Global Property Scene Edition 24

GLOBAL

PROPERTY NO. SCENE ISSUE 024

The Investment Publication | www.globalpropertyscene.com

This issue: The dark web, a growing economy | Exciting architecture completing this year Bamboo, the future construction material | Should I move to Tel Aviv?

IS NOW THE TIME TO INVEST IN LEEDS?

FOR GOD, PEOPLE, NATURE, AND COUNTRY: A GUIDE TO INVESTING INTO THE PHILLIPINES

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INSIDE / ISSUE 024 FEATURES

23 Should we build with bamboo?

64 51 The best architecture of The battle for natural resources 2018

The largest grass stalk in the world, bamboo is remarkably versatile and could have many uses for us. Along with its ability to grow between three and five feet a day in the right climate and circumstances, the plant is extremely strong for its weight and has potential as both a structural material and as an attractive finish.

Architecture is a slow art form. From the initial concept and drawings it can be years or decades until a building is finally finished, and even then it might have evolved beyond recognition by that stage.

The best laid plans of architects rarely survive first contact with reality.

INVESTING IN THE PHILIPPINES | 42

In the midst of one of the hottest and most prolonged summers in 40 years, it’s difficult not to cast your mind to doomsday predictions of global warming and rising sea levels. Of course, extreme weather has always been a feature of the global climate, but it’s hard to escape the feeling that things have been more extreme of late.

Who could imagine a freer, less authoritarian, less governed space than an area of the internet with literally no rules? It’s perhaps our best working example of real life anarchist economics apart from the Paris communes or the anarchist communes of the Spanish civil war.

REGULAR ARTICLES

LISTINGS

11 Market in Focus: Leeds

94 UK

Leeds is one of the UK’s most centrally located cities and, like most of the North, has a history as a major industrial hub. Leeds itself was a key trading city, namely for wool, fabrics and dyes which remains a significant part of the city’s identity today.

Home of the Industrial Revolution, the UK has long been established as a major commercial centre, benefiting from strong trade links with companies on every continent.

With a long history in international cooperation, the country is an attractive place for investors both foreign and domestic.

89 Should I move to Tel Aviv?

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

Israel as a country has a very interesting and diverse culture that consists of the traditions and customs of Jews from all over the world.

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77 The Dark Web, a growing market

JUL/AUG 2018

GLOBAL

PROPERTY NO. SCENE ISSUE 024

EDITOR’S NOTE The global economic and political climate has been nothing but enthralling over the last few months, with a whole host of countries introducing retaliatory tariffs following the United States' increasingly tough approach to trade. The UK continues to struggle with the messy particulars of a break with the EU. For the first time in history a sitting President met with the leader of North Korea. And finally, Russia hosted a successful World Cup despite the looming shadow of international condemnation following the release of a Russian nerve agent onto UK streets.

The Investment Publication | www.globalpropertyscene.com

This issue: The dark web, a growing economy | Exciting architecture completing this year Bamboo, the future construction material | Should I move to Tel Aviv?

IS NOW THE TIME TO INVEST IN LEEDS?

FOR GOD, PEOPLE, NATURE, AND COUNTRY: A GUIDE TO INVESTING INTO THE PHILLIPINES

That’s a fairly sizeable chunk of turmoil and, given its gravity, much of it will have a long-lasting effect for all of us. On the subject of turmoil, the Philippines has had its fair share, with a long history of colonial rule yielding many internal and external conflicts costing countless lives. The country may be attracting criticism from the media due to its brutal zero-tolerance policy on drugs, but this seems to be having little impact on international investment. As one of South East Asia’s fastest growing economies, we thought it was high time to take a look at what the future has in store for this beautiful country.

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02811 61879

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*Where Sold UK £4.99 USA $8.99 Europe €7.99 Hong Kong $67.00 Malaysia 31.00 MYR UAE 36.00 AED Singapore $11.00 SGD

Bamboo is a popular building material across Asia, forming the basis for much of the region's development. The largest grass stalk in the world, bamboo is remarkably versatile with the ability to grow between three and five feet a day in the right climate and circumstances. As construction pressures continue to increase, with more people moving into the world’s largest cities, we look at how this natural building material could become more common globally.

CONTACT +44(0)161 772 1394 info@globalpropertyscene.com www.globalpropertyscene.com

CREDITS Individual Samantha Edwards, Alex Timperley, Will Leyland, Emma Martin, Sam Taylor, Alistair McGovern, Michael Vickers, Mark Williams, Richard Ellis, John Power, Martin Copeland Commercial Knight Knox, X1, Fortis Developments, Forshaw Land & Property Group, INTUS Lettings, Gold Key Media, Shutterstock, Unsplash, Property Investor, Qualis Developments yieldit, Top Marques Monaco, Spectrum Digital, COS Printers, abc

Cape Town found its way into the news recently as it became the first major city to run out of water. This isn’t an isolated issue, and given our ever-growing population it begs the question what could all this mean for the world’s scarce resources? In this edition we look at our future global needs and what potential solutions could have the answer.

And finally, we look at some of the buildings and architectural sights scheduled to complete in 2018.

We all look forward to the completion of a landmark development, and given their infrequency they should certainly be celebrated on the pages of GPS. That’s it for now, we hope you enjoy edition 24.

Editor-in-chief Michael Smith

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TRUMP'S STEEL TARIFFS AND THE CONSTRUCTION INDUSTRY SAM TAYLOR

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mport tariffs have hit the headlines across the globe as the President of the United States, Donald Trump, makes good on his promise to impose tariffs on the import of certain goods into the USA. In his 2016 presidential campaign Trump promised to tighten controls on imports of steel and aluminium in a bid to help protect the US steel industry which is under threat from cheaper goods flooding the global market.

But what impact will these recently implemented tariffs have on trade? And more specifically how could US import tariffs influence the construction industry and the delivery of development projects across the world?

In the case of steel production, there has been a flood of extra product to the market as developing economies ramp up production. In 2005 China produced a third of the world’s steel and by 2017 was providing close to half of the total global supply. However, in recent years China’s domestic construction has slowed, resulting in prices of steel falling as the market is flooded with an oversupply.

This is excellent for the bottom line of the western consumer, but not for producers who are being priced out of the market. These cheap overseas products have resulted in closures to steel manufacturing plants across the US and Europe.

Trump believes his tariffs will make the domestic product appealing once again and help save American production plants, in turn benefiting America’s economy and supporting jobs.

“In 2005 China produced a third of the world’s steel and by 2017 was providing close to half of the total global supply.”

Whilst some see Trump's move as a protectionist political measure which will have a long-term positive impact on the US economy, most consider it just another manoeuvre in a heated global trade war in which no one will win. In a recent interview discussing Trump's measures, Richard Warren, head of policy at UK Steel, explained that there is already a “complex global problem of overcapacity in the steel industry” and described Trump's method as a “unilateral and extremely blunt approach”.

Regardless of your stance there are clear knock on effects to such measures which will affect the global trade market, impacting on a plethora of industries including construction, which relies heavily on steel as a raw material. Many politicians including a United States Senator from North Dakota, Heidi Heitkamp, have expressed concerns over the proposals. She commented: “if you pull the string on international trade it unravels in ways you could not predict”.

What we are likely to see is a disruption to the steel supply chain, which in turn will create uncertainty with pricing. American contractors and subcontractors will be

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especially affected by this ambiguity. The Archinect, a US Architecture publication, gave a concerning example of a project that could see a 0.5%+ increase in total build costs because of the tariffs – a significant revision of the bottom line.

Furthermore, the US steel industry is going to have to adapt to a change in demand if it to produce more of its domestically consumed steel, and this won’t happen overnight, unlike Trump's bill. Michelle Applebaum, a steel industry analyst explains: “the U.S. steel industry should be able to meet most demand, but even plants like Granite City and Ashland, which have been kept ready to restart, take four to six months to be ready for production” which will cause major disruption to projects across the US.

“Not all US steel consumers agree with Trump's plans. Since announcing the proposed tariffs 21,000 individual exclusions were registered to the Trump administration by companies claiming that the increased cost of imported steel would be bad for business.”

It's not only the US that will feel this change in supply; the European construction industry is also predicting uncertainty in the price and supply of steel, which in turn will lead to project cost changing. In an environment where construction budgets are so tight; it was reported in Q1 2018 that main contractors in the UK are operating at around 1% profit on cashflow for some major projects, there is going to be hesitation until the supply chain adapts to the change in prices, which no one seems willing to predict. In turn this will mean contractors and subcontractors are unable to finalise prices, complicating the tendering process and adding another level uncertainty for developers across the world.

Not all US steel consumers agree with Trump's plans.

Since announcing the proposed tariffs 21,000 individual exclusions were registered to the Trump administration by companies claiming that the increased cost of imported steel would be bad for business. Trading blocks across the world have also lashed out, with China and the European Union proposing counter tariffs which could costs the US economy £350bn if fully implemented.

Whether Trump, like George Bush in 2002, will drop the proposals after considering the ramifications of upsetting its trading partners in a tit-for-tat trade war, we will have to wait to see. But for now, we must expect uncertainty across the global steel market and work to minimise its effect on a finely balanced construction industry.

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MARKET IN FOCUS LEEDS Words : Emma Martin | View : Callum Whiteley

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he UK has long been a popular country for property investment. Home to hotspots like London, Manchester and Liverpool, the UK’s housing market has proven remarkably resilient over the years and continues to attract national and global investment. But with an overall land mass around half the size of California and local markets that can wildly differ in terms of price and yield, it can be hard to pinpoint just where in the UK is ripe for investment.

further north. This can certainly be said of Leeds, a city that has quietly been building momentum.

Leeds is one of the UK’s most centrally located cities and, like most of the North, has a history as a major industrial hub. Leeds itself was a key trading city, namely for wool, fabrics and dyes which remains a significant part of the city’s identity today. Much of the architecture in and around Leeds is a reminder of its industrial past, with many of the buildings along the River Aire repurposed warehouses which now make up a substantial part of the city’s unique residential and commercial space.

Take London and Manchester, for example; the average price for property in the capital is currently an eye-watering £663,837, but take a four hour car journey north to Manchester and you’ll be surprised to find an average cost of £184,962. For any investor that is a pretty big difference, and with average yields of 3.05% in London and 5.5% in Manchester it just goes to prove how far local markets in the UK differ over small distances. For that reason it is crucial that those looking at investment in the UK take time to learn about just what it is that drives local housing markets and where you’re likely to get the most for your money.

A number of notable 19th century buildings give Leeds its distinctive feel, particularly in areas like Holbeck just south of the river, home to Temple Mill and the red brick Tower Works. The Tetley, Leeds Town Hall, Kirkgate Market and the Corn Exchange are all examples of buildings which shot up in the mid-to-late 1800s when Leeds really started to blossom into the busy metropolitan city it is today thanks to the many labourers who flocked to the mills and warehouses.

By 1841, Leeds’ population had ballooned to 88,000, rising from just 6,000 in 1700.

London has traditionally been the obvious place to invest, but things have started to change as sky-high prices put the capital out of reach for most and returns continue to dip. Instead the UK’s regional cities have become the focus, with all eyes on what is happening

But Leeds was just getting started. Today the city has a population of over 800,000, making it one of the UK’s most populous cities.

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Leeds itself is at the heart of a larger city region which, according to its City Council, has an economy worth approximately £66.5bn per annum, with the city’s economy having grown by almost 40% over the last decade. The wider city region has a combined population of three million and a workforce of 1.37 million.

Boasting one of the fastest growth rates in private sector jobs, and the highest ratio of public to private sector jobs of all the UK’s Core Cities, Leeds is a hub for business. Aptly named as a Financial Centre of Excellence, Leeds is now considered the UK’s second centre for finance industries, with the city region home to 30 banks, both domestic and international, as well as accommodating the head offices of three of the UK’s largest building societies.

According to Invest Leeds City Region, “this substantial cluster produces the largest GVA contribution in financial and professional services in the UK outside of London, with particular strengths in banking, legal services, insurance, and financial technologies.” And with all of that, it comes as no shock that 35% of Leeds’ working population is educated to degree level, driven by the 39,000 students which graduate annually from the city’s universities.

“A dearth of high-quality rental accommodation in the city centre means that industry experts anticipate 19.9% house price growth by 2022 as well as 18.8% anticipated rental price growth, which is around a third higher than the UK average.”

It’s not just work though; Leeds is convincing more and more people to move and visit ahead of other key UK cities because of the fantastic city-wide culture. Rated fifth on Lonely Planet's Best In Europe 2017 list for places to visit, the city has something for everyone, local or tourist. Art fans can admire world-class sculptures at the Henry Moore Institute, or spend an afternoon at contemporary art centre The Tetley, before an evening enjoying a show at the Leeds Grand Theatre and Opera House. For music fans there are a myriad of underground music venues as well as the O2 Academy, and Leeds also plays host to the annual rock festival, Leeds Festival, one of the biggest events on the calendar.

But if lazing by the canal and drinking in the sun is more your thing, then Leeds has got that covered too. The city has really come into its own over the last decade and now produces some of the finest food and drink in the country, often making the most of local produce gathered from the surrounding countryside. Residents benefit from an ever-growing food and drink scene, with everything from swanky rooftop bars to Michelin starred restaurants and innovative street food pop-ups. So it’s understandable that the

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Bridgewater Place, Leeds

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“The fact that Leeds has experienced a 9.7% jump in tourist numbers between 2013 and 2016 just goes to show its global appeal.” chief executive of Welcome to Yorkshire describes the city as “a contemporary and dynamic destination that is constantly evolving and pushing boundaries”.

