the Portuguese, evident in the architecture, music, literature, cuisine, dance, religion and theatre of the country.
Due to the rapid growth in urban development, industrialisation and population at the beginning of the 21st century, Brazil is facing a number of social, political and environmental challenges.
Being home to the Amazon Rainforest, many other such natural wonders, cultural attractions and historical remnants makes Brazil a fascinating place to visit. As the Host Country for the 2014 FIFA World Cup™, it is guaranteed an influx of travellers and football fans from around the world.
However, it is as a result of this growth that the country is doing so well in terms of its economy. In fact, it is one of the world’s largest and most significant economies and also the only Portuguese-speaking country in both North and South America.
Rio de Janeiro skyline
The FIFA World Cup is one of the most prominent sporting events in the world. The competition between the worlds greatest national teams in the world rallies millions of people from all continents, cultures, ethnicities and beliefs. It provokes passions and at the same time, diminishes differences. Despite the fact that people are divided in their support for their national team, for the ninety-minutes of a match they create a bond where they share the same emotion.
Brazil is a country with a large population, who live together peacefully and who have built and consolidated democracy and a sustainable growing economy. And, of course, it is a nation with a passion for football - national team, the ‘Selecao’, are the five-time world champions.
Brazil has enjoyed the benefits of fast economic growth, but without the excess house price inflation that has become associated with so many other markets. House price growth over the last five years has averaged Contested every four years between 32 teams over the course of a month, at 23% pa in Rio and 17% pa in São Paulo. Brazilians are also poised to the World Cup provides enough action for even the most casual sports fan become more prominent players in the international residential property markets, and as the domestic market grows, they are becoming to get caught up in the excitement. increasingly knowledgeable in regards to investment overseas. In 2014, Brazil will once again host this momentous tournament. The 20th Since being confirmed as hosts of the 2014 World Cup, a national effort FIFA World Cup will be held 64 years after the one where, at Maracana Stadium, Brazil certified itself as the second best football team in the world. has begun to prepare the country for the event. The Federal Government aims to use the FIFA 2014 World Cup as a platform to accelerate the country’s development and to overcome some of its inequalities, generate However, the country that will host the 2014 World Cup is very different jobs and moreover improve the Brazilian’s quality of life. from the one which existed 64 years ago. The modern day Brazil is the seventh largest economy in the world; it is a leader in food production, For Brazil, the World Cup is an opportunity to change its world image and and one of the largest manufacturers of automobiles and aircrafts. to increase investment in projects and services that will remain as a legacy.
Unlike some other sporting events, such as the Olympic Games which holds all of its events in a single city, the World Cup is known for spreading the excitement throughout the entirety of its elected host country.
tournament would require $11 billion of funding. It also announced tax breaks for the construction and refurbishment of the stadiums for the 2014 World Cup, and that host cities would be exempt from VAT.
2014 will be no different, as 12 host cities will provide homes for the matches. The host cities in Brazil will be: Belo Horizonte, Brasília, Cuiabá, Curitiba, Fortaleza, Manaus, Natal, Porto Alegre, Recife, Rio de Janeiro, Salvador, and São Paulo. This spreads the action through the most populated cities and further out to many corners of the country.
The airports were identified as the biggest problem by the tournament’s organising committee due to the fact that an estimated 600,000 people are expected to travel by plane to Brazil, along with a further three million Brazilians using flight to travel between matches.
Despite many of the host cities being football powerhouses in their own right, some of them have little affiliation with the sport at all and require major refurbishment or complete construction of entirely new stadiums. Preparations for new stadiums along with the mass organisation of infrastructure have probably been the most important and pressing challenges the country has faced over the last few years. Despite Brazil being a country passionate about football, organising one of the world’s most important sports tournaments was never going to be easy. The preparations required were vast and highly detailed, and an unbelievable amount of coordination is necessary for success. In January 2010, Brazil’s federal government predicted that staging the
Legislation was introduced to allow Brazil’s airport operator to speed up airport works which involved opening them up to private investment. In 2013, the management of some airports was handed over to the private sector. Additional infrastructure projects have been taking place across the country on road systems and light rail and bus rapid transit lines that will connect the airports to the city centres and stadiums. Over $5 billion is also being invested into building new hotels for both the World Cup finals and the 2016 Olympics, according to a study prepared by the BSH International consulting firm in conjunction with the Tourism Ministry. The study said that this hotel growth will create nearly 34,000 new direct jobs, most of them in Brazil’s south-eastern region.
Maracanã Stadium Rio de Janeiro
HOST CITIES AND STADIUMS Belo Horizonte: Estadio Mineirao Home to Atletico Mineiro and Cruzeiro, Estadio Mineirao is one of the most historic venues in Brazilian football. The 57,483 capacity venue has undergone a complete overhaul prior to hosting six matches at the 2014 World Cup, including one semi-final. The refurbishment project has included the lowering of the pitch surface and improving stadium accessibility, among other issues, with sustainability principles at the core of all work carried out. Located in the Pampulha neighbourhood of Belo Horizonte, the stadium belongs to the Minas Gerais state government. Brasilia: Estadio Nacional There aren’t many Brazilian cities that can match the capital Brasilia when it comes to architecture, and the Estadio Nacional is a true reflection of that. An arena seating 68,009, it will be the second largest of the stadiums hosting matches at the 2014 FIFA World Cup. The stadium has been all but demolished in order to boast a new façade, metal roof and stands, in addition to a lowered pitch which allows for unobstructed views from every seat. Furthermore, it is an environmentally friendly construction project, consolidating Brasilia’s status as a world
leader in sustainable urban planning. The Estadio Nacional hosted the Opening Match at the FIFA Confederations Cup Brazil 2013 and will host seven games at the 2014 World Cup, one of them being the quarter-final tie. Following the world finals, the arena will be used to host concerts and major cultural events. Cuiaba: Arena Pantanal Built especially for Brazil 2014, the Arena Pantanal boasts a capacity of 42,968 and will host four World Cup matches. The multi-purpose stadium will have an adaptable structure, which can be reduced in size once Brazil 2014 is over. Sustainability has been the central theme of the construction and maintenance of this new arena, with the wood used in the construction coming from certified sources and the waste and rubbish produced being recycled. The site’s air and soil quality is also constantly monitored. Curitiba: Arena da Baixada Ever since renovation works were completed back in June 1999, the Arena da Baixada has been considered one of Brazil’s most modern and best-appointed stadiums.
Prior to welcoming the World Cup, the stadium has undergone another set of renovation works, including a series of improvements in facilities and the addition of rows of extra seats parallel to the pitch. This has resulted in an increased capacity of 40,000, with the stadium set to welcome four World Cup matches. Fortaleza: Estadio Castelao Built in 1973 and home to two of the city’s biggest clubs, Ceara and Fortaleza, the Castelao has been entirely renovated to host World Cup matches. In addition to increasing the capacity to 58,704, the revamped stadium boasts an underground car park, executive boxes, a VIP area, media centre and fully refurbished dressing rooms. The Castelao is the venue for A Seleção’s second group match at Brazil 2014. The support that the home favourites receive is sure to be every bit as fervent as it was when they ran out there for a March 2002 friendly against Yugoslavia, the game that marked Ronaldo’s long-awaited return to action in the build-up to Brazil’s triumph at the 2002 FIFA World Cup Korea/Japan. Manaus: Arena Amazonia Although Manaus is not a traditional hotbed of Brazilian football, it is sure to be popular due to the unique character of the Arena Amazonia. The city is located in the heart of the Amazon rainforest, the largest rainforest in the world, and the inspiration for the refurbished stadium which will be enclosed by a metal structure designed to resemble a straw basket – a product the region is famous for. The sustainable stadium project will provide an important legacy for the region and play its part in helping to preserve the diversity of the Amazonian rainforest. In addition to seating for 42,377 spectators, the arena will feature restaurants and underground parking and will be served by dedicated bus and monorail services. It will host four group-phase matches and it is hoped that it will continue to attract tourists after the tournament by hosting concerts and cultural events. Natal: Estadio das Dunas Ever since it was unveiled in 1972 as the Estadio Joao Claudio de Vasconcelos Machado, the stadium has welcomed the biggest clashes in Natal football to the Lagoa Nova neighbourhood. However, in order for Natal to become one of the 12 host cities at the World Cup, a bigger and more modern venue was required. The solution settled upon was to completely demolish the former stadium and replace it with the Estadio das Dunas stadium project. Porto Alegre: Estadio Beira-Rio The largest football ground in the south of Brazil, the stadium is officially known as the Estadio Jose Pinheiro Borda and was opened in 1969. It had taken nearly a decade to build, with football fans lending a helping hand in its construction by donating bricks, cement and iron. The cost of revamping the stadium is being met by the club itself through the programme “Gigante para Sempre” (A giant for all time). The main feature of the project is the installation of an innovative metal roof to cover the stands, ramps and turnstile areas. The construction project has been divided into different phases, the idea being to enable its continued use during its refurbishment. The Beira-Rio will have a capacity of 50,287 and play host to five World Cup matches.
Recife: Arena Pernambuco The Arena Pernambuco is part of a complex featuring restaurants, shopping centres and cinemas, and is located in Sao Lourenco da Mata in Recife’s metropolitan zone. The project is seen as an economic catalyst for the continued expansion of Grande Recife, within an area which is considered to be economically deprived. It has been predicted that the area will expand in to a neighbourhood including nearly 5,000 homes. Recife is home to three historic Brazilian clubs – Nautico, Santa Cruz and
Maracan達 Stadium Rio de Janeiro
Sport. Having already hosted one match at the 1950 FIFA World Cup Brazil, the city has gained this brand new arena in time to host five matches at Brazil 2014. Rio de Janeiro: Estadio do Maracana This stadium was originally built for the 1950 FIFA World Cup, and provided the venue for that year’s memorable decider between the host nation and Uruguay – one of the most dramatic scenes in the history of the competition. Once again the stadium will be in the limelight as it hosts seven games in all, more than any other venue, and among those will be the Final on July 13th. The Maracana was once the largest stadium in the world, packing in crowds of up to 200,000, but now has a reduced capacity of 75,531 for Brazil 2014. Nevertheless, it remains the country’s biggest football ground. Its refurbishment included the demolition of the lower ring of seats, the construction of a new ring offering improved visibility, the expansion of the access ramps and the replacement of all seating. The stadium has also been fitted with a new roof complete with a rainwater collection system. The Maracana has continued to be Rio’s second most popular tourist attraction, attracting football fans from all over the world. Salvador: Arena Fonte Nova Salvador was the first capital city in Brazil’s history and will welcome the World Cup at a new, purpose-built stadium with a capacity of 52,048. This new arena will host a total of six games at the tournament and has been constructed on the site of the Fonte Nova. The Fonte Nova was opened on January 28th 1951 and was the venue for many derbies between Salvador’s Esporte Clube Bahia and Esporte Clube Vitoria. It was closed in November 2007 and subsequently demolished three years later. The stadium that has taken its place, the Arena Fonte Nova, has been modelled on its predecessor. As a public-private joint venture the complex will boast a panoramic restaurant, museum of football, car parks, shops, hotels and a concert hall. São Paulo: Arena de São Paulo Of the three biggest clubs in São Paulo, the only one which previously did not own a stadium with the necessary size and infrastructure to host games was the city’s best-supported side: Sport Club Corinthians Paulista. Yet this long-yearned for dream of the Corinthians faithful will finally come true ahead of the 2014 FIFA World Cup in the shape of the Arena de São Paulo. The stadium works are also expected to boost development in the Eastern Zone, which is one of São Paulo’s most deprived areas and home to nearly four million people, in addition to ensuring hundreds of workers gain professional qualifications. A total of close to 6,000 people are estimated to have been employed either directly or indirectly over the course of the construction process. The Arena de São Paulo was chosen to host the Opening Match of Brazil 2014 and will also welcome five other encounters, including one semi-final.
