Tag Archives: opinion
Farmland Prices Expected To Rise Further
Farmland prices have increased over the course of a decade driven primarily by commercial demand and are expected to rise further, according The Royal Institution of Chartered Surveyors. At regional level, the price of an acre of land in the North West increased by 35% over the first half to reach £8,813, the most expensive of all the regions now, while Scotland remains the cheapest with a value of £4,438. The strength of commercial farmland demand is not broad-based. Indeed, surveyors note that farmers in the main are discriminating in favour of large, top quality, neighbouring plots with as small a residential component as possible. As such, there is considerable price dispersion, even in the same areas; plots that are smaller and of lower soil quality are attracting much less interest and achieving lower average per acre prices. Looking forward, surveyors are very optimistic about commercial farmland price prospects over the next 12 months. Meanwhile, price expectations in the residential arena, whilst relatively modest, have turned positive for the first time since H2 2010. This may reflect developments in the broader national housing market. “We have seen some exceptional transactions during H1 of 2013 with the larger sales being dealt with ‘off market’ showing the strength of land as a safe haven and hedge against economic ills,” Richard Liddiard from Carter Jonas. “Whilst the UK economy is showing the green shoots of recovery I am still of the opinion that we are at the peak of the market for average or less well equiped farms. This will indicate that the best in class will still rise in value and be keenly sought after by the non-farming investors who are seeking the safe haven status and IHT tax advantages that land offers. We are also seeing more farms in the market and there are some holdings that are sticking particularly if they are overpriced or do not have strong local demand to push the values higher.” Ben Taylor from Bidwells, Cambridge, said: “We have seen a moderate increase in market activity but still a distinct shortage of good quality commercial arable holdings being sold publicly and generally prices have continued to increase. Latterly, non-farming investors seem to have been edging the competition from farmer-purchasers. Demand for holdings with a weighty residential element remains somewhat selective.” James Denne from Knight Frank said: “Demand for arable land remains constant. Grass farms are harder to move on unless good additional income streams. Over pricing is still an issue.” David Powell from Powells, said: “Continued demand for good well located blocks of good land close to farming base of purchasers. Good grazing/mowing land and arable land selling well and at premium values where local demand is strong. Little interest in poor land and less amenity purchasers/local investors competing with agricultural purchasers in the market.” The survey’s transaction based measure of farmland prices (which includes the value of on-site residences if they account for less than 50% of the total value of the sale) rose by around 5% over the period to £8,742 per acre. The opinions based measure (which is a hypothetical estimate by surveyors of the value of pure bare land) increased by around 10% to £7,441 per acre. The variation between the two can be partly explained by their different methodologies i.e. the residential element in the transactions based measure is likely to increase average per acre prices. Continue reading
UAE gets thumbs up as top expat location
UAE gets thumbs up as top expat location Chris Ferguson (Opinion) / 25 August 2013 Dubai has become a centre of financial sophistication “Where in the world do I want to be?” For many expatriates that dream location will be the UAE. Indeed, the recent NatWest International Personal Banking Quality of Life Index survey has confirmed that this year the UAE is in third place, up from 10th position in just three years. This move up the ladder is no surprise to those of us already enjoying the benefits of tax free, above average salaries which are the norm for expats working here. For a ‘quality of life’ index to stand up it has to encompass the categories ‘employment prospects’ and ‘financial status’. These are the parmount considerations for any would-be expatriate. The expanding network of expertise to be found in Dubai’s International Finance Centre provides a vital opportunity for expatriates to maximise their full wealth potential during their time here. — KT file photo And so it will be no surprise to learn that a major theme emerging from GWM’s discussions with our private clients concerns the universal need for professional advice on effective money management; the kind that both protects and builds wealth. In this context, Dubai’s story is an inspirational one. It has emerged from the desert sands to become one of the world’s most sought after locations. It achieved this status because it had the determination to protect its natural resources and the foresight to build upon them for future generations’ prosperity. Any location hoping to remain a universal favourite must build the necessary infrastructure to accommodate the levels of sophisticated financial planning today’s expatriates require in order to protect and build their private wealth. This infrastructure must offer a level of protection that safeguards existing savings and investments as well as the necessary regulatory gumption to licence only bona fide financial management companies, proficient and skilled in all areas of investment advisory and management work. Great strides have been taken by the UAE’s financial regulators to oversee the growth and development of a finance sector that is capable of meeting and matching its counterparts in the global arena. The recent opening in Dubai International Financial Centre (DIFC) of