James Smart, Lonely Planet’s UK destination editor, endorses the city too: “Once defined by its industrial past, Leeds is now a confident, cultural hub in the north of England. With major events this year including the reopening of Leeds Art Gallery and the 50th anniversary of Leeds West Indian Carnival, there’s never been a better time to head to Yorkshire and join the party.” The fact that Leeds has experienced a 9.7% jump in tourist numbers between 2013 and 2016 just goes to show its global appeal.

The advancement of Leeds has understandably resulted in it becoming a top choice for students, graduates and young professionals, impacting the local housing market. A dearth of high-quality rental accommodation in the city centre means that industry experts anticipate 19.9% house price growth by 2022 as well as 18.8% anticipated rental price growth, which is around a third higher than the UK average. JLL goes as far as to put expected house price growth in Leeds second only to Manchester – the UK’s ruling buy-to-let hotspot.

Plans to double the size of Leeds city centre with the regeneration of the South Bank area will only further improve the city’s future prospects economically and culturally. The exciting regeneration framework states that “redeveloping the South Bank area of Leeds will be the biggest change the city has seen in more than a hundred years. We aim to double the economic impact of Leeds city centre by transforming South Bank into a distinctive global destination for investment, sustainable living, learning, creativity and leisure.”

Alongside the redevelopment of South Bank, the new HS2 station will provide a much needed boost to local infrastructure and the new integrated HS2, alongside the existing Leeds station, will facilitate the travel of 60 million passengers annually.

Leeds University boasts a student body of 33,300, the fifth largest university in the UK (out of 167).

Whilst Leeds is yet to capture the attention of the world in the same way that, say, Manchester has – it certainly should not be underestimated as a destination for investment, leisure and business. Leeds is creating something quite special, and we predict that it won’t take long for it to jump into the spotlight. Investors who are looking for an emerging market should pay close attention to all that Leeds is achieving because industry experts say that Leeds is the place to be.

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OFF THE SITE Did you know that Global Property Scene produces daily updates on our website? Here is a collection of our favourite pieces produced over the last two months.

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June 1st The winemakers of China When you think of wine, the same places always come to mind. France, Italy and Spain are the favourites of those who prefer ‘old world’ wines, whereas places like Australia, California or South Africa might be preferred by fans of ‘new world’ wines.

Every now and again an upstart nation will attempt to assert itself in the wine world and shake the boat. For reference, see the often-pitiful attempts of British winemakers to gain the respect of an industry which has no interest in them. These challengers tend to fade away as quickly as they come.

However, one country which is making more serious looking inroads is China. The country’s taste for wine has been growing rapidly in recent years and it is now the fifth largest consumer of wine in the world.

Between 2010 and 2015, the volume of wine consumed by the Chinese increased by 132% to a total of 2,466 million litres. This figure is expected to reach 4,320 million litres by the end of 2019. It is also the sixth largest wine producer in the world, bottling 11.4 million hectolitres in 2016.

Partnerships between Chinese wine-producing regions like Shandong and Ningxia and French producers, wine scientists and farmers are creating a new frontier in the wine world. Chinese consumers have a real taste for French wine, meaning that any local producers looking to break into the market had a high bar to jump – so why not partner up with the professionals to create a superior product?

The French producers will benefit from this arrangement too. As previously mentioned, the Chinese market for French wine is already enormous, and by partnering with local developers the profile of the French product will only grow even further.

Investment from western wine producers in China is an interesting case. Normally, companies go to China to take advantage of cheap materials and labour – but that isn’t really possible when it comes to wine making. The method of production and the basic costs are the same everywhere. In the case of wine, it appears western organisations are more interested in getting in on the ground floor and promoting a local product which they have a financial stake in. Who knows, Chinese wine may begin flowing in the opposite direction and making money in the west as well.

China exported approximately US$1.2m in 2016, compared to total exports of US$3.2bn from France – however, this is clearly a growing market. It is unlikely that China will ever challenge the dominance of France and Italy, but there is a lot of room for manoeuvre if investors are willing to take a risk and give the Chinese a chance.

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June 8th Learning from the octopus Scientists have become convinced over the years that the octopus is an extremely intelligent animal. They can build ‘cities’ in the ocean, open jars, use tools and escape aquariums. They are possessors of an unusually large brain, and looking an octopus in the eye can be an eerie experience akin to looking at a person.

But ‘intelligent’ in the animal kingdom doesn’t mean much when compared to humans. The octopus can hide under a coconut shell to avoid predators, but that doesn’t mean it is anywhere close to our level – however, the latest generation of engineers and designers still think there is much we can learn from our cephalopod friends.

A particularly interesting field of study is soft robotics, the development of smart materials, skins and

synthetic limbs and muscles which are designed to help those who struggle with movement or injury.

As reported in Wired, a team from Bristol Robotics Laboratory has been looking to the octopus for inspiration in these areas. When it travels across the sea floor, the octopus can contract, expand, change colour and morph its shape radically by utilising a system of muscles which are embedded in the skin. As the little bundles of muscle expand and contract they change colour, and it is not beyond the realms of possibility that humans could adapt this technology to create artificial skins which can increase or decrease the amount of heat we radiate.

Another interesting innovation being explored involves the central nervous system used by the octopus. We humans have our brains sequestered inside our skulls in order to offer protection from impacts and other misfortunes. On the sea bed, this is not so much of an issue; for this reason the octopus has evolved with its

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brain spread throughout its body. This decentralised system operates inside the materials and is inspiring the team at Bristol to create materials which can act independently and dynamically according to environmental factors.

The idea is that the smart materials being engineered can sense what is going on and react according to the situation they find themselves in, much like an octopus tentacle does. An example given is a pair of trousers which can sense when you are walking upstairs and contract in the right way as to give you extra power when going upwards and fighting against gravity.

The trend towards smart materials has been growing in fields as diverse as anti-sweat clothing and bandages which tighten or loosen when required. If we can harness what nature has provided to improve our abilities then we might all be walking a bit more lightly in the near future – and some of that might be thanks to the octopus, a unique and fascinating creature.

This week, after much debate, The World Health Organization (WHO) has officially classified ‘gaming disorder’ as a mental condition. The new classification, outlined in the WHO’s latest International Statistical Classification of Diseases (ICD-11) has resulted in a few raised eyebrows from other health professionals after being published on Monday the 18th June.

June 19th Gaming disorder is officially recognised as a mental condition

Prior to the WHO officially recognising the disorder the American Psychology Association voiced its uncertainties, stating that a lack of scientific research “has not provided clarity on how to define video game addiction (VGA), what symptoms best diagnose it, how prevalent it is, or whether it truly exists as an independent disorder, or, when it occurs is merely symptomatic of other, underlying mental health diagnoses."

However a growing trend of long-term video gaming has led some to raise serious concerns about loved ones, particularly in the cases of parents or partners who find that a family member is spending a disturbing amount of time in front of screens.

In fact, the Entertainment Software Association’s Essential Facts About the Computer and Video Game Industry report shows that over half (60%) of Americans play video games daily, and each household has an average of two gamers. So, with gaming playing such a significant part of daily life today, it is understandable that debates have been had about what counts as an addiction.

The WHO states that there are three main elements which must be present for gaming disorder to be diagnosed which are: 1) Impaired control over gaming (e.g., onset, frequency, intensity, duration, termination, context); 2) Increasing priority given to gaming to the extent that gaming takes precedence over other life interests and daily activities; 3) Continuation or escalation of gaming despite the occurrence of negative consequences.

And it is asserted that ‘significant impairment in personal, family, social, educational, occupational or other important areas of functioning’ must also take place.

However the WHO is clear that gaming addiction is an incredibly rare condition, and one that many serious gamers wouldn’t qualify for. For a diagnosis to be made the behaviour has to take place over a prolonged amount of time (e.g. a year), and must be made by a professional.

Dr. Vladimir Poznyak from the WHO's Department of Mental Health and Substance Abuse commented to CNN: "Millions of gamers around the world, even when it comes to the intense gaming, would never qualify as people suffering from gaming disorder.”

The problem with creating a new disorder for video game addiction is that, like many other addictions, it can often stem from other mental disorders. Many of those who fall into dangerous levels of video game playing may have dissatisfaction with everyday life, to which games provide an escape. Additionally, underlying personality disorders could manifest in withdrawing from day-to-day life, resulting in an apparent addiction to video games.

It is yet to be seen how this new classification will play out, or how often it will be used by medical professionals, but it will be interesting to understand further what makes this billion dollar industry tick.

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July 6th Monaco is creating new land When asked to name the most expensive places in the world to buy property, Monaco would probably be a mandatory guess for most people.

The city-state on the French Riviera is something of an anomaly which shouldn’t really exist by any rational rules – and yet it does.

A report from Savills in 2017 highlights quite how silly the housing market has become in Monaco.

The average sold price was €4.5m, making the average price per square metre €41,400 – three times as high as New York. Where prices in other prime residential addresses adjust based on general market forces, Monaco’s seem not to.

Indeed, the only thing that seems to be able to halt the upward trajectory is if a new tax or residency law is passed which briefly sets things back.

Average annual growth has been more than 10% a year since 2006 and €2.7bn of property was transacted in 2016.

Of course, this housing market creates problems.

The most obvious is that people actually from Monaco are essentially shut out of buying, or even renting, in the place of their birth. The problem is so severe that the governing council has made affordable housing for its young people a top priority – quite the move for an executive body which has for years prioritised attracting foreign money over pretty much everything else.

But why is everything so expensive? It all comes down to space. The entire place covers an area of just over 2 sqkm – a ludicrously small space to fit a population of almost 40,000 into. When your country is in the same league as Macau, Hong Kong, Singapore and the Gaza Strip you are living in a crowded place.

Le Portier, due for completion in 2025, is a pioneering development which will house 1,000 people and will be built on land reclaimed from the sea. This €2.1bn project is expected to be worth approximately €3.5bn when all the units are sold and completed, meaning that this might be an avenue where developers can make a tidy profit.

There has been local objection to this in two forms. The first is from the super-rich who currently live on the Avenue Princess Grace, a place claimed to be the priciest and most exclusive street in the world by local estate agents.

These residents are, perhaps understandably, not best pleased that their closed off little paradise is overshadowed by a construction site and will soon enough have another 1,000 people living next to it. On the other hand, it is hard to feel particularly sorry for these people when you consider that this is at best a minor inconvenience in a life otherwise defined by extreme luxury.

The other objection comes from local people who are concerned that the dredging of the seabed required for the Le Portier development will do nothing except disrupt and damage the fragile biodiversity of the Riviera. It would be a shame to say the least if such a beautiful area was to be destroyed in order to build yet more seemingly absurd housing. The irony is that this probably didn’t happen sooner purely because people who have paid tens of millions of Euros for their house bought the view as part of that transaction. Now it will potentially be compromised as the cycle of avarice goes on without them.

Space is at a premium, and when there is not enough space for the locals it is tough to overstate how unhelpful it is to have a steady stream of super-rich foreign nationals buying up property thanks to the scandalously loose tax laws in place.

It is tough to say what will become of Monaco.

As the prime Central London market discovered, there really is a limited supply of people in the world who have the finances and the desire to buy such obscenely expensive houses and apartments. The city-state has so far proven resistant to everything – including the 2008 banking crisis – but nothing lasts forever, and it is hard to escape the impression that a lot of people are going to lose a lot of money sooner rather than later.

Given that Monaco is surrounded by mountains on one side and the sea on three others, a solution does not spring to mind. However, one enterprising development might provide an answer.

It seems sensible to assume that copycats will appear if Le Portier turns out to be a big, money-making success, and based on that it might be time for the super-rich to look elsewhere for a haven to store their money.

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July 16th Are electric motorbikes the key to a green future?

The quest to find the greenest solutions for our growing transport demands continues to be at the front of the automotive industry decisions. It seems like every week another major manufacturer announces the move away from Diesel, as more hybrids and full electric vehicles enter service.

Most would think a reduction in emissions should be the main consideration, but what about congestion?

Heavy traffic can be a major contributor to pollution, with twice as much energy displaced from stationary congestion rather then that generated by fast moving motorway traffic. With electric cars offering only part of the solution it could be that we see electric motorbikes leading the charge.

Richard Hatfield, boss of Silicon Valley-based electric motorbike maker Lightning Motorcycles, believes the experience of riding his high-performance electric super bike borders on the divine.

"There's something almost magical about riding a bike where you twist the throttle and you get this incredible acceleration: no noise, no vibration ...there's this seamless thrust," he enthuses.

Clearly the thrill of riding these bikes is apparent, but their size could be key to their mass adoption. Across Asia motorbikes are the backbone of mass transport, offering densely packed cities a solution to their ever-growing population. Motorcycles can be bought cheaply, run on a shoe string and take up little road space or parking. It begs the question why more aren’t utilised in some of Europe’s busiest cities?

It would seem for now the man barrier for EV bikes is cost. Like Tesla, early adopters are having to develop more economic tech for the bikes. A Lightning Motorbike’s price starts at an eye-watering $39,000.

That’s a lot of money for a bike, but given the template created by Tesla, the third or fourth generation of these bikes could be far more affordable. Time will tell if EV bikes will gain the mass appeal they deserve, but it’s good to see that manufactures of another polluting industry are trying to make a difference.

