The Address T H E L U X U R Y R E A L E S TAT E & L I F E S T Y L E M AGA Z I N E
IN THIS ISSUE The world’s largest luxury penthouse Brazil offers one of the most exciting real estate markets in the world Own a piece of the GoldenEye in Jamaica, once the home of Ian Fleming Piece de resistance - South African splendour Insider’s Guide Paris
Ibiza is fast becoming one of Europe’s most prestigious addresses A feast for all senses - visit some of the best food markets in Europe Why Dominican Republic is hot ... and more
Welcome to the Autumn 09 issue of The Address. Welcome to another fabulous edition of
The Address. As always, we have a host of informative as well as inspirational features about luxury real estate, property investment and food & travel. You will find 100 pages covering the world; from Africa to Vietnam, from Ibiza to Costa Rica. Don’t miss this issue’s Piece de Resistance – African Homesteads. 15 exclusive, private ultra-luxurious homes located in one of the world’s leading private game reserves; Phinda Private Game Reserve (page 4). Costa Rica will be home to the world’s largest penthouse. This oceanfront development sets a new standard in the world of luxury real estate, not just in Latin America but on a global scale (page 10). We also cover a rare opportunity to acquire a luxury duplex ski apartment right in the centre of Chamonix (page 8). You will also find in this issue some of the most luxurious properties currently available for sale in Africa, Asia, the Caribbean, Central & South America, Europe and North America (page 18). In these turbulent times the importance of quality and differentiation has never been more apparent. Only properties of high quality with unique details in highly desirable locations will prosper. 2
Our property and market updates cover ‘Why Dominican Republic is Hot’ (page 14), ‘Fractional Ownership’ (page 62) and ‘Market Insights’ (page 84). ‘A World of Opportunities’ gives you the chance to take advantage of some outstanding opportunities currently available. 60 beachfront townhouses in the Bahamas are sold at almost 50% below comparable residences - representing a great buying opportunity (page 74). With Brazil hosting the 2014 World Cup and then the Olympic Games two years later, there has never been a better opportunity to invest in Brazilian real estate than now. Garapua Beach Resort presents property investors with a wealth of opportunity (page 12). Beginning on page 88, you will find Food Markets, a celebration of some of the most inspirational and colourful markets across Europe. I doubt that you will be able to resist the delicious recipes in our Kitchen Confidential feature. Two very seasoned Chefs, Skye Gyngell, Petersham Nurseries Café, London and Matthew Wilkinson, Circa, Melbourne share some of their recipes (page 64). We asked our Food + Travel Insider Richard Nahem to open his address book to some of his favourite haunts in his adopted hometown Paris (page 76). If you come across anything you’d like to comment on or share with us and other readers, please do write in with your comments and recommendations. Explore & enjoy!
ANN ADENIUS EDITOR firstname.lastname@example.org
Contents Autumn 2009
PIECE DE RESISTANCE 04 African Homesteads, South Africa
BEST OF ...
08 Skiing – Luxury duplex in Chamonix 10 Penthouse – The world’s largest luxury penthouse 12 Investment - Garapua Beach Resort in Brazil
14 Why Dominican Republic is hot 62 Fractional ownership 84 Market insights from around the world
LUXURY REAL ESTATE 18 20 30 36 40 54 58 60
Africa Asia Caribbean Central America Europe North America South America Trophy properties
FOOD & TRAVEL
64 Kitchen Confidential; Top chefs share their recipes 76 Insider’s Guide Paris 88 A feast for all senses - visit some of the best food markets in Europe
WAIT, THERE’S MORE A WORLD OF OPPORTUNITIES
98 Subscribe 99 Can’t wait to tell a friend
74 Beachfront properties in the Bahamas
Cover Photo: African Homesteads, South Africa www.theaddress.info
Enlightening, exhilarating, extraordinary South African splendour
15 exclusive, private and luxurious homes in South Africa’s exceptional &Beyond Phinda Private Game Reserve are available for ownership. Located in the province of KwaZulu-Natal on the country’s north eastern coast, African Homesteads is a venture between leading luxury safari company &Beyond and Tara Getty. At Phinda, you can experience the continent’s finest game viewing of Africa’s Big Five, an abundance of animals and over 400 bird species. And only 19 miles away, you have the Indian Ocean with a marine diversity said to rival that of the Great Barrier Reef in Australia and beaches to explore, whales to watch in season, reefs to dive, fish to catch and miles 6
and miles of golden sand to walk on. It takes approximately 45 minutes to drive to the coast or a 10 minutes helicopter/light aircraft flight directly from Phinda’s private airstrip. Designed to be the ultimate private bushveld retreat to share with friends and family, each luxurious homestead extends over 800m² (8,600 sq. ft.), and comprises up to four large bedrooms with beautifully appointed bathrooms built around spacious indoor and outdoor living areas. Expansive wooden verandas and a large infinity pool at each homestead overlook the untamed wilderness and the wildlife that passes through it. When you are in residence, a ranger/tracker team, homestead host, chef and homestead
team are on hand to cater to your every need. Each African Homestead is also equipped with its own open 4×4 safari vehicle for unrestricted game drives throughout the reserve. The first African Homestead showhouse has debuted with sensational, safari-inspired designs by prominent safari lodge architect, Nick Plewman and award-winning interior designer, Chris Browne. The spacious homestead’s use of glass, open layout and a natural form is a perfect complement to the bush outside. The design team works with owners to create their personal African homestead. Daily flights in light aircraft depart directly to Phinda’s private airstrip from Johannesburg’s O.R. Tambo International Airport. Flight or
road transfers can also be arranged from Durban International Airport and Richard’s Bay Airport. Prices for these once in a lifetime homes start at US$6 million, and homes are offered on a 70-year leasehold. The purchase price includes traversing rights over the full extent of &Beyond Phinda Private Game Reserve. This is the ultimate African safari home – worry-free and fully serviced ownership of a world-renowned game reserve in Africa. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
A rare opportunity to acquire a prestigious property in one of the world’s legendary ski resorts Ultra-luxurious duplex apartment in the very centre of Chamonix Chamonix, which goes down in history as the host of the first Winter Olympic Games in 1924, has also earned a position as one of the world’s greatest ski resorts. Renowned for its long descents and varied terrain, it truly is a ski and mountaineering paradise. Chamonix is equally a summer destination for golfing, climbing and trekking. Add the Chamonix charm; the town has retained all the charm of a traditional ski resort with beautiful architecture, cobbled streets and pretty street cafés set against a backdrop of stunning mountain scenery, and it is difficult to find a better location for an alpine hideaway.
This prestigious duplex apartment comprises 3 bedrooms with their own bathroom, a spacious living room with a fully fitted kitchen, a hammam room and storage space. This represents an exceptional real estate opportunity for second home buyers as well as for property investors. Price: €1,504,000. Signature Residences Worldwide
www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Iconic Living The world’s largest luxury penthouse Genesis Puntarenas is Costa Rica’s first all-glass, multi-family residential building. Designed by Spanish architect Luis Tavárez and located directly on the beach in Puntarenas on the Pacific coast, the US$ 130 million project sets a new standard for high-end real estate in Latin America. 10
This development has so many great things to offer its residents: fantastic space, great views, every service imaginable, fine dining and stunning location. However, what really makes it stand out is the fact that it will also host the world’s largest penthouse - a sprawling 68,459 sq. ft. masterpiece. The main highlights of the three level trophy penthouse will be 10 bedrooms, 14 bathrooms, a private helipad, outdoor swimming pool, tennis court and a formal dining room for 58. The penthouse sale at Genesis Puntarenas will set the tone for the rest of the luxury market in Latin America. The distinctive modern 14-storey construction is surrounded by spectacular glass terraces, granite treatments, and cascading waterfalls throughout the property. All 47 residences feature floor-to-ceiling retractable glass walls and expansive private all-glass terraces, which will allow homeowners to incorporate the
country’s lush landscape into their living space and enjoy spectacular views of the Pacific Ocean and rainforest mountains. The residences will have world class luxuries including marble floors, quartz countertops, branded stainless steel appliances and the finest in Scavolini kitchens and baths. Add five-star amenities such as beach cabanas, a 10,434 sq. ft. bi-level fitness centre with ocean view, an infinity pool with swim-up bar, an on-site restaurant and lounge, a Spa, wine cellar, cigar parlor, business centre and 24-hour-a-day manned security and more. This is haute living at its best. The world’s biggest penthouse is priced at US$ 51,040,000. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Brazil offers one of the most exciting emerging real estate markets in the world
The opportunity to invest at up to 50% below market value, with 100% finance available* and with cash input from as little as £1,000 is hard to beat. Situated in a true tropical paradise, the Garapua Beach Resort is located on the beautiful island of Ilha de Tinhare just off the coast of Bahia in Brazil. The island is a paradise island dream come true with beautiful beaches, crystalline waters, rainforest, mangroves and coconut groves that are home to a stunning array of flowers and colourful birds. The island is home to a few small fishing villages, the largest of which is Morro de Sao Paulo, with beautiful colonial architecture and historical monuments. Garapua Beach Resort offers the opportunity to invest in a luxury resort on this stunning north east corner of Brazil. This will be one of the leading resorts in Brazil. The development comprises a selection of hotel suites, apartments and villas set on a stunning 1,700 acre plot with a beautiful palm fringed white sandy beach and tropical landscape. The resort will be managed by a world-class hotel operator and the developer is planning to incorporate a Gary Player Signature Golf Course, Pat Cash Tennis Academy, Football Academy and Trader Vic’s restaurant. The investment package available offers 100% finance* which means it is possible to invest with as little as £1,000 cash input. Investors will receive 10% guaranteed rental income for 2 years followed by 50% net room rate share. Early investors will benefit from prices up to 50% below market value. As well as the opportunity to purchase property, investors can now purchase freehold land plots. Freehold apartments and villas are priced from £55,000 to £625,000 and freehold plots from £30,000 to £70,000. * Subject to status. Terms and conditions apply
W Real Estate Group www.garapuabeachresortbrazil.com Tel: +44 (0)20 7095 8701
The Dominican Republic has earned a reputation for excellence as a purveyor of world-class luxury resorts, designer golf courses and white sand beaches, a fact that has helped transform the island nation into the largest economy in the Caribbean and Central America - and the envy of its neighbours. And little wonder: The DR has a growing and stable economy, with per capita GDP of US$ 4,797.8 in 2008, which denotes a high purchasing power for Latin America, according to the World Bank. Leading the growth are tourism and the DR’s Free Trade Zones, where top-name manufacturing companies from around the world have set up shop to take advantage of tax incentives. DR’s travel and tourism economy is forecast to outperform the rest of the Caribbean between 2010 and 2019, according to the World Travel and Tourism Council. International Living has named the DR one of the world’s Top 30 Countries to Retire in 2009 - the only one on the list from the Caribbean. The DR has been recognized as one of the top golfing destinations in the world. The United States, a partner with the Dominican Republic in a free trade agreement with Central America, poured about $3 billion in direct foreign investment into the country in 2008, mostly in the energy and tourism sectors. Private foreign investment in real estate development remains strong, with millions of dollars being poured into the newly developed Samana Peninsula in the north and developers competing for a spot in the soon-to-be-developed southwest region.
Why is everyone so high on the DR, the birthplace of merengue? Call it the gecko factor. For what really separates the Dominican Republic from its neigh-
bours is the government’s commitment to tie its future success, and that of its citizens, to literally keeping alive a history that goes back 40 million years.