Maracan達 Stadium Rio de Janeiro
GDP 3 1
BRAZIL AT A GLANCE FAST FACTS Population: 198.7 million – average age is 30 years old GDP: Over half of Brazil’s GDP is generated in the south-east of the country Inflation rate: 6.59% Facts taken from Savills’ ‘Spotlight: Brazil Residential Property Market’, June 2013
Rio de Janeiro
Fortaleza Porto Alegre
1. PROPERTY MARKET 2013 house price increases in Brazil
Sao Caetano do Sul
Salvador 10.7% Niteroi
Sao Bernardo do Campo
2. HOUSEHOLDS WITH AN INCOME GREATER THAN $30,000 2010 : 13million households
3. GDP RANKING 2011
2020 : 18MILLION HOUSEHOLDS
(millions of US$)
4. Economy : Key Drivers Investment in infrastructure: Huge investment ahead of the 2014 World Cup and the 2016 Olympics. The Government initiated an accelerated public spending programme, accounting for $526billion for periods 2011â€”14.
Large population and an expanding middle class: This is fuelling appetite for property investment (inflation hedge) National resources in abundance: Brazil is rich in ethanol, timber and oil, and a major producer of coffee, sugar cane, soy, livestock and renewable energy. Large manufacturing industry: Manufacturing in aviation and car industries is strong in Brazil. Increasing ability & diminishing cost of credit: The improved availability and lower cost of credit is now a key driver of domestic demand
5. GDP GROWTH AND FORECASTS 2010
BRAZIL PROFILE : SAVILLS INTERVIEW Words : Samantha Jones | View : paulrommer
Name: Yolande Barnes Title: Director, World Research Based in: London, UK Length of Service: 25 years
Head of the Savills World Research Team and considered a specialist in research techniques into global markets, Yolande Barnes has a unique insight into the Brazilian property market and here speaks to Global Property Scene about the changing face of Brazilian real estate and the potential impact of the 2014 World Cup. > Can you please provide a general overview of the real estate market in Brazil? How is the property market split within the country – is it predominantly a rental market, or does it lean towards home-ownership? That’s actually quite a difficult question. As the country is so vast, the only two markets we really look at are Rio de Janeiro and São Paolo. Real estate investment is not that widespread throughout the whole of Brazil, mainly due to past interest rates being so extraordinarily high. This has meant that mortgage lending is not common or widespread, which has not created a culture of home-ownership Within the last decade however, the growing middle classes have gradually moved towards home-ownership and, whilst interest rates are still quite high compared to other developing countries, particularly when compared to parts of Asia, the number of people moving towards home-ownership has steadily risen.
Additionally, Brazil doesn’t have the same level of gearing as countries in the Western world, although it does have the highest level in Latin America, but overall it is low compared to other countries. However, the country has not got the issues of the market over-heating that you get in, for example, North America, which does make it a promising market for first-time buyers. > Although a BRIC nation, there still appears to be a large disparity between the rich and poor, mainly categorised by the vast favelas that the country is famous for. Do you see the landscape of the country changing any time soon? There has always been a vast gulf between the richest and the poorest people in Brazil, but over the last 10 years, strong economic growth has resulted in a growing middle class which, coupled with the gradual loosening of conditions by the banks, has enabled Brazil’s housing market to prosper. As with all emerging economies, growth is centred in the cities; Rio and São Paolo in particular have shown very strong price growth, mainly as a result of inward migration for work, resulting in a boom in their respective populations. This growth slowed somewhat in 2013, although this could be attributed to the spending on infrastructure for the World Cup and the Olympics.
São Paulo skyline
In a bid to help the lower classes, in 2009 the government shifted focus to the Minha Casa Minha Vida (My House, My Life) program, which has been incredibly successful. Whilst viewed as a success in the short-term, demand for houses in the scheme is huge and wholly outstrips supply, leading to a deficit that is currently showing no signs of slowing. This chronic need for housing has been recognised by developers, leading to the buying-up of land in areas that have been identified as having potential future value. In particular, the land that the favelas lie on in cities like Rio de Janeiro is particularly valuable, with locals reporting that developers are paying them for rights on their property or to move on, even though they do not hold title to the land. Brazil is a vast country with huge natural resources, including fresh water, timber and oil. One of the few emerging markets that have these resources in abundance, the country has great potential to move forward in terms of economic growth and investment. To put things into perspective, even though the economy slowed last year, it still has a slightly larger economy than the UK! > In regards to investment in real estate, what is the proportion of domestic buyers versus overseas, and is there a difference in the locations that they buy in?
All prices have been converted from local currencies and are correct at the time of print
Data and statistics on this are currently scarce, due to overseas’ buyers being a relatively new phenomenon in Brazil. However, research conducted on the two main cities of Rio de Janeiro and São Paolo indicates that both cities are under particular pressure due to their popularity, and will see more immigration and foreign investment in the years to come. In Rio, as in every emerging city, there is limited space as it is fenced in by the beach on one side and the mountains on the other. Because of this, real estate and land anywhere in-between is becoming increasingly valuable, particularly as Brazil has a growing population, which is becoming increasingly affluent and upwardly mobile. Rio is the first city that people think of and is the main hot spot for relocation, from both domestic and foreign investors. As a port city, it is perfectly located for transport by sea. The quality of life is also viewed as being higher in Rio than anywhere else in Brazil, mainly due to the fantastic scenery and culture that the city enjoys. São Paolo seems to have a less definable character, although it continues to attract local attention, particularly as it is now home to Brazil’s stock exchange and so has the potential to attract wealthier, more educated people than it previously could.
Rio de Janeiro skyline
> Are Brazilians buying further afield and if so, where? South Americans are not great real estate investors; they are reasonably inwardly focussed and the income disparity (in regards to the Western world) is still notable, although the growth of the middle classes is slowly changing the landscape. Brazilians do not tend to buy outside of their own country, but when they do, Miami is the most popular location, mainly due to its proximity and the culture, which is extremely similar to that of Latin America. LA and New York have also seen a rise in the number of foreign buyers from Brazil, and there has also been tentative movement to the Algarve. > How easy it is to buy property as a ‘foreigner’ in Brazil? It is possible at the moment, although it has to be carried out with specialist legal help. Over time, this will become more regulated, formulised and transparent, as the market matures and overseas external investment becomes more popular. > Has there been a noticeable influx of foreign investment into the country, and if so, where? Western buying hasn’t been high at this point in time, but when it has, it
has come predominantly from North Americans, who may have local ties to the country through their family or business. As with any emerging economy, there is the potential for high returns which would be attractive to foreign investors, although that is tempered with the risk of investing in a volatile economy, as Brazil is still classed as a high-risk environment, particularly as the economy slowed somewhat in the past year. Although yields are high (comparatively), the bond market is currently viewed as a more ‘profitable’ investment, with yields as high as 9%, against 5% for real estate. The government bond market has a direct impact on real estate values, although buying in sterling will make these investments look attractive, which may generate momentum in the market. Outside of the real estate market, multinational corporations are starting to move in, attracted by Brazil’s rising profile. Rio de Janeiro in particular attracts external investment easily, having the edge on São Paolo at the moment, as it is seen as being more fashionable, cultural and its profile is higher internationally. Identified in Savills’ Top 12 Cities report, Rio continues to boast a major financial district and is home to numerous multinational companies, including oil, gas, telecommunications and entertainment companies.
SAVILLS Savills advises private and institutional clients seeking to acquire, lease , develop or realise the value of prime residential and commercial property in the Worldâ€™s key location. Its people combine entrepreneurial spirit and a deep understanding of specialist property sectors with the highest standards of client care. Savills UK operates out of more than 80 offices nationally with in excess of 3,000 staff, covering 15 main business streams and over 150 different services.
> The hosting of the World Cup in 2014 and the Olympics in 2016 are huge achievements for Brazil. There has obviously been major investment in terms of infrastructure â€“ what kind of legacy do you think this will leave for the country and will it have a positive impact on its population? The legacy of the games will be much the same as with any Olympic city and will depend on the governance at a local level, as to how much of a lasting impact it has. The potential legacy ranges from being a drain on the public purse, or a boost to regeneration in the immediate and surrounding areas - do they have a program in place for after the events and how will the facilities be used? These are both questions that I think will only be answered once the World Cup is over and we see how the government, on both a national and local level, take advantage of the opportunities that have been presented to them. That being said, the Olympic committee is good at spotting cities that are already on the rise and have positive economic factors plotted against them. It is difficult to disentangle that information and eliminate the existing economic growth from the legacy of the Olympics, as it could be argued that the growth would have occurred anyway, independently of the games.
All prices have been converted from local currencies and are correct at the time of print
HIGH-END TECHNOLOGY FOR THE HOME A world without wires, the future of home entertainment Words : Patrick Kinsella | View : archideaphoto
As the lines of the world of work and leisure become increasingly blurred, those times one has truly to oneself are becoming ever-more treasured.
for that all-important purchase as, although nice as it would be, this service comes free - no pints required.
In order to make the most of those small wee hours people have begun transforming their homes into a blitz of electrifying technology, transporting them to a world of escapism, where work becomes just a distant planet.
TV and Audio Trends
Technology purchases have therefore taken on particular importance over recent years; review after review is scoured through online, hours are spent discussing how the biggest and best can be attained at the most affordable price, and friends in the know, who you have not spoken to in years, briskly re-establish themselves in your friend circle to assist you in this important mission. A technology purchase has become as important as the purchase of the house which is to become its home, and when itâ€™s finally complete, you have to remain bold and sure of your decision to overcome the sniggers from supposed know-it-allâ€™s, who will find fault no matter how much they secretly desire to own your new member of the family.
The never-ending tangle of wires ungainly sprouting out of every corner in your otherwise lavishly furnished living room is now slowly becoming a thing of the past. This is particularly true for audio systems, where wireless is truly the only way forward. The pick from this rather scary world of wireless audio systems is undeniably the Sonos play-bar; a sound-bar which allows you to play music from your smartphone, tablet or computer wirelessly, as well as from more than 100,000 free radio stations, podcasts and programmes, the Sonos enables you to unite your digital music collection with listeners across the world.
So, to avoid having to stand pint after pint to draw advice from your teccy-friend, who truthfully you never really wanted to salvage your friendship with in the first place, we at GPS thought we would take over that role, advising you on the latest trends and how to get the most from your money. We will provide all that and more, without having to endure hours of dull conversation, whilst also keeping your pockets lined ready
- A World without Wires
Not only that, the play-bar also connects tidily to your TV through one single optical cable, meaning films, dramas and music from every library imaginable can be emitted through this one tool. This play-bar has also been designed, in its minimal nature, to blend in neatly and can either be wall mounted or laid flat in front of your TV; impressively, this positional choice will not stop your remote from accessing the TV, with a repeater built in so that you can flick through programmes at your own leisure. Prices from ÂŁ599
- Smart TV’s
Smart Ideas for Your Home
These fascinating wonders of technology are dominating the modern household, providing regular digital TV watchers with internet access so they can catch up with their favourite shows on-demand, watch hilarious videos on YouTube, and stream music on Spotify; the sound of which can be transmitted through their far reaching Sonos sound-bar. Essentially, it works as a music player, TV and DVD player all rolled into one, made available through the TV’s pre-installed apps which include either Netflix or Lovefilm. It can also be used to navigate social media with Twitter and Facebook accessible on the TV, and with the TV’s inbuilt webcam you can also Skype family and friends on the big screen, allowing the whole family to gather in the living room.