the first FTSE office in this region is an example of how this approach is bearing fruit. Dubai is increasingly recognised as a centre of financial sophistication that can offer global players, such as the index provider, a gateway to this high-growth region. The expanding network of expertise to be found in Dubai’s International Finance Centre (DIFC) provides a vital opportunity for expatriates to maximise their full wealth potential during their time here. As an indication of how successful the DIFC has been over its first nine years in operation it now employs over 14,000 people and is home to 940 companies. The DIFC has confirmed that it continues to receive active interest from companies from the US, Europe, Asia and the Middle East all keen to set up shop. The recent news that Abu Dhabi is to set up its own financial free zone will surely set the UAE bar even higher. Another high quality international finance centre will attract even more major players increasing the tiers of expertise and experience in all areas of investment and money management. As with the DIFC, the Abu Dhabi World Financial Market is expected to mature into a significant financial hub with its own legal structure, regulator and courts. Such developments are in keeping with both Abu Dhabi and Dubai’s declared intent to diversify their economies so they are less oil-dependent. The financial services industry is a global market growth area, and paving the way now with the necessary infrastructure to house international finance centres of excellence will ensure its continuing attraction to the world’s best workforce. Indeed, it may not be long before we see the UAE at the top of the indices for most favoured expatriate location. The writer is the managing director of the UAE, Guardian Wealth Management. Views expressed by the author are his own and do not reflect the newspaper’s policy Continue reading
Marbella Resort: When a hotel resort becomes home
Marbella Resort: When a hotel resort becomes home Lily B. Libo-on (About Sharjah) / 24 August 2013 The middle of a Middle Eastern desert country is hardly the place you would expect to find Spanish architecture — but nestled near Sharjah’s corniche, one such place has proved so popular with locals that many have even set up home there. An aerial view of Marbella Resort in Sharjah. — KT photos by M.Sajjad Uniquely embellished with Andalusian architecture, the Marbella Resort — the emirate’s first and oldest hotel resort — still manages to lure hundreds of visitors, despite a number of newer establishments coming up around it. The resort has witnessed the development of the emirate’s hotel industry over the more than three decades since it was built, in 1976, with some guests staying for years at a time. Known to be the pride of Prince Alfonso Hohenlohe of Spain, Marbella Resort started as Marbella Club in 1976 under the management of Marbella Spain. Back in 1975, on the silver anniversary of Marbella Club in Andalusia, the idea for a unique club designed in the Arab-Andalusian style of architecture in Sharjah was thought up by the Prince.After more than three decades, Marbella Club, now Marbella Resort, continues to lure clubs and families — mostly Emiratis seeking a quiet retreat. Marbella Club was sold to the Sharjah National Hotels in 1992 and underwent a Dh50 million refurbishment to modernise its furniture, interior and rooms while preserving its Andalusian architecture. The four-star resort is a popular destination for many families seeking a quiet retreat. Financial controller of the Sharjah National Hotels Yousef Abu Salameh, says that Marbella Resort added in an Italian cafe, Café Undici, in 1997. “There are lots of guests interested in Italian cuisine. In the future, we may look into making a major renovation. But, as it is, Emiratis and GCC people particularly find Marbella unique and rare with the privacy of the club.” Now a four-star hotel, the resort has become a favourite haven of many families, especially Emiratis, GCC nationals, and Indians. Rendezvous Restaurant serves buffet and a la carte international and oriental cuisine, while Caesar’s Palace has traditional cuisine on offer. The extensive outdoor pool and tennis courts are situated next to Khalid Lagoon, while the resort’s 50 villas, each comprising a master suite and a junior suite, are dotted around the grounds. The master suite has a king bedroom with attached bathroom, separate lounge and dining room and a fully-equipped kitchen, while the junior suite has a queen bedroom with attached bathroom and a separate sitting lounge with sofa. There are also outdoor temperature-controlled pools, a gym, fitness studio, sauna and steam room, jacuzzi, two flood-lit tennis courts, two air-conditioned squash courts, an outdoor kids play area, and a table tennis and snooker room. It is so well-equipped, many families stay for months — some even years — making Marbella Resort their “permanent home”. A full villa with private garden and parking costs Dh1,500 per day. Sa’ad Al Suwaidi, an Emirati who has been a regular customer at the resort, says that he comes home from work finding everything just as he wants things to be. “My kids can roam around, relax and enjoy within and outside the villa. We have a private seating area and satellite TV inside. Coming back from work, I can sit at the private garden and relax. I know my kids are safe and they can go to the fitness centre or play squash and tennis,” he says. Manned by a workforce of 100, Marbella Resort has become a byword for regular customers who return every holiday. Italian tourist, Niccolo, enjoys the sports facilities and the pizza at Caesar’s Palace. “It is the best pizza I have tasted outside my home country. I can walk around the pool lawns and watch the lagoon from my villa.” His wife Giovanna enjoys the sauna and Turkish bath. “It’s perfect for me and I love this place.” Continue reading