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BUILDING WITH BAMBOO Words : Alex Timperley | View : Matteo Ferrero

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odern construction often looks and feels completely divorced from anything that has come before. Cranes are taller than ever, buildings are going higher, and everything seems to be covered in glass. The sheer scale of the cities we are building would be incomprehensible to people born as recently as a few hundred years ago.

Construction materials are not infinite. A good example of this is sand, the underappreciated material which is the blood and bones of the modern world. High grade sand is needed to make the resilient concrete necessary for rapid urbanisation, and we are rapidly denuding beaches, islands, lake beds and rivers to get it.

However, there is only so much of the particular type of sand we need. When it runs out there will be a handbrake applied to the speed at which we can build, meaning that there is no way that enough homes will be built.

But with all of our superb achievements come consequences.

Whilst we are certainly in the middle of an awe inspiring global building spree, our modern wonders have serious consequences for the rest of the planet. It has been estimated that worldwide construction contributes to 23% of air pollution, 40% of drinking water pollution, 50% of landfill waste and 50% of emissions relating to climate change. In addition, the United States Green Building Council estimates that construction accounts for 40% of global energy usage when its entire supply chain is taken into account.

If we can assume that the pace of construction will continue in the coming years, or even increase, then we have to look at the problem from the other end and have another look at what materials we are using. Now is the time to start looking into sustainable alternatives which can be rolled out across the construction sector and potentially save us a lot of trouble in the future.

The 400 million tonnes of new material we use for construction purposes every year is dominated by steel, concrete, glass, sand and a whole suite of chemicals – all of which have a deleterious effect on the environment. This covers everything from the extraction process to the heavy diesel fuels used in vehicles on-site.

One alternative material which has been gathering steam is bamboo. The largest grass stalk in the world, bamboo is remarkably versatile and could have many uses for us. Along with its ability to grow between three and five feet a day in the right climate and circumstances, the plant is extremely strong for its weight and has potential as both a structural material and as an attractive finish.

Unfortunately, this is a problem which is getting worse, not better, because more and more of us are moving to cities. The United Nations believes that we are developing into an almost exclusively urban society; more than 60% of us will live in cities by 2050, and 80-90% of us will do so by 2100. Most of the cities we will live in by that time have not yet been built – a fact that is stunning and scary in equal measure. The former because the scale of what we can achieve boggles the mind, the latter because the numbers simply don’t add up.

There are many parts of the world – particularly in Asia for obvious reasons – where bamboo is already considered an essential building material; in fact, more than one billion people already live in houses constructed either partly or entirely from bamboo. It is traditionally used for domestic and functional buildings across South East Asia where the grass grows with a greater diameter, giving it a more impressive tensile toughness than its smaller relatives elsewhere.

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However, the time might be right for bamboo to be embraced more widely and, though it is traditionally found in the southern reaches of Asia, it has spread across the world and is now cultivated in areas as far away as South America. The approximately 1,000 different species that we know of are adaptable and could feasibly be grown and farmed in even more climates if we set our mind to it.

Following decades of research it is clear that bamboo is ready to step up and play a much larger part in global construction. Indeed, it seems fairly clear that growing more of the stuff is a winning scenario for everyone involved.

First of all, the construction industry would benefit. Whilst it is true that the material possesses some weaknesses compared to the likes of steel, there is more than enough evidence that we can begin incrementally using it in carefully considered parts of new buildings. Yes, bamboo is absorbent to a degree, but in some cases this could actually act as an advantage. For instance, systems can be built which use bamboo to purposefully draw water away from certain parts of the building in order to avoid mould and rising damp.

Another potential issue to be aware of with bamboo is that the techniques used to join steel or wooden beams together may have to be altered slightly when dealing with a grass. The strength of bamboo comes from its internal cylindrical-nodal structure and the stems are susceptible to splitting if cut wrong or if pressure is applied at the wrong angles. Luckily, this is a problem we have solutions for already. We will simply have to join bamboo struts differently and take into account that its strength runs in axial directions and the possibility of accidental shearing. If we can manage it with carbon fibre, we can manage it with bamboo.

The advantages of its peculiar strength outweigh the problems anyway. There are many examples where flexible, long stems of bamboo are bent almost double under the weight of a roof – also made of bamboo – but refuse to break in a way that steel, concrete or wood simply couldn’t achieve. Pound for pound, bamboo is stronger than wood or concrete and it has a higher tensile strength than steel, being able to withstand 52,000 pounds of pressure per square inch.

This flexibility is a scaled-up characteristic inherent to all grasses and it is easy to see how it might have applications in many different arenas. For example, a lot of effort is currently being put into figuring out how we can continue to build in areas which suffer regular devastating earthquakes and other tectonic events. If only we had a material which grew quickly and was naturally strong and bendy enough to roll with the punches rather than try and challenge the movement of the much-larger earth...

The second big group to benefit are those who actually grow the bamboo as there are potentially big environmental and economic gains on the table. Perhaps the most obvious benefit of bamboo

Bamboo forest

China's bamboo opera house, Hong Kong --Kowloon street view with man and bamboo scaffolding, Hong Kong

is the extreme agricultural efficiency it brings. Because the grass grows so quickly, it can be replenished far more rapidly that hardwoods such as oak or mahogany and is therefore a good prospect if we are looking to build new houses at speed. It has been estimated that we can grow enough bamboo to build 1,000 houses in just 70 hectares of space. Compare that to the 600 hectares needed if we were to grow enough oak to build 1,000 houses.

Bamboo also grows at ten times the speed of hardwood and requires an eighth and a third of the energy required to process concrete and wood for construction respectively.

Bamboo is beneficial to the environment on both the small and large scale.

The way it grows helps to prevent the soil erosion and degradation which can devastate an ecosystem. The dense web of roots which a bamboo forest lays down helps to keep everything in place – unlike hardwood trees which need to be replanted after being chopped down, bamboo regrows quickly from the same root base meaning that we can keep harvesting from the same plants rather than having to replant after each harvest.

On the bigger scale, bamboo is superb for helping deal with climate change, absorbing an estimated 33% more carbon from the atmosphere and releasing 35% more oxygen back into the atmosphere than a hardwood tree. When combined with how quickly it grows there is the potential to remove and sequester huge amounts of carbon from the atmosphere if we fully embrace bamboo. The World Wildlife Fund estimates that an acre of bamboo can store 6.88 metric tonnes of carbon a year – 70% more than an acre of hardwood – and that carbon will remain out of the atmosphere for decades if the plant is used correctly.

Finally, it is important to consider the economic benefits of bamboo.

Unusually, this is a cash crop where up to 60% of the earnings generally stay with the grower, making it the opposite of the likes of coffee or chocolate.

There is a reason it has been called the green gold of the poor man. Indeed, for this reason somewhere as unlikely as the cotton fields of the USA might be the next frontier for bamboo as farmers look for something to replace the pesticide-heavy and economically unsustainable fabric crops which have been a staple of life in the American south for so long.

We are not suggesting that the world should be carpeted in bamboo, but it clearly has its place in our future. This grass has been with us for millions of years and looks like it could be a handy weapon to have in the fight against climate change.

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GPS ATTENDS Global Property Scene attends some of the most exclusive events on the international calendar. To find out more visit our website. www.globalpropertyscene.com

TOP MARQUES MONACO 2018 Words : Michael Smith View : Arnaud Lefievre, Shahar Malkin, Van Dorp Exclusive Automobiles

ZENVO ST1 Grimaldi Forum, Monaco 28

It seems like only yesterday there were only a handful of supercar manufacturers who had most of the market to themselves, and now there seems to be a brand new model entering the market on an almost monthly basis. You can now buy a supercar from Holland, Denmark, Croatia, Poland, Slovenia, Mexico and even China. These places aren’t what springs to mind when you think high performance car. This has often been a market dominated by Italy, a country synonymous with beauty and performance. Despite increasing competition, the likes of Ferrari and Lamborghini are enjoying some of the strongest sales in either of the company’s histories.

Interest in anything luxury continues to be seriously bankable, as more and more high-end manufacturers crop up to cash in on a growing customer base. As the large economies of both China and India continue to see growth at a stochastic rate, the demand is at an all-time high. The common trend with these developing economies is to look to the aspirations of western society. Be it cars, clothes or jewellery the Western design houses are riding the wave of opportunity warranted by these new markets. The motor industry in particular is an industry enjoying the fruits of these newly tapped reserves.

This does give a real indication of the appetite the world has for performance. So, if you’re an interested party, and you’re thinking of dipping your toe in the pool for the first time where should one start?

In its 15th edition, Top Marques Monaco has become one of the most important luxury events on the international calendar. Its concept came from the idea of test drives, something most other major motor shows don’t offer. Utilising the world-famous Monaco race circuit, customers are given the opportunity to get hands on with some of the world’s most luxury supercars. Driving through the Monaco tunnel as the exhaust notes burble behind you is a real experience and is certainly more likely to tempt a would-be customer.

The same principle applies to all the other products on offer at the event. Watches, boats, helicopters and even motorised surfboards are all there to be worn or experienced. The products being at your fingertips rather than just on display is such a great element of the event. This approach has only furthered the popularity building a strong base for the events future.

So, given the significance of supercars at this event it seems about time I give you a glimpse of what was on offer. Let’s start with the Eadon Green Zeclat, a car we first got a look at during the 2017 Geneva Motor Show. This retro-styled coupe utilises a 460 horsepower, 6.2 litre Chevrolet LT1 V8 running through an 8-speed paddle shift automatic or 7-speed manual gear box. The inspiration for its design comes from the Alfa 8C 2900 convertible from 1930 and given its proportions I’d say they’ve hit the nail on the head.

Prices for this model start at around US$760,000.

Eadon Green Zeclat

Next we take a look at the Apex TS 900H Hybrid, a brand new model from Slovenian manufacturer Tushek who displayed their first model (the TS500) at Top Marques in 2012. This stunning convertible uses an Audi 32-valve V8 which has been boosted by electric motors delivering an additional 480 kW (653 horsepower) of power and 1,000 Nm of torque. The overall output stands at 1,340 horsepower which can propel the car from 0 to 60 in just 2.5 seconds and onto a top speed of 236 mph. Prices start from around US$1.475m.

One of the most visually stunning models at this year’s event was the Apollo Intensa Emozione. Introduced with a stunning purple exposed carbon body, the shapes and angles of this brand-new model certainly drew a large crowd wherever it went. Powered by a naturally-aspirated 6.3 litre V12 engine, it can rev to over 9,000 rpm where it will deliver 780 horsepower and 760 Nm of torque.

Weighing just 1,250kg wet, the Intensa Emozione uses cleaver aero to deliver stunning cornering speeds that will put almost all other supercars to shame. Just 10 of these will be produced, and if you’re one of the lucky ones you’ll need to have US$2.8m to complete the purchase.

And finally, sticking with our high horsepower theme, we head over to the not widely known Italian brand Corbellati. They introduced us to the 1,800 horsepower all carbon fibre Corbellati Missile, which is gunning for the high-speed big boys of Bugatti and Koenigsegg.

The brand has estimated a top speed of 310mph which would make this the world’s fastest production car. No news on price but I’d expect it to be significant.

Corbellati Missile

That’s it for this year’s event, over the page you can see some of the other amazing luxury products on display.

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Apollo Intensa Emozione

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BELASSI BURRASCA --This has to be the ultimate ocean-going toy given its 333 horsepower three-cylinder turbocharged, multi-point fuel injection powerplant. Its blistering acceleration will push the craft to a top speed of 83 mph.

Utilising carbon parts made by the same company that manufacturers parts for Ferrari and Lamborghini illustrates the pedigree of this Austrian vessel. Prices start at US$41,000 plus local taxes.

TAMBURINI T12 MASSIMO A legendary brand in the motorcycle industry, known for taking models from MV Augusta and Ducati to whole new level. This bike began life as a BMW S1000RR, which has now been developed to superbike specifications producing more than 230 hp. Only 12 will be produced setting you back a scarcely believable US$1m a piece.

Note: Prices to be used as a rough guide, and my only be accurate at

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date of press (July 2018)

GREUBEL FORSEY: GMT EARTH The GMT Earth enables a clear view of three time zones simultaneously to within a quarter of an hour. Furthermore, on the movement side of the timepiece, 24 time zones are displayed with the summer and winter times to complement the universal timeindicated by the terrestrial globe.

Priced from US$565,000.

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PEOPLE PLACE IDEA What we build shows what we value, how we think and what we are trying to achieve at a specific point in time. It is how we take the world of thoughts, ideas, fears and dreams and make it real – a time capsule by which future generations can know us, or by which we can look backwards and understand those who came before.

In this series, Global Property Scene examines the midpoint between architecture, history, culture and society in order to explore what the built environment can tell us about our past, present and future.

RISE OF THE RURAL Words : Alex Timperley | View : Hanny Naibaho

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e are destined to be an urban species. For the first time ever more of us live in cities than in the countryside, and the trend is only heading in one direction. We first started building cities approximately 10,000 years ago and haven’t stopped since, originally building small settlements to facilitate agriculture and now building epic megacities home to tens of millions of people.

That sounds like a long time, but in reality it means we started our transition from the countryside and turned into a majority urban species in only the smallest, latest fraction of human history. It is estimated that we first arrived on the scene, recognisable and distinct from our ancestors, approximately 300,000 years ago. This means that we have been living close up next to each other in cities for just over 3% of our time on earth – and that doesn’t take into account the millions of years of evolution before that. This change has affected us on a genetic level, for example the rapid spread of the gene that allows adults to process lactose in milk was likely a consequence of the centralised dairy farming enabled by people gathering in close proximity.