Rainforest to lush valley to desert – a land of contrasts Located in the centre of the Caribbean Sea, the Dominican Republic is the second-largest nation in the Caribbean, with a territory of 48,442 square kilometres on the eastern twothirds of the Island of Hispaniola, which it shares with Haiti. It is located between the islands of Cuba to the west, and Puerto Rico to the east, and just a two-hour flight from Miami, Florida. While the Dominican Republic is famous for its 1,600 kilometres of coastline - including 300 kilometres of prime soft-sand beaches - it is really a land of contrasts, stretching from rain forests and fertile valleys to cacti-strewn desert regions. It also boasts both the highest and the lowest points in the Caribbean. Its four mountain ranges run roughly parallel to each other in an east-west direction. The Cordillera Central is the highest mountain range on the island, with Pico Duarte towering more than 3,175 metres. At the other extreme is Lake Enriquillo in the southwest, which at 40 metres below sea level is the lowest point in the Caribbean. It is the only salt water lake in the world inhabited by crocodiles. At 40 million years, Hispaniola is far older than the Galapagos. And while it was discovered by Christopher Columbus more than 500 years ago, it is only in the last decade that the island has become a sought-after research classroom for evolutionary biologists and conservationists the world over. They have been flocking here since 2001, when the world’s tiniest reptile, a dwarf gecko measuring just six millimetres, was discovered on an island in the DR’s protected Jaragua National Park.
The DR’s profile as a hot tourist destination - it was recently named Best Caribbean Destination by Travel Weekly magazine - has led to an increase in construction throughout the country. Real estate tourism alone accounted for $1.5 billion in earnings for 2007. International Living, which hails the Dominican Republic as one of the most undervalued Caribbean destinations, calls the Samana Peninsula a “hidden gem” and one of the best locations for investors looking for real estate. New road and air transportation links, along with tax incentives, have proven successful in luring both tourists and investors to the area, whose star attractions are its awayfrom-the-crowds relaxed atmosphere, palmcovered mountains, unspoilt beaches and vibrant coral reefs. The government has put in place tax incentives, including 50% off annual property taxes and duty-free imports of household items, to encourage real estate investment. Las Terrenas, with its mix of distinctive restaurants, bars and shopping, is the most popular of the three main towns in the Samana Peninsula, which juts into the Atlantic Ocean, offering visitors the opportunity to watch humpback whales in action.
Signature golf courses voted best in the Caribbean The IAGTO (International Association of Golf Tour Operators) award affirms that the DR has arrived on the international scene as an important new ‘It’ destination for golf. Since the first designer golf course opening in the DR, which was Teeth of the Dog at the world-popular Casa de Campo resort, golf has been a booming facet for the country’s tourism industry. The DR was also recently recognized by Travel & Leisure Golf magazine, a top-tier golf publication 16
with a circulation of more than 650,000, as “The Player’s Paradise.” The magazine hailed the Faldo Legacy Course at Roco Ki as one of the Top 10 best new golf courses in the world. While the government is pushing development in the Samana Peninsula, it is not ignoring its key tourist region along the eastern coast, home to the popular resort towns of Cabarete and Punta Cana. Once the home of all-inclusive package holidays, the area is now a showcase for 5-star boutique resorts and luxury brand-name hotels catering to both the spa crowd and the chic adventure traveller.
DR tipped to become the hottest Caribbean destination The Dominican Republic, with a population of 9.5 million, is primarily dependent on natural resources and government services, although the service sector has recently overtaken agriculture as the leading employer of Dominicans, due to the growth in both the Free Trade Zones and tourism. Tourism is the second leading source of revenue for the DR, which has more than 675 hotels and received about eight million visitors in 2007-2008, according to Central Bank figures. The government expects the number of visitors to the Dominican Republic to hit five million a year by 2012. With world-class resorts and signature golf courses rated among the best on the planet, gourmet dining, a lively nightlife, some of the Caribbean’s best beaches and a near-perfect climate, that’s a goal well within reach — especially with the government pouring money into roads, ports and energy upgrades. Want to know more? A free copy of the full report can be requested from International Luxury Real Estate on www.ilre.com
Photo: The Ministry of Tourism of the Dominican Republic
DR rated top location for real estate investment
Samanah Country Club Authentic luxury in Marrakech
The ‘Red City’, set against a backdrop of snow capped mountains in an oasis of date palms, is a place of endless spectacle and striking modern contrasts. Marrakech has built a reputation as a destination offering visitors an exotic blend of history, culture and art in one of the world’s most colourful and dazzling locations. Just outside Marrakech is the construction of Samanah Country Club well under way and when finished, residents will experience truly authentic Moroccan living at its very best. The development will offer quality and seclusion but still within easy reach of the life and vibrancy offered by Marrakech. Samanah Country Club offers luxury residences constructed of the finest quality, each decorated by top interior designers capturing the beauty of traditional Moroccan architecture. There is a choice between superbly designed traditional Riads and modern villas ranging in size from
290m² to 1,142m², while the plots range in size from 493m² to 6,096m² ensuring privacy and tranquility. All residences feature private swimming pools. Samanah Country Club will also feature an 18-hole Jack Nicklaus Design golf course within full view of the Atlas Mountains. The course, which is already open, is private and exclusively reserved for club members, their guests and the guests of the hotels located in the resort. The resort will also feature a real village with its square, its shops and restaurants and three 5-star hotels. Almost 50 villas have been completed with phase 1 scheduled for completion by end of 2009. Prices from €368,182 to €2,497,841. International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
Living on one of the worldâ€™s 10 most beautiful beaches China Beach in Danang, Vietnam, recently voted by Forbes Magazine as one of the Top Ten Beaches in the world, is home to Hyatt Regency Danang Residences. 20
On a prime 20 hectare stretch of China Beach and directly in front of the iconic Marble Mountains, the location of these private luxury homes available for sale is truly sensational. The Hyatt Regency Danang Residences include 174 luxury condominiums and spectacular penthouses with amazing sea views and 27 oceanfront pool villas which offer contemporary design over two spacious levels. Owners of the Hyatt Regency Danang Residences will enjoy access to the resort’s extensive array of food and beverage outlets and preferred access to the nearby Colin Montgomerie Signature Links Golf Course. In addition, the resort will boast a world-class Spa, a wide variety of recreational amenities such as tennis courts, fitness centre and children’s centres and swimming pools. As an added incentive, residence owners will also be
able to take part in the Hyatt managed rental program. The resort is located on the main coastal road, midway between Hoi An and Danang and a 15 minute drive from the Danang International Airport, serviced by direct local and international flights. With its natural beauty and close proximity to three UNESCO World Heritage sites, Danang has emerged as one of Vietnam’s most significant cultural and recreational destinations. Vietnam’s China Beach is well on its way to joining ranks with Phuket and Bali as the next great Southeast Asian beach destination. Prices from US$203,740. International Luxury Real Estate
www.ilre.com Tel: +44 (0)20 7095 8701
Clean lines epitomizing modern tropical living Cool Blue is unashamedly contemporary; open and light with high ceilings in a spatial composition. Expansive living areas, large open terraces and the seamless transition of indoor into outdoor spaces reflect the modern Asian design. Using quality materials and natural finishes were equally important when creating the new tropical lifestyle experience. 22
The 34 villas are carefully positioned to ensure unobstructed sea views from every room. At the villaâ€™s lower level, spacious twin master bedrooms, each with elegantly appointed en suite bathrooms, have their own generous private terrace with horizon edge swimming pool. Dense tropical landscaping surrounds each villa, further enhancing the feeling of privacy and being at one with nature.
Cool Blue is situated in Choeng Mon, the most exclusive neighbourhood of Koh Samui. Nestled on a hillside over the dazzling sea of the Gulf of Thailand, a vast stretch of quiet, white sandy beach, lined with tropical coconut trees, is only minutes away. Residents at Cool Blue can enjoy a wide range of recreational choices at the local clubhouse including a fitness centre, a free-form infinity pool, lap pool, sun deck and Jacuzzi, restau-
rant, bar, Spa, massage and treatment rooms. Whether looking for a relaxing swim or an invigorating workout, the sparkling waters of the Gulf of Thailand are the perfect backdrop. Prices from THB 22.8 million. Modern Homes Worldwide www.modernhomesworldwide.com Tel: +44 (0)20 7095 8701
Phuketâ€™s most dramatic oceanfront villa estate with an elevated private beach Sitting on a dramatic and secluded headland on the north west of Phuket, this breathtaking luxury villa is a world-class residence. The design is absolutely outstanding with the sensational views across the Patong Bay stretching out into the horizon of the Andaman Sea. The location of this ultra luxurious 5 bedroom modern villa offers sights of rolling 24
hills covered with rich tropical forest, towering majestic cliffs over crystal clear waters and sandy coves. It is truly a hidden gem. Perched on a cliff edge, the exclusive villa boasts a yoga/reading sala that is extended from the cliff and seemingly suspended almost 100 feet over the rocks and sea.
The private outdoor twelve person Jacuzzi, hidden amongst the rocks, has equally breathtaking sea views. And as an extra feature, the owner has made a private elevated beach above the high water mark. The villa also boasts undercover parking, a superb architectural entrance, two private lifts and spacious dining and living areas.
