Moroccan property market attracting wealthy investors

The Moroccan luxury property market is attracting domestic as well as wealthy foreign investors, a new report has found.

The report from Aylesford International says that the country has witnessed significant economic growth over the last decade thanks to the strong macroeconomic policies.

Morocco is one of the few countries in the wider North African region that have rarely experienced social unrest. Tourism and home industry are the most prolific industries of the country and are the keys to its economic stability.

The report also says that there is now a considerable expat community in Morocco and the foreign residents are mainly from the European and Latin American countries.  The country’s liberal inheritance laws, moderate property transaction costs and the provision of excellent, high-end properties are the key reasons behind their attraction towards it.

However, recently, the economic performance of Morocco has witnessed deceleration due to the slow growth in European Union, particularly in Spain and France who are its main export partners.  To that end, Morocco’s Budget in 2013 has imposed taxes on buying and selling the property.

When buying a property, there is an agent commission of 2.5%, VAT of 10% Notary fee of 1% plus a Notarial tax of 0.5%. Additionally, there is also land registration fee of 3%-4%.

When selling a property there is no particular inheritance tax but gift tax like Capital Gains may be levied at a flat rate of 20%. The minimum 3% has been imposed on the transfer of property.

The Properties that are attracting foreign buyers include a 5-bedroom villa in Marrakech with two guest houses, a three hectare garden, tennis courts and pool priced at €2.9 million and a 4-6 bed villa in a private estate that includes a spa, a luxury boutique hotel and an 18-hole golf course, priced at €1.91 million.

For more information on the global property market, head to MIPIM 2014 in Cannes. Contact EAS for the best in meeting space, special events, hotels, rental apartments, luxury accommodation, marketing and event management. For further information, click here.

Agricultural land prices in Ireland rose by 10%

The Agricultural land prices in Ireland have risen by 10 percent in the first four months of this year, a recent survey has found.

The survey was conducted by estate agents Ganly Walters and was based on the land sales in Connacht, Munster, Leinster and Ulster regions.

The average per acre price in the European country has propelled to €11,511 as compared to €10,586, the average per acre price over the 12 months of 2012.

So far this year 3,000 acres have been sold out of the total offered 13,500 acres, the survey reported. The most activity was witnessed in Leinster region, where 4,680 acres were brought to the market at an average price of €10,345 per acre.

The agents sold Milverton, Demesne, Skerries, North Co Dublin on 468 acres over two lots on behalf of the National Asset Management Agency (NAMA). Their initial demand was €7.5 million but the deal is believed to have been conducted somewhere close to €7 million.

The average per acre price in Connacht was €11,224. The highlight sale was Inish Turk Beg Island off the coast of County Mayo that was sold out by Ganly Walters for €2.85 million.

In Munster the average per acre price was €9,476, the survey evaluated after covering more than 1,000 acres sold. The average per acre price in Ulster was €15,000.

The managing director of Ganly Walters, Robert Ganly said that the demand for land remained strong and is expected to be stronger towards the end of this year.

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Turkish companies interested to invest in RHD Foundation’s land

Large Turkish construction companies have expressed interest in taking part in land auctions of Russian Housing Development Foundation (RHD), located in different regions including Moscow, Novosibirsk, St. Petersburg and Primorsky Krai.

The representatives of leading Turkish companies met the management team of RHD Foundation under the leadership of Foundation’s CEO Alexander Braverman.  During the meeting both sides comprehensively discussed the implementation of integrated development projects on Foundation’s land.

The likely partners discussed the potential of mutual collaboration in housing and other construction industries. The representatives of RHD Foundation briefed the Turkish businessmen about the advantages of investing in the housing project, building industry and other development projects in Russian territories.

The cooperation between RHD Foundation and Turkish companies has witnessed a dynamic development in the recent years. At the MIPIM 2013 Exhibition, a Memorandum of Understanding (MOU) was signed between RHD Foundation and a leading Turkish construction company. Turkish bank ISbank and several companies including Eroglu, Yenigun and Agaoglu are keen to participate in RHD Foundation’s auction.

Alexander Braverman said currently the RHD Foundation is planning to auction 33 plots of land in Russian regions. He said the portfolio of projects implemented in Foundation’s area is currently at 16 million square meters and overall there are 103 projects in 38 regions of the country.

RHD Foundation head further said that the Turkish companies have great experience, particularly in the construction sector, which is largely in demand in Russia.