- The Nest Learning Thermostat
Not only admirable for its noise-blaring capabilities, you can also download the quirky fireplace app which adds ambience to your living room by transforming your television into a relaxing, marshmallow toasting, homely fireplace. So, which is the best, I hear you ask? Well our advice would be the Samsung Smart Hub, the latest model of this type is the Samsung F8000 LED TV. This model has a menu divided into a series of pages; the first page of which plays the programme you’re watching at the top with recommended programs according to your preferences lying below, while the second page contains all of the TV’s apps which include social media outlets such as Skype and YouTube, and on demand apps such as 4OD and iPlayer; all of which combine to allow you to get the most out of your new TV come computer.
A forward thinking invention which, at a time when energy worries are high on the agenda, fits the mould for many whose increasingly professional lifestyle deprives them of the time to measure energy emissions. This unbelievably intelligent gadget can be controlled from your smart phone and can lower your heating and cooling bills by up to 20%. First, all you have to do is answer a few basic questions and from then on it will optimise itself for your system and, as you adjust the heat it quickly learns what temperatures you like and builds a personalised schedule. Furthermore, energy is reduced if you take your temperature down at night before getting in bed, the thermostat will then learn this habit and start doing it for you. Additionally, the thermostat offers easy instructions to the professional business types showing a leaf when you find a temperature which saves you energy, making energy savings quick and easy. Most impressively, the Nest app allows you to connect your smartphone to your thermostat, therefore, if you’re set to be arriving home earlier than expected you can heat your house up before you get in, so it’s nice and cosy for when you reach your abode. Your Nest knows when your away and automatically turns your temperature down while you’re gone, but if it senses activity such as a housemate returning the Nest will start the warming the house. However, you can set it to a completely ‘away’ mode, when you’re enjoying a few days in the sun to maximise your savings while on holiday.
Price – 55” from £1,749 Prices from £299 (includes professional installation)
- Nest Protect smoke and carbon monoxide (CO) alarm Tired of your smoke alarm spoiling your full English, making you fly about the house wafting at your over-cautious alarm as it beeps with every sizzle of bacon? Well, Nest may just have the answer. In fact, before the Nest flies full throttle into action it gives you an early heads-up, lighting up yellow and speaking with a human voice, telling you where the smoke is or when carbon monoxide levels are rising. This warns you ahead of an emergency or gives you to chance to silence the Nest if it’s just a nuisance alarm i.e. bacon sizzling. The process of silencing is also much easier than rushing to your bedroom to grab the thickest pillow with the best waftability, all you have to do here is wave gently at the alarm within a close proximity. Also, there will be no annoying chirps to alert you about a low battery whilst you’re trying to sleep, Nest will inform you of this by sending a message to your phone and glowing the alarm yellow; also to avoid worries, every night the alarm will glow green when the lights go off, to show that the batteries and sensors are working. Our favourite feature, however, is the ‘Pathlight’ which gives off a soft white light to help you find your way and avoid unpleasant bumps in the night when it senses your footsteps, again it’s up to you whether you enable or disable this unique feature. Prices from £109 - Phillips Hue Connected Bulb A colour-scheme to suit every mood, these lights are Wi-Fi connected, have the ability to change colour, and can even re-create the dazzling sunshine from your favourite picture. Although, when the product arrives
containing just three light bulbs and a bridge, which acts as a mediator between your app and bulbs, it may seem fairly uninspiring; however it’s important to note that an individual bulb lasts for 20 years and uses 80% less energy than a traditional light bulb – think of the environment! The app is the single most important feature, allowing you to control the colours, the brightness and the innumerable functions accessible through your Hue. Most impressively, it allows you to recreate any colour from your favourite photo, so you can replicate that blue sky that you haven’t seen since, in your own home! You can also find your perfect Zen with the app’s ‘light recipes’, which have separate light modes to encourage you to ‘relax’ ‘concentrate’ ‘energise’ and also produce the perfect reading environment when you want to channel your energies into your favourite book. Not only can the light correspond with your desired mood, it can also provide you with a personal timetable by becoming your own alarm, and whether you want waking up gently with the soft glow of sunrise ahead of a busy day at work or to be flashed by dazzling lights for those who need more effect to raise them from their slumber, the Hue can do both. Additionally, you can link the Hue to data feeds, so lights can flash as an email drops or a notification comes through social media; it even warns you of weather changes outside! So, if you want a warm red glow to shine calmly through the loving sentimentalities of Christmas time or a deeper purple to replicate your favourite night club when the chaos of New Year’s takes over, then this is the perfect item for you. Prices from £179.95
For more information Call us 0161 772 1394 Website www.x1developments.com
MODERN LIVING IN MANCHESTER X1 Salford Quays Phase 1 • X1 Salford Quays Phase 2 • X1 Salford Quays Phase 3 X1 Chapel Street • X1 Eastbank • X1 The Exchange • X1 Town Hall
ENTERING THE MEDIA MAELSTROM Words : Samantha Jones | View : tovovan
As print advertising continues to decline, how will advertisers navigate the new digital age?
When you think of advertising – what images do you conjure up? Glossy adverts in magazines? TV commercials and men in power suits in charge of advertising budgets that would eclipse a small country!
ways; the main one being our ability to access information from outside of the traditional office environment, at any time of the day, from anywhere in the world. In Britain, adults spend an average of 11.3 hours on the internet outside of work, in addition to 2.4 hours spent on mobile devices. As technology continues to evolve and advance, so too do the techniques Considering there are only 24 hours in a day (and approx. 6 of those are used to promote businesses to their intended audiences; but with these spent sleeping), it is little wonder that the online world is the dominant factor when considering how and where to advertise your business. advances comes the inevitable waning of more ‘traditional’ methods of promotion and the big question is, how have companies adapted to these changes, and are they for the better? So how exactly has the rise of digital technology changed the way we promote our company and brand to customers? Since the rise of the internet in the late 1990’s, traditional forms of marketing and advertising have slipped into a steady rate of decline. Print, One of the main shifts has obviously been the move away from print towards online mediums. Between 2007 and 2013, global print advertising TV, radio and trade exhibitions have all reported sharp decreases in revenue, although some have fared much better than others. fell by 39% - equivalent to approx. £30.5billion, as the Internet, Twitter and online news blogs gathered an increasing amount of momentum. In 1990 there were 2.8million internet users, a figure which exploded over the next 20 years to a staggering 1.8billion, highlighting the phenomenal Print ads made way for online display and web banners, which provide growth of an invention that has defined an entire generation and companies with an instant, direct link to their customers through an revolutionised the way we live and work. avenue that allows the quick and effective monitoring of results; something which has proven much more useful than measures previously employed through printed adverts. This ‘digital age’ that we find ourselves in has manifested itself in many
This is one of the most important and useful aspects of digital marketing; the ability to analyse the success of campaigns in real time. This unique way of targeting has had a significant impact on the way marketers choose their campaigns, mainly due to the major savings that can be made in comparison to traditional off-line advertising. Research has shown that conversion rates are much higher through digital media, as the activity is easy to measure and track and companies have the ability to ‘tweak’ their digital campaigns half way through, allowing them to optimise further and increase the conversion for future campaigns. Paul Prescott-Brann, a media buyer in the property industry since 2008 and owner of media agency PJPB Associates, has noticed the direct impact that digital technology has had on the industry, commenting; “Over the last five years, media spend has shifted from the traditional off-line activities like print to full online strategies such as email marketing, web, display and social media. In particular, email marketing has become especially lucrative of late, due to the ability to target specific publications that have been identified as the exact demographic for their product.” “In particular, property investment firms have become much more prolific
in the online arena; they have realised the value of this form of advertising and are a lot savvier in regards to digital media and its value in generating interest in their products, in addition to raising their online profile.” Indeed, property firms are actually a prime example of the significant shift that marketing has taken in recent years. Prior to the rise of the internet, the selling of property was confined to a classified advert in the local newspaper, your listing in their shop window (if you were lucky), and a board outside your home advertising the fact that it was for sale. Fast forward to today, and the dominance of property portals like Zoopla and Rightmove, not to mention the slick, bright websites of individual estate agencies and brokers, are light years away from where they first began. In fact, it is the rise of online routes to market that have completely revolutionised the way in which we discover information about a company, and how, in turn, that company targets its particular audience. As a consequence of this, your presence on the World Wide Web is one of the most important aspects of online advertising that you can do. Websites
are essentially a shop window, allowing potential customers and partners a direct route to you and your product(s). The main forms of digital media that drive traffic and generate enquiries include general Search Engine Optimisation (SEO) and Google AdWords. Prominent search engines like Google are the first tool that everyone now turns to when seeking information on a particular company, product or service. Your website should be the first thing that appears in any online search, followed by organic links and then complimented by a comprehensive AdWords campaign. SEO in particular is an essential part of any advertising strategy, as this will help your organic (essentially free) listings to push higher up the page. The more a site is ‘optimised’, the higher it will rank on search engines, meaning it will generate an increased amount of traffic to your website, with the aim of creating a higher amount of leads, that can then be converted into sales. Once your website has been optimised, the addition of a comprehensive, well thought-out Google AdWords campaign will allow you to get up and running very quickly. As soon as your account has been created and your adverts have been approved, they will start displaying in search results and your site will begin receiving traffic. Google AdWords offers a “Pay-per-Click” system so that you only pay if a user clicks on your ad to visit your website. This also means users will see your ad without you actually having to pay anything – always a bonus in these more austere times. Pay-per-click campaigns can also provide companies with vital data that can be used to plan organic SEO campaigns. With AdWords, you’ll quickly know which keywords are able to drive the most traffic and which drive the most conversions. This will let you know what you should strive to rank for in the organic results. It is also important to invest heavily, as just one position above your competition in search results will instantly result in more customers coming to your website. There is a high drop-off in click-through rate between the first and second positions on the first page, so make sure you outrank your competitors in key areas. With over 80% of search results now containing AdWords ad placements, it is little wonder that companies become embroiled in bidding wars for pole position on the page. Sometimes there will be keywords that are crucial to your online success, but a larger player in the industry already has those keywords locked down in the organic results. AdWords allows you to appear in the search results for keywords that would be impossible for you to rank in organically, plus it is simple to analyse your spend, as you can easily monitor how many people have seen and clicked on your ads almost instantly. Statistics show that by 2014, there will be more mobile devices on the planet than people and mobile internet use will overtake desktop internet use. Mobile will remain crucial, with local ownership at over 90 per cent and smartphone ownership rising by around 13 per cent year-on-year. Mobile brings with it the possibility of accessing consumers in lots of areas and brings with it a paradox – it has allowed consumers to become increasingly spontaneous, they can make plans or change them with the press of a button. This constant interaction on a daily, if not hourly, basis has allowed social media to become a dominant presence in the majority of people’s lives, with companies becoming increasingly savvy in its use, as it provides an interactive platform to update audiences on everything from new product launches and changes to your website, to the publishing of new articles and the advertising of events. Social media can also help with a company’s Google rankings and online presence. It is generally accepted today that social media is an intrinsic part of any companies’ marketing strategy. It is a cheap and effective way to communicate, market and discuss opportunities with as many people as possible, without going to the expense of setting up costly seminars or exhibitions.