This timescale demonstrates one of the most remarkable things about the human race: we can increase the rate of our own progress in an almost exponential fashion. To illustrate this, if you took someone from the 1700s and dropped them into the heart of Tokyo, San Francisco or Lagos without warning there is a chance they would literally die of shock. The sheer number of people combined with the noise and technology which appeared to be magic would be overwhelming.

Conversely, if we wanted to apply the same logic to the 1700s and find someone who would die of shock at the changes they could see in that time period, we would have to go a lot further back in time and find a person from before the advent of cities almost 10,000 years previously. This third person would then have to look back hundreds of thousands of years before the discovery of fire and language to find someone who would potentially be shocked to death by a world in the early throes of agriculture and city building.

The Dongshuimen Bridge and the Qianximen Bridge, known collectively as the Twin River Bridges, are a pair of bridges that form a road and rail connection in Chongqing, China. The city boasts the largest population of any city in the world, estimated at around 30,165,500.

The increasing pace of human progress has corresponded almost

“By 2050 it is estimated that the cities of the world – both the existing ones and brand new places not yet built – will absorb more than three billion additional people.” exactly with the growth of cities. How far into the future would you have to drop a person from the 21st century in order for them to die of shock upon seeing the changes? Based on the fact we are about to enter a period of city building unlike anything ever seen before, it is probably not as far in the future as we might imagine.

This change will not belong to the ‘western’ world. Europe, North America, Australasia and Japan have essentially completed their urbanisation. In these countries anywhere between 5% and 25% of people live in the countryside, and those figures have remained stable for decades. Fewer than 5% of Western people are employed in agricultural sectors, but they produce more food than their urbanised populations can eat.

Compare and contrast to Asia, Africa and South America where approximately 40% of people live in cities at the moment. The rest still live a subsistence farming lifestyle in the countryside, dependent on everything from the weather to global market forces beyond their control for their livelihoods and lives. It is not really a surprise that so many want to, and will, move to cities in the next century.

The projected figures are staggering. By 2050 it is estimated that the cities of the world – both the existing ones and brand new places not yet built – will absorb more than three billion additional people. This serious shift to cities began in the middle of the 20th century but we are currently seeing the start of its most intense phase. This change is going to be so revolutionary that the United Nations believes the rural population will stop increasing for the first time in history next year; we might not realise it, and it might happen with no fanfare, but 2019 will be a key tipping point in the history of our species. There will be exceptions like India, but the world as a whole will be able to see a gradual shrinking of the rural population.

The number of new people moving to cities will reach five million a week by 2030, and Asia and Africa will see more new city dwellers in one generation than they have previously accumulated in their entire histories.

Perhaps the most interesting thing in all of this is that what we are seeing will probably be the last mass migration in human history, assuming that we don’t one day scatter across the stars. Once people move to cities they generally don’t leave again because life is so convenient. All your infrastructure, facilities, amenities and entertainments are right on the doorstep. Wages are higher, education is better and people live longer in urban environments.

Look at the Western world as an example; as job opportunities in the countryside have dried up generations of young people have moved to cities in response. This then creates a feedback loop where more jobs and infrastructure are focussed on cities, which draws the next generation out of the countryside in turn. Only a comparatively tiny percentage of people end up returning. Once the rest of the world joins in with the urban party we will have created a sort of unbreakable balance.

All of this begs one quite obvious question: where is everybody

The built up area of Chongqing Hongyadong, China

Shanghai is the second most populous city in the world, with an estimated population of 24,183,300 going to live? The day-to-day life of an architect is identifying what people need, designing a solution to this need and then getting that solution built in time. It is hard to think of a greater priority for architects in the 21st century than designing the modern cities which will be able to properly handle the influx of people and the new communities they will build.

Following the crowd With this in mind it is understandable that architects have seen this urban shift, enthusiastically followed the crowds and let their imaginations run wild. Some of the more fantastical designs we have seen for our urban future to help us deal with overcrowding and resourcing issues include self-contained vertical farm cities embedded in the sea floor; horizontal skyscrapers which will allow us to make use of our space in new ways; floating, politically autonomous “seastead” settlements which will rely on solar power and sail the seas; eco-friendly underwater spiral settlements off the coast of Japan; high-tech ‘smart’ cities in American deserts; and even dome habitats on Mars for an imagined spacefaring future.

Architects are attracted to cities for the same reasons that everyone else is. However, despite all this, it is interesting and perhaps a little unexpected that one of the emerging trends in the world of architecture basically constitutes a journey back into the heart of the countryside we are rapidly abandoning.

Rem Koolhaas, a Dutch architect who has won every award going and founded the hugely influential Office for Metropolitan Architecture, is the leading light pushing back against the preoccupation with the urban. He believes that architecture has lost control of cities and that modern metropolises are “deeply tragic” places that leave him feeling “tortured”.

“The 2% of land which will be taken up by cities will absolutely need the other 98% to supply it.

For instance, Beijing has a supply chain which extends hundreds of miles in all directions.”

He said at Milan Design Week in 2017 that "the architecture profession thought not so long ago that it knew how to design cities and that its obligation was to design cities and to teach how to design cities. At the same time, we are surrounded by cities that you would call unpleasant.

“Nobody can design cities anymore, or rather the cities that people know how to design are completely different from the cities that architecture considers legitimate and organised.”

In other words, Koolhaas considers the standard architectural definition of a city to be useless, which is fair enough. The idea of places laid out in neat rows is unlikely to be much use when another three billion people move in. Extrapolating from this, if we cannot keep up with the pace of change, then might it not be more use to

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let the new cities grow organically and focus our attention elsewhere?

As mentioned previously, one of the stories of the century will be the almost total rebuilding of Africa and a lot of thought will have to be put into how we connect cities across the continent. Do we build a network of short railways and roads from the major cities out into the countryside? Or should we design a continent-wide system built around river travel and flying long distance over deserts? Maybe we need to do both – but it can’t be done in a way which destroys the wilderness and pollutes the environment. Whatever happens, the current state of the transport network which covers most of the continent – or doesn’t in many cases – will not work if everything relies on getting supplies from the country to the cities.

Koolhaas believes that the newest theatre in the world of architecture should be the countryside, and many others are starting to come round to his point of view. When we all live in cities, the countryside will be more important than it ever has been before, acting as a giant ‘back of house’ for everyone living the urban lifestyle. The 2% of land which will be taken up by cities will absolutely need the other 98% to supply it. For instance, Beijing has a supply chain which extends hundreds of miles in all directions.

It is a funny contradiction but, as Koolhaas has argued, “it is not possible to live in this age if you don't have a sense of many contradictory forces,” and so it is worth looking into this further. We largely know that cities work no matter what size they are. They may not be particularly pleasant in many cases for many people, but they work well enough for us to get by. However, we do not know a way to make the countryside work with a relatively tiny number of people on behalf of the better part of 10 billion others. It seems sensible to concentrate on coming up with a plan and getting this part right before we have 100 Beijings, Mumbais, Londons, Rio de Janeiros and Tokyos to feed.

However, no matter what needs doing and where we look the basic principle still applies: if we are to have successful cities we need to pay attention to the countryside and make it work in a way that is beneficial to the people who still live there as well as the people they are supplying and the environment itself.

Targeted contrarianism Rem Koolhaas has built a career from the ability to look at the way things are going and then work out whether this is actually what should be happening, or whether we are pushing in the wrong direction.

Studying the land To do this we will need to study how the countryside works in a way we haven’t really needed it to for hundreds of years. By understanding the way of life and local materials, techniques and traditions we can incorporate them into new developments with a contemporary perspective and make better decisions. If we can build in a harmonious and respectful fashion which respects people, societies and the environment, architects can benefit everybody from the local people to those living in high rise city blocks hundreds of miles away.

During World War II a Hungarian mathematician named Abraham Wald enjoyed a similar status when he was employed to study American bombers returning from the front in order to work out where to place more armour to ensure more planes survived. The obvious move would be to place more armour over the bullet holes, but Wald saw things differently; if the planes were returning with those holes then the correct, if counter-intuitive, move was to place more armour on the parts of the planes with no bullet holes in.

The logic here is that no planes that got shot there are returning, whereas the holes on returning planes were clearly not terminal, as proven by the very fact that they returned.

The challenge becomes more complex when you consider that much of the global countryside is semi-abandoned, poorly connected and bare, and the ways we might need to understand and transform it differ depending on the area.

Koolhaas serves a similar role in the world of architecture. Where everyone else looks at the rise of urbanisation and sees it as an opportunity to create science fiction cityscapes which will probably never get built, Koolhaas looks at the whole thing and sees that we are already pretty much set for a basic city blueprint. We can’t currently see the strains on the countryside as our rural infrastructure has never failed us before – but that is unlikely to be the case in the future and we should start designing solutions now and get ahead of the problem.

Two particularly good examples of this concern agriculture and transport.

Modern agriculture is so far removed from the past that it probably shouldn’t be called “farming” anymore; the old pastoral vision of shepherds and fields of barley doesn’t bear any resemblance to modern super farms which operate sophisticated 24-hour laptop-controlled fleets of combine harvesters.

To keep these farms active and supplying food to a growing urban populace we will need to make sure that any new communications technology is provided to farmers in the vast wheat fields of the American Midwest, southern Russia and India as a matter of urgency.

The new school of architects taking on the challenge of redesigning the rural may have an outsized impact as the structure they put in place could end up being vital to our urban future.

Keeping the countryside transport infrastructure up to date is also going to be very important, and it needs to be done in ways which suit individual places.

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Beijing is the worlds third most populous city with a population of around 21,707,000

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FOR GOD, PEOPLE, NATURE, AND COUNTRY Words : Michael Smith | View : Eldon Vince Isidro

C

omprising over 7,000 of the most idyllic islands in Asia, the Philippines had until recently been a relatively undiscovered travel destination. You might think that with almost year-round sun these beautiful islands would boast some of the best tourism figures around, particularly with the industry representing almost eighty per cent of the country’s GDP. And yet in comparison to its close neighbour Thailand, visitor numbers are way behind. In 2012, 120,000 tourists made the long journey over to Asia to sample the Philippines, whereas over 800,000 opted for Thailand.

summarised by revered journalist Alan Robles who commented: "Colonialism created the Philippines, shaped its political culture and continues to influence its mindset. The 333 years under Spain and nearly five decades under the USA decisively moulded the nation".

Indeed, Spain’s long colonial rule was met by both internal and external conflict as the struggle to remain in control came under constant challenge. Several external military challenges from the English, Portuguese, Dutch and Chinese yielded little fruit, with Spain able to repel almost all aggression, despite many of the northern islands coming under foreign control. Only the British were able to get a significant foothold, occupying Manila between 1762 to 1764 until Spanish rule was restored following the 1763 Treaty of Paris.

It’s hard to attribute these figures, given that to my mind both destinations are as appealing as each other. However, as of 2018 it would seem that the tide is turning, as the Philippines grows not just as a holiday destination, but as a hub for business built on strong financial foundations. Aside from Vietnam, the Philippines has one of Asia’s fastest growing economies. With a population of over 100 million people, productivity and skill is in abundance and global businesses are starting to take notice.

Unsurprisingly, indigenous revolts were also a constant struggle for the Spanish, with suggestions of revolution regularly spreading throughout the islands. Filipino pressure inspired a propaganda movement in Spain, with some of Spain’s commentators suggesting the islands needed large-scale political reform. Unsurprisingly these reforms were met with much resistance, thrusting the most vocal to

The country’s rise certainly hasn’t been a simple process, given its long struggle with colonialisation. The situation was best

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Sunset over Manila, Philippines

supposed to be the first Philippine Republic, creating yet another conflict. The Republic, which now faced a real military powerhouse, suffered a difficult defeat with the deaths of tens of thousands of combatants as well as over one hundred thousand civilians.

establish a secret militant society called the Katipunan, who sought independence from Spain through armed revolt.

Around the same time, Spain was entering into a conflict with the United States over the freedom of Cuba, who had also been revolting against Spanish occupation. Following the sinking of the USS Maine in Havana Harbour, the United States sided with Cuba in the conflict. As the US proceeded to sweep up Spanish outposts in the Pacific Ocean, the Philippines found its way into the conflict, creating a real opportunity to break free.

With America quashing any other possible uprisings, the country settled into the idea of western influence. Well known American architect Daniel Burnham set out a plan for the modernisation of Manila, helping build the foundations for a developed future. At the same time a renaissance in Philippine culture occurred, with the expansion of Philippine cinema and literature.

With Spain losing its grip, Emilio Aguinaldo, a Filipino revolutionary, politician, and military leader who led Philippine forces first against Spain in the latter part of the Philippine Revolution, declared independence from Spain on June 12 1898, creating the first Philippine Republic.

The islands were granted commonwealth status in 1935, as Manuel Quezon, a statesman, soldier and politician stood as the second president of the Philippines and the first to head governance over all the island comprising the country.

Independence felt so close with America defeating the Spanish, who then ceded the islands following the United States payment of compensation (around US$20m) under the terms of the 1898 Treaty of Paris. The United States then proceeded to disregard what was

With independence looming, it seemed the Philippines would get its much-deserved independence. Again, this got put on hold following the invasion of Japanese troops who were fighting the

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Mix of modern and contemporary buildings, Manila

“Well known American architect Daniel Burnham set out a plan for the modernisation of Manila, helping build the foundations for a developed future.�

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Stunning rugged islands featuring popular dive sites, including World War II shipwrecks caves and reefs, Coron Island allies in World War II. This period proved to be one of the Philippines' most difficult, with widespread atrocities and war crimes occurring at the hands of the Japanese Empire. The Bataan Death March and the Manila massacre culminated in the Battle of Manila, a month-long conflict fought by American and Filipino forces which resulted in more than 100,000 deaths.