The exclusive oceanfront villa, surrounded by the estateâ€™s wooded parkland and panoramic sea views, offers a lifestyle of natural peace and privacy. Price: US$ 7.5million. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Paradise island living on Koh Yao Noi - a secret hideaway that thrives on luxury and privacy
Koh Yao Noi island is unspoilt, largely untouched and set in lush tropical vegetation with a wonderful remote feel. The island is in Phang Nga Bay, which is world famous for its unique limestone formations and pristine beaches. Watch the James Bond movie “The Man with the Golden Gun” or “The Beach” staring Leonardo DiCaprio to get a taste of what you can expect of Villaguna, a luxury residential resort situated in the heart of this tropical paradise. Villaguna is a luxury island hideaway with only 41 exclusive homes for sale; luxury villas 26
with private pool and beach bungalows built to European standard. All residences command unobstructed panoramic bay views of Krabi National Park and the beach. Villaguna also boasts a perfect combination of luxury residences and resort style living with amenities such as a restaurant, fitness centre, Spa, library, business centre and mini mart. The environment invites you to just relax and unwind but Koh Yao Noi also offers great leisure opportunities such as sailing, scuba diving, island hopping and excursions
to theÂ nearby rock islands with secluded beaches and rock climbing opportunities. Remote but still extremely accessible, Koh Yao Noi is conveniently located only 25 minutes by speedboat from Phuket with its international airport, numerous shopping centres, world class hospitals and leisure centres such as golf courses, marinas, and tourist attractions. As part of a limited pre-opening sales program, the developer is offering up to 40% financing over five years at a competitive 6.5% rate. Also, as an owner of one of the luxury residences you can participate in the resort rental program
with a guaranteed minimum 6% investment return during the first two years of ownership along with two months of usage per annum. With a 120 metre stretch of sandy beach and Phang Ngaâ€™s magnificent seascape, the residents of Villaguna will enjoy a true luxury living in a tropical paradise. Beach bungalows from THB 9.9 million and pool villas from THB 17 million. International Luxury Real Estate www.ilre.com Tel: +44 (0)20 7095 8701
Ultra modern eco-luxe architecture Combining eco-luxe design with contemporary architecture, Aqualina presents a stylish approach to luxurious tropical living. The unique hillside boutique development on Koh Samui’s northern coast comprises 18 ultra modern villas in which innovative design exists in harmony with the natural beauty of the surroundings. Defined by the bold angle of their pitched roofs, Aqualina’s futuristic villas blend perfectly form and functionality. Interiors and exteriors are seamlessly merged; lofty ceilings and extensive use of glass create open spaces that banish the lines between indoor and outdoor living areas. 28
The villas’ pitched roofs are planted with grass, creating a thermal mass that aids the cooling of the spaces beneath it. Similarly, the reflecting pools help draw air through the building, creating cooling breezes. Natural light is also maximised, while there is natural shading from the surrounding trees. Prices from THB 24.8 million. Modern Homes Worldwide www.modernhomesworldwide.com Tel: +44 (0)20 7095 8701
Own a piece of the GoldenEye in Jamaica, once the home of Ian Fleming
For 50 years GoldenEye in Jamaica has been synonymous with glamour, sensuality, and artistic endeavour. It was here Ian Fleming penned his James Bond novels and it was here he entertained guests such as Michael Caine, Elizabeth Taylor and Catherine Hepburn. In 1992 music mogul Chris Blackwell turned GoldenEye into an elegant boutique hotel attracting names such as Naomi Campbell, Johnny Depp, Sting and the Clintons. Dedicated to providing unpretentious luxury and laid-back comfort in the most idyllic surroundings, guests come here for seclusion, privacy and for the uniqueness of the destination. Located in the quiet village of Oracabessa, GoldenEye sits on a bluff facing the blue Caribbean Sea, offering a dramatic coastline of secret coves and private beaches. Blackwell is currently expanding the property to include a select number of residential waterfront cottages. There is a choice of 11 Beach Cottages on Low Cay Beach – a 500 ft sandy crescent that is sheltered by a coral reef – and 6 Spa Cottages nestled into the lush hillside. All luxury villas will come fully furnished and will be finished to the highest standard, blending modern comfort with the traditional Jamaican way of life. Jamaica is surely one of the Caribbean’s most iconic destinations. The scenery offers everything from fish-filled coral reefs and white sand beaches to breathtaking waterfalls and cloud-shrouded rainforests. The music is infectious and the people represent one of the most diverse populations in the Caribbean, drawing from African, Chinese, Indian, British and German heritage. This is a once only opportunity to acquire a property at GoldenEye, one of the most sought after retreats in the world. Prices from US$750,000. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701 Image by March (www.marchmade.com)
The new Barbados? Luxury lifestyle investment in St Lucia St. Lucia is one of the most striking Caribbean islands with large rain forest, sparkling waterfalls and a fair share of pretty beaches. St. Lucia is a place where exotic beauty and British colonial elegance flow together in unsurpassed luxury so it is no surprise that it lately has been frequently tipped as the new Barbados – but without the crowds. Another aspect that makes St. Lucia an attractive alternative is that property prices are still more reasonable than on many other islands in the Caribbean and are 40-50% lower than on Barbados. In addition, due to the island’s topography there is limited land suitable to build on so it will never be overdeveloped and will not have an oversupply. One example of luxury real estate that offer great value for money is The Marquis Estate, a 5-star development situated amongst some of the Caribbean’s most attractive landscape on the stunning northeast coast of St. Lucia. Originally the site of an 18th century sugar mill and more recently a banana plantation, it will occupy a breathtaking 500 acre site in a wide, lush, tropical valley that sweeps majestically down to one of the most beautiful beaches in St. Lucia, the Marquis Bay. One of the many unique features of The Marquis Estate St. Lucia is that it will feature the world’s first Gary Player Hotel and a Signature Gary Player Golf Course. The 18-hole championship golf course will be both challenging and picturesque with fabulous views across the stunning landscape and Atlantic Ocean. There will also be a Vegas-style casino and a stunning marina that will offer excellent facilities for cruising yachts. The Marquis Estate will offer a wide selection of luxury property types throughout the resort, including luxury estate villas, Spa villas and apartments. The development will also offer Gary Player branded luxurious, secluded residential villas that will be interspersed on hillsides throughout the golf course. Price from £130,000 to £1,225,000. W Real Estate Group www.marquisestate-stlucia.com Tel: +44 (0)20 7095 8701 32
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artistâ€™s impression www.theaddress.info
A PGA Golf Course in one of the most beautiful landscapes in the entire Caribbean A superb opportunity to acquire one of 56 Founders Residences
Spread over 1,000 lush acres directly on Puerto Ricoâ€™s Atlantic coast and at the foothills of the world famous El Yunque Rainforest, the location of Trump International Golf Club & Residences could not be better. Located just minutes outside of San Juan, this landmark residential community will showcase 500 exclusive residences at its completion comprised of Founders Residences, Estates, Golf and Beach Villas. Additionally, the property will boast a 10-acre Beach Club which will be the largest in the Caribbean and feature tennis 34
courts, Trump Tranquility Spa, superb international cuisine, bars, glistening swimming pools and fitness centres. It is no wonder the golf course, a Tom Kite masterpiece, was chosen as the site for the Puerto Rico Open - Puerto Ricoâ€™s first official PGA TOUR event. The first historic match was held in March, 2008 with plans for an annual event through 2012. Phase 1 of Trump International Golf Club & Residences, Puerto Rico, has just been
released and the initial offering is being called the Founders Residences. The 3 bedroom residences boast 3,270 sq. ft. to 3,723 sq. ft. of living space, while enjoying spectacular views of the El Yunque Rainforest, the Championship Golf Course, the Atlantic Ocean and the beach. With only 56 residences on offer, this is a unique opportunity. Owners of these residences will become part of the Founders Club â€“ an exclusive community that offers superb perks, including
preferred tee times, access to a private jet, helicopter and limo services. Additionally, luxury golf and beach front residences are currently available. Prices start from US$766,900 and for Founders Residences from US$1.1 million. International Luxury Real Estate www.ilre.com Tel: +44 (0)20 7095 8701
Urban buzz and island living Trump Ocean Club combines best of both worlds Trump Ocean Club Panama City is set to be the most exclusive address in Panama and Latin America. This exclusive luxury community offers first-class amenities, revolutionary architecture and lavishly designed residences. And as the icing on the cake, residents will have access to a unique feature that will allow them to leave the urban buzz behind at their will. The Trump Ocean Club will have its own private beach club on Contadora Island in Las Perlas Archipelago, an ecotourism paradise of 220 pristine tropical islands. To get there is easy; a 60 minutes leisurely sea journey with the Trump Ferry will take residents directly from the property to the private paradise. The islands include all the best features of a Caribbean-style landscape; powdery white sand, crystal-clear turquoise waters, coral reefs teeming with sea life, and lush vegetation.
The islands in the archipelago are famous for diving, snorkelling and deep-sea fishing while enjoying comfortable weather yearround. In season, whales and dolphins can even be spotted. The private beach club will boast 3,252mÂ˛/ 35,000 sq. ft. of facilities including infinity pool, cabanas, restaurants, bars, beach amenities such as beach chairs, umbrellas and towels and a beach bar. Residence owners can rent jet skis, sailboats, surfboards, snorkel, scuba diving and fishing equipment. Trump Ocean Club will be a one-of-a-kind, best in class destination for living, working, boating and shopping in Panama. Prices from US$420,000. International Luxury Real Estate www.ilre.com Tel: +44 (0)20 7095 8701
yoo by Starck Stylish, sophisticated designer living
yoo Panama is located in the heart of the Balboa Avenue, a spectacular strip that borders the ocean and offers magnificent views of the Panama Bay, Panama City and the Panama Canal to its residents. It is also conveniently located within walking distance from main recreation centres and the banking district. An $85 million project, yoo Panama includes 234 luxurious residences, each with terraces, floor-to-ceiling windows and spectacular oceanfront or city views. There is a choice of
loft-style apartments, duplex and triplex. All residences and communal areas carry the prestigious Philippe Starck interior design and positively excel in terms of innovative design concept. Exclusive living includes 3,300 sq. ft. pool surrounded by private cabanas, a juice bar, ocean-front day Spa, gym, stunning sloped gardens and a beautiful communal rooftop garden overlooking the city and the Pacific Ocean.
The winning combination of innovative design by world-renowned Philippe Starck, fantastic facilities and a prime location in Panamaâ€™s most exciting neighbourhood, make yoo Panama the ideal investment choice. And it will be the ultimate in luxury living in Panama City. Prices from US$360,000. International Luxury Real Estate www.ilre.com Tel: +44 (0)20 7095 8701
Europe Ibiza is fast becoming one of Europeâ€™s most prestigious addresses
The Mediterranean’s favourite party island Ibiza has grown up and revealed a more sophisticated side with stylish restaurants and breathtaking modern architecture. As a result, an eclectic mix of entrepreneurs and finance people, film and music personalities, royalty and “sophisticated bohemians” is flocking to the island. Far more than just clubbing, Ibiza has a fantastic history and is fascinating to explore with beautiful beaches, gentle rolling green hills, stunning views and a mild sunny Mediterranean climate. Its hilly
interior is largely rural, with pine forests, lush valleys and tiny villages. Juxtaposed to the island’s charismatic old quarters, Ibiza is also home to an impressive selection of contemporary estates, minimalist villas and modern apartments. Anyone who loves contemporary cutting edge architecture and modern interior design will be impressed by what Ibiza has to offer. Modern Homes Worldwide www.modernhomesworldwide.com Tel: +44 (0)20 7095 8701
Where Miró meets the Mediterranean and medieval quarters showcase modernist masterpieces 42
It’s easy to see why so many visitors are attracted to the vibrant and cosmopolitan city of Barcelona. The city fascinates with its unique harmony of the traditional and the modern. Gothic churches, medieval buildings and winding alleys are just as common as its numerous opportunities for modern art, design and culture. And the city’s Mediterranean location with 4.2 km of clean beaches is of course an additional attraction. The range of real estate for sale in Barcelona is just as diverse as the culture and cuisine:
traditional city apartments in the old town; sleek modern beachfront flats and penthouses next to the sea; classic and stylish apartments in the central Eixample district; family houses, new build villas and modernist palaces in the exclusive Zona Alta. The old town or Ciutat Vella in Barcelona, including El Borne, the Barrio Gotico and El Raval, is a sought after area for those seeking to buy a character property right in the heart of the city. Areas such as Barceloneta, Villa Olimpica and Diagonal Mar offer modern
properties for sale from which to experience the best of city and beach front living. The Eixample, Sarria-Sant Gervasi, Bonanova, Pedralbes, San Just and Esplugues offer high class residential areas with family houses and villas which offer good access to international schools for those seeking to relocate. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Madridâ€™s blend of new and old offers an enviable lifestyle Tradition and avant-garde live peacefully side by side, leading the way to a cosmopolitan, dynamic and modern society.
The Spanish capital Madrid is in constant competition with its prettier rival, Barcelona. But as the proud Madrilenos like to say, ‘Desde Madrid al Cielo’ - beyond Madrid, only heaven. Madrid is a city of many faces; it’s the political and artistic centre of Spain with all the fancy trimmings (palace, parliament, opera house and museums); it’s also a gastronome’s delight with traditional tapas bars and restaurants amid the narrow streets and alleyways of the old city centre. Madrid is also the third largest European economic centre that hosts the head offices of the vast majority of the major Spanish companies, as well as the headquarters of three of the world’s 100 largest companies. Madrid’s position as a centre for economics, finance, administration and services combines
the most modern infrastructure with an important cultural and artistic heritage, the legacy of centuries of fascinating history. This mix of tradition and modernity is also visible in the city’s architecture. New contemporary buildings harmonise with the old, contributing to the eclectic mix that defines Madrid. One example is a new boutique development available from International Luxury Real Estate. With only 11 luxury residences, there is a selection of 2-4 bedroom apartments as well as a 2 bedroom penthouse available for sale. The property is located in north Madrid. Prices from €1.4 million. International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
- one of the largest and snowiest ski areas in Europe
France’s southern Alps have a winning combination - 300 days of sunshine a year, deep winter snow and warm summers. In addition, property prices in this familyfriendly sunny region between Italy and the chic south of France are up to 25% below prices in the Savoyard hotspots further north. In the middle of this region, you will find Montgenèvre which was the first official ski resort in France, hosting the first international ski competition in 1907 and a popular destination with the Paris Jet Set in the 1930s. Today Montgenèvre is one of the largest ski areas in Europe with over 400km of piste (145 ski runs) of which 120km have artificial snow making facilities (well over 1,000 snow cannons). Known as the snowiest part of the Franco-Italian Milky Way (Via Lattea/Voie
Lactee) region, the area has a great snow record and largely north-facing slopes. Montgenèvre is a small but very progressive resort with a good altitude at 1,860m. The 2006 Winter Olympics saw improvements with new lifts and snow cannons, and in Montgenèvre itself, the local authority is spending £63 million on infrastructure upgrades and improvements. France’s largest alpine developer is now selling Le Chalet des Dolines, a leaseback luxury residence with 57 ski in ski out duplex apartments. Owners will have access to an indoor pool and gym. Prices for fully furnished ski apartments start from €165,552 (excl VAT). International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
Luxury residences where the skiing is legendary and the location is snowsure
Picturesque Argentière is a traditional Savoyard village at 1,250m in a prime spot in the Chamonix Valley. Located at the foot of the Argentière Glacier and with fantastic views of the Mont Blanc chain, Argentière opens up a huge choice of skiing for both intermediate as well as expert skiers. The Chamonix Valley has some of the longest and steepest runs in Europe with
Les Grands Montets being a major part of the area’s reputation. Argentière is the perfect base for skiing Les Grands Montets with direct access to the ridge via the famous cable car from the village. The skiable descent possible is from 3,275 metres to 1,230 metres - one of the world’s biggest lift-served descents.