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Having spent many years advising companies on their online strategies, PJPB Associates Owner Prescott Brann is an advocate of embracing an all-encompassing marketing mix, including some elements of the more ‘traditional’ formats. “Having a heavy online presence such as display, links, blogs and articles across various relevant publications and verticals, will all help achieve a 360 degree marketing/lead generation strategy.” “In regards to companies continuing to use printed media, I don’t think it will ever die out completely, but it will no longer be a spend that they include within their marketing plan as a primary advertising or lead generation activity. Technology has moved so far forward in the past 10 years that there is no room for taking a step back and, whilst some companies will, and do, enjoy small successes with print advertising, these are certainly the exception to the rule.” So is this the end of ‘traditional’ marketing mediums? Whilst digital marketing and its associated channels are important, no one avenue should be used to the exclusion of everything else. The ability to know more about your customers than anyone is the ultimate goal, allowing you to communicate with them wherever, whenever and however they are most receptive to your message, in this fast-paced digital arena.
BIOGRAPHY – Paul Prescott Brann Paul has worked in the property industry since he was 18, starting out in Estate Agency, where he earned the title of being the youngest branch manager in the country and then moving into marketing and media consulting for the property, investment and finance industries, when he launched his own company in 2008. From advising clients on business and marketing strategies, to providing technical support, as well as engaging with business development projects, Paul has built up an impressive portfolio of clients, including estate agents (UK & Overseas), solicitor firms, property service providers, property investors, property portals, property websites, media companies and developers.
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THE REGENERATION PROJECTS SET TO DEFINE BRITAIN’S FUTURE Chancellor George Osborne recently declared that ‘Britain has got to get building’ Words : Patrick Kinsella | View : r.nagy
If “education, education, education” were the three main priorities for Tony Blair’s New Labour Government, it appears “regeneration, regeneration, regeneration” are the main priorities for David Cameron’s coalition government and, as evidence will show below, this policy is being executed and a legacy may well be being built for Britain’s future.
powerhouses. Many of these projects are funded by foreign investment and will act as a glowing testimony to Britain’s new-found attractiveness to overseas investors.
Chancellor George Osborne recently declared that ‘Britain has got to get building’ and with the Help-to-Buy scheme extended to 2020, which helps first-time buyers access the housing market by providing them generous loans on new-builds and in turn acts as an incentive for developers to build more, it appears Osborne’s warning is being reacted to across the country and the years where a dearth in housing construction haunted the UK landscape are slowly being caught-up on.
The leading symbol of Chinese investment in Britain – since the country is now attracting more investment from China than any other nation in Europe - Airport City is a £800m landmark property development in Manchester that demonstrates the city’s new-found presence on the global stage, which according to Airport City’s Chinese investor, has seen it leave its ‘calling card’ around the world.
However, what is more impressive is the sheer volume of regeneration across the UK which is seeing more houses being built, first-class international business developments constructed, and even the restoration of developments more associated with the industrial age, such as Port Salford, a rebirth of the Salford Docks in the currently burgeoning area. Here outlined are four key regeneration projects across Britain which will precede the nation’s re-establishment as one of the world’s key economic
As one of the most significant regeneration schemes in the UK since the 2012 Olympics redevelopment in East London, this joint venture is a key part of the Manchester-China forum which was launched by George Osborne as a new business-led initiative aimed at increasing Greater Manchester’s commercial connectivity with China. Airport City is set to be a globally connected business destination located at Manchester Airport, and will provide over 5 million square feet of business space, including manufacturing, warehousing, offices, hotels, retail and leisure outlets across a 160 acre regeneration site.
The site will be developed in a phased delivery over the next 15 years at a cost of £800 million and will create over 16,000 jobs. This multi-faceted space will provide a broad range of industrial and commercial property to let for businesses across all sectors; the logistics site is already open and available to freight and logistics businesses, while office, conference, retail and leisure facilities will be made available in forthcoming years. Airport City will also ensure employees and visitors have access to a number of health facilities, with gymnasiums on-site and the main hub being arranged around pedestrian-friendly green spaces to encourage walking and cycling, while those hours needed to restore energy can be spent in the area’s proposed coffee houses. The development will not only benefit from unique global connections but also from the airport’s ground transport hub, with its extensive range of public transport services. The airport’s existing rail station connects to Manchester City Centre in a mere 17 minutes and the brand new Metrolink coupled with the planned High Speed 2 (HS2) station, which will link directly to the airport, will see connectivity boosted even further. For car drivers, Airport City will have direct access to the M56 and M60 plus onsite car parking facilities. Businesses will also be enticed to start operations here as a result of Airport City being part of ‘The Enterprise Zone’ which entitles eligible companies to a business rate discount worth up to £275,000 over a five year period. Paying what is left of the business rate will also benefit companies, with the Enterprise Zone having ensured that all rate revenue will be re-invested locally. Manchester Airport already provides daily global connections to over 200 destinations; however, most significantly the air hub has recently secured a direct Far East Service, meaning Manchester will be the only city outside of London to have a direct service to China. This move will see business between Manchester and China grow and strengthen and help a unique relationship, which has already borne fruit in the form of innovative developments such as Airport City, grow even stronger. Ebbsfleet Garden City Following this year’s budget speech, Chancellor George Osbourne appeared on the Andrew Marr Show, where he announced exciting plans for the UK’s first garden city in over 100 years. The concept of garden cities were developed by utopian thinker, Sir Ebenezer Howard, who in 1898 proposed cities of 30,000 people that were self-sufficient and surrounded by an agricultural belt. These cities were intended to combine country and city life, occupying urban spaces yet providing green areas, and were a response to the overcrowding and squalid living conditions in cities following the Industrial Revolution, yet for over 100 years not one has been built, until now. The site for this momentous development is Ebbsfleet in Kent, chosen because of its fantastic infrastructure, which includes among other things the Ebbsfleet International Station, which is a stop along the high-speed rail line to the Channel Tunnel. The garden city will see an initial 15,000 homes built in an area of South-East England, where demand for housing is intense, relieving such pressure, whilst also providing accommodation for between 23,000 and 34,000 garden city residents. Ebbsfleet lies to the east of Dartford on the south of the Thames Estuary and benefits from unique access to the M25, M20, M2 and A2, and is just 24 miles away from the capital, making it attractive to commuters. Other attractions for future residents will be close proximity to the Bluewater Shopping Centre, which houses over 300 stores and lies just two miles from the proposed Garden City, and the planned construction of a £2 billion theme park, which will not only attract tourists, but also make a move to Garden City far more attractive to children, with the proposed theme park being just a short drive away. Another attraction for families with young children is the plan for an education campus, which will contain both a secondary school and primary school and be surrounded with sprawling grounds, which comprise five football pitch sized playing fields. Up to £200 million of public investment will be ploughed into the brownfield area, with the funds going to such innovations as helipads,
which will be positioned in each village centre providing both emergency, access for air ambulances and the option for local residents to rapidly commute into London or across Europe. The garden city is set to be complete by 2020 and when it is so, it will be overlooked by a huge white horse, which will be 33 times it’s real size and will stand near the site of the garden city. The sculpture has come to be known as the Angel of the South and will symbolise the regeneration of the area by paying tribute to an animal which facilitated early transport and the early development of our now so modern world.
However, a group of Malaysian investors, who again seem attracted to the prospect of investing in the UK, have found the answer. The building, which looms over the River Thames, is now set to be transformed into a housing complex boasting nearly 3,500 new homes, shops, cafes and restaurants. The regeneration of the 39-acre site will come at a cost of £8bn and will also see the construction of two new tube stations, which will be located at the nearby Wandsworth Road and the power station itself; these are set to be completed by 2024, the same year in which the power station renovation is set to complete.
Battersea Power Station Perhaps best known for appearing on Pink Floyd’s album, ‘Animals’, the front cover of which an inflatable pig soared above the iconic station, Battersea has always been one of the capital’s greatest cultural icons and the new innovative design at the heart of its rebirth may see it star on album covers for years to come. The station, which symbolises industry in Britain, is the largest brick building in Europe and since closing its doors in 1983 has been the subject of a number of failed proposals, from being the new stadium of Chelsea Football Club to being transformed into a world class theme park.
In contrast to its industrial aesthetic, the station will offer a host of relaxing activities by providing a library, health centre and a riverside park; visitors can also relax on the observation platform on top of the station, which will provide panoramic views over the capital. The first phase, which is currently being raised, will provide 753 residential apartments, restaurants & bars, retail areas, office space, basement parking, a gym and a community theatre; of the 753 apartments being built, to date 600 have already been sold to foreign investors.
Battersea Power Station
The final phase will deliver over 1,300 apartments and townhouses, including 130 affordable homes, alongside a 160-room hotel, retail and leisure facilities. Key to this phase will be the Electric Boulevard, a pedestrianised high street which will lie west of the five residential buildings.
The potential of the docks however was seen two years later and now, as a result of a purchase by Salford City Council, we have Salford Quays, the home of the BBC, ITV, the Imperial War Museum and The Lowry Outlet and theatre; a tourist honeypot which attracts 2.8 million visitors annually, producing an impact on the local economy worth £251.6m.
The most charming aspect of this final phase is that all of the buildings will be designed with a ripple-look, while the central structure will be titanium-clad and named ‘The Flower’, due to its unique shape.
Looking to replicate similar success are the Peel Group who envision that by re-creating Salford Docks they can experience similar success to the attraction that was born on its original birthplace, Salford Quays.
This rebirth will be constructed at Barton, Eccles, adjacent to the Manchester Ship Canal at a cost of £138m and will be named Port Salford. The site will be the UK’s first ‘tri-modal’ inland port development, which means it will be served by ship, rail and road.
Salford Docks used to be a place which took no prisoners; gangs of hungry men would often jostle and fight to prove their strength to the foreman, in order to earn a shift. A victory would ensure tea was put on the table for that night but nothing beyond that, as men would have to turn up again in the morning to fight for favour. That era however came to an end, with the introduction of the new container ships in the 1970s which could no longer navigate the canal and that coupled with increased trading with Europe and the East, saw trade reduce dramatically, overseeing the closing of the docks in 1982.