Following the liberation of Manila, the Allies moved north, landing on each island and sweeping clear Japanese forces. Japan finally surrendered in 1945, having witnessed the power of American atomic bombs dropped on both Hiroshima and Nagasaki. By the end of the war it is estimated that over a million Filipinos had died.

Keen to rebuild much of the decimated country, the Philippines became one of the founding members of the United Nations. With the United States finally recognising the country as independent through the Treaty of Manila, the Philippines could now begin to shape its own future.

Like a dog chasing a car, the country struggled to understand how to proceed now that it had caught what it had chased for so long. In 1965 Ferdinand Marcos came into power, boasting plans to build a strong economic future for the country. He established numerous infrastructure projects to stimulate jobs and business practices but was found to be embezzling billions of dollars in public funds through corrupt deals. Receiving significant criticism for his approach, he introduced political repression, censorship, and human rights violations similar to the approach of the country’s former occupiers.

The assassination of Marcos' chief rival, opposition leader Benigno Aquino Jr. further alienated him from public opinion. Keen to quash further political challengers he called a snap election in 1986, winning a public vote that was branded fraudulent. This sparked yet another revolution forcing Marcos and his allies to flee to Hawaii, allowing the widow of Benigno Aquino Jr. (Corazon Aquino) to become the country’s recognised president.

Fast forward to today and political drama does seem to be something the country still has to live with. President Rodrigo Duterte ranks as one of the most controversial leaders in the world for his outspoken and offensive style, as well as his brutal war on drugs in the South East Asian Island. So far, estimates place the death count at over 7,000 with reports of roaming death squads and vigilante’s taking it upon themselves to execute suspects caught up in the political storm.

Since winning the presidency in June 2016 Duterte has made a string of outrageous comments. He said in September 2016 “Hitler massacred three million Jews. Now, there is three million drug addicts.

I’d be happy to slaughter them.” Notwithstanding the president’s horrifically offensive miscalculation of the true cost of the Holocaust (it was six million Jews) it caused outrage across the world. Duterte also accused Obama’s mother of being a sex worker in an outburst against the former US leader who criticised his human rights abuses.

The campaign to rid the islands of drugs has created much controversy, given its leader encourages the population to kill suspected criminals and drug addicts. The police have come under much criticism for their aggressive approach, but cases are now being brought through the court to make them more accountable. A Court of Appeal in Manila upheld a complaint put forward by 28 year old Efren Morillo - one of five men, aged in their late twenties and early thirties,

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World heritage Ifugao rice terraces in Batad, northern Luzon, Philippines

who were shot by armed police in civilian clothing in Payatas in August 2016. Four of the men died but the claimant was shot in the chest and survived by playing dead. Cases such as this have now started to gain traction, paving the way for murder charges to be brought against officers.

Despite significant negative media attention, mostly related to its drug war, the Philippines has many positive attributes that should be celebrated. As of 2018, Southeast Asia has become the world’s fastest-growing region. The Philippines in particular has strong future growth predictions moving into 2020. Low salary demands and skilled workers with a strong grasp of the English language has drawn the attention from a lot of large businesses from the West. Many are now looking at the Philippines over its neighbouring counties for services such as tech support and call-centres. Until now, Vietnam had been a more popular choice, but with a smaller talent pool and fewer English speaking workers a significant shift has been occurring.

English again can be credited with the country’s financial rise. Higher qualified workers are increasingly moving abroad to find a better

Busy shopping market in central Manila, Philippines

income and quality of life. Much of this remittance from abroad is finding its way into the economy. As much as US$29bn found its way into the Philippine economy last year alone, and that figure is only going one way.

The country is also well known for its open-door policy towards overseas investment. Business ownership, property purchases, stocks and even long-term visas can be easily obtained when compared with its neighbouring countries.

Population growth certainly makes the Philippines a tempting notion when looking at the property market. Much like the rest of the developing world, there is a mass migration of people moving from rural areas into the larger cities of Quezon City and Manila each year.

“Higher qualified workers are increasingly moving abroad to find a better income and quality of life. Much of this remittance from abroad is finding its way into the economy. As much as US$29bn found its way into the Philippine economy last year alone, and that figure is only going one way.”

With a highly robust economy, now maybe the time to look at investing in property projects across the Philippines. Despite the country’s accommodating approach to overseas investment, there are still some restrictions when it comes to buying property.

Apartments, condominium units and multi-storey buildings all allow foreign investment, with the only restriction being that a maximum of 40% can be purchased by overseas money in each site. If you want to buy your own plot of land however that won’t be possible.

You can buy a house, but you have no right to the land its built on.

Property leases last for up to 50 years, extendable for another 25 which by UK standards is fairly narrow.

Taxes on your return are on the high side with rates for non-residents set at a flat rate of 25%. Unlike residents there is no option for deductions for repairs and other costs if you aren’t living in the country. You can also expect to pay around 6% for the purchase or sale of a property, and a further tax of between 1-2% per annum depending on the location of the property.

Aside from this buying property is a fairly safe proposition in the Philippines, with the country boasting one of the best land registry systems in Southeast Asia. There are a whole host of reputable developers with a strong track record which offer a fairly straightforward approach to purchasing property. It’s only through smaller developers you may face problems.

It seems that right now the Philippines has managed to forge a path through to a bright financial future. And given its rich culture, influenced by many other societies there is clearly something special for everyone here.

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THE BEST ARCHITECTURE OF 2018 Words : Alex Timperley | View : Abi Warner

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rchitecture is a slow art form. From the initial concept and drawings it can be years or decades until a building is finally finished, and even then it might have evolved beyond recognition by that stage. The best laid plans of architects rarely survive first contact with reality.

Kuma, the project architect, can be deeply proud of this imposing and beautiful structure. V&A Dundee is scheduled to open on 15th September 2018 and we can’t wait to visit.

However, that is not necessarily a negative. One of the joys of architecture is that it reflects society as it is at the time, meaning that plans should change as the world does. By embracing new trends, materials and goals, architects can affect real change on the world around them. They can cause people to stop, think and wonder for a time about what might be possible or what the future could look like.

Costing approximately US$10bn and aiming to be the biggest airport in the world at 67.6 million square metres in size, it is fair to say that Istanbul New Airport is an ambitious development. The first phase is set to finish this year and create the world’s largest airport terminal which will be capable of handling 90 million passengers a year. That figure will rise to 200 million a year by the time it is fully complete in 2028.

With that in mind, here are some of the buildings and architectural sights scheduled to complete in 2018 which we are particularly looking forward to.

The idea of building something this big somewhat boggles the mind, but it also makes a lot of sense. Turkey is well positioned in between Europe and Asia and is vying to be the centre of international trade between the two. In this way, modern-day Istanbul is aiming to fulfil the role that it played many years ago when it was known as Constantinople. This new airport is notable from an architectural point of view thanks to its sheer scale. Building something so big that works effectively is a huge challenge and it will be fascinating to see how it all pulls together. Grimshaw Architecture and the Nordic Office of Architecture have a big job on their hands.

Istanbul New Airport, Istanbul, Turkey

V&A Dundee, Dundee, Scotland V&A Dundee will be Scotland’s first design museum and will stand proudly on the banks of Dundee’s River Tay. The goal was to create a unique contribution to Scotland’s cultural heritage which showcased the nation’s remarkable history of design, and it will achieve this by hosting everything from an ocean liner exhibition, to a 15th century religious Book of Hours, to a display celebrating the Beano, a popular children’s comic published in Dundee for many years.

Nanjing Green Towers, Nanjing, China Stefano Boeri made his name by building his vertical forests in Milan. These residential tower blocks are coated with trees and have two purposes: practically they are designed to increase the amount of green space in a city and help clean up pollution; metaphorically they are meant to inspire thoughts about how we

Looking like an ocean liner made from the cliffs of Scotland heading out to sea, this new outpost of the V&A is stunning by any measure and we suspect it will one day be held in the same high esteem as Frank Gehry’s landmark Guggenheim Museum Bilbao. Kengo

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V&A Dundee, Scotland

could build differently in the future. Now Boeri has taken his vertical forest concept to Nanjing in China, a city which has serious problems with pollution.

The Nanjing Green Towers will be the first vertical forests in Asia and will introduce the idea of integrating nature into new tower blocks in China. The plants and trees on the buildings will collectively remove 25 tonnes of carbon a year from the atmosphere and produce approximately 60 kilograms of oxygen a day. This is not a huge amount – the equivalent of the emissions of five cars a year – but it might inspire something more substantial.

By acting as a blueprint for a proposed forest city of more than 200 green towers, Boeri is hoping to start a new revolution in Chinese construction. If this proves to be a success the prize is huge. The Chinese are going to build extensively in the near future and are well known for taking notice of good ideas and scaling them up hugely.

If Boeri can get this right then he may have an outsized effect on China’s cities in the future.

Sheikh Mohammed Bin Rashid Library, Dubai, United Arab Emirates In 2016, Sheikh Mohammed Bin Rashid Al Maktoum, the Vice President and Prime Minister of the UAE and the ruler of Dubai, announced a AED1bn library to be built in Dubai. He wishes for the library to “serve as a cultural forum, an incubator for knowledge and a civilisation centre in the region,” and to play a lead role in the promotion of reading and the development of the country. This is an admirable goal whichever way you look at it and gathering 4.5 million books – across a range of printed, audio and electronic formats – for the betterment of society is something that any country should be proud of.

This one million square foot library will be the largest in the Arab world and is expected to attract nine million visitors every year. They will be greeted by an impressive sight – the top of the development is to be shaped like a giant open book, neatly displaying its intentions in a pleasing architectural marriage of form and function which is reminiscent of the traditional Islamic lectern.

Vessel, New York City, USA 2018 will see the completion of an upcoming project from Thomas Heatherwick, a British designer and architect who has earned himself a reputation as someone who will bring the weird, wonderful and thoughtful to a development. Whether his designs are always practical is another debate, but one thing you can say for Heatherwick is that he aims to make you think.

Vessel, as the project is known, is part of the larger Hudson Yards project which is designed to be a brand new neighbourhood at the heart of New York City. Acting as more of a piece of sculptural architecture than an actual building, it is made up of 154 interlocking steel walkways – containing 2,500 steps – which meet at 80 separate landings and cover more than a mile in distance. The idea is that this is something interactive from which people can enjoy the gardens and water features of Hudson Yards and also enjoy the city in much the same way as the celebrated High Line development.

Resembling a cross between an Indian stepwell, an M. C. Escher painting and a vast stretch of honeycomb, Vessel will be something truly unique for people to climb and get inside. One of the most interesting features of a city is that it can be completely transformed depending on your perspective or viewpoint. By providing dozens of different perspectives, Heatherwick will give New Yorkers a chance to see their city in ways they never have before. By doing so it is

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“2018 is set to be a superb year for architecture and the aforementioned buildings and structures barely even scratch the surface of what we can expect."

hoped that residents will gain a new appreciation for their city each time they visit the new landmark.

Leeza SOHO Tower, Beijing, China The late Zaha Hadid was one of the world’s most famous and influential architects who left an indelible mark on the built environment of cities around the world. The first woman to win the Pritzker Architecture Prize, Hadid had no care for practicality or constraints in her work. This death-or-glory approach to architecture left her designs either frustratingly unbuilt or requiring some sort of intricate structural magic to function – but it was worth it. Her designs which managed to make it off the page and become real are stunning. The Leeza SOHO Tower, one of Hadid’s final designs before her untimely death, is no different.

Located in the heart of Beijing’s Lize Financial District, this 172,800 square metre, 50 storey tower will be incredibly impressive once completed towards the end of 2018. The almost-cylindrical shape on its own is attractive enough, but the real architectural genius comes courtesy of the central atrium which divides the whole building in two from top to bottom and allows it to neatly straddle the subway lines underneath it without having to compromise on form. This gives it a beautiful curvilinear, almost DNA-like internal shape which draws the eye upwards on a twisting science fiction journey.

Leeza SOHO Tower, Beijing

2018 is set to be a superb year for architecture and the aforementioned buildings and structures barely even scratch the surface of what we can expect. As always, there will be examples of everything from skyscrapers to humble houses which manage to push the boundaries and capture the imagination. Email us with your favourites at info@globalpropertyscene.com and let us know what we missed!

© ZAHA HADID ARCHITECTS

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Vessel, New York City, USA © Related Companies

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THE BATTLE FOR NATURAL RESOURCES Words : Will Leyland | View : Ruud Morijn

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n the midst of one of the hottest and most prolonged summers in 40 years, it’s difficult not to cast your mind to doomsday predictions of global warming and rising sea levels. Of course, extreme weather has always been a feature of the global climate, but it’s hard to escape the feeling that things have been more extreme of late.

What does this mean for the world’s scarce resources then? Well, in short, it means there will be less of them, and the fight for control over them has already begun.

Water If it was announced that each house in your town or city was to be rationed to just 50 litres of water per day, could you comprehend what that meant? Do you know how much you use now? Would you be able to calculate the difference?