In the heart of the village, France’s leading developer is now renovating an existing hotel and converting it into three magnificent, luxury 3 bedroom apartments with spectacular views of Les Grands Montets, the Argentière Glacier and the Mont Blanc range. The apartments are just a short walk from the village amenities and the slopes. With the best snow in years last season and
the announcement that the city of Annecy is in the running to host the 2018 Winter Olympics, demand for property in the Haute Savoie area is expected to set new records. Prices from €770,000. International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
Savoyard chic - a truly authentic alpine village in the heart of the world’s largest skiing area Nestled into the stunning alpine countryside between the famous resorts of Les Menuires and St. Martin de Belleville you will find the unspoiled hamlet of Bettaix. The location next to the Doron river which winds its way through the Belleville Valley is stunning and the village has avidly guarded its traditional architecture. With lots of local materials such as stone and wood making it truly distinctive, it is easy to forget that this beautiful little hamlet is connected to the largest skiing area in the world - Les Trois Vallées. The Three Valleys group together the resorts of Les Menuires, Courchevel, Val Thorens, La Tania and Meribel. Directly linked by chairlift to Les Menuires, Bettaix really combines the best of two worlds; a truly authentic alpine village with the advantage of having direct access to 600 km of slopes.
The Belleville Valley has something for everyone; from a serious ski area to some of the finest cuisine in the Alps. La Bouitte is a Michelin-star restaurant, just up the road from Bettaix. Two luxury chalets are available for sale in this winter paradise. Right in the heart of Les Trois Vallées, these two chalets, finished using wood and stone, blend perfectly into their surroundings and local architecture, while benefiting from a south westerly orientation. The two luxury ski chalets are available for outright purchase at €750,000 and €1,220,000. International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
Extraordinary modern villa perfectly positioned in one of the Algarveâ€™s most desired resorts
A stunning contemporary villa is currently being built at the Vila Sol Spa & Golf Resort. The modern 5 bedroom luxury villa offers a spacious lounge with fireplace, a private swimming pool surrounded by large grounds and a tennis court. Vila Sol is one of Algarve’s leading golfing destinations. The 27-hole championship course has its own golf academy, a relaxed Members’ Club, a golf pro shop and tennis centre. The resort also features a 5 star hotel, an art gallery and Spa. There are five further golf courses nearby in Vilamoura, and the pleasures of Vilamoura are only minutes away.
Vila Sol is centrally located in the Algarve, only 5 minutes drive from the nearest beach and 20 minutes from Faro International Airport This luxury renovated villa is due for completion late 2009 and offers the perfect residence or holiday home to enjoy the golf and beach resorts of Vila Sol and Vilamoura. Price: € 2.3 million. Modern Homes Worldwide www.modernhomesworldwide.com Tel: +44 (0)20 7095 8701
North America Revelstoke - hailed by New York Times 2009 Ski Guide as “the biggest news to hit the North American slopes in years”
Do you ever wish you were one of the first buyers of a ski in ski out property at Whistler, Aspen, Vail or Tremblant? To own a home at the heart of one of the world’s great ski resorts is a dream that can come true and the opportunity is now. Revelstoke Mountain in Canada is soon to be a household name that will be included when talking about great ski resorts. With 40’ to 60’ of champagne powder a year, the longest vertical descent in North America and the only mountain in the world to offer Lift, Cat, Heli and cross country skiing from your doorstep, Revelstoke is creating a flurry of interest and excitement around the world. The CAD1 billion, four-season Revelstoke Mountain Resort is expected to be completed over 15 years and include over 5,000 new first class residences comprising single family homes, town homes, condos and luxury hotels; more than 300,000 sq. ft. of commercial and retail space; and a Nick Faldo designed 18-hole golf course. 54
The pedestrian-only village will be a vibrant year-round centre, carefully oriented to make the most of the views and to respect the area’s spectacular mountain setting. The ski resort is already fully operational and the first phase, which is on the market right now, includes Nelsen Lodge resort condominiums, Tangiers luxury town homes, and the Monashee single-family estate lots with or without heli-pads. If the spirit of adventure beckons - skiing, snowboarding, not to mention golfing, hiking, fly-fishing, mountain biking – and if you want to be among the first to choose a second home at a resort that is redefining alpine adventure, the time is now. Realize your ultimate four-season ski resort home from CAD339,000 to $2.9 million plus. International Luxury Real Estate, www.ilre.com Tel: +44 (0)20 7095 8701
The Residences at Ritz-Carlton, Denver elevates luxury living to a whole new altitude Denver, located at the base of the Rocky Mountains, offers a top-notch quality of life and a thriving economy. Whether you need to spend the day close to downtown Denver’s financial district or you want to take in the offerings of the 16th Street Mall, the Residences as Ritz-Carlton are close. The convenient downtown location of RitzCarlton Denver means you are always just minutes away from the very best this city has to offer. And not least important, Aspen and Vail are easily accessible by car for skiing and mountain enthusiasts. The Residences at The Ritz-Carlton, Denver consists of a limited offering of just 25 beautifully designed and appointed residences for a few fortunate owners. Offering the finest in urban living, these one, two and three bedroom apartments and penthouses have dramatic views of the Denver skyline and the snow-covered Rockies and range from 1,140 to 5,560 sq. ft. 56
Each owner will enjoy a full complement of Ritz-Carlton services and amenities such as a private, secure owners’ lobby and direct elevators, a dedicated owners’ concierge and an owners’ lounge and boardroom. Residence owners also receive full membership in the Forza Fitness and Performance Club with 52,000 sq. ft. of facilities, lap pool, basketball courts, climbing walls, and whirlpool Spa. In addition, owners will get privileges of the hotel reservation service, including 30% off published rack rates at Ritz-Carlton hotels, when available, or best available rate when hotel is sold out, room upgrade, daily breakfast for two, late checkout, special amenities and VIP status. Surround yourself with majestic Rocky Mountain views and indulge in the exceptional luxury of The Ritz-Carlton, Denver. Prices from US$500,000’s. Signature Residences Worldwide www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Images copyright: The Ritz-Carlton
South America Exquisite oceanfront hideaway in Brazil
Natal Ocean Club Resort & Spa is the ultimate luxury hideaway. Nestled on a clifftop above a stunning beachfront, wide open living spaces designed by the highly acclaimed Brazilian architect David Bastos will provide dramatic and breathtaking views over the ocean below. With a 300m private beach and use of helicopter landing pad every moment at Natal Ocean Club will be the ultimate Brazilian dream. There is a mix of natural materials within the interior such as indigenous stone, sustainable Brazilian woods, natural fibre tables and chairs, granite and marble kitchen and bathrooms as well as stone showers. High-tech security, entertainment and climate control systems will ensure technological comfort, combining the best of Bastos’ Brazil with the most modern luxury. Natal Ocean Club Resort & Spa is located next to the fishing village of Caraubas and the famous easterly point of Brazil, Cabo Sao Roque. Only 5 minutes north of Natal Ocean Club Resort & Spa is Maracajau, known worldwide for its long and spectacular coral reef perfect for scuba diving and snorkelling. Everything about Natal Ocean Club Resort & Spa is designed to provide a decadent luxury feeling. The stylish lifestyle is enhanced with luxury facilities such as a Spa, infinity pool, sports & fitness club, massage decks and a beach club with Tiki Bar. The signature Ocean Club Restaurant provides unique sunset dining with fresh fish caught by your personal Caraubas fisherman. There will be concierge organised water sports available including snorkelling, sea kayaks, water skiing, windsurfing, kite surfing, wave runners, surfing, deep sea fishing and scuba diving. Natal Ocean Club Resort & Spa is an official member of Preferred Hotels & Resorts - one of the leading luxury hotel brands in the world. Residences are available to purchase as freehold property and are priced from £138,000 to £1.6 million. Plots are also available for sale: all are freehold ownership, have ocean views and have either 22 metres or 15 metres ocean-facing fronts. From only £40,000. International Luxury Real Estate www.ilre.com Tel: +44 (0)20 7095 8701 www.theaddress.info
The absolute top tier properties are often described as trophy properties but what is it that distinguishes a trophy property? In brief, location, uniqueness and the fact that the finest residences rarely reach the open market. First of all, to qualify as a trophy property, the property must be truly unique. Uniqueness suggests a one-of-a-kind property that is unlike any other. The second critical criteria is location but what is a good location for most homes is not necessarily considered a good location for a trophy property. Ease of access and central location come far down the priority list. In fact, many trophy properties are not well located from a convenience of access perspective and remoteness and inaccessibility are often key features as privacy is becoming increasingly important. And the property has to be spectacular in one way or the other. And not least important, if you would like to acquire trophy properties you will need to have access to off-market properties. Owners of the world’s most sought after homes do not want them displayed on the internet or even have sales brochures created. Discretion and confidentiality is paramount for buyers and sellers of trophy properties. Signature Residences Worldwide have access to a large number of off-market properties and investment opportunities.
Below you will find a few examples of trophy properties currently available Paris Luxury residence approx. 600m2 overlooking the Eiffel Tower. Price band: C. Paris Luxury hotel/villa with 25-30 bedrooms in the Champs Elysees area. Price band: D. Sardinia Luxury villa-hotel with 25-35 bedrooms. Price band: D. Marrakech Luxury palace-hotel with 25 bedrooms. Price band: C.
Price bands A: US$5 to10 million B: From US$10 to US$20 million C: From US$20 million to US$50 million D: From US$50 to US$100 million E: From US$100 million upwards
Signature Residences Worldwide, www.signatureresidencesworldwide.com Tel: +44 (0)20 7095 8701
Fractional ownership is one of the fastest growing forms of vacation real estate. It refers to the legal sharing of a property with multiple owners. This appealing form of vacation property ownership provides virtually all the benefits of deeded real estate ownership without all of the burdens and responsibilities that go along with it. The shared ownership product offers flexible usage while splitting the purchase price and all of the ongoing expenses.
TIME OR EQUITY There are two fundamental types of shared ownership product based on the criteria of TIME and EQUITY, i.e. the right to use a property for a fixed amount of time vs. having an actual equity stake in the property, which can be sold or transferred like wholly owned real estate.
WHAT IS FRACTIONAL OWNERSHIP Fractional ownership is the shared ownership of a property, with the title deed being divided into fractions, usually ranging from a quarter to a twelfth. Fractional ownership has the benefits of full home ownership, but for a fraction of the cost and without the full maintenance responsibilities. Fractional ownership buyers typically have a recorded deed and title. Each owner gains from any appreciation in property values and can sell their interest at market value at any time. The owners of each fraction have the right to stay in their home for the corresponding amount of time. Most fractional ownership properties are available in luxury resorts with a full range of amenities and facilities, which means the property is professionally managed. As the costs of buying and running these exclusive properties are shared by a number of 62
people, fractional ownership is considered by many as a sensible second home alternative for someone who only wants to invest in a place for the amount of time they will actually use it. Fractional ownership gives you all the pleasures of property ownership while making a long-term investment in real property, without the upfront or ongoing expenses.
MAJOR DIFFERENCES BETWEEN FRACTIONALS AND TIMESHARE How do fractionals compare with timeshares? They really don’t. Timeshare and Fractional ownership are worlds apart. Unlike timeshares, in which you typically buy the right to use a place, when you buy into a fractional resort, you are buying a real estate asset. This means that fractionals also serve as a real estate investment, and not simply as the purchase of ‘right-to-use’. Some of the major differences between buying a fractional vacation home vs. a timeshare are: Actual ownership - deeded and titled Fractional owners generally purchase their property with a deeded title which effectively means (subject to local laws) that they can mortgage, buy, sell or pass deeded property to others, without affecting or needing approval from other owners.