Port Salford will have the highest capacity rail terminal in Britain, allowing it to serve double the number of container trains that currently serve the two terminals at Trafford Park, while also being able to host two container ships simultaneously, in addition to handling over 200,000 pallets of cargo at any one time. The site, planned to cover approximately 150 acres, will provide facilities for transport, distribution and storage, the latter of which will largely be
provided by the creation of the Port Salford National Import Centre, a warehouse and container facility capable of handling 300,000 containers and 37 million freight pallets annually. Port Salford already benefits from a strategic location, which sees it profit from connections across the UK, including direct access to the M62 and M60 motorways, in addition to links to the Manchester Ship Canal and the A57. However, plans have been finalised to further improve this connectivity, with the main works including significant improvements to the A57, creating a new dual carriageway adjacent to Salford City Stadium and a new lift-bridge across the Manchester Ship Canal to Trafford. This new lift bridge will carry the dual carriageway, pedestrian and cycling facilities over the ship canal. Additionally, it will be designed to accommodate the Metrolink in anticipation of the creation of a new link from Manchester City Centre to Port Salford via Trafford Park and the Trafford Centre, in forthcoming years. Port Salford will also be connected to the Manchester-Liverpool railway line via a new link which is set to cross over the A57, increasing the business potential of the site. On a more local level, a major programme of highway improvements will take place which will better connect Irlam, Eccles and Trafford, while significantly relieving traffic in the area of Barton Bridge. The development will produce a whole host of other local benefits; most impressively it will create over 3000 jobs once the site is complete, in addition to assisting local businesses who are set to benefit from improved connections between Irlam and Cadishead to Trafford Park, which could serve to further boost job creation. Port Salford will be located within an area of Salford, covering both Irlam and Eccles, which is within the 10-20% most deprived nationally with regards to employment. This shows the developers are aware of their wider responsibility by situating the site in an area where there is a high concentration of unemployment, allowing them to go some way to alleviating that problem by creating a number of jobs across the skills sector to ensure employment is boosted within the local area, producing a positive economic impact. Economically, the site is set to have an impact beyond Manchester and Salford, with the whole of the North West set to feel the benefits of the development. The region will see its global presence grow as a result of new connections to international markets established by the site. These will see the area profit from road, rail and water access to overseas and domestic markets. The region will also benefit from a number of environmental improvements as a result of the construction of the site, with the reduction of road travel set to save millions of tons of carbon as waterway and rail use increases. Also, the site is set to influence a significant reduction in lorry-km per annum travelled on UK roads by enabling more freight to travel by water and rail. The site is set to be fully operational by 2015.
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 the recovery in key markets around the world and how they are performing in the current climate.
1. United States of America The United States have experienced a disappointing 2.9% drop in GDP in the first three months of the year. This is mostly thanks to the only slight increase in consumer spending, which accounts for two thirds of the USAâ€™s economic growth. The first estimations had it at 3.1% growth, but it only managed 1%. The unusually cold weather has also been a factor in this surprising decrease.
4. Brazil With a fast growing GDP Brazil has now secured its place as the 7th largest GDP in the world. Its strong industrial and service sectors coupled with an increasingly skilled workforce, mean that it is attracting investorsâ€™ attentions from around the globe.
5. South Africa, Cape Town The GDP of South Africa has risen dramatically over the past thirty years, easily doubling. This is mostly thanks to the growing middle class. And as jobs and opportunities grow, the mineral-rich country is only going to keep getting stronger and developing.
3. China, Beijing & Shanghai China’s growth rate has impressed everyone as it continues to average over 10% growth per year over the past thirty years. Now the world’s largest exporter of goods, with approximately $2.8 in output, and second largest importer, China’s reputation as a manufacturing nation looks set to stay.
2. United Kingdom After a GDP growth of 0.8% in the first quarter, the UK retains its place as one of the largest national GDPs in the world. Making up approximately 78% of the economy are the services industries, partly thanks to London’s role as a one of the world’s largest financial centres.
1. United States of America Population: 318,892,103 GDP: $16.72 trillion -2.9%
2. United Kingdom Population: 63,742,977 GDP: $2.49 trillion +0.8%
3. China Population: 1,355,692,576 GDP: $9.33 trillion +1.4%
4. Brazil Population: 202,656,788 GDP: $2.19 trillion +0.2%
5. South Africa Population: 48,375,645 GDP: $353.9 billion -0.6%
6. UAE, Dubai Population: 5,628,805 GDP: $390 billion + 4.4%
Population and GDP data taken from: Central Intelligence Agency website - www.cia.gov Trading Economics website – www.tradingeconomics.com (year to Q1 2014)
6. UAE, Dubai Exceeding the International Monetary Fund’s growth forecast, the UAE is the second biggest economy in the entire Arab World. Although the economy can rely on its oil and natural gas exports, which currently account for 38% of GDP, the country is also flourishing in some of its other sectors such as tourism and non-oil investments.
A BOOMING INDUSTRY With record orders at last years’ Dubai air show, its clear the aviation industry is showing no effects from the global recession Words : Michael Smith | View : Sergey Nivens
Arriving on the world stage at the start of the 20th century, air travel was only an option for the very wealthy. It was Jan. 1, 1914, when a 25-yearold test pilot by the name of Tony Jannus flew aircraft designer Thomas Benoist’s wood-and-muslin “Flying Boat No. 43” across Tampa Bay and into aviation history. Though the journey lasted a paltry 23 minutes and had just one paying passenger (Abram Phell, then mayor of St. Petersburg, who paid $400 at auction), the trip would go down in the record books as the world’s first scheduled commercial airline flight.
50 million tons of cargo is transported through airports across the globe equating to a total value of £3.4 trillion.
Despite the limitations of a 75-horsepower engine, this flying boat operated for as long as four months. Proving to the critics that chartered air routes could be a realistic endeavor, this historical event would prove to be the catalyst the aviation industry would need to become a global interest.
Airbus delivered a company record of 626 planes in 2013. A total of 93 customers received Airbus aircraft last year, including 15 who were taking delivery of an Airbus aircraft for the first time.
No one could have predicted how prolific air travel would become. On Jan. 1, 1914, one commercial passenger flew on one commercial flight. On Jan. 1, 2014, an estimated 8 million people flew on nearly 100,000 flights. International Air Transport Association statistics estimate there will be around 3.3 billion passengers by the end of 2014. This figure represents as much as 44 percent of the world’s population. On top of which over
Supporting some 57 million jobs around the world, its clear the aviation industry is a powerhouse with no signs of letting up. If its total domestic contributions were to be converted into GDP it would rank 19th globally. So who are the key players?
Despite the rise, Airbus fell short of deliveries achieved by archrival Boeing, which said it had delivered 648 planes in 2013. Airbus said it now had a 51% market share in aircraft with over 100 seats. Many industry specialists believe the industry is well beyond its natural supply and demand levels, with manufacturers well aware that now is the time to get as many orders in the books before the investment stream begins to cool. This was by no means clearer than at this year’s Dubai Airshow. Within three hours of opening, the show’s order tally reached
a staggering $162.6 billion US dollars – surpassing its previous record of $155 billion US dollars record set in 2007 – with deals coming from Etihad Airways, Emirates Airline, flydubai and Qatar Airways. The events opening orders came from Abu Dhabi-based Etihad Airways which announced a deal for 56 new Boeing 777s valued at a cool $25.2 billion US dollars based on the current list price, including related General Electric engines. The deal also sees Etihad become the launch customer for the 777-8X, which is expected to enter service around the end of this decade. The headline deal came from Emirates, who ordered 150 Boeing 777X-officially launched at the show; plus 50 purchase rights, and an additional 50 Airbus A380 superjumbos - of which Emirates is currently the largest fleet operator. The Emirates deal, which was signed by His Highness Sheikh Ahmed Bin Saeed Al Maktoum, Chairman and Chief Executive of Emirates Airline and Group and the Presidents of both Boeing and Airbus, was witnessed by His Highness Sheikh Mohammed Bin Rashid Al Maktoum, Vice President of the United Arab Emirates, and Ruler of Dubai. Low-cost airline FlyDubai weighed in with a US$11.4 billion order for 111 Boeing 737s and 738s, and then Qatar Airways topped off the morning’s historic agreements with the signing of a US $19 billion dollars letter of intent for 54 Boeing 777s. With large numbers of orders, the few mainstream airframe builders are sure to be kept busy for the foreseeable future. With the implementation of increasingly complex materials, the delivery process becomes all the more complicated to predict. Having said which, these companies are happy to elongate their construction schedule to ensure the mass of wealth from these orders can be spread evenly over the next 5 to 10 years. The airlines themselves however don’t have the same luxury. High oil prices and an economic climate characterised by a European debt crisis, slowing Chinese growth and doubts over the recovery in the US are helping drag the industry’s profitability a long way short of the $8.4 billion posted last year, IATA’s chief executives. Despite this, there is the view from the industry that airlines are starting to cope better. Given current oil prices, the fact airlines are able to make any money at all is worthy of comment. Turn the clocks back 10 years and generating a profit with oil at $110/barrel would have been unthinkable. The industry has re-shaped itself to cope by investing in new fleets, adopting more efficient processes, carefully managing capacity and consolidating. But despite these efforts, the industry’s profitability still balances on a knife-edge, with profit margins that do not cover the cost of capital. Despite the rising costs for both fuel and airport charges, the number of airlines has continued to grow. With high costs weeding out the smaller unaffordable routes, a greater use of small planes and hub airports has allowed airlines to consolidate costs. More airlines are using linked options to ensure their reach casts a larger shadow than they can personally achieve. With a constantly growing number of travellers (thanks largely to the burgeoning Chinese economy), airlines are opting to have more aircraft operating on a smaller number of routes to ensure capacity and supply is optimally balanced. With deliveries of new aircraft constantly flowing from the two major manufacturers, it will only drive prices for the consumer down, in turn boosting peoples options to travel further and more frequently by air. The next 10 years will see figures surge substantially higher than ever predicted, as demand is met by the industry, it leaves experts guessing how the industry will change over the coming 100 years but one thing is clear. The skies can only hold so many aircraft, so something has to give.
THE VIEW THROUGH A CREATIVE EYE An interview with David Cross, architect and Managing Director of Coda Studios
Words : Samantha Jones | View : Coda Studios
> How long have you been an architect? 14 years > Is there any particular project which you enjoyed designing the most? Why was that? I have designed and built two houses now for myself and the last one was the most special project I have undertaken as this was for my wife and young family. This also featured on the BBC’s ‘to build or not to build’ TV show following self-build projects across the UK. We commenced our build during the recession so it was a particularly difficult time, but the end result is fantastic and our kids love the fact that daddy built their house! > What is it like when you see your project completed, after you or one of your team has designed it? Most people ask this and it’s hard to answer- we design so many buildings that you just get used to it. I suppose the best projects are ones that people enjoy the most or the ones that win awards. Some of our best buildings are still unbuilt and for the ones you see complete there are
another 4 on the drawing board abandoned. More recently I take a great deal of pleasure in seeing projects being built that have been designed by the younger members of the team. > Having formed in 2003, Coda Studios must have experienced a range of market cycles; how would you describe the changing face of the UK property industry and did you have to adapt your business model in any way? Coda began in 2003 midway through the property boom of the noughties. This was a particularly easy time to be in property. Our early projects were all city style mixed-use developments of apartments and commercial space. After the crash, more of our projects were aimed at the luxury end of the market, from one-off private residences to small boutique developments of luxury houses. We have also diversified our business to cover a wide range of sectors including industrial, leisure, office, education and housing. The last three years have seen a significant rise in student developments and even this market is starting to mature into different styles of developments from houses (like Dunfields) to pods and studio style apartments.
sectors. Personally, winning ‘South Yorkshire Property Personality of the Year Award’ towards the end of the recession was a huge testament to both me and the team for ploughing on through the bad times for such a young business. Our more recent accolade of finalists for ‘Architects of the The past 12 months have seen a huge surge in demand for all types of Year’ award in a national magazine was probably the best to date - to be up residential developments from speculative housing estates to a resurgence in city centre apartments; from luxury housing to houses aimed there for a national award was an amazing feeling and again testament to our team’s effort. This created a real buzz in the office that we were being at the first-time buyer. rewarded and recognised nationally for our efforts. We are great advocates of city living and have developed our own brand of high-density house types in an attempt to bring more families back into > Having begun life above a hairdressers’ in Barnsley, you must have to pinch yourself when you see how far Coda has grown over the years. the city. We believe that the core cities of the UK offer the greatest What would you say has been the company’s crowning achievement? opportunities for growth and lifestyle change whether it is for students, young professionals or families. Starting Coda at the tender age of 27 (and 28 for Mark Hobbs) was looking Finally, the only sector we are not seeing any real growth in at the moment back quite a naïve decision; we never really assessed the risk or potential is the speculative office market- we are currently working on several large dangers and instead took the plunge with youthful exuberance! We both agreed not to employ anyone for the first three years- three months in we scale ‘office-to-resi’ conversions for apartments in city centres across the had recruited our first member of staff and by year four we had 25! UK. This should see a restricted supply of offices to the market and eventually create a shortage that may lead to a revival in spec built We never set with a particular plan of growth, just a desire to have fun and offices… but who knows how long this may take! do things our way. Nearly eleven years on this is still the case but now we do have business plans, targets, metrics and strategies. > What has been your proudest moment in the ten years ofrunning Coda? Our crowning achievement has to be that we have remained a fun loving fresh faced alternative to corporate architecture despite the recession and The critical acclaim we have received across the board for our the need to ‘commercialise’ the business. We are still a fun place to do developments is an obvious answer- overall we have eleven awards and business whilst delivering great buildings. Our early mission statement of commendations to our name for all types of developments in all types of We believe that this market will continue to mature and develop to offer a wide range of product to the market.