Whether you consider that we’ve swung almost wildly from some of the most severe snow storms in recent memory straight into a baking hot summer, then it’s not so farfetched to suggest that we’re deep into experiencing some extreme patterns.

It became a reality for the residents of Cape Town in South Africa when, after a three year drought, the local government announced water rations for the entire city, lest they run out of water completely.

Had the residents not heeded that warning the entire city would have run dry sometime in April. As it stands, the crisis has been averted due to the herculean efforts of residents in recycling water and ensuring it’s only used when absolutely necessary.

Globally, the Caribbean has experienced devastating storms as well as the US and Asia. Things have gotten to what some consider to be a tipping point and if they’re correct then it couldn’t have come at a worse time as the most controversial US President in modern history has pulled away from the Paris climate agreement as well as pushing for increased use of fossil fuels.

More concerning still are recent findings, published recently in Nature Geoscience, which were “based on observations of evidence from three warm periods in the past 3.5m years in which global temperatures were 0.5-2 degrees above the pre-industrial temperatures of the 19th century.”

For context, the average American uses 375 litres of water per day in their household activities such as washing dishes, taking a shower or bath, flushing the toilet, watering plants or other miscellaneous activities.

The findings therefore suggest that “temperature rises as a result of global warming could eventually be double what has been projected by climate models, according to an international team of researchers from 17 countries.”

UK residents are thought to use roughly the same amount of water, so if you were told that you had to reduce your water consumption by 87%, how do you think you’d cope? It’s an interesting question because if the future sees many more summers like we’re experiencing now then it could become a reality for many.

There is also the possibility, they say, of sea levels rising another six metres in the next decade if the targets set by the Paris climate agreement aren’t met.

Fourteen of the world’s largest cities are now facing water scarcity to varying degrees. Sao Paulo in Brazil, for example, was forced to switch off its water supply for 12 hours a day back in 2015 due to

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“Fourteen of the world’s largest cities are now facing water scarcity to varying degrees. Sao Paulo in Brazil, for example, was forced to switch off its water supply for 12 hours a day back in 2015 due to scarcity of water, meaning many businesses and industries simply had to shut down costing the economy millions.” scarcity of water, meaning many businesses and industries simply had to shut down costing the economy millions.

One thing, however, that many don’t realise is that household consumption of water accounts for only 3% of total water usage.

The other 97% is made up of agriculture, energy production and industry.

What’s the solution then? According to Arjen Hoekstra, a professor of water management at the University of Twente in the Netherlands, agriculture is often located in all the wrong areas. He calculates that due to the location of South African vineyards, a typical 750ml bottle of wine has a water footprint of nearly 750 litres.

His solution is for global governments to discuss a realignment of agriculture and food production so that crops and produce that is water intensive, say rice, should be located solely in areas of heavy rainfall whilst governments such as California’s and South Africa should refocus their agriculture on crops that don’t require as much.

Building materials Moving onto the world of construction, sand has become so scarce in certain parts of the world that organised crime is involved in racketeering, protection and exploitation.

How did it come to this? Sand is used in almost everything to do with construction from concrete to glass, and quality sand is becoming harder and harder to find, despite there being tonnes of it in the desert.

According to the United Nations Environment Programme, the world used enough of these materials to build a 27ft high wall all the way around the equator and, predictably, things have only gotten worse in the six years since that report was released.

According to a report by the Independent, “the trade value of sand has increased by almost six fold in the last 25 years. In the US alone, where sand production has increased by 24% in the past five years, the sand industry is worth nearly $9bn (£6.7bn).”

Much of the issue arises from the fact that sand used to be a locally mined resource, but due to environmental awareness and booming population there aren’t many places left to get permission to build a quarry. This has led to a boom in global demand and, in countries where corruption is rife and regulation lax, there are plenty of countries vying for supremacy in the material’s extraction.

It is estimated that the human race consumes around four trillion cubic metres of fresh water a year

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Food In a world of protectionists and nationalist governments who do not believe in free global trade, perhaps the biggest potential victim of such policies is the global food supply chain. That risk coupled with rising global temperatures and more extreme weather due to climate change puts us in a somewhat precarious position.

Anywhere between 30% and 70% of the food in your shopping basket on any given day will be sourced from another country, whether that be the oranges from Spain, the wine from South Africa, or the avocados from South America, most of your favourite foods can’t be grown in Britain due to the environment or economic conditions.

That being said, British farmers make a significant part of their income exporting British products to the EU and abroad. The great thing about global free trade is that we can purchase an avocado in Britain for relative peanuts despite it being grown thousands of miles away and, yet, that is all at risk.

Firstly, Trump and Brexit threaten to dismantle the trade agreements on which this supply chain rests meaning that tariffs and import taxes would make the foods unaffordable and simply bankrupt the suppliers.

Secondly, should climate change continue to disrupt agriculture on the scale that we’ve already seen and as described as above, then the logical conclusion that is Britain either gets ready to grow enough food to supply its own population or it prepares for shortages.

As global weather becomes more extreme and the global political order becomes more unstable, the natural repercussions of that are famine, flooding, disaster and mass migration.

As humans continue to destroy their own environment it begins a type of domino effect whereby building supplies, food and water all suddenly become unstable.

Migration patterns, for decades now, suggest that the world’s populations are seeking to move into more populous city areas and regions, putting enormous pressure on supplies of food, water and building materials.

There isn’t a simple solution to such a problem and it would very much require the globe’s most powerful governments to collaborate on a scale rarely seen before. If we’re to save the environment of South Africa, for example, economic agreement would need to be reached about which types of food it can grow and supply, whilst another country takes up wine production.

Given recent political development this type of consensus feels as far away as it has at any other period in the last 70 years. Trade wars, climate change, denial and greed appear to be taking precedence over the future of the very things the race needs to survive. There is hope, of course, that a new scientific golden age will be embraced where the ingenuity, tenacity and will to survive of humans will allow us to create and maintain the solutions that, today, feel eternally distant.

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WHAT IS THE BACK STORY OF THESE FAMOUS BUILDINGS? Words : Emma Martin | View : Caron Badkin

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built, an emulation of her exquisiteness and a lasting emblem of the love the two shared.

f you’ve not been there, you’ve received a postcard or seen the perfectly posed holiday snaps. Dotted around the world are a number of exceptionally revered buildings and monuments which have entertained, delighted and intrigued the human race for centuries.

Mumtaz Mahal’s cenotaph sits exactly in the centre of the vaulted chamber of the Taj, enclosed by an ornately decorated filigree screen which looks more like silk than stone, embellished with the same flowers that appear on the raised monument. Following his death three decades later Shah Jahan’s body was placed alongside his favourite wife’s in the Taj Mahal.

But as social media drives a new type of globe-trotter, are we losing the significance of what they mean, and instead, more concerned with getting the perfect angle and lighting for Instagram? We take a look at the backstories of some of the world’s most famous monuments to remind us what they really mean beyond the amount of likes they receive…

It is said that the Taj Mahal took 22 years and 22,000 workers to build.

The Taj Mahal

The Eiffel Tower

The Taj Mahal is considered one of the world’s greatest symbols of enduring love. Commissioned by Mughal Emperor Shah Jahan in 1631, the Taj Mahal is the final resting place of Mumtaz Mahal, Shah Jahan’s chief empress of whom he gave the title Malika-i-Jahan or ‘Queen of the World’.

Built in the late 19th century as a part of the grand opening for the Exposition Universelle World Fair in 1889, and in the year of the 100th anniversary of the French Revolution, the Eiffel Tower is a powerful symbol of French identity.

The tower was the winning design of a competition to build a monument to celebrate France’s history and democratic future and was picked ahead of 107 other designs. The project was put forward by engineer and impresario Gustave Eiffel who was aided by engineers Maurice Koechlin and Emile Nouguier, and architect Stephen Sauvestre.

Despite having two other wives, Shah Jahan and Mumtaz Mahal reportedly shared a deep connection and had a loving marriage.

Mumtaz Mahal was celebrated throughout her life by artists who cite her kindness, intelligence and beauty. Following the tragic death of Mumtaz during the birth of their 14th child, Jahan was so heartbroken that he called for the white marble monument to be

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Taj Mahal, India

“The Taj Mahal or the Crown of Palaces looks milky white in the soft light that characterizes early morning, while the afternoon sun makes it glisten bright and dazzling in the overhead sunlight, almost looking like a jewel against the opaque blue of the skyline and then comes a moonlit Taj breaking into the night sky, majestic and simply beautiful in a sense that cannot be put into words. It is at this time that it shines like a pearl.�

Department of Tourism, Government of Uttar Pradesh, India

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Eiffel Tower, Paris, France

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But the Eiffel Tower has not always been admired, and on the unveiling of its design it was opposed by more than 300 local Parisians who believed it would be a blot on the city’s landscape. A group called ‘Artists against the Eiffel Tower’ went as far to describe it as a “giddy, ridiculous tower dominating Paris like a gigantic black smokestack”.

the church carries his unique modernist style and, due to its intricate design, remains unfinished today. However the Sagrada Familia did not begin with Gaudí. Its original Neo-Gothic design was imagined

by Spanish Architect Francisco de Paula del Villar y Lozano, who was originally commissioned to work on the project by the church.

However due to disparities with the schemes leaders, he resigned shortly after construction began, leading the path for Gaudí.

The Eiffel Tower was originally only meant to stand for 20 years, however after this time it had become the well-loved monument it is today and additionally provided purpose during World War Two and beyond as a radio antenna, making it indispensable to France.

Whilst often interpreted as an artistic and architectural triumph, with the Basilica’s iconic sculptures, tiles, kaleidoscopic colours and spindling towers, it is important to remember the intended meaning.

Gaudí said of the design: “The temple as a whole, as well being a place for divine worship, will artistically represent the truths of religion and the glorification of God and His Saints.”

Christ the Redeemer Almost as wide as it is tall, Christ the Redeemer towers over Rio de Janeiro with outstretched arms, a symbol not only of Rio, but also of global Christianity.

Everywhere you look, the Sagrada Familia articulates religious symbolism, from the so-called ‘Nativity façade’ which depicts ornate sculptures representing the birth of Jesus, to the spires which each are representative of significant figures in Christianity, including the Virgin Mary and the Twelve Apostles.

The idea of the statue was conceived after World War One when a group of people were concerned about the growing ‘ungodliness’ of Rio de Janeiro. It was thought that a huge statue of Christ watching over the city would inspire enduring faith from local people.

It is hoped that the Sagrada Familia will be completed by 2026, marking the 100 year anniversary of Gaudí’s death, although in his lifetime Gaudí was not all too bothered about how long the project would take to complete, stating:“My client is not in a hurry.”

The initial design, conceptualised by Brazilian Engineer Heitor da Silva Costa featured Christ holding a cross to his side while the other hand held a globe which symbolised the world. This was later reconsidered by artist Carlos Oswald who altered the design to feature Christ himself as the cross, with his arms outstretched: the famous image we recognise today.

Stonehenge First constructed in 3000BC Stonehenge is an incredible reminder of the scope of human history and development. Whilst the remains themselves might not amaze on first appearance, the story of how Stonehenge came to be is one that astounds and inspires.

But the statue has transcended its religious meaning and today is well-loved by many different faiths from across the world. The president of Brazil's Art Deco Institute, Marco Roitier, said to the BBC that Christ the Redeemer has “for each person a different meaning”.

In the eyes of Roiter, it is not explicitly religious but "it's more like somebody giving you a hug - welcoming you."

Built in the Neolithic age, Stonehenge is made up of a number of types of stone set in a particular formation, including the first Bluestones, Altar Stone, Station Stones and Sarsen Stones. The stones are arranged in a circular pattern, with the Altar Stone in the middle, surrounded by stone archways and bluestones. The Bluestones are considered to be the oldest stones at Stonehenge.

Experts believe that the complete site was established across a period of 1,500 years.

“The statue of the divine saviour shall be the first image to emerge from the obscurity in which the earth is plunged and to receive the salute of the star of the day which, after surrounding it with its radiant luminosity, shall build at sunset around its head a halo fit for the Man-God.”

But what makes Stonehenge really special is the ingenuity that it took to construct by our pre-historic ancestors. The two key stones which make up the site – the large Sarson Stones and the smaller Bluestones – travelled 20 miles and 150 miles respectively according to English Heritage. With the Sarson Stones weighing in at a whopping 25 tons and the smaller stones which travelled the furthest, weighing between two and five tons, just how it would have been possible to move them is incredible. Most experts agree that with just stone, wood, rope and man-power, the Bluestones would have travelled downstream on rafts, with the huge Sarson Stones pulled by men and cattle.

The mystery as to why the site was of such great significance has been debated throughout history, but it is generally understood that Stonehenge was a religious site, with the stones aligned with the movements of the sun. Many believe that rituals and ceremonies would be carried out around the stones on significant days such as the solstice. Historians also believe that the site was used for important ancient burials and cremations.

Heitor da Silva Costa, designer and builder of Christ the Redeemer

Sagrada Familia Conceived in the 19th century by José María Bocabella, head of the Association of Devotees of San Jose, the Sagrada Familia is a recognised UNESCO World Heritage Site, and is Barcelona’s most visited tourist attraction, entertaining over four and a half million visitors in 2016 alone.

And to imagine all of that was possible 3,000 years before Christ came into existence, 700 years before Babylon was built, and 500 years before the Pyramids of Giza, really does put it all into perspective. Stonehenge is pretty amazing.