“We are interested in cooperation with Turkish companies in the financial sector, namely, the Turkish banks. A comprehensive approach to a site development fund is priority for us “, he said, adding the Foundation is looking forward to working with investors from more countries.

For more information on the global property market, head to MIPIM 2014 at Cannes. Contact EAS for the best in high quality hotels in MIPIM 2014, marketing and event management. For further information, click here.

Capital Group to build huge construction site in Mitino

The Moscow authorities have given the approval of another huge construction site in Mitino, the administrative district of North-Western Administrative Okrug.

The Capital Group, one of Russia’s biggest construction companies, will build a new zone of one million square meters.

The website Moskomstroyinvesta reported that the total construction area will be 975,200 squares. 675,000 square feet will be used for housing while the rest of other land will be allocated for public spaces including schools, business center, medical center, fitness center, playgrounds and parking. The company will also construct a big shopping complex and a modern hotel in the capital.

The area will accommodate more than 13,000 people. The estimated cost of the entire residential complex is $ 1.5 billion.

Urban Planning and Land Commission has given the approval of the new draft of city planning area in Mitino on 60 hectares. An official of commission said that this is the land of an ex-poultry farm, which owners sold to Uralsib, a leading Russian financial corporation.

In the mid-2000s, the company Zodiac was willing to build a gated community named “Christmas Hills” on this land. They took the project into the internationally renowned MIPIM exhibition several times to attract the investors but failed to get an interested party. Eventually, Uralsib started searching for a buyer for this land.

Uralsib’s agreement with Moscow authorities for a construction site involved Capital Group. A Moscow Building Complex official confirmed that the company will now implement this project with the help of some investors. The information, however, hasn’t been confirmed or declined by Capital Group itself.

For more information on the global property market, head to MIPIM 2014at Cannes. Contact EAS for the best in high quality accommodation, marketing and event management. EAS is also a licensed travel agency and member of ACAV and ASTA. For further information, click here.

Coscolluelas to help WVCA deliver more luxury buildings in Philippines

The recently-appointed senior partners of WV Coscolluela and Associates (WVCA) – twin brothers Gil and Gary Cosolulluela – are anticipated to take the 55-year-veteran firm to the bigger heights with their exceptional architectural skills.

WVCA’s senior principal architect William Coscolluela, who is also the father of Gil and Gary, said that the appointment of his sons will help the firm to develop attractive, reliable and innovative buildings in Philippines in forthcoming years.

Since its foundation in 1957, WVCA has developed countless luxury buildings across the Philippines but Zuellig Building is hailed as one of its greatest masterworks. Located at the crossroads of Paseo de Roxas and Makati Avenue, Zuellig Building was selected as one of the top three buildings in the “Best Office and Business Development” category of MIPIM Asia Awards 2012.

Zuellig Building is the first high-rise building project in the country that was pre-certified by the US Green Building Council at the LEED Gold level. Down to its superb-location, world-class design and distinctive frontage, Zuellig Building is expected to be premier business location in Metro Manila in future.

SM Aura Premier (Bonifacio Civic Center) at the Bonifacio Global City in Taguig, which is at verge of completion, the Unilab Corporate Offices on Williams Street, Mandaluyong City and P8.5-billion SM Seaside City Cebu, which has just got underway are some other superlative constructions of the firm, which has also participated in overseas projects in Singapore, China, Saipan, Malaysia, and Guam as design consultant.

Gil and Gary have studied in the separate architectural institutes around the country from primary school and up. Gil was previously involved in several projects including Joya Lofts and Towers, RCBC Plaza, Crowne Plaza and PCI Tower in Makati City while Gary’s previous work include the designing of Discovery Shores Boracay in Aklan province, Landmark in TriNoma and several other projects.

For more information on the global property market, head to MIPIM 2014 at Cannes. Contact EAS for the best in high quality accommodation, marketing and event management. EAS is also a licensed travel agency and member of ACAV and ASTA. For further information, click here.

Luxury property markets flourishes despite downturn

Despite the recent economic downturn, the overseas luxury property market is growing, according to two companies in the high-end sector.

According to the analysis carried out by Luxuryestate.com, one of the biggest online sources of the high-end properties that list 50,000 homes in 50 countries, the interest in luxury properties has increased by an average of 2% during the last year.

From the individuals of countries like Italy and Greece, where the economic situation is extremely instable, peaks of 10% more sales enquires for high-end residences have been recorded.