Coda Coda was formed in 2003 by David Cross and Mark Hobbs with the simple aim of delivering great Architecture to all projects big and small in a fun and enjoyable environment. Now in our tenth year of business, Coda has grown to become one of the region’s leading multidisciplinary Architecture and Design practices with over ten awards and commendations to our name for projects in all sectors. Coda merged with AC Liani and formed Coda Planning Ltd in 2013 and now boasts four Directors and five Associates with specialisms across all fields. MULTI AWARD WINNING ARCHITECTS AND DESIGNERS
‘Corporate Funk’ for our branding guys is still just as relevant today as it was in 2003!
Bespoke (our specialist small works department) bought AC Liani, set up our Leeds office and moved to our new HQ in Sheffield.
> You currently have offices in Sheffield and Leeds and are soon to be opening a new office in the Northern Quarter in Manchester. What was the decision behind opening a third office in Manchester?
We were also active in many sectors across the UK and it was for this reason we made the finals- so many practices accepted their fate whilst we set about transforming the way we delivered buildings for our clients. We need to win this next time though..
Sheffield became our home after Barnsley through the sheer magnetism cities have for doing business. Architecture and property are parochial beasts and we want to create a base in each of the northern power cities to build our brand. You need to be in the city, living and breathing them to understand how they tick. This is the key to great architecture that responds to the rhythm of the place. Sheffield-Leeds-Manchester is an amazing triangle of economic growth and all cities have a very different feel and a very different vibe- Sheffield is the world’s largest village set within the peak district (and the UKs 4th largest city), Leeds is the financial HQ of the north with amazing retail and nightlife and Manchester is the London of the North with a buzz all on its own! > Coda Studios was a finalist in the Builder & Engineer Awards 2013 – was that for a particular project? How did it feel to be nominated for such a prestigious award?
Finally, seeing Jamie Hanson and Abel Hinchliffe rise from office juniors in their teenage years to Associate directors and shareholders this year is a source of major pride for me and Mark. Our commitment to building our team from the ground up has paid dividends and is something we will continue to do. > So what can we expect from Coda Studios in the future? More of the same… controlled growth whilst remaining ‘Corporate Funk’. We believe that we can double the size of the business and retain our happy and friendly working environment. We are in talks for another acquisition and we hope to bring in more world class architects to bolster our team. We also have key projects in the capital so who knows- maybe a London office in the future?
This felt like the icing on the cake having survived the recession where others had failed- we were a four year old business going into the recession and it felt like all eyes were on us to fail and we didn’t… we flourished! We launched Coda Planning (our specialist planning division), set up Coda
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BEATING THE STOCK MARKET From acquisitions as bizarre as pedigree pigs to traditional antiques, these investments bend the traditional rules of commerce Words : Patrick Kinsella | View : Olivier Le Queinec
Therefore, these investments not only defy the rules of commerce, but The classification ‘unusual investments’ pigeonholes all those wacky, also ignore the lessons of history. So, why is it investors continue to be nonsensical, rough diamond investments which detract from the more traditional investor routes of bonds, shares, mainstream property and cash. attracted to such unusual items? And what currently tops the unusual investment list? From acquisitions as bizarre as pedigree pigs to traditional antiques, these Classic Cars investments bend the traditional rules of commerce, the first Classic cars most definitely occupy the fast lane when it comes to unusual commandment of which has always been ‘do not mix business with investments. Unlike new vehicles which depreciate in value as soon pleasure.’ as they leave the garage, classic cars, although they might struggle in These purchases are bound to be laced with a certain amount of investor climbing steep hills, will have no trouble in climbing steadily in price over the years. sentiment. It would be hard to express interest in something so specific and spend years hunting down that high-yielding treasure, without Knight Frank’s Luxury Investment Index published last September showed some personal or ancestral connection with the product. They are also that price growth in classic cars between Q2 2003 and Q2 2013 grew an sentimental as, for some investors, parking a classic car in the garage or incredible 430%, outscoring all other luxury assets, even gold. intricately hanging a piece of fine art simply represents more excitement than blandly monitoring the stocks and shares. Unimaginable amounts of money have flowed in and out of the classic car market in recent times; McLaren F1s which in 1992 were valued at around Investors by nature live their lives on risk and while even these types of £635,000 now sell for about £3.5 million, while a 1954 Mercedes-Benz investments see all eventualities weighed up, history suggests that recently sold for $29.6 million, the highest price ever paid for a car at a property investments offers the most robust and secure way to build and public auction. maintain wealth.
Other factors have also helped classic cars become heralded as the perfect investment vehicle. A recent report by the Historic Automobile Group outlined growth in the market last September by recording price increases throughout the past year. The report discovered that Ferraris rose 55%, Mercedes-Benz jumped 24% and Porsche rose 13%, highlighting the continual growth in the market.
were far more likely to pluck a hair from their head for fans instead of signing an autograph. Although hair collecting is slightly creepier, it is far more worthwhile than autograph hunting because hairs can easily be proved real with scientific testing and they contain DNA which provides a scientific blueprint of the original owner.
Top Three Tips Top Three Tips 1) Any car manufactured before January 1st 1974 will be entitled to a tax free disc. 2) Keep an eye out for ill-fitting doors, rusting chassis and banging noises from the engine. 3) If you aren’t an expert, it’s worthwhile to consider trusting funds with your purchase. Celebrity Hair If you spot a celebrity in the same restaurant, it may seem a largely strange and slightly laborious task to wait behind them for a strand of hair to drop, but if you manage to pocket it your hard work could well be rewarded. The value of celebrity hair has soared five-fold in recent years. Notable high grossing examples include a strand of teen icon Justin Bieber’s hair which recently sold for $40,668; while a canny barber who thought twice before sweeping up moon walker Neil Armstrong’s hair managed to make a pretty profit of $1600. Victorians were well ahead of us in this respect. In those days celebrities
1) Make sure to check scientific testing before committing to purchase. 2) Ask for authentic documents of proof. 3) Never think your own hair represents value, in fact an ounce of hair more than six inches long will only get you £3 and a full head of hair only £40. Stamp Collecting The world’s most popular hobby; with over 50 million enthusiasts, stamp collecting has evaded the threat of modern technology, remaining a key past-time among young professionals and more experienced collectors. In addition to providing a snapshot of a particular moment of time, giving an insight into history and culture, stamps can also represent profitable investments if you know what you are looking for. A recent report by Knight Frank proved this by showing growth of 255% in the market between Q2 2003 and Q2 2013. In fact, outrageous sums can be gathered from the sale of a stamp. An example which broke all past records was the sale of an 1855 Swedish ‘Treskilling Banco’ which sold for £1.3 million in 1996; when its density, weight, and size was considered, the
stamp emerged as the world’s single most costly object and remains so to this day. Investors sometimes choose to create thematic collections marking anniversaries, such as births, deaths and marriages within the Royal Family, certain periods of times and individual interests, such as sports. A sporting event which took the stamp collecting world by storm was the London 2012 Olympics. The sale of stamps during the event fuelled a surge of popularity within the stamp collection market. Royal Mail printed commemorative stamps to mark each British gold medal winner, presenting life-size stamps to victorious athletes as they crossed the line. As a result, sales numbers soared and stamp collecting made its name in history as one of the most important activities associated with London 2012.
As a physical asset, wine is immune to inflation which could be a reason for the soaring demand, with investors buying up large contents of fine wine as inflation fears rise. Evidence of this is recorded by Knight Frank, who claims the market has grown by 182% over the last decade and Liv-Ex, a benchmark index, who state the number of sales of the 100 most sought-after wines have jumped by more than 150% over the last ten years. Although the ‘old is gold’ adage still rings true, be aware that despite most wines qualifying as perishable assets, which allows for hobby trading to take place free of capital gains tax, those vintages that last over 50 years do become taxable. Most investments, however, won’t leave you with the morning after hangover due to wine being a tangible asset and easy to trade. Another thing in it’s favour is that wine is a finite commodity, once it’s gone, it’s gone, so keep it saved and you’re sure to find demand.
Top Three Tips 1) You should hold stamps for a minimum of five years before selling in order to maximise gains. 2) Funds have been established for years within the market and represent a reliable way to obtain a ready-made portfolio. 3) It may seem over-zealous, but acquiring stamp tongs is vital to ensure you can pick them up without risk of damage.
However, undoubtedly the biggest perk is an investor’s need to research, which in this case, will mean tasting glass after glass of wine, purely, of course, to ensure you make the right purchase.
Top Three Tips 1) Investing through wine merchants is traditional and a great way into the market. Fine Wine 2) Be prepared, minimum investment amounts tend to be within the thousands. Although investment is typically confined to fine wines from the Bordeaux region known as the first Five Growths, the specific nature of fine wine 3) Keep your wine in a bonded warehouse; not only will this keep it crisp, but it will also ensure it is free of duty and VAT, because it is held legally investment has not dampened investor appetite, which is currently soaring. ‘in bond.’
Toys Whether it was keeping your Tamagotchi healthy, drawing on your Etch-a-Sketch or figuring out that near-impossible Rubik’s cube, toys are likely to occupy a happy place within your childhood memories. Toys, however, are no longer being seen as purely child’s play and in fact, are now being keenly eyed by serious business investors who are aware of the profits these toys can make within a newly emerging investor market. Battling over a toy in an auction room may hark back to your childhood days when you fought with a sibling or friend to claim that toy which held the key to your future happiness, but it may well prove worthwhile if you grab a bargain over your main competitor. Many investors have benefited from this in the past, with black Steiff teddy bears having sold for over £90,000 and Marque Bebe Dolls having gathered prices of over £55,000.