Famously the work of celebrated Catalonian architect Antoni Gaudí,

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Stonehenge, United Kingdom

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THE DARK WEB, A GROWING MARKET Words : Will Leyland | View : Sergey Nivens

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you’re looking for. Underneath that layer is the dark web, which is only accessible by using the correct software and by hiding your location and identity.

oam Chomsky, perhaps the world’s most famous anarchist, when asked what anarchism meant to him said “Well, anarchism is, in my view, basically a kind of tendency in human thought […] primarily it is a tendency that is suspicious and sceptical of domination, authority, and hierarchy. It seeks structures of hierarchy and domination in human life over the whole range, extending from, say, patriarchal families to, say, imperial systems, and it asks whether those systems are justified.”

Our entire belief system is built around the idea of government, law and order and organised democracy. Economists and historians will tell you that without stable government an economy cannot function, without a tangible free market then transactions cannot function and yet, we sit in a position where a multi-billion-dollar industry operates under the surface where anonymity is key. How can this be?

Consult a dictionary and you’ll be told that anarchism is “a political theory holding all forms of governmental authority to be unnecessary and undesirable and advocating a society based on voluntary cooperation and free association of individuals and groups”

Beginnings Since the earliest days of the internet dark activity has been taking place. In 1969 when Charley Kilne of the University of California sent the first message between networked computers only the first two letters of the intended message LOGIN made it to his counterparts at Stanford University as part of the Pentagon’s ARPANET network, a secret military invention intended to allow communication in secret.

But what does this have to do with the dark web?

Who could imagine a freer, less authoritarian, less governed space than an area of the internet with literally no rules? It’s perhaps our best working example of real life anarchist economics apart from the Paris communes or the anarchist communes of the Spanish civil war.

Within just two years new and illicit networks appeared outside of the military’s control known as ‘darknets’, with their purposes or activities unknown to this day.

Matthew Swensen, a Special Agent for the Department of Homeland Security, when speaking to CNBC, described the dark web as "a series of encrypted networks that serve to anonymize peoples' use on the internet.” Imagine the internet as an iceberg, with the everyday websites that you access via your browser, such as Amazon or Spotify, all indexed by search engines. Underneath the tip of that iceberg lies the deep web, in which these websites are hidden from view and are only accessible if you know what

In the 90’s the internet hit the mainstream, and so with it came the illicit activity of Peer2Peer file sharing. With rapidly improving methods of file compression and decentralised data hubs came the unprecedented ease with which to share copywrited material.

Some services were private servers which required a login and

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password, whilst some were out in the open like Napster and Kazaa where anybody could simply share a file with anybody else on the internet.

Probably the earliest incarnation of the modern darkweb came when Freenet was released in early 2000, marking the start of software that allowed internet users to access the web with anonymity, giving them access to bomb building guides and illegal pornography.

According to Foreign Policy, an online magazine, the founder of Freenet, Ian Clarke, told the New York Times that "Freenet is a near-perfect anarchy, I have two words for … companies [trying to halt free file-sharing]: Give up."

“By 2005 experts were estimating that illicit activity on the dark web, such as movie distribution and software fraud, were costing the US economy somewhere in the region of US$34bn.”

By 2002 the US Navy had developed an early version of TOR (The Onion Router), a browser originally designed for spies and operatives in repressive regimes such as China or Russia which conceals the users IP address when downloading and using the software. Of course, TOR was eventually leaked as open source software, meaning that anybody could download it, and remains the most popular darknet browser to this day.

By 2005 experts were estimating that illicit activity on the dark web, such as movie distribution and software fraud, were costing the US economy somewhere in the region of US$34bn.

The real tipping point for the dark web, however, came in 2009 when the first Bitcoin was mined. Bitcoin, an untraceable cryptocurrency, could be used instead of mainstream currency to purchase items from the dark web keeping the buyer completely anonymous through their browser and also via banking.

The Silk Road Quite possibly the most famous story of the dark web, and the one you’re most likely to have heard of, comes from the Silk Road.

Originally set up in 2011 by a diehard Texan libertarian Ross Ulbricht, his original goal was to set up an online marketplace where choice was king and individual liberty was unhindered by interference.

His goal was simple, to take the war on drugs out of the hands of the government and allow the individual to choose what they put into their own bodies. The war on drugs, he argued, had simply placed control into the hands of drug cartels and made things worse with dangerous low quality drugs and human trafficking as standard.

If the cartels and gangs were taken out of the equation, he argued, then quality would increase and power would be moved back to the individual.

The website, originally fairly low-key, suddenly exploded into a billion dollar enterprise raking in millions of dollars per week. In less than two years it was estimated that the website had trafficked over US$1.2bn in illicit currency for the purpose of purchasing often illegal items.

A new economy had been born, one without rules or government and, on the surface, it seems to have worked. Anybody and everybody on the Silk Road were anonymous, meaning that realistically you could sign up to sell drugs and send somebody some washing powder. What was stopping you? Nothing apart from negative ratings. Much like Amazon or eBay, sellers were subject to reviews and if you got too many then nobody would buy from you.

How about receiving your goods? To register as a buyer or user of the Silk Road you simply needed a username and password as well a country of origin, which wasn’t verified. You obviously needed an address to receive your packages and it was recommended that

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you use a PO Box service or an alternative address. Of course your package may well be intercepted by customs or the postal service but the chances are that, out of millions of packages per day, there’s a pretty low likelihood of detection.

And so a multi-billion dollar industry was born. Ulbricht, for his part, was eventually found and arrested and imprisoned for life.

Implications The economic implications are uncomfortable for government and elite economists in that the silk road and the wider dark web serves as undeniable evidence that an anarchist, libertarian economy with no rules or government can and does work.

The only thing standing between you receiving your bag of drugs and a bag of paracetamol was a negative rating for the seller and no other repercussions and, yet, it worked spectacularly well. eBay and Amazon have protection policies for their users to avoid such fraudulent activity, but the silk road has none of this, yet the number of people being ripped off is very few and far between.

If there has ever been a suspicion that governments will always be behind the curve on criminals on the internet, this probably proves that to almost always be true. The advent and phenomenal success of the internet has given way to a society that sees children learning how to use and develop the internet from primary school age.

The internet doesn’t have a government and isn’t subject to the types of legislative process, that means any meaningful attempts to pass laws on how the internet is used are often years out of date and circumnavigated long before they threaten illegal activity.

For example, take former UK Prime Minister David Cameron’s proposed ‘anti-porn’ legislation which he sought to pass in 2015 in order to stop children accessing explicit material. His proposals included making all internet service providers block porn for new customers automatically, making customers actively choose to deactivate their adult content filters.

It was a censorship bill brought forward with the intention of making browsing the internet safer for children, but which was received with some humour as being crushingly out of touch. Even in 2015, the majority of explicit material on the internet had moved away from subscription pornography sites and, rather, had moved to clip sites which showed them for free and earned revenue from advertising.

Not just this, but it asked the basic question of who was to decide what was explicit? Could we reasonably argue that The Sun newspaper should be added to this list, given that, at the time, they displayed topless women on Page 3 and online?

Further to this, though, it ignored the fact that a whole subculture of explicit material and blogs were hosted on Facebook, YouTube, Tumblr and other social networks. It would be impossible to ban those sites or age verify certain blogs or pages due to the sheer volume of them.

All of this displays the new age that we have entered as citizens of nowhere and passport holders to a global network of information.

It takes but a simple working knowledge of how the internet works to access illegal content and marketplaces far from the scrutiny of government and law enforcement.

Given the nature of such a stateless subculture, it indicates that in the future, once the millennials and young have inherited the instruments of power, that they may well decide that the need for such rules are null and void, ushering in a new age.

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WHAT’S THE ALTERNATIVE? FARMLAND Words : Emma Martin | View : Rustic

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Li Xiande, from the Institute of Agricultural Economics and Development at the Chinese Academy of Agricultural Sciences, said: "China needs to import as it is unable to produce everything from its limited farmland. The country aims at self-sufficiency in staple grains and all other imports would be based on market demand.” One example is the demand for avocados, or so called ‘butter fruit’ in China, which are a favourite of the health conscious middle class. Experts anticipate that the demand for the green fruit could more than double this year, which is great news for investors in Mexico’s avocado farms, which are the world’s largest exporters.

ith increased global demand for food fuelled by population growth and bare farmland values in the UK up by a massive 4,043% over the last half a century, it seems like investing in farmland is cut and dried. Often considered more stable than other investment classes such as gold, bonds and antiques, agricultural land has become a popular choice for investors looking to diversify their portfolio, but is this alternative investment really as robust as it seems? Global Property Scene investigates…

When it comes to investing in farmland one of the greatest drivers is demand. The global population is growing quickly, with the United Nations anticipating the world’s population will hit 9.8 billion by 2050, and 11.2 billion by 2100. This in itself puts agricultural land in high demand, raising its value because no matter how large the population gets, we cannot create more land; and with more mouths to feed owners of farmland will find themselves in an enviable position at the top of the food chain. Market commentary site Investiv Daily points out that global demand for food is expected to increase by 50% by 2050, safeguarding the demand for suitable farming land long into the future.

But product demand isn’t the only reason to invest in agricultural land. Farmland investors in the UK who qualify can benefit from the removal of Inheritance Tax as well as receiving additional help from the EU. The Common Agricultural Policy (CAP) receives a massive 35% of the entire annual EU spending budget which goes towards helping those who work on and own farmland, amounting to £40bn in subsidies annually – a huge benefit to EU farmers. The CAP aims to protect farmers from instability in agricultural prices, supporting food production and productivity. The income support is paid on a basis of how much farmland is owned, meaning the more land you own, the larger the subsidies.

Additionally a growing call for meat, milk and colourful vegetables makes investing in arable land in different climates a good choice.

The growth of China’s middle class in particular has boosted demand for organic, high quality food. With a population of almost 1.5 billion the growing trend of western eating habits in China could mean trouble for the future of the planet environmentally, but in the short term makes agricultural investment desirable.

Relaxation on inheritance tax in the UK, coupled with the rise in arable land value make investing a good prospect for those looking to create a nest egg for the next generation. Savills Global Farmland Index 2018, which reports to 2016, shows a ‘strong and steady rise in the value of farmland globally over the past 14 years’, during which time the index documented average annualised value growth of 13.3%. So, with inheritance tax deducted, annual returns from either leasing or farming the land and capital appreciation on the rise, there is the margin for a healthy profit in the long-term.

China consumes 40% of the world’s fruit and vegetables according to Euromonitor and, with much of China’s domestic farmland contaminated, the country has been aggressively investing internationally in land as well as rapidly increasing imports.

Bloomberg explains the extent of the problem: “It takes about one acre (half a hectare) to feed the average U.S. consumer. China only has about 0.2 acres of arable land per citizen, including fields degraded by pollution.”

Sounding good so far, right? But hold your horses before you start searching out available farmland for your next investment… like any asset class there are some important factors to take into account.

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While the market has been performing well historically, with prices in the UK per acre steadily rising, the last 12 months have been more tumultuous. The average value of bare agricultural land in England and Wales experienced an annual fall of 4% according to Knight Frank’s latest Farmland Index which is symptomatic of a break in confidence following the Brexit vote (among other industry threats which include commodity prices, rural crime and climate change).

The average price is now at £7,201/acre, where good quality land in the past has been known to sell at £8,000-£10,000/acre.

According to Knight Frank’s 2018 Rural Report a hard-Brexit could see UK exports struggle against cheaper import alternatives, difficulty trading freely within the EU, a drop in support payments to farmers, trouble in finding labour for UK farms, a rise or fall in rental values, and a drop in land values – all in all, Brexit could mean seriously bad news for the UK farming industry. And it’s not just UK agriculture investors who could be hard-hit by political changes.

The recent trade war between the EU and USA is just one example of how politics can directly affect producers down the line, with

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companies like Nike and Levi falling victim to heavy tax levies on EU exports.

However it’s not all doom and gloom. In a blog for the Spectator Andrew Shirley, the Head of Rural Research at Knight Frank, spoke about his hope post-Brexit stating that “Brexit will encourage a new wave of agricultural innovation and entrepreneurial thinking in the UK that has been stifled by the ever-present safety net of EU support.” He uses the example of New Zealand to illustrate his point, a country which has flourished since the removal of farm support, seeing only 5% of farmers exiting the industry. Shirley points out that productivity has rocketed since 1984, and land values climbed by more than 500%.

It’s important to remember that the pros and cons of farmland investment wildly vary depending on where you’re looking to invest, so while the ‘B word’ is on the mind of every investor in the UK, places like New Zealand and Canada have attractive investment prospects with a smaller political threat. It is also crucial to

remember that farmland is at the mercy of Mother Nature, and so choosing to invest in an environmentally viable area with the opportunity for large-scale farming is also vital. For investors who can spot where future demand lies, low hanging fruit may be found like Mexico’s Chinese avocado demand.

For investors looking even further into the future there are some large-scale issues that could make a significant impact on global farming markets, for example the development of lab grown food, environmental restrictions and ultimately climate change, however these issues are unlikely to impact markets for some time and, even still, it’s important to remember that agricultural land does not have to be used exclusively for farming.

A Savills research article from January 2018 states that the fundamentals of farmland ownership remain positive, citing future themes of population growth, changing diets, alternative land uses and food production. It says: “These fundamentals offer farmland investors the opportunity to spread risk and maximise returns with a

range of land-based enterprises, from food to energy production. A farmland portfolio can cut across countries and regions, soil types, climates and enterprises enabling the ironing out of price volatility for inputs and outputs.” That is to say, land owners have the ability to spread their returns over a myriad of different sectors including growing markets like renewable energy – acting as a safety net against market fluctuations.