Engel & Volkers, the 35-year-veteran high-end real estate agent, in its latest-press release has said that they have experienced their best-ever quarter year profit.

The Luxury Estate has identified the trends in demand of luxury properties through analysis of buyer activity on over 25,000 listings, spread across more than 30 countries, with UK leading the chart of countries with the largest demand from individuals.

Greece, Russia and Italy, which all have a massive number of high-net-worth individuals as residents, have emerged as countries with largest increases in demand after witnessing increase of 8%, 6%, and 5% respectively.

The data about most high-end residences for sale is quite interesting as in the economically stable countries; the number of luxury villas, castles and mansions has remained constant on the market or even dwindled.

In contrast, the less economically stable countries like France and Spain, have witnessed a whopping increase in luxury properties on the market during the last 12 months.

For more information on the global property market, head to MIPIM 2014 at the Palais des Festivals, Cannes. Contact EAS for the best in high quality accommodation, marketing and event management.  EAS is also a licensed travel agency and member of ACAV and ASTA. For further information, click here.

Paris is number 1 city for property investors

Paris has become the most popular place in Europe for property investment according to a list released by leading estate agent CBRE. The French capital overtook London during the second half of 2011 thanks to deals worth €7.9 billion as opposed to €7.8 billion in the UK capital. 

A busy second half of the year saw Paris snapping up 14.2% of international deals as investors rushed to complete transactions before the end of the year and ahead of the closing of some property tax breaks.

In addition to being the most popular place for property investment, Paris is now the most expensive capital in which to rent accommodation after rental prices increased by 4.7% during the year.

The 20 arrondissements of Paris escaped the bombing of the Second World War, which means that new-build developments are rare and property supply is limited forcing up rental prices. The City of London, which has far more new-build properties, has seen rents fall to a 25-year low, although the West End market is still buoyant. New York also saw a healthy rise in rental costs as prices increased by 6.5% during the first half of 2011 and 6.2% during the second half.

However it was not all good news as rental growth slowed in many new world cities such as Hong Kong, Shanghai and Moscow during the second half of 2011.

Foreign investors in 2011 were made up mostly of US and Canadian buyers who provided 28% of cross-border transactions, with the US accounting for €9 billion worth of deals. Germany was the next most active buyer taking a 12% market share, while UK buyers came in third place making 9% of property transactions.

If you’re interested in all the latest property developments in Paris, head to MIPIM in Cannes in 2014. For the best hotel rooms, rented apartments and even private yachts look to EAS for all your accommodation needs. We can also help you with restaurant bookings, nightly entertainment and all your transportation requirements. Click on this link to fill in our request form.

New confidence in Dubai’s office and retail property sectors

The first quarter of 2013 has seen increased demand for Dubai’s office and retail space, leading experts at Cluttons to say that the improved situation will encourage stalled developments in the Gulf city to restart.

This new confidence is being led by Dubai Mall’s huge pull as a global shopping destination. However, despite the good news, Dubai’s office market continues to be very fragmented with some submarkets struggling to attract tenants.

Rents have increased over the past six months in Jumeirah Lake Towers (JLT), Tecom C, Al Barsha and Business Bay, all areas that had been hit particularly hard by the 2008 property collapse. Rents in these areas fell by as much as 50 percent in 2009.

Cluttons reported that rents were now up by 10 to 15 percent in better quality and completed projects.

Retail also saw increased activity during the first quarter of 2013, according to Cluttons, thanks to increased visitor numbers, high wealth levels in the city and increased consumer confidence. In February, Emaar Properties revealed that visitor numbers to the Emirate had risen by 20 percent in 2012 leading to a retail sales increase of 24 percent.

Annual footfall in Dubai’s malls remained strong, especially in Deira City Centre, Mall of the Emirates and Mirdiff Mall, which all target mid to high level income residents and tourists. Their continued success, says Cluttons, is revealed by low to zero vacancy rates.

The property consultancy also noted strong recent interest in community retail units located in high-density residential districts such as the Marina, JLT and Al Barsha.

For more information on the global property market and construction industry head down to MIPIM March 2014, at the Palais des Festivals, Cannes. Here at EAS we can promise you the best hotel rooms, the most sought-after rented apartments and even the odd luxury yacht or two. With our expert knowledge we’ll make sure your stay will be one you don’t forget. Click on this link to fill in our request form.