Buying a fractional is an actual purchase of the property itself. It serves, then as a real estate investment. With a timeshare, what is purchased is only the time in a resort and the right to use its amenities for the given period; you actually do not own anything. An actual investment with potential appreciation Fractional ownership is an actual investment that can be resold on the open market by you or a real estate agent. With fractional ownership the property value increases over time just like any property would. Timeshares often lose most of its value the day you purchase them. Luxury Fractionals are far more exclusive and include many more luxury amenities and services than timeshares. Most fractional ownership properties are located in first-class resorts with a full range of amenities and services. Many resorts are professionally managed, in many cases operated by a branded hotel operator. There may be a rental programme available so when the residence is not used, the property can be let to generate income. More time With timeshare you have a dedicated set of weeks that you may or may not be allowed to swap for other weeks, subject to availability, with your time share group. Timeshares usually allow you use for just one to two weeks per year. Fractional ownership gives owners normally a longer amount of time on property; from two to 13 weeks, and those don’t necessarily have to be consecutive weeks. Financing When you purchase a fractional ownership property you receive a deed and can take a mortgage out on your property. Banks and mortgage firms consider fractionals to be appreciating assets and will often treat them like any other second-home purchase. Obtaining a mortgage on a timeshare is diffi-
cult. That’s because it’s a well-known fact that most timeshares depreciate over time. Prime locations You will typically find luxury fractional resorts located in prime locations along golf courses, water or oceanfront and on ski slopes.
PRICE The cost of fractional property is quite a bit higher than that of a typical timeshare, though still much less expensive than whole ownership of a luxury home in the same location. The cost of fractionals reflects their exclusivity, incredible services, superior locations and ability to appreciate.
BENEFITS OF FRACTIONALS There are many benefits associated with fractional ownership including Potential asset appreciation through deeded ownership Properties are larger, more exclusive and more luxurious than traditional timeshare Benefiting from a professionally managed home and resort An affordable, manageable alternative to outright ownership Generating income from rental and resale Maintenance costs and management fees are shared Lower entry levels to investment by sharing purchase costs Often outperforms market averages. Buying a quarter of a larger and or better located property is likely to lead to greater appreciation than outright purchase for a similar level of investment Want to know more? A free copy of the full report can be requested from International Luxury Real Estate on www.ilre.com
Kitchen Confidential Top Chefs share their recipes In each issue of The Address, great Chefs share their recipes from some of the worldâ€™s leading restaurants. In this issue, you will meet Chef Skye Gyngell at Petersham Nurseries, Richmond, UK and Head Chef Matthew Wilkinson, Circa, Melbourne, Australia.
64 Circa, Melbourne, Australia
Matthew Wilkinson, Circa
Circa, Melbourne, Australia The celebrated food is marvellous • The Chef’s menus reflect his love of seasonal produce, his heritage in UK Michelin star restaurants and his thoughtful and inspirational approach to food • The modern Australian menus change frequently but might include Blue Fin tuna on toasted sourdough, red mullet and eggplant caviar, sauce romesco or Slow cooked pheasant, boudin blanc, rhubarb and ginger compote, chestnut and red quinoa • Don’t miss the beautiful rare breads and organic heirlooms • The desserts are simply wonderful and irresistible • The restaurant has its own kitchen garden • Features an amazing wine list with bottles from boutique wineries not available elsewhere in the country • The menus feature artwork by award-winning artists Studio Racket • The service is effortless and efficient • Vodka bar Mink is next door – a mix of elegance and mystique. www.circa.com.au Petersham Nurseries Café, Richmond, UK Brilliantly idiosyncratic, bucolic cafe • Located in an idyllic greenhouse café • Sundry media bigwigs, heiresses, chefs and restaurateurs congregate here • The food is always imaginative, deceptively simple and squeakily fresh • Food miles, seasonality and what is good in the garden are key factors in creating short menus that change weekly. The constants are beautiful salads, hearty stews and curries • Summer brings ultra-tender milk-fed lamb with horseradish & tomatoes. Winter may produce rich confit of duck with orange and fennel • The walk to here is a delight, strolling along the Thames, down a bridle path and up a country lane.
Skye Gyngell, Petersham Nurseries
LAMB WITH TOMATOES, CHARD AND HORSERADISH DRESSING Courtesy of Chef, Skye Gyngell, Petersham Nurseries, Richmond, United Kingdom
1 boned leg of English lamb, trimmed of most of its fat and cut into 6 generous slices sea salt freshly ground black pepper 500g rainbow chard, washed 50 ml extra virgin olive oil 2-3 cm piece fresh horseradish, peeled 4 tbsp red wine vinegar olive oil, to brush 2 coure di bue tomatoes, cut into 3mm thick slices
Heat up your barbecue or grill, as it needs to be really hot in order to give the lamb a lovely strong crust and flavour. Bring a large pot of well-salted water to the boil. Plunge the chard into the boiling water and cook for 2-3 minutes, then drain in a colander (but don’t refresh). Dress while still warm with extra virgin olive oil and season with a little salt and pepper. Set aside until you are ready to serve. Grate the horseradish, place in a small bowl and pour over the wine vinegar. Season with a little salt (but no pepper) and set aside. Brush the lamb with olive oil and season generously with salt and pepper. Lay on the barbecue or under the hot grill and cook for 3 minutes without moving, then turn the slices and cook on the other side for 3 minutes. Remove to a plate and set aside in a warm place to rest for 5 minutes or so. To serve, cut the lamb into 1cm thick slices. Lay a slice of tomato on each plate, arrange a little chard on top, then add a slice of lamb and spoon over a little horse radish vinaigrette. Continue layering until the lamb, chard and tomatoes are all used. This dish is best served at room temperature.
AUTUMN COLESLAW Courtesy of Chef, Skye Gyngell, Petersham Nurseries, Richmond, United Kingdom
Coleslaw 200g cobnuts, shelled and very roughly chopped 1 pomegranate, quartered ¼ red cabbage, cored 1 fennel bulb 4 raw beetroot, washed 3 carrots, peeled 4 English apples (preferably Cox’s or other Pippins) small bunch of tarragon, leaves only, finely chopped sea salt freshly ground black pepper 1 tbsp extra virgin olive oil juice of ½ lemon, or to taste
2 1 tbsp 1½ tsp 1 tbsp 1 tbsp 1 tsp 200 ml
Preheat the oven to 180C/350F. Spread the cobnuts on a baking tray and gently toast them in the oven for 3-4 minutes, just to release their flavour. Set aside to cool. Carefully extract the seeds from the pomegranate, avoiding the bitter membrane; set aside. Finely slice the red cabbage into thin ribbons. Cut off the base of the fennel bulk and remove the tough outer layer, then slice very finely. Cut the beetroot into very thin rounds. Shave the carrots into long ribbons, using a swivel vegetable peeler. Quarter and core the apples, leaving the skin on, then slice thinly. Place the red cabbage, fennel, beetroot, carrots, apples and tarragon in a bowl and season with the salt and pepper. Drizzle over the extra virgin olive oil and squeeze over the lemon juice Toss gently together with your hands and set aside while you make the dressing. For the dressing, put the egg yolks into a bowl. Add the honey, mustard, cream, cider vinegar and pomegranate molasses (if using) and whisk together to combine. Season with a little salt and pepper, then pour in the olive oil in a slow stream, whisking as you do so to emulsify. It should have the consistency of a very loose mayonnaise. Divide the salad among individual plates, piling it high. Drizzle over the dressing and scatter the pomegranate seeds and cobnuts around the plate to serve.
Serves 4 68
organic free-range egg yolks honey Dijon mustard cream cider vinegar pomegranate molasses (optional) mild olive oil
OCTOPUS AND MUSSEL LINGUINE Courtesy of Head Chef Matthew Wilkinson, Circa, Melbourne, Australia
250g 250g 150g 250ml 1tbsp 1Tbsp 1tbsp
black linguine baby octopus legs (marinated) mussels, chopped white wine parsley, chopped dill, chopped chives, chopped
Octopus marinade: 1 clove garlic, finely sliced 2 shallots, finely sliced 20g salt 20g ground black pepper 350ml extra virgin olive oil 150ml chardonnay vinegar
Marinade the octopus legs for three hours (the marination helps to tenderise and add flavour). Pull out the legs and pass through a sieve, retain the juices and the garlic/shallot. Meanwhile cook the pasta in salted boiling water for 6 minutes, check for doneness by tasting (you are looking for a little bite left in the pasta), then strain and leave to the side. In a large flat frying pan gently sauté the garlic and shallots. Add the octopus and mussels then add the wine. Reduce by half then add the cooked pasta. Gently warm, then add the marinade juices and bring to the boil. Place into a large metal bowl and toss with the herbs. Place into desired bowls and serve
Serves 5 as an entree
ORGANIC CARROT SALAD, YOGHURT, ALMOND AND HONEY DRESSING Courtesy of Head Chef Matthew Wilkinson, Circa, Melbourne, Australia
15 250g 1 1 1
125g 1 1tbsp 3tbsp 20ml 20ml 100ml
baby organic carrots (source from a local farmers market) organic yoghurt bunch purslane picked bunch fenugreek picked quantity almond and honey dressing Almond and honey dressing: organic almonds roughly chopped chilli - sliced seeds in butter Ligurian honey orange flower water chardonnay vinegar extra virgin olive oil juice 1 lemon pinch of salt
For the dressing: In a pot place the almonds and butter together. Turn on the heat and gently warm until the butter starts to foam, keep it on the heat and when the butter turns to a hazelnut colour (beurre noisette), add the honey. Bring the honey to the boil and reduce by 1/5, then add the vinegar, blossom water and lemon juice. Bring back to the boil and cook gently for another 3 minutes, pull off the heat add the chilli and oil and mix thoroughly. Leave at room temp to cool. This dressing can keep in the fridges for two months, just warm after being in the fridge. For the carrots: Place the carrots into a pot of cold salted water and bring to the boil. Turn down to a simmer and cook for 8 minutes, test the carrots with a sharp knife to see if cooked then strain. Whilst the carrots are still hot cut into halves, place into a bowl and toss in 3 tablespoons of the honey dressing. To assemble: On a plate place 50g yoghurt, then assemble the carrots on top. Scatter some of the purslane and fenugreek on top then dress with a little more dressing, ensuring you are putting some almonds on the plate.
Serves 5 as an entree 72
A World of
Opportunities Luxury beachfront property in the Bahamas from US$600,000 when comparables are selling for US$1 million plus Limited Offer - Only 60 units available Nestling on the shores of New Providence Island, the Bahamas, sits an ocean front, gated community in 69 acres of beautiful landscaped parks. Combining the exclusivity of a magnificent deep water marina with panoramic waterfront and glorious beaches, the location of these exceptional homes cannot be better. The development offers tennis courts, a pavilion, swimming pool and restaurants. Buyers will also have an option to purchase boat slips. Only 60 luxury beach front properties are available at prices starting at US$600,000 which is almost 50% below of what comparable properties are sold for in the Bahamas. Exceptional capital growth potential and high rental returns Mortgages available LTV 70% Low mortgage rates available; from 3.9% 9.5% rental yield p.a. Deposits from £125,000 (subject to exchange rates)
Permanent Residency Visa & tax haven The government of the Bahamas has set specific guidelines that allow non-Bahamians to establish permanent residency in the Bahamas. One of the criteria for permanent residency is the investment of a minimum of US$500,000 in the Bahamas. This investment may take the form of the purchase of real estate. Apart from the opportunity to live and work in a warm and pleasant environment there are also significant tax advantages for citizens of countries with high personal and corporate income taxes as well as inheritance taxes. The advantages vary depending on the citizenship of the applicant and the tax laws of the applicant’s home country. As an example, a UK investor living in the Bahamas can save substantial sums of income tax, capital gains tax and inheritance tax. International Luxury Real Estate www.ilre.com, Tel: +44 (0)20 7095 8701
In each issue of The Address, Food + Travel’s Insiders are sharing their highly personal and inspirational recommendations in our ongoing quest to unearth the best. In this issue, you will meet Richard Nahem, an ex-New Yorker living in Paris. Richard organises customized walking tours of the city and writes about the Paris he has come to know and love.