So, it would seem that investing in farmland isn’t quite as cut and dried as it looks on the surface. The market is complicated and driven by numerable changing factors which can see returns rise and fall unexpectedly, just as the unpredictable weather can ruin a harvest. However, that being said, when it comes down to it land is becoming rarer and rarer, so whether you plan to use it to rear sheep or home a wind farm, in the words of author Mark Twain: “Buy land, they aren't making it anymore.”

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SHOULD I MOVE TO? TEL AVIV Words : Michael Smith | View : Dmitry Pistrov

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Not long after the end of the second world war, Israel declared independence from the British which allowed them to regain power over the land after almost 30 years of occupation. Independence created a whole host of new problems, with Israel no longer under the protection of the British. Brutal clashes erupted as Palestinians who had lived there before the Jews claimed it back pushed to also regain control of the land. The neighbouring Middle Eastern countries sided with Palestine, creating the often-hostile environment we see today.

hen looking at a new place to live I imagine that Tel Aviv isn’t the first place that springs to mind. Hostility between itself and neighbouring countries often makes the headlines, giving an overall impression of unrest, not something one looks for in a new home. Israel as a country has a very interesting and diverse culture that consists of the traditions and customs of Jews from all over the world. Despite strong religious connotations, Israel has increasingly adopted western comforts and interests, in part due to its close ties to the United States. This has made living in Israel an increasingly easier proposition, however it is important to respect that there is a strong underlying Jewish religion that requires respect and sensitivity at all times.

Despite having such a difficult religious and political climate, Israel is one of the most promising economies in the Middle East. Tel Aviv in particular is a popular place for new business, with industry, trade and sciences all showing signs of mounting growth. These strong commercial results are further supported by the country’s vast collection of sacred attractions. As the birthplace of Judaism and Christianity, it is also believed to be where Muhammad rose to heaven, only furthering its importance to people from around the world.

Tel Aviv boasts a population of around half a million people, 80% of which consists of Jewish immigrants from across the world. The remaining 20% are from an Arab background, many of which have long family linage to this particular region. Israel as a state was first established in 1948 following many years of friction in the land the Jewis people see as their traditional home. The first major frictions began to occur when the British were given control of the country’s affairs after the end of the first world war. Resentment towards the British created the establishment of the extreme nationalist movement which acted as a lightning bolt to Jews facing persecution across Europe.

So, as a place to live Tel Aviv certainly seems to offer a rich possibility of employment and culture. Indeed, it can certainly be seen as a country of real wealth which has attracted many, all looking for a high standard of living. Demand has certainly added to

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Tel Aviv, Israel

"It's not easy to make it in Tel Aviv, but this is the kind of place where, if you really assert yourself, the sky's the limit."

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“In 2018, the Telegraph ranked Tel Aviv as the Middle East’s most expensive city to live, placing it 9th globally. Much of this comes down to an undersupply of housing, with land disputes slowing some of the country’s developments.”

the cost of living, with simple comforts such as eating out or going to the cinema proving costly. With the country in an almost permanent state of alert, much of the revenue generated by the population is used to secure business and keep the peace.

In 2018, the Telegraph ranked Tel Aviv as the Middle East’s most expensive city to live, placing it 9th globally. Much of this comes down to an undersupply of housing, with land disputes slowing some of the country’s developments. The Israel shekel has also increased in value affecting much of the expat community who may receive their income in euros, pounds or US dollars. This is certainly worth remembering when negotiating a salary with a local company.

Central Beach, Tel Aviv

According to Israel's Central Bureau of Statistics, the monthly rent for a 1.5-room flat in Tel Aviv in 2013 was US$1,044 on average. When compared to the prices in 2007 you would look to pay around US$588 which represents a fairly significant rise. Given that this rise has occurred during the economic downturn indicates the demand on the property market. The average monthly salary stands at around US$2,500 dollars showing that once deductions have been made for other day-to-day costs there isn’t a great deal of surplus.

An article written by the BBC describing what it takes to live in the city of Tel Aviv certainly illustrates it isn’t the easiest way of life. "It's not easy to make it in Tel Aviv, but this is the kind of place where, if you really assert yourself, the sky's the limit." It goes further, suggesting self-employment is the best way to proceed if you’re looking for financial freedom. With work permits proving tricky to obtain that could limit your prospects, and if you do receive one they’re often only valid for short term periods.

If you’re thinking of going for a drink to down your sorrows that too can prove an expensive practice. A 330ml bottle bought at a supermarket would cost you around US$2.20 with a pint of imported beer costing you around US$10. That places Tel Aviv as the third most expensive pint on average globally after Geneva and Hong Kong.

You will be pleased to hear that the basics are still very affordable with prices for food and clothing similar to that of Israel’s neighbouring countries. Public transport is similarly priced to what you would expect living in most European countries, but the availability of most services is fairly limited with Tel Aviv in the process of constructing its first light rail network, which is likely to be completed in the next five years. Again, running a car is similar to the cost you’d expect to pay in central Europe, but congestion is significant, so morning commutes can prove long with limited convenient parking. Most road users pay little attention to posted signs and warnings, so expect to see cars in bicycle spaces and bicycles in car spaces.

It’s also important to note that having a strong education behind you is fairly essential, with many employers seeing professional training as a prerequisite for most positions. It is likely that your move to the country might be off the back of a new job offer, but if you find yourself entering the job market you will need to be ready to tick the higher-education box. Israel’s strong and sophisticated economy entails that jobs are available for the right candidates, so as an expat you will be entitled to apply for most positions.

English is widely spoken but if you want to settle more easily a working knowledge of Hebrew is worth developing. The Information Technology sector is one of the fastest growing industries in Tel Aviv, and despite much of the development being conducted in English, interdepartmental communication is often conducted in Hebrew.

So, Tel Aviv is a difficult proposition that is clearly not for everyone. It does offer stunning beaches, a whole host of cultural activities that I would struggle to list and a good standard of living for those who can afford it. It’s these costs however that make me reluctant, and given its constant state of high alert I think there are countries in the region that could offer a more stable way of life.

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GREAT CENTRAL SHEFFIELD --FROM: £110,000

> 131 modern apartments > Next big UK market > Short walk to city centre > Great transport links > Lettings and management company in place

​Great Central is the latest new development from Knight Knox in Sheffield, one of the UK’s fastest-growing cities which is set to be the next big national property market. Comprised of 131 stunning apartments spread over eight storeys, Great Central is set to be an extremely popular addition to the busy Sheffield residential market.

With both rents and house prices in the city predicted to rise significantly over the next five years, this is the perfect time to get ahead of the game and invest in Sheffield.

IN CONSTRUCTION

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X1 SOUTH BANK LEEDS --ÂŁ144,995

> Local rental market is booming > Lettings and management company in place > Walking distance to Leeds city centre > Built by an experienced developer > Great transport links

X1 South Bank comprises of 928 new homes alongside commercial units, cafes, gymnasiums, secure bicycle storage, extensive parking facilities and an on-site management office to ensure that both landlords and residents are taken care of.

The apartments themselves are generously sized and designed to make the best use of natural light to provide a bright and airy living environment. The specification is exceptional, including the modern fixtures and furnishings which come with each apartment.

NEW LAUNCH

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X1 CHATHAM WATERS KENT --ÂŁ190,000

> 1, 2 and 3-bedroom apartments available > Waterside views > Great transport links > Built by an experienced developer > On-site lettings and management company

Following the huge success of MediaCityUK, Manchester, Peel is delivering a ÂŁ650m destination waterfront in Kent. Already well underway with retail, leisure, and education phases delivered, and more to come including offices, and an events building, this will be a world class destination.

Award-winning developer X1 is proud to be working in partnership with Peel on this exciting new masterplan at Chatham Waters.

Commanding a prime waterfront location within the larger development, the high specification apartments at X1 Chatham Waters will boast outstanding views across both the marina and the Thames estuary.

IN CONSTRUCTION

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BRIDGEWATER WHARF GREATER MANCHESTER --FROM: ÂŁ139,995

> Local rental market is growing strongly > Superb public transport links > Lettings and management company in place > Within walking distance of MediaCityUK > Perfectly placed between Manchester and Salford

Bridgewater Wharf is the new development from Fortis Developments and Knight Knox in Greater Manchester, close to both Manchester and Salford city centres. Comprising 376 apartments spread over eight storeys, the development is a premium opportunity for investors looking for their next property.

The studio, one bedroom, two bedroom and three bedroom residential apartments at Bridgewater Wharf are sure to prove popular in Salford which is suffering from a ongoing shortage of high quality rental accommodation.

NEW LAUNCH

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NORTHILL APARTMENTS SALFORD QUAYS --FROM: ÂŁ162,995

> 269 luxury apartments > Excellent transport links > Within walking distance of MediaCityUK > High rental demand in the area > Easy access to Manchester city centre

Northill Apartments is the latest addition to the flagship development, Fortis Quay and is sure to be popular amongst the thousands of young professionals looking to live and work in Salford Quays.

There will be a range of luxury apartments from studios to three beds, which will raise the bar in modern living. All apartments will be designed to the highest possible standard with state-of-the-art fixtures and fittings, making it the perfect addition to any property portfolio.

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X1 MANCHESTER WATERS MANCHESTER --FROM: £109,995

> Five minutes to Manchester city centre > Waterfront location > Good local transport and amenities > Private tenant amenities > Managed by award-winning X1 Lettings

X1 Manchester Waters is the 28th joint venture development from Knight Knox and X1 and will deliver luxury waterfront apartments to the thriving buy-to-let market.

Located just five minutes away from Manchester City centre the location of this development is unrivalled, giving tenants the tranquillity of waterside living as well as everything that the UK’s ‘second city’ has to offer on the doorstep.

IN CONSTRUCTION

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X1 MEDIA CITY TOWER 4 SALFORD QUAYS --FROM: £139,995

> Studios, one and two-bedroom apartments > Lettings and management company in place > Private communal facilities > Great transport links and shopping > All three previous phases sold out

The fourth and final tower in X1 Media City will follow in the footsteps of its predecessors, offering high-end residential living in a highly sought-after area.

This development’s stunning exterior perfectly epitomises the luxury within, and is just a stone’s throw away from the iconic MediaCityUK site on the picturesque Salford Quays waterfront.

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X1 THE LANDMARK SALFORD --FROM: £151,000

> Private communal facilities > Beautiful balconies with dynamic city views > Prime city centre location > Within walking distance of local amenities > Experienced management company in place

The newest addition to the Greater Manchester skyline, X1 The Landmark will provide 191 stunning apartments to the thriving Salford rental market.

Situated in a prime location between two thriving cities, X1 The Landmark will offer residents the best of both worlds—able to enjoy the picturesque waterfront destination found in Salford’s MediaCityUK, yet just a stone’s throw away from Manchester’s dynamic city centre.

IN CONSTRUCTION

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THE TOWER AT X1 THE QUARTER LIVERPOOL --FROM: ÂŁ124,995

> Highly sought-after location > Lettings and management company in place > Private communal facilities > Great transport links and close to shopping > Built by experienced developer

The Tower is the fifth and final phase of X1 The Quarter, X1’s award-winning development near the beautiful Liverpool waterfront, with all previous phases sold out and fully tenanted.

The success of the previous phases demonstrates the huge demand for prime residential accommodation in Liverpool, and The Tower at X1 The Quarter is sure to prove popular with both investors and future tenants.

IN CONSTRUCTION

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X1 THE CAMPUS SALFORD --SOLD OUT > Built by experienced developer X1 > Close to excellent public transport links > Close to local shops, bars and restaurants > On-site gymnasium > Private student accommodation is a booming investment class

X1 The Campus is the latest student development from the award-winning X1. This newly-built development is well located on the university campus, and will offer students great on-site ammenities and facilities.

Salford plays host to everything which a modern student could possibly want from a university city – not just a fantastic university which is a leader in its field, but also a range of pubs, restaurants and shops in the local area.

IN CONSTRUCTION

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BRIDGEWATER GATE SALFORD --SOLD OUT

> Local rental market is booming > Private rooftop terrace > Great transport links > Built by an experienced developer > On-site lettings and management company

Bridgewater Gate is enviably located on the edge of Manchester city centre in the thriving area of Castlefield.

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

It also sits within walking distance of MediaCityUK, home of the BBC and ITV.

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BELLS COURT SHEFFIELD --SOLD OUT

> Assured 7% rental income for one year > Fully-furnished > Excellent city centre location > Luxury studio apartments > High rental demand in Sheffield

Located in the heart of the city centre Bells Court is a high-end residential conversion, bringing 29 luxury studio apartments to the ever growing rental market in Sheffield.

Ideal for both students and young professionals Bells Court answers the growing need for premium rental accommodation, and is perfectly located for tenants to enjoy all that the city has to offer.

COMPLETED & TENANTED

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yieldit / For Sale

Studio apartment for sale: £85,000

How this property performs Purchase price

£85,000

Gross rent

£6,300

Ground rent

£250

Service charge

£723

Lettings fees

£504

Net income*

£4,823

Gross yield*

7.41%

Net yield*

5.67%

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*All financial information is provided as a guideline only, is subject to change and does not constitiute a contract. As with any investment, please be aware that your capital may go up or down. © 2018 yieldit yieldit is a trading name of Knight Knox Ltd, a company registered in England and Wales. Registered number: 5236745