As with most investments, the considerations on your checklist still remain the same; age, rarity, value, specific markets and above all, condition should top the list. Ticking all these boxes will not ensure success though, as toys are one of the toughest investment markets. The risk is like throwing a dice in a game of snakes of ladders, it could fall on any side regardless of your research. This is because of the fickle nature of the investment; toys are popular one day and friendless the next, so it is well worth being aware that investments are liable to fall just as much as they are to shoot up in price. So, although they may not fund your retirement, toy investment is likely to replicate the fun you had with them in your childhood days. You could win or lose, sink or swim, but most of all its likely to be a lot of fun and suits those investors who still seek the high-risk adrenaline of those childhood days. Top Three Tips
1) Keep investment toys in a box or container, these sadly are not for playing with. Other than the auction room, do not dismiss your attic as a place to seek such profit. If you happen upon a classic Dinky, Hornby, Matchbox or Corgi 2) Private collectors or specialist shops will not only provide advice, but are toy, you may well be in luck and stand on the verge of entering a likely to be cheaper than auctions because you are not charged buyer prosperous future of toy investment. or sellers commission. 3) Owning the original box is vital, without it you will only ever claim half of its potential value. However, it is well worth noting that changing trends are common within the toy market. Plastic toys, once regarded as cheap and nasty, are now highly regarded in the market, so just because it may not be one of the ‘classics’ above, dismissing it quickly could be to your own peril.
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Q & A Itâ€™s time for GPS to answer some of our readers most pressing questions Words : Samantha Jones
Q. Having seen the rise in property prices recently, is it too late to invest in Florida and still earn a good return?
A. Prices are still around 50 per cent lower than the peak of market
in 2006 and so whilst we have seen some strong growth in median house prices in the last 12 months, we are still very confident that capital appreciation will occur for the next 2-3 years as the market continues its correction.
Q. What are the benefits of buying a property â€˜off-planâ€™ over
amount of capital appreciation over the build period, plus rental yields are generally higher, with the addition of an assured rental period by most developers. Off-plan purchases also allow you to take your pick of the best apartments (if you get in early enough) plus, if you choose a developer who already has a management company in place, you can be assured of a completely hassle-free investment.
Why should I purchase purpose-built student housing over a HMO?
A. Off-plan essentially means that the project has not yet been granted
A. The main difference between HMOs and purpose-built student
planning permission by the local council. Most developers work closely with their local planning office to ensure that they are proposing schemes that are likely to get passed, however there is always an element of risk involved, which is why the price point that you purchase at is generally lower than existing property in the same area.
accommodation is the level of responsibility you have in regards to the property and its occupants. HMOs are for people who desire to be a physical landlord, with all the responsibilities that come with that moniker. Purpose-built student property is a hands-off investment that will allow you to earn a higher yield than you would in a traditional buy-to-let property, without the inconvenience of managing the property yourself.
From an investment standpoint, off-plan developments are an excellent way of stepping onto the property ladder, without the cost and effort of buying a completed property. The low entry level allows for a decent
The rise in popularity of purpose-built accommodation in recent years, mainly due to the rise in tuition fees and an increase in the number of overseas applicants, has been encouraged by many local councils, as it
releases family housing onto the market. Many students also find it a safer environment to be in, as the majority of them are let and managed on-site, with CCTV and secure keypad access. Student property can be a profitable addition to your portfolio; just make sure that the developer has a strong track record of completed developments behind them and that you are comfortable with not being part of the day-to-day management of your unit.
Q. Do I need a UK bank account to purchase property in the UK? A. No, you do not need a UK bank account to purchase property there. Solicitors will accept payments from overseas accounts, although you do need to be aware of time differences when transferring money, to ensure that your payments arrive on time. The majority of management companies will also pay rental monies into an overseas account.
Q. I have been looking into the Berlin rental market and am keen to
A. Berlin is an extremely popular investment location, due to the stable increase in the number of real estate properties, and the low price points available, when compared to other European cities.
As with any major city, there are certain areas that are more desirable than others, particularly within the private rental market. Districts in Charlottenburg, Mitte, Friedrischein and Pankow, in addition to parts of Prenzlauer Berg and Kreuzberg, are all popular locations in which it is highly recommended to purchase a rental property. Under German law, rents can be increased by a maximum of 20% in three years, which allows for healthy yields over the course of the investment. These rises are usually set in accordance with a locally-used table called ‘Berlinermietenspiegel’, which landlords use to check rents in the local area, to ensure that they are all kept in line. Of late, there has been a growing tenant demand in the buy-to-let market for small, furnished studio apartments, which are can be rented in the afore-mentioned districts at extremely competitive rates.
purchase a property there. Are there any particular areas that I should be leaning towards?
ASK THE EXPERT Blunts Solicitors
Q. Is it a legal requirement for me to use a solicitor when purchasing a buy-to-let property?
A. Legally there is no requirement in that anyone is free to represent
An experienced conveyancing solicitor will be able to answer these questions and find solutions or at least explain the risks so you can make your fully informed buying decision.
themselves on any transaction but whether it is wise is another matter.
Q. So why else would I need a solicitor?
Q. So why does everyone use a lawyer when buying a buy-to-let
A. Well, first, you will have an independent and confidential ear to
A. In short, there are some complex and lengthy legal documents
involved and it’s a question of risk management. Buying a property is a big financial investment and you want to make sure your money goes where it is intended, at the right time, on the right terms and that you have “comebacks” if things go wrong. As a private buyer, the type of questions you can’t answer but an experienced solicitor can answer are 1) Is this Contract or Lease or Management Agreement fair? 2) Is it typical for the type of transaction? and 3) Are any of the terms unusual?
discuss any concerns you may have.
All communication between you and your solicitor are privileged and utterly confidential and your solicitor will always act in your best interests. And then there is the peace of mind of knowing your money transfers are safe and that the work carried out on your behalf is backed by insurance against mistakes. All UK solicitors are required to carry a minimum level of insurance cover (£2,000,000) against making mistakes and in the unlikely event that your solicitor fails with your money, there is a compulsory compensation scheme to cover any losses.
SHOULD I MOVE TO PRAGUE? Words : Grace Price-Salisbury | View : f9photos
Historical, fanciful, decadent and sometimes cynical, Prague both perplexes its visitors at the same time as helplessly charming them. Since the fall of communism in 1989, tourism and investment has poured into the city, transforming it from a crumbling communist capital in to a vivacious Western metropolis. It’s not often that a city renders you speechless at first sight, and there’s a reason why so many people before me were captivated by Prague and its endless charm and beauty. From cobblestones to castles, goulash to pivo, you’ll quickly realise Prague is the ideal European city. It might be a tourist destination, but Prague has it all: historic buildings, fascinating castles, hilltop views, narrow streets, beautiful churches, a Jewish quarter, impressive cemeteries, trams, underground parties, pubs, it’s not too big or too small and it’s a cheap destination to fly to. The capital of the Czech Republic simply caters to all of your needs, whether you want culture, nature, party, relaxation or a lively atmosphere. One of my favourite things about Prague is the Old Town (Staré Mesto), which is packed full of beautiful squares, impressive buildings and churches, alongside the Jewish Quarter with its synagogues, museums and cemeteries. Across Charles Bridge on the other side is Mala Strana, with its mammoth cathedral which is also worth a visit. At night, Prague turns into a fairy tale…until you end up in what feels like a cellar. Many of the pubs are situated underground, where you can find a nice mix of locals, foreigners and, let’s not forget what Prague is most famous for, cheap beer! Prague is renowned for its pubs and bars, though things can get slightly hectic at weekends when the stags descend on the city. Pub crawls are a good way to cover a lot of ground – they meet at the astronomical clock
in the Old Town square and you are often persuaded to join them by someone spraying a water pistol in your face (strange I know, but it gets your attention). One of the best things about Prague is that it is easy to get around. The city has an excellent integrated public-transport system which combines metro, trams and buses. Every corner of the capital can be reached by one of the 3 forms of transport and the best part about it is that it’s extremely cheap. Prague is made up of 10 distinct districts. Walk through Praha 1 (the Old Town and the area across the River Vltava where Prague Castle is) or most of Praha 2 (the New Town near the famous Wenceslas Square) and you may think you’ve seen it all. However, there is so much more of the city to discover. If you head to the confluence of Praha 2 and Praha 3 you’ll find the Vinohrady neighbourhood where accommodation is cheaper and there is an eclectic mix of pubs and bars. Another great place to explore is Zizkov, a former working-class neighbourhood which is now home to students and expats. With transport here being so cheap, you can literally pick a numbered neighbourhood, hop on a tram and go. For all the reasons listed above, it comes as no surprise that Prague is no longer a hidden gem of Europe. Nowadays it is recognised as one of the most beautiful and enchanting cities and with that recognition comes the crowds – especially between May and September. And it’s no wonder, the history, gorgeous art and atchitecture, delicious local food and drink and the cities affordable prices. To put it simply, Prague seems to fit every requirement.
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 39 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
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
THE QUEEN’S BREWERY Manchester 6.5% NET rental returns
PRICES FROM: £73,500 73 luxurious 1 and 2-bedroom apartments Private courtyard and parking 10 minutes from Manchester city centre High-end fixture and fittings Extensive refurbishment of a landmark Grade II listed building 84
The last barrel was to be rolled out in late 2012 and the building at the centre of Hyde’s history would brew no more. However, even though the brewery is now being turned into buy-to-let properties, much of its historic prowess will remain. The Queen’s Brewery is a Grade II listed building and beautiful features such as the romantic clock tower and the hand-fed hopper will remain in the building.
X1 THE EXCHANGE Salford Quays 6% NET rental returns
PRICES FROM: ÂŁ97,500 140 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
Comprised of 140 high-end apartments, this 10-storey buidling will be furnished to the highest standards and ready to accept residents by Q4 2015. 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.
THE COURTYARD AT X1 THE QUARTER Liverpool 6% NET rental returns
PRICES FROM: ÂŁ89,950 Finance options available Experienced Management Co. in place Proven rental demand 5 minute walk to Liverpool ONE Opposite Liverpool Marina
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 Circa 9.16% NET rental returns
PRICES FROM: ÂŁ64,995 Assured rental yield for 2 years Our 38th development since 2012 Experienced student management company 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 todayâ€™s students.
THE STUDIOS AT X1 THE QUARTER Liverpool 7% NET rental returns
PRICES FROM: ÂŁ64,500 7% assured NET yields for 5 years Planning permission granted Parking available on selected units Perfect for students or young professionals Fitness suite and communal area on ground floor 88
As the UKâ€™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 221 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.
SALFORD QUAYS PHASE 3 Salford Quays 6% NET rental returns
PRICES FROM: ÂŁ97,500 Phase 2 in construction 6% NET rental yields assured for 1 year High rental demand in local area Just 10 minutes to Manchester city centre Parking available on selected units
Following the selling out of Salford Quays Phase 2, Knight Knox International has launched the third phase in response to high demand from investors. As seen by the popularity of Phases 1 and 2, investors are increasingly purchasing rental property in Salford Quays due to its new-found popularity amongst young professionals.
X1 THE EDGE Liverpool 8% NET rental returns
PRICES FROM: £54,950 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 Prime location in the heart of Liverpool’s student community 90
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.
CHRONICLE HOUSE Chester 8.5% NET rental returns
PRICES FROM: ÂŁ64,995 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 todayâ€™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 7% NET rental returns
PRICES FROM: ÂŁ61,950 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. Let and managed by PRIMO Property Management, Landcross House is a hassle-free, hands-off investment that is perfect for any property portfolio.