WHERE TO STAY Best Hotel Best Hotel in the Marais – Pavillon de la Reine The only 4 star hotel in the central Marais, Pavillon de la Reine is tucked away in an ancient courtyard in front of the handsome Place des Vosges square. Quiet elegance is the feel with the façade of the hotel covered with green ivy and geranium flower boxes. Inside are 54 individually decorated rooms and suites accompanied by a newly opened Carita Spa for the ultimate in relaxation. 28 Place des Vosges, 3d arr. Tel. +33 (0) 1 40 29 19 20 www.pavillon-de-la-reine.com
WHERE TO EAT Best Classic Café Café Flore In the heart of St. Germain des Pres, Café Flore remains as the most beloved café in Paris.
Sip a strong coffee or enjoy an aperitif in the legendary café that the intellectual set hung out in the 1920s and 30s that included Hemingway, Gertrude Stein, and Jean Paul Sartre. 172 Blvd. St. Germain, 6th arr. +33 1 45 48 55 26
Best Steak Frites Relais de l’ Entrecote The waiter asks you only two questions: How do you like your steak cooked and what kind of wine would you like? At L’Entrecote the only dish served is steak and fries. The tender, melt in your mouth sliced steak is served with a secret, tangy sauce and the fries are extra crispy. To make up for the limited food menu, there are over 12 desserts to choose from, so leave room. 15 rue Marbeuf, 8th arr. Tel. +33 1 49 52 07 17 20 bis Rue st. Benoit, 6th arr. +33 1 45 49 16 00 www.relaisentrecote.fr
Best food and Gourmet Shop La Grand Epicerie Foodies will be in seventh heaven at the La Grand Epicerie, the huge food emporium. Its delicious aisles have the freshest produce, tempting prepared foods with cuisines from all over the world. To die for breads and pastries, over 100 varieties of cheeses, an extensive wine cellar, and an immense selection of packaged foods from Singapore to St. Tropez. A feast for your eyes and taste buds. 38 rue de Sevres, 7th arr. Tel. +33 (0) 1 44 39 80 00 www.lagrandeepicerie.fr
WHERE TO SHOP Best Department store Le Bon Marché The chicest women in Paris only shop at Le Bon Marché, the premiere department store of Paris. Familiar mega French brands like Chanel, Louis Vuitton, and Dior are well stocked but the store also has many smaller sold mostly in France labels like Isabel Marrant, Vanessa Bruno, and Barbara Bui. The men’s department is the finest in Paris and the home design department and kitchen store are a knockout. 24 rue de Sèvres, 7th arr. +33-(0)1-53-63-29-16 www.treeslbm.com
Best Small Plate Restaurant Le Atelier Joel Robuchon
Best Shoe Shopping Block
Among the most respected chefs in the world, Joel Robuchon opened this more informal restaurant a few years ago to rave reviews. One of the most popular tables in Paris, its specialty is the exquisite small plates with their artful presentation. Reservations are only accepted at 11:30am or 2pm for lunch and 6:30pm for dinner, otherwise it’s first come first serve basis.
Rue de Grenelle, 6th arr. Shoe fanatics will be in fantasyland walking down the Rue de Grenelle. Over 10 shops in a three-block radius carry the most stylish and up to the minute shoes. Christian Loubotin’s with their veneered red soles, Prada, Iris, Bruno Frissoni, and Sergio Rossi are just some of the super shoe shops on this dream street. For outrageous and unique men’s shoes visit Jean Baptiste Rautureu.
5 rue de Montalembert, 6th arr. +33 (0) 1 42 22 56 56 www.joel-robuchon.com
Rue de Grenelle, 6th arr. between rue de St. Peres & Blvd. Raspail
Best Ice Cream Berthillon Berthillon is hands down the best ice cream in Paris. There are no preservatives or stabilizers, just pure old fashioned home made ice cream. Located on the Ile St. Louis for over 50 years, there are always lines for the legendary treat but many cafes and restaurants offer it all over the city, so no need to worry. The salted caramel flavor is my favorite among 35 other flavors of ice cream and 32 of sorbet.
Best Concept Store
31 rue St. Louis en L’Ile, 4th arr., on the Ile St. Louis Tel. +33 (0) 1 43 54 31 61 www.berthillon.fr
111 Blvd. Beaumarchais, 3d arr. Tel. 01.42.77.00.33 www.merci-merci.com
Merci A flower and garden, vintage clothing, fabric, furniture, chic housewares and kids clothing shop plus a used book cafe, perfume bar, and organic restaurant all in one mega space make Merci the hottest concept store in Paris. Over 15,000 square feet, this eclectic emporium has everything from designer evening gowns to back to school notebooks for the kids.
Best Perfume Shop
Best Chocolate shop
Salons Shiseido Serge Lutens, one of the top perfumers in the world, has formulated a line of perfumes only available in Paris for this special Shiseido shop. Leaning more towards woody and smoky scents, the crystal bottles can be engraved with your name or initials. The shades of purple interior make it one of the most beautiful shops in Paris with hand-painted wall plaques and marble floors.
Jean Paul Hevin Hevin scent, this shop is for the serious, diehard chocoholics. The richest dark chocolate, the smoothest milk chocolate, the most decadent cakes and desserts take your breath away. Hot chocolate, and whimsical specialties like a chocolate chandelier and ladies high heeled pump will fulfill your chocolate fantasy. Be careful about buying them as gifts: you may eat them all before you give them.
Palais Royal 25, Rue Valois, 1st. arr. Tel. +33 1 49 27 09 09 www.salons-shiseido.com
231 rue St. Honoré, 1st. arr. Tel. +33 (0) 1-45-51-99-64 www.jphevin.com
Best Small Food Gifts
Best Macaroons Pierre Hermé The master Pastry Chef turns out the best macaroons in Paris that include exotic flavors like grapefruit, olive oil, passion fruit, jasmin, and cassis. Don’t forget to indulge in some of the sublime cakes and sinful pastries. 72 rue Bonaparte, 6th arr. +33 (1) 43 54 47 77 www.pierreherme.com
Fauchon World renowned gourmet shop Fauchon has a packaged food, candy, and confection shop that will dazzle you. Everything looks so tempting in their snappy signature hot pink and black packaging. Choose from sumptuous chocolates, cookies and biscuits in attractive tins, delectable jellie candies, jellies and jams, teas, flavored mustards, French coffees, and spices for very special gifts for friends, family,
and colleagues you want to impress with something uniquely Parisian. 30 place de la Madeleine, 8th arr. Tel. +33 (0) 1 70 39 38 00 www.fauchon.com
Best Tea Shop Dammann Freres This gorgeous shop with hand painted beamed ceilings dating from the 1600s on the historic Place des Vosges, offers over 200 varieties of tea. Teas from around the globe will entice you in the romantic setting and there is also a wonderful selection of traditional and exotic teapots, cups, and accessories. 15 Place des Vosges, 3d arr. Tel. +33 (0) 1 44 54 04 88 www.dammann.fr
Best Gardens with Best Stores Palais Royal Palais Royal is a gorgeous, lush garden surrounded by a palace built in 1629 for Cardinal Richelieu. Fountains and flowers prevail but on the side of the garden are some of the chicest and best boutiques in Paris. Major international designers including Marc Jacobs, Stella McCartney, and Pierre Hardy have their flagship shops there. Didier Ludot has the top vintage and resale shop in Paris with couture creations by St. Laurent, Givenchy, Chanel, Dior, and Balenciaga. Palais Royal, off of rue St. Honore, 1st arr.
Best Museum Shop Musee de Decoratifs The gift shop inside the museum of art, decoration, fashion and textiles has so much more than just museum trinkets. Ceramics, china, fashion accessories, furniture, design books, clothing, and jewelry are just some the tempting goodies you will want to snap up.
Christian LaCroix, Sonia Rykiel, and Jean Paul Gaultier recently had costume shows there and designed exclusive accessories sold only in the shop. 107 rue de Rivoli, 1st. arr. +33 (0) 1 42 60 64 94 www.lesartsdecoratifs.fr/ francais/107rivoli-l-espace-boutique
NIGHT LIFE Best Cocktail Bar Hemingway Bar The classic Hemingway Bar still makes the best cocktails in town. Forbes magazine ranked it the best bar in the world and bartender Colin Field was named worldâ€™s best barman in 2001 for his exotic, original cocktails. Kick back with a divine cocktail like Picasso Martini, made with gin and a cube of Noilly Pratt, or Cider Ritz, a combination of apple cider and Champagne, Kashenka, Polish vodka and strawberries or a Lemon Charlie, made with Limoncello and Smirnoff black vodka. Ritz Hotel 15 Place Vendome 75001 Tel. 01 43 16 30 30 www.ritzparis.com
Best Moroccan Lounge Andy Whaloo An offshoot of the popular Moroccan restaurant 404, Andy Whaloo is a hip, casual bar with a Marrakech feel to it. Exotic cocktails, fresh mint tea, and Moroccan wines are served along with delicious Moroccan tapas. 69 rue des gravilliers, 3d arr. Tel. 01 42 71 20 38
Best Jazz Club Le Duc des Lombards Recently renovated, Le Duc des Lombards has great acoustics and comfortable seating in an
intimate setting. What makes it special are the top international jazz acts it attracts including Freddy Cole, David Garcia, Jon Hendricks and the Katy Roberts Quintet. 39 Blvd. Sebastopol, 1st. arr. Tel. +33 (0) 1 42 33 22 88 www.ducdeslombards.com
WHAT TO DO Best Food Market Richard Lenoir Market The Richard Lenoir fresh market near the Bastille Square is the largest in Paris and is open on Wednesdays and Sundays from 8 am to 2pm. Spanning over four city blocks, the bustling market has the most abundant selection of fruits and vegetables, delectable roasted chickens and fresh poultry, meats and charcuterie, good smelly cheeses from goat to Brie, spices and sea salts, world cuisine prepared foods, and irresistible cakes, pastries and fresh baked breads and croissants. Make sure you bring a big shopping bag and an empty stomach. Blvd. Richard Lenoir, off of Place de la Bastille, Wednesdays and Sundays from 8am to 2am.
Best for Kids France Miniature Village A sprawling park in the shape of France on 12 acres, France Miniature has over 160 scale models in the finest detail of the top monuments in France. Feast your eyes on the incredible replicas of Lourdes, St. Tropez, Versailles, Chambord Castle, Mont St. Michel, Chartres Cathedral and also the world’s largest outdoor miniature railroad network over 3 kilometers long. For a complete day of fun there is an amusement park attached with rides including a water slide and games. A most enjoyable experience for the whole family that should not be missed. Elancourt, France www.franceminiature.fr 82
Best Small Museum Carnavalet Housed in a stunning 16th century former palace that the historic Madame Sevigne lived in, the Carnavalet is the museum about the history of Paris. Walk through this fascinating museum and find out how Paris became what it is today. A stroll in the magnificent formal gardens is a must. 23 re de Sevigné, 3d arr. +33 (0) 1 44 59 58 58
BEST KEPT SECRET Bagatelle Garden This magnificent park and rose garden in the Bois de Boulougne is a sensational treat. Spanning 59 acres, the park includes over 1,000 varieties of rose bushes, a Japanese rose garden, an orangerie and water lily ponds. There’s a Chopin Festival every year in June and July. Allée de Longchamp, Route de Sèvres à Neuilly, Bois de Boulogne
Richard Nahem is a former New Yorker living in Paris who owns Eye Prefer Paris Tours (www.eyepreferparistours.com), which are small customized mostly walking tours focusing on insider places most visitors usually never see on their own. He tours the great Paris neighborhoods like the Marais (his specialty), St. Germain des Pres, Montmartre, the Latin Quarter, Montparnasse, and Opera. Richard also writes a popular blog www.eyepreferparis.com about offbeat and unusual things to do in Paris and many of the places he writes about are on his tours. A former gourmet chef and caterer, Richard recently launched Eye Prefer Paris cooking classes www.eyepreferparistours.com/cooking-class with partner Charlotte Puckette, author of the best selling The Paris Ethnic Cookbook.
