JULY 2009
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INDUSTRINDUSTR
YY
How are moorings factored in to
marina property sales?
A marina resort developer
PEOPLEPEOPLE
handling moorings as part of the
property should remember that,
if the fractional property buyer
already owns a boat (a big reason
to buy the apartment or villa) they
will almost certainly want to keep
Menorca marina
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The limited availability of new build property in island markets like Menorca adds exclusivity value for buyers
that boat on a mooring all the
time, even when the other owners
the coastline because of it