SOVEREIGN HOUSE Sheffield 8.35% NET rental returns
PRICES FROM: ÂŁ59,995
A modern refurbishment of a long standing building in the heart of Sheffield. 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.
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 www.globalpropertyscene.com |
ROBERT OWEN HOUSE Glasgow Circa 9.16% NET rental returns
PRICES FROM: ÂŁ54,995 Circa 9.16% NET assured for 2 years Fully-furnished Built and managed by experienced developer Freehold ownership High demand - Over 62,000 students in Glasgow 94
A former office building, Robert Owen House will comprise 101 studios, available at three different investment levels - standard, deluxe and premium. Additionally, in-keeping with the Fortis Developmentsâ€™ brand, students living here will have access to a private gymnasium, laundry room, secure bicycle storage and communal entertainment lounge.
LUNAR STREET Preston 7% NET rental returns
PRICES FROM: £62,500 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
Brought to market by the developer behind such successful projects as St. Ann’s Lodge and Nelson Square, Lunar Street is located in the middle of Preston’s busys centre. Let by a company with a great track record, Lunar Street is a hassle-free, hands-off investment that is perfect for any property portfolio.
THE GALLERY AT X1 THE QUARTER Liverpool 6% NET rental returns
PRICES FROM: £94,950 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.
TRINITY CHURCH Bolton 9% NET rental returns
PRICES FROM: ÂŁ54,950 9% assured NET yields for 2 years Managed by PRIMO Property Management Completion in time for September 2014 intake Great central location Built by an experienced developer
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 42 studio flats.
DUNFIELDS Sheffield 10% NET rental returns
PRICES FROM: ÂŁ44,000 10% assured NET yields for year 1 Designated letting service Designed by award-winning architects High-end fixtures and fittings Great location in Kelham Island
An urban chic development, this high-end residence delivers boutique living to students in Sheffield. Comprised of 18 townhouses which are divided into 4 and 5-bed developments (82 units in total), Dunfields is the epitome of student living. Secure bicycle storage, an outdoor gym and private courtyard and parking spaces all combine to ensure students enjoy the luxury of a home-away-from-home.
GEORGE HUDSON STREET York TBC NET rental returns
PRICES FROM: TBC 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 Cliffordâ€™s Tower.
X1 EASTBANK Manchester TBC NET rental returns
PRICES FROM: TBC 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
Ranked by HSBC as being the fourth best â€˜Buy-to-Let Hotspotâ€™ in the country in 2013, Manchester is a city which has a chronic undersupply of housing, in relation to its population.
NEW MOUNT STREET Manchester TBC NET rental returns
PRICES FROM: TBC
Ranked by HSBC as being the fourth best ‘Buy-to-Let Hotspot’ in the country in 2013, Manchester is a city which has a chronic undersupply of housing, in relation to its population.
City centre location Private parking available Highly experienced developer In Manchester’s trendy Northern Quarter Close to Manchester Victoria train station
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*Prices correct at time of publishing 102
CYPRESS COVE USA 8% NET rental returns
PRICES FROM: ÂŁ44,599 8%+ Net rental returns Priced 60% lower than peak Luxury community in great location Resort style swimming pool Relaxing spa
Knight Knox International have an exclusive allocation of 1 bedroom apartments priced significantly below market comparables and already tenanted, immediately yield producing for the international investor buyer. The community is a high spec, luxury community attracting quality tenants being right on the Atlantic Coastline in the popular beach destination of Melbourne. There is a pool gym and clubhouse on site and the community is located only 1.5h from Orlando and all of the theme park attractions.
75 WALL STREET USA 10% NET rental returns
PRICES FROM: ÂŁ421,240 10% assured NET yields for year 1 Designated letting service Designed by award-winning architects High-end fixtures and fittings Great location on Manhattan Island
New York City is considered one of the premiere destinations for investment, as prices fell dramatically during the global recession in comparison to other similar metropolises such as London and Hong Kong. Over the last 10 years on average there has been 10 months supply on the market in Manhattan, however, that number is now down to 3 months, making this one of the best times to invest in New York City in the last 20 years.
VILLAGES AT TALLAHASSEE USA 8.5% NET rental returns
PRICES FROM: £29,950 Choice of 1 & 2-bed apartments from £29,950 NET rental yields of 8.5% assured for first year Properties refurbished and pre-tenanted Ideal for buy-to-let investors Less than 3 minutes drive to Florida State University
The Villages in Tallahassee is found in the capital of Florida, Tallahassee and is located on the Florida ‘Pan Handle’. The development is in an area of high rental demand, being only a couple of minutes drive to one of Florida’s largest Universities and employers, Florida State University. The local area supports 70,000 students a year and the University itself is Tallahassee’s second largest employer, employing over 20,000 people.
VEER TOWERS USA 6% NET rental returns
PRICES FROM: £147,425 Priced at 40% lower than the peak of the market 6% NET for the first 2 years Great location in the heart of Las Vegas Large rooftop sun deck Secluded driveway with valet parking services
This is your opportunity to own a trophy property in one of the world’s most vibrant cities, Las Vegas! Veer Towers is the best place to live in Las Vegas, with a premier CityCenter location. It’s an enviable lifestyle of fashion, luxury, comfort and convenience and now it can be yours. This is a limited opportunity and the time to take advantage of that opportunity is now!
UNIVERSITY VILLAGE USA 6% NET rental returns
PRICES FROM: ÂŁ79,904 6% NET rental assurance for 2 years Fully-managed, hassle-free investment Located close to all of Disney attractions High-end fixtures and fittings Heated swimming pool
Situated a short drive from DisneyWorld, Universal and Sea World, University Village offers investor buyers the chance to invest in high quality, fully-managed, 3 bed apartments priced at only ÂŁ79,904. Knight Knox International has secured exclusive units and pricing, occupying some of the best positions on the development. All apartments are generously sized, with the added benefit of an on-site tennis court, pool and clubhouse.
CRESENT PLACE USA 7% NET rental returns
PRICES FROM: ÂŁ61,000 Price 60% lower than the peak of the market Great Orlando location Large outdoor swimming pool On-site Gym and sauna Taxes and Management Fees Paid for 12 months 108
Crescent Place Orlando is the ideal location to live, work and play. Located in one of the most affluent areas in Central Florida, this surprisingly affordable community offers a wide variety of amenities for a very reasonable price. We have 1 to 3 bedroom apartments for sale all rented producing solid NET rental returns.
THE PALMS CLUB USA 6% NET rental returns
PRICES FROM: ÂŁ58,911 High spec Orlando Investment Prices 60% lower than peak price Range of 1 to 3 bed units available Clubhouse and meeting area Fitness centre
There is no other condominium residence that flawlessly combines style and attainability like The Palms Club Orlando. Knight Knox International have an exclusive allocation of 1 to 3 bedroom condominiums located near to all of Orlandoâ€™s attractions at a fantastic price point. With prices significantly reduced from the peak of market and an onsite management presence to take care of day to day rental of your investment, there has never been a better time to purchase in the Sunshine State.
SERENE RESIDENCE Thailand 6% NET rental returns
PRICES FROM: ÂŁ16,980 High spec luxury apartments Rental-ready furniture packages Interest-free payment plans Sheltered parking Fitness centre
Serene Residence is a new condominium development located in Bang Saray on Thailandâ€™s renowned Eastern Seaboard. Just 250m from the beautiful Bang Saray Beach, this beautiful fishing village is known for its stunning beauty, unspoilt beaches, great seafood and rural charm. The project features the latest designs and great facilities to offer an unparalleled living experience in one of the most sought after locations in the region.
LANNA Thailand 6% NET rental returns
PRICES FROM: £54,500 5 minutes from Samui International Airport 24 hour on site staff Fully Equiped Gym Pool Side Bar Air conditioning in all rooms
Lanna, is a collection of studios, 1 Bedroom apartments and 2 bedroom penthouses, designed, built and furnished to the highest standards. Found in the heart of Koh Samui, Bang Rak was chosen for its convenience of location to Great beaches, shopping, the night life centers of Chaweng and ‘Fishermans Village’ and the airport. ‘Lanna’ is set on a very spacious 3 rai of lush landscaped tropical gardens.
MEDITERRANEAN BREEZE Turkey
PRICES FROM: ÂŁ112,000 Key-ready duplex penthouses 10% discount available Visit and view available Large communal pool Fantastic leisure facilities
Mediterranean Breeze has been designed to to offer exceptional value along with an excellent investment potential. The south-facing project is located on a unique, elevated green-field with magnificent, unobstructed views of the Mediterranean landscape. Surrounded by the unspoilt countryside and a pine forest, the development is only 5 minutes from the resort of Kumkoy.
MITTE LIVING Germany
PRICES FROM: £192,000 Unbeatable location in central Berlin Perfect buy-to-let investment New-build and already in construction Additional parking spaces are available Enviable luxury apartments boasting high quality development standards
A brand new development in the heart of Mitte, Berlin’s first and most central district. Located on Chausseestrasse, this street is one of Berlin’s top locations and a magnet for galleries, cafes and new businesses caering to the area’s large concentration of creative individuals.
KAISERDAMM APARTMENTS Germany
PRICES FROM: ÂŁ149,900
The Kaiserdamm property in Charlottenburg-Wilmersdorf (built in 1910) was once the luxurious headquarters of Berliner Volksbank (the cityâ€™s main savings bank).
Prime location next to shopping area Listed building with beautiful features High capital growth prospects Completion: end of 2014 High quality fixtures and fittings
The distinctive corner tower of the front building still emphasises the outstanding architectural merit of this property even today. In the context of the reconstruction of the existing building, we are planning to develop 31 residential units, 2 commercial units and 20 underground parking spaces with an overall area of 1,191 square metres.
Knight Knox International | www.knightknox.com | 0161 772 1370
PRICES FROM: ÂŁ319,000 Great central location Close to local underground stations Hands-off investment High qulaity fixtures and fittings Already completed to a high specification and ready to move in!
Brand new one, two and three bedroom apartments, completed to a high specification in Berlinâ€™s central Mitte district. The various types of apartments are suitable for singles, couples and families, for moving in themselves or as an investment for both capital appreciation and rental income.
PRICES FROM: ÂŁ84,000 Large communal swimming pool High specification kitchen Great beach side location Close to all local ammenities Short journey to local airport
Colosso is located just a few meters from the sea in the outlying part of Benalmadena. This area rarely offers newly built projects, which makes Colosso a true investment opportunity and a gem for the whole family. Dont miss your chance - the project will not be on the market for long.
PRICES FROM: ÂŁ76,000 High quality fixtures and fittings Marble floors throughout Large master bath Built-in air conditioning Large outdoor swimming pool
Duquesa is position in a great location close to all bars, shops and resaurants. The site offers investors great quality fixtures and fittings along with large communal areas and swimming pool. This is one of the best value Spain investments currently on offer.
LA RESERVA Spain
PRICES FROM: ÂŁ54,500 Green areas and pool Jacuzzi and sauna Heated indoor swimming pool Large gym Equipped bathrooms
Offering large duplex apartments La Reserva offers investors a beautifully designed and apointed apartment. With a large array of facilities onsite, there is plenty for any guests to experience. Located close to one of the best beaches in southern Spain its clear this is the correct investment currently available.
THE BEST OF
A market leader in the UK buy-to-let sector, Knight Knox International has launched 35+ developments onto the UK market, totalling more than 3,000 units at a value in excess of ÂŁ195million. 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
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Edition 3 of the number one buy-to-let magazine