Pavillon de la Reine
from around the world
Brazil is set to invest £9.5bn in infrastructure ahead of hosting the 2014 Fifa World Cup and the 2016 Olympic Games As host to the World Cup in 2014 and the Olympic Games two years later, Brazil’s real estate market is confirmed as one of the most exciting prospects in the world. The two highly important sporting events, held within two years of each other, will create a wealth of growth opportunities throughout the country. The economy, tourism and infrastructure will obviously benefit but there will also be an increased level of foreign investment. Latest economic figures and the discovery of massive oil fields off the Brazilian coast have led some analysts to predict that Brazil will be the fifth biggest economy by 2020. Already the world’s tenth largest economy, the country is tipped by Goldman Sachs to be one of the world’s top four economies by 2050. World sporting events - and the World Cup and Olympics Games are the two biggest are huge revenue generators for a country and major engines behind investment. Tourism clearly receives immediate benefits from the sporting events, set to increase considerably during the lead up. Accommodation and transport are being upgraded to cope with the demands of mass tourism from hosting major worldwide sporting events. The benefits of interest in the region and continued mass market opportunities will assist buy-to-let investors, along with improved exit strategies to early investors. Renovations and upgrading of airports around the country are being planned, along with new transport networks such as the high speed trains between Rio de Janeiro and Sao Paolo. Modern infrastructure developments have so far only been carried out in the north-east, where recent interest in tourism
and real estate investments have been attracting strong influxes of European and North American investors. The infrastructure developments will provide long awaited upgrades around the country, enabling improvements and modern construction. All of the upgrades, tourism, economic growth and awareness will be highly beneficial for present and future real estate investors. Infrastructure and construction will also benefit the domestic population, assisting the growing nation of increasingly middle class residents. As a host of world-class sporting events and boasting one of the strongest economies, and one with an exceptional future, Brazil stands as the rising star in property investment in emerging markets.
Thailand - Phuket luxury villa transactions reach THB 3.5 billion (approx. US$105 million) in H1 2009 Despite continued restrained demand in the broader property market, Phuket luxury villa transactions hit THB 3.5 billion (approx. US$105million) in the first half of 2009. According to the Phuket Luxury Villa Market Update Mid-Year Report, released by leading Thailand consulting firm C9 Hotelworks, sales volumes for units priced upwards of THB 65 million outperformed other sectors by significant numbers. Mixed use hotel managed projects provided branding premiums with a 55% uplift in achieved pricing per square meter. The report concludes that continued tight equity and debt market will limit new developments while barriers to entry highlighted by limited ocean or beach front land indicates positive long term stability. Resales, rentals and an emerging fractional ownership market are tapped to drive wider demand in the near to medium term.
New airlift to St. Lucia will boost the property market New flights to St. Lucia, starting this autumn from the UK, USA and Germany will provide a significant boost to tourism and are welcomed by island property owners. Increased airlift means increased demand for holiday lettings while making second homes more accessible for owners. British Airways are increasing their direct flights from Gatwick to St. Lucia from three to five times per week from October 2009. There is also a new weekly service from Frankfurt, operated by Condor starting from November 2009 and in the US, Jet Blue has announced a new service from New York to St. Lucia with three flights per week from October 2009. Virgin already flies three times per week from Gatwick. Last September, British Airways only operated two indirect flights to St. Lucia per week, so to now have five direct flights plus the new flights from New York and Frankfurt is going to have quite an impact. It not only makes St. Lucia more accessible for second home owners but it means there is likely to be a greater demand for holiday lettings from the additional visitors, which will provide more rental income for owners who rent their property out.
France - Languedoc is a property hotspot Languedoc currently offers great investment along with a very attractive lifestyle. You’ll get almost twice as much for your money compared to nearby Provence. The area has many attractions, being both a short drive from the Mediterranean beaches and skiing in the Pyrénées. The region brings in 14 million tourists a year and generates €3 billion revenue; making it France’s fourth largest tourist region. Why is now a great time to invest? 2011 will see the completion of the high speed TGV 86
line from Perpignan through to Barcelona, reducing the distance from two and a half hours to just 50 minutes. This is tipped to deliver a surge in tourism and investment. Also, under Sarkozy’s pro-investment government, the property market is continuing to strengthen, being driven by new laws enabling broader home ownership. Foreign investors buying leaseback properties can take advantage of a VAT rebate and interest rates as low as 2.55% and the property can be sold after 15 years free of French Capital Gains Tax.
Foreign property investors increase in Vietnam as interest in luxury real estate returns Property investment in Vietnam, especially from foreign real estate investors, is rising with a growing confidence in the market boosted by government initiatives and greater transparency. Official figures show that the number of property transactions have begun to increase. Land prices have increased between 10% and 30% in certain parts of Ho Chi Minh City since the end of last year and half of all foreign direct investment this year has been in the real estate sector. Independent analysts said investors have been interested in a number of new projects, especially luxury developments, indicating that there is money available. The fact that the State Bank of Vietnam has decided to maintain the interest rate at 7% is also encouraging domestic property investors.
Panama - New President is ’good for the property industry’ Members of Panama’s property community are welcoming the election of the country’s new President because of his business background. Ricardo Martinelli is the owner of one of Panama’s biggest supermarket chains and
has business interests in agriculture, banking and media. The view is that as a successful, self-made businessman, he’ll be pragmatic and fiscally responsible and he understands the importance of bringing in foreign investment. President Martinelli, who previously was Minister of Canal Affairs, will oversee the $5.25 billion expansion of the Panama Canal initiated by his predecessor. He will also continue freetrade negotiations with the US, which he has called a priority.
Leading cities in Middle East & North Africa Dubai, Abu Dhabi, Cairo and Casablanca are best positioned within the Middle East & North Africa region (MENA) to attract long term capital into their real estate markets, a new report claimed. They are tipped to perform the best out of 11 cities surveyed in MENA, as they offer the right combination of investment competitiveness, according to property adviser Jones Lang LaSalle’s latest research. The report points out that creating the right environment to attract long term investment into the region’s real estate markets remains a work in progress. While few of the necessary requirements have yet to be fully met, significant progress has certainly been made in many critical areas. This transition will require a paradigm shift from the previous reliance on short term strategies and rapid implementation to an increased focus on the creation of quality real estate assets that will be attractive to both occupiers and long term property investors. In more mature economies, long-term investors account for 80% of large real estate investment transactions. While 2009 has been a year of correction, in the eyes of many industry experts, markets in the region are expected to stabilise in 2010 and finally recover in 2011, according to Jones Lang LaSalle.
Tourist arrivals to Morocco increased 9% in the first half of 2009 Tourist arrivals to Morocco increased 9% in the first half of 2009, compared with the year-earlier period, to 3.5 million, according to figures released by the Moroccan Department of Tourism. French tourists topped the list with 1.37 million (+9%), followed by the Spanish (714,000, + 19 %), Belgian (184,000, +19 %), German (176,000, +8 %), Dutch (163,000,+15%), British (154,000, -13 %) and Italian (130,000, +10 %). The greater number of tourist arrivals through the first half of 2009 has been encouraging for Morocco’s tourism industry. Even so, the effects of the global economic crisis can be seen in the reduced number of overnight stays by visitors, falling hotel occupancy rates, and lower tourism receipts. Conditions in Morocco’s tourism industry are likely to remain rather depressed given the weakening demand from key markets like Europe but could see some improvement later this year given the recent signs pointing to a recovery in the world economy.
Contacts International Luxury Real Estate www.ilre.com
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A Feast for all
Visit some of the best food markets in Europe www.theaddress.info
Vibrant and noisy, aromatic and colourful, the markets in Europe are a food lover’s fantasy—as much for the spectacle as for the shopping. It is a given that no serious traveller would forgo visits to museums, monuments and legendary streets. Yet food markets deserve equally high billing on a must-see list. Food markets give visitors a feel of local life and a good opportunity to sample produce from local farms and food artisans.
ATHENS, GREECE Dimotiki Agora (The Central Market) Is just like a market should be - noisy, bawdy, grimy and raucous • Currently some 108 butchers, 150 seafood stands and 80 fruit and vegetable stalls make their home at the Dimotiki Agora • Fruits and vegetables are for sale, but meat and fish are the main products here, and they are on proud display under the glare of hanging light bulbs • The fish market is laden with tuna, mackerel, sardines, turbots, purple squid, giant prawns and glistening calamari lying on mounds of crushed ice • The butcher will just chop off any required part from the whole carcass • Don’t miss the nuts, dried figs, apricots, honey and all kinds of olives • The people-watching, among the endless aisles filled with sellers and customers, is unsurpassed.
BARCELONA, SPAIN La Boqueria La Boqueria, officially named Mercat de Sant Josep, is arguably one of the most beautiful markets in the world • Built in 1836 on the site of a former convent • Housed in an ornate building with hundreds of stalls devoted to nothing but food • The market stalls are selling everything from wild forest mushrooms to flailing lobsters • People shop at the market like it may be their last meal • Early in the morning, Barcelona’s top chefs gather to pick up glistening shellfish, colourful game birds, pencil-thin asparagus and coveted mushrooms from the Petras stall • This is also the spot to taste Jabugo ham, the world’s best
air-cured pork • At the dried meat stall, ask for Botifarra, a much sought after Catalan sausage that comes in black or white • Look out for ensaimada, Majorcan sweet bread dusted with sugar and a hint of aniseed • Ferran Adria, the famed chef of El Bulli, shops here several times a week • There’s even a cooking school based here • Don’t miss a breakfast of cava and clam omelettes at Bar Pinotxo, a bustling bar that has been around since 1940 • The city’s top chefs congregate around Quim Márquez Durán’s tiny counter arrayed with incredible seafood, vegetables and mushrooms. Beyond the fantastic meal, it’s a great place to hear the city’s food gossip. www.boqueria.info
BUDAPEST, HUNGARY Grand Market Hall (or Central Market Hall) An ornate market with a beautifully restored Zsolnay tiled roof • This neo-Gothic market is selling everything from peppers to goose cracklings • When the covered market first opened, a network of tunnels enabled incoming barges to unload their goods directly under the market floor • In 1999, it won the most prestigious international prize of the architectural world, the FIABCI Prix d’Excellence • The spacious interior holds a festival of vivid colours; the fresh products displayed in the stalls, strings of red paprika and garlic, Hungarian salamis, meats, fresh pastries, dairy products, kitchen utensils, Hungarian wines and pálinka, honey, tea, herb mixes • At the far end of the Central Market
Hall there is a separate section where the small farmers bring their current produce, as well as a number of tables devoted to wild mushrooms • The fine selection of mustards and goulash sauces packed in tooth paste tubes can make great gifts • Keep your eyes open for inexpensive saffron and dried mushrooms. www.csapi.hu
CANNES, FRANCE Marché Forville It is a lively and colourful French affair. Sellers and local producers come here to sell the most fantastic produce the region has to offer • Its dizzying array of cheese, fish, vegetables, fruit, olives, fresh pasta, charcuterie and flowers • From large producers taking several tables to single tables with one old lady selling honey or bunches of basil • There are still about 30 fishermen working in Cannes and their catch of the day comes to the market • Cannes’ top chefs shop here • Not only is the market bursting with the freshest fruit, vegetables, local fish, cheese, olives etc, but the whole district, with a huge array of artisan shops and quality fishmongers. There are little bars serving a glass of wine and three oysters, a caviar and smoked salmon shop, rotisseries, the famous Brun oyster restaurant where five people open oysters and prepare seafood on the street, all day and well into the night.
