JULY 2009
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www.opp.org.uk International Property Reporter
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Stephen Harris & 0044 (0)208 439 9572 8
stephen.h@opp.org.uk
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9
EUROPE & MIDDLE EAST
NEWS IN BRIEF
Ski resorts adapting to new market
INDUSTR
UK, Irish and European agents
‘owed millions’ in commission
Over £3m of unpaid commissions were
Ski resort companies are finding ways to
reported to escrow provider Com-
overcome the challenges of the global mission Secure within 14 days of the
Y
recession with new sales models and
company launching an agent survey,
wider marketing strategies.
according to the firm’s CEO. Thousands
of agents and independent financial
Agent and ski tour operator Erna
advisers in the UK, Ireland and mainland
Low is planning an autumn marketing
Europe were asked if they were owed
relaunch of a development that is taking
unpaid commissions by developers
advantage of changes to Swiss law. and how much. Of the 51 agents who
While foreign ownership in Switzerland
replied, around 60% were owed money,
PEOPLE
is still very restricted, units at French
the average amount being £100,200.
“We wanted to expose just how big this
developer Garrigae’s Les Mayens
issue is,” said Commission Secure’s CEO
d’Hérémence resort are available to
Colin Barrett-Treen. “There are many
foreign citizens on a 15-year leaseback Sales peak
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Developers have noticed a fall in demand from traditional buyer groups
who do not understand that many
option similar to the French residence agents are running scared.”
de tourisme model. offering guaranteed rental income as opened an office in Abu Dhabi and
“It’s a new concept and we are the well as time in the property and the we’ve been pushing ski property there.”
National distressed tour
launches in USA
first ski development to offer it,” said opportunity to spend a week in one of Not all ski resorts are suffering,
Agency franchise RE/MAX International
Marc Achard (pictured), Garrigae’s our other developments in the south of however, and Erna Low is concentrating
will train its US associates in selling
DESTINA
marketing director. “We have added France,” said Achard. its efforts on its more successful
distressed property through a national
hotel services to our residential building, properties. “We’ve had extremely tour. The company’s Certified Distressed
such as restaurants and a spa, so we can Change of focus buoyant sales in our Arc 1950 resort,”
Property Expert (CDPE) program will
operate as a hotel for the leaseback Agent Chesteron Humberts is targeting said CEO Joanna Yellowlees-Bound.
visit more than a dozen cities in the next
TION
three months, according to RISMedia, in
properties alongside full ownership by new markets to compensate for the “The market has been slower elsewhere
response to the government’s plans to
Swiss buyers.” decline in buyers from the UK. “We want so we’re changing our focus to places
streamline the short sale process. “Short
Garrigae has also had success with to tap into as many markets as we can,” where we’re doing well and looking at
sale and distressed property transac-
a number of sales incentives and said head of international sales Andrew individual resales rather than leasebacks tions can be complicated,” said Henry F
models. “For our pure investors we’re Hawkins. “For example, we recently of new French properties.”
Weber, president and regional director
of RE/MAX of New York. “The average
homebuyer will need a knowledgeable
UK
real estate agent to help guide them
BUSINESS
through the process.”
UK market has
Mallorcan auction firm started
to sell distressed property
‘reached bottom’
A pair of German property specialists
have set up an auction company to take
advantage of the surge in distressed
The UK’s residential market has either
properties on Mallorca. Palma Property
reached the bottom or is very close to
Auctions S.L will hold its second auction
it, concluded a recent industry panel on 28 July selling a number of
organised by Managing Partners Ltd.
apartments and villas, as well as a
Attendees agreed there were
restaurant. Reserve prices of properties
DE
already advertised range from €150,000
variations in the country’s outlook, with VEL
to €3m. Mallorca-based lawyer Hans von
London the most promising thanks to
Rotenhan and German property
OPER
foreign buyers taking advantage of the Saved by the landlords
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Recovery is in the hands of buy to let investors, said panel
specialist Doron Spinner founded the
weak pound. company, having sold Mallorcan
“I am more bullish than many about come through this year.” Ombudsman chairman Bill McClintock,
properties at auction during the
the property market because we have Lucy Morton of estate agent WA Ellis argued that buy-to-let investors will be a
recession in the 1990s.
been seeing a steady increase in purchase said: “A lot of Euro money is coming in, key driver in market recovery.
Blacklisted agents named
inquiries since the start of this year,” said accounting for perhaps 25% or 30% of “BTL finance was not so available in
on OFT register
Ray Boulger, senior technical manager new purchases in the quality end of the the previous market correction,” said
UK agents who have been blacklisted by
at mortgage broker John Charcol. “The [London] market.” Leach. “The focus is normally on first-time the Office of Fair Trading (OFT) will now
M
RICS figures pointed to an upturn last The panel, which included MPL MD buyers as the catalyst for recovery but
appear on a new internet register. The
ARKE
December and that has continued to Jeremy Leach (pictured) and Property this time around we have new buyers.”
OFT last month launched an online ver-
sion of its list of agents who have been
given warnings or been banned from
TING
Less than 500 Spanish holiday homes sold in Q1
operating. Consumers will be able to
Figures from the Ministry of Housing in Spain homes were sold between January and March this
browse the register alphabetically or by
date to see whether the OFT has taken
indicate that 484 holiday homes were sold to non- year, compared to 159,088 in the same period last
action against an agent they might be
nationals in the first quarter of 2009. Overall, 104,703 year - a fall of 16.5% year on year.
considering.
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