CORK, IRELAND English Market The market dates from a charter of James I in 1610. The magnificent building, finished in 1786, was damaged by fire in 1980 and then brilliantly refurbished • Many of the county’s leading artisans or purveyors have stalls here • The market still manages to retain its uniquely Cork character, with tripe and drisheen still available alongside Greek olives and Indian spices • Watch out for the
crates full of seafood, so fresh it’s still wriggling • Seek out small, indigenous cheese makers and try some of the regional cheeses such as the hard, oak smoked Gubbeen and soft and creamy Cashel Blue • Don’t miss Declan Ryan’s Arbutus breads, the best soda bread in Ireland • The olive stall is always very popular. Apart from the lovely olives, the pickled gherkins are fantastic • Head upstairs for lunch at the market’s Farmgate Café, serving fresh, hearty national dishes made from downstairs’ ingredients. The daily chalkboard menu lists the usual: Irish Lamb Stew, Tripe and Onions, Beef Shepherd’s Pie and gooey bread pudding served with heavy cream. www.corkenglishmarket.ie
HELSINKI, FINLAND Kauppatori and Wanha Kauppahalli The harbour setting and loving arrangement of the produce give this market picture-postcard perfection • Is brimming with summer delicacies like tiny potatoes, fresh crayfish and smoked moose meat • Fishermen sell fresh and smoked fish straight from their boats • The bright piles of cloudberries, bilberries and lingonberries, iridescent-green peas and baskets of tiny almond-flavoured potatoes all seem far too pretty to eat • The Kauppahalli (the Market Hall) is a beautiful brick building from 1888, where customers are noshing on shrimp salad sandwiches, moose salami, liquorice-flavoured chocolate and strong espresso • Don’t miss the smoked reindeer sandwiches from one of the indoor market stalls. www.wanhakauppahalli.com
ISTANBUL, TURKEY Balik Pazari Set in a building fashioned after 19th-century Parisian arcades • A gleaming and wondrous array of fish can be found here with octopus
from Bodrum, grouper from Saroz Bay, prawns from Canakkale and calamari from Antalya - all beautifully displayed • Don’t miss the Nevizade Sokak, where restaurants serve mezes, kebabs and fish, accompanied by the sound of serenading street musicians: the hubbub is nonstop and the atmosphere wonderful • Most fish restaurants in Istanbul purchase their fish here.
vegetables • The fish hall is both impressive and fascinating • Many Lisbon restaurants get their fish from here • The building, built on the banks of the River Tagus in 1882, is a rare example of iron architecture • Buy locally produced items such as port and honey from its second floor.
Misir Carsisi The Spice Bazaar, also called the Egyptian Market, was established in the early 1600s when Istanbul was the last Asian leg of the trade route from China • Where the stalls in the bazaar originally only stocked spices and herbs, over the years other edibles were added, such as nuts, honeycomb, Turkish delight, dried fruit and vegetables, mature hard Turkish cheese, caviar (make sure you get the Iranian variety) and smoked or dried beef • If you are after zatar, sumac, saffron kori curry and other spices, this is the place to stock up • The dried fruit and nut shops are almost as fascinating as the spice shops, with their tempting range of pistachio nuts, almonds, hazelnuts, dried figs, dried peaches, raisins, coconut and many others • Don’t forget to pay Kurukahveci Mehmet Efendi a visit. This famous coffee shop has been supplying the locals with their own brand beans for over 100 years • On the upper floor is a well-known restaurant, Pandeli, which has been serving Turkish cuisine since 1901. Decorated throughout in blue and white tiling, it’s worth a visit for the interior alone.
Billingsgate Market Is the UK’s largest inland fish market • You can find practically any type of fish, shellfish, and crustaceans that exist • Fishmongers, restaurant chefs, and ordinary people go here to get the freshest seafood available • The market also features poultry, cooking oils, potatoes, trade sundries and specialist restaurant and catering supplies • They predominantly sell wholesale although many stalls will sell some retail too • The market opens at 5am and by 7am some of the shops are already beginning to close, though the market’s official closing time is 8.30am • There is a cooking school teaching both intrepid amateurs and seasoned professionals the secrets of handling seafood. Learn to treat a fish right (from gutting to filleting then cooking), never again to mix up a male (white) mussel with a female (orange) and to pick out the freshest catch (bright eyed, firm of flesh and not too smelly). www.billingsgate-market.org.uk
LISBON, PORTUGAL Mercado da Ribeira Is an atmospheric place, with the smell of coriander and coffee hanging thickly in the air and some original azulejos decorating the walls • Is selling everything from inky octopus and fresh seafood to fabulous fruit and 92
LONDON, UNITED KINGDOM
Borough Market Is London’s oldest food market • Wholesale traders arrive here as early as 2am, followed by restaurateurs, grocers, and then general public a few hours later • Housed in a Victorian-style warehouse • It’s a favourite haunt for foodies including celebrity chefs such as Jamie Oliver and Gordon Ramsey • The market boasts several butchers including game and speciality meats, a couple of fishmongers, several fruit and veg stalls plus a dazzling array of speciality artisan producers of cheeses, breads, cakes,
charcuterie, pastries, herbs and spices, chutneys, pies, wild mushrooms - the list is endless • Don’t miss the amazing Parmesan cheese from The Parmesan Cheese Company – the owners have made it their lifetime’s work to find the very best Parmesan cheese • The sweetest white balsamic vinegar and the extraordinary truffle honey are also a must • You need to try the famous Montgomery cheddar sandwich; creamy, oniony cheese sandwiches on thick crusty bread. The cheese is made in Somerset and matured by cheese maturer Bill Oglethorpe. www.boroughmarket.org.uk/
LYON, FRANCE Les Halles de Lyon The city is situated between France’s richest agricultural areas, so this vast indoor market is packed with the most spectacular produce and
mouth-watering aromas • The atmosphere is lively and festive • The market offers everything from pristine lettuce to wild mushrooms to poulet de Bresse to caviar, from 150 kinds of cheese at the Alain Martinet stand to the Rolls de l’huitre (Rolls-Royce of oysters) at Chez Georges • Local specialities include rosette, andouillette, quenelles, cheese, and handmade chocolate • You will meet the best chefs of Lyon and Rhône-Alpes in the alleyways • Don’t miss Séve and its array of handmade chocolates. The macaroons (in almost 20 different combination of colours and flavours) are perfection. They also have a selection of savoury versions of these macaroons to serve as aperitif, with flavours of foie gras, mushrooms, and olive • You can have a good meal in the bouchons (the traditional restaurants of Lyon), which are installed around the shops • Oysters with a glass of Mâcon is a must. www.halledelyon.free.fr
Photo: Vinko Culjak Mathieu www.theaddress.info
MODENA, ITALY Mercato Albinelli This wrought iron-covered daily market is one of the most picture-postcard-perfect markets • You’ll find gorgeous peaches and figs, artful displays of fresh egg pasta and - this being Modena - the world’s best aged balsamic vinegars • Don’t miss lunch at Schiavoni, a tiny market snack shop • To start, an artwork of bread, smoked swordfish and baby tomatoes. Then, an exceptional panino of duck breast with pistachio, raisins and syrupy balsamic vinegar. www.mercatoalbinelli.it
MUNICH, GERMANY Viktualienmarkt Is an all cobblestone, open-air market where Munchners have been meeting friends to browse, snack, quaff, gossip and argue politics since 1807 • 140 stalls and shops are offering
flowers and plants, fruits and vegetables, venison and fowl, eggs and butter, fish and meat, sausages, pastries and breads, herbs and spices, delicatessens, wine and tea • Don’t miss the beer garden; shaded by hundred-year old chestnut trees, this is a wonderful place to watch the bustling market scene around you. It offers hearty Bavarian specialties; try a pork roast with sauerkraut, dumplings and warm potato salad, or a ‘Brotzeit’ platter with cold cuts and homemade artisan cheese.
NICE, FRANCE Cours Saleya The market is full of amazing flowers, and a cornucopia of food products • Filled with colourful stalls and lined with pleasant café terraces and restaurants • The market showcases the best of Southern France - lavender honey, violet-tipped artichokes, barrels of olive oil and bright marzipan fruit • Don’t miss the wonderful olives.
PALERMO, SICILY, ITALY
Ballaro The city’s oldest Arab-style open market • A kaleidoscope of colours and fragrances • Browse stalls with all types of fish still twitching on trays of ice, alongside crates of squash as long as your arm, enormous slabs of pungent cheese and capers the size of grapes • The sight of the blood oranges, pomegranates, long stemmed artichokes and cuttlefish is a visual feast • Don’t miss the grills, spread with squid and octopus that are so fresh that all they need is a squeeze of lemon • The wonderful sardine sandwiches are also a must. Mercato della Vucciria A wonderful and chaotic market. It is a spectacular, colourful, noisy event • A great place to see some of the old life of Palermo
By 4am, fishermen are hauling in the day’s catch; by 5am, vendors are setting out crates of fruit and vegetables; and by 6am, the place is bustling with shoppers. It’s a tradition that’s gone on, more or less in the same way, for the last 700 years • Is a foodie heaven with 225kg tuna being butchered, huge swordfish on display, a cornucopia of fresh vegetables, sardines being salted and tinned, bottarga salesmen, butchers and everything in between • The recently harvested produce reflects the bounty of the Sicilian countryside; wild fennel, long-stemmed artichokes and blood oranges are in abundance • It’s quite a selection: pasta, grains, sacks of beans, bags of dried herbs, grappa, wine, salted capers (a local specialty), zucchini, tomatoes (large, small, sun-dried, packed in oil, in a can, on the vine) and practically anything else you can think of.
PARIS, FRANCE Rue Mouffetard The market sells an eclectic range of food, fresh and specialty, along a road lined with buildings dating from the 12th century, giving the market a distinctly medieval atmosphere • You’ll find boucheries (butchers), boulangeries (bakers), poissoneries (fish stores), fromageries (cheese shops) and magasins du vin (wine stores) – a true gastronomic paradise • The merchant street is also lined with restaurants and cafes, perfect for people watching while soaking up the sites and smells of the bustling market.
VENICE, ITALY Rialto Market A wonderfully colourful, waterside fruit, vegetable and fish market buzzing with life by
the Rialto Bridge • The place is full of bawling stallholders, picky customers and restaurateurs as well as barking dogs • The produce has been sold in much the same chaotic manner for the past 600 years so you’ve got to be ready to take on the feisty but charming Venetian ladies • The fish market (Pescheria) is tucked under the arches alongside the Rialto Bridge • It is small, but the range of fish is absolutely spellbinding • The varieties of vegetables and fruits are rich. In the fall, you will find lovely red-laced rose radicchio lettuce from nearby Treviso, plump warty-skinned zucca barucca (winter squash), and the gorgeous strong flavoured porcini mushrooms. In the spring, you will find artichokes and wild greens; peas called bisi and the famous white asparagus of the Bassano region • Don’t miss Cantina do Mori - it is the vendors’ favourite place. There has been a tavern at this spot since 1462.
VIENNA, AUSTRIA Naschmarkt Vienna This lively market is a haven for food lovers • Rub shoulders with chefs from the most famed restaurants of the city, hunting for fresh ingredients alongside the copious other foodies • Has existed since the 16th century when mainly milk bottles were sold • You can find everything from local fish, meat, fruits, strudels, vinegar, and pickled gherkins to an increasingly global range of curries, Croatian olives, and Asian spices • Sauerkraut, sold by the half kilo from a big wooden barrel, sits across from a döner kebab stall • Everything is displayed beautifully and precisely • Cast a glance across the road to admire the historic Art Deco buildings that stretch along the market, particularly the Theatre an der Wien, the Majolica Haus and the Wagner Haus • The
iconic Café Drechsler starts breakfast at 3am and swings through the day and night until it closes its doors at 2am. www.wienernaschmarkt.eu This feature is provided by Food+Travel Online. Launching early 2010, it is possible to pre-register at www.foodandtravelonline.com already now.
Don’t miss Food + Travel’s feature in the next issue of The Address where we will take you on a journey to some of the best food markets outside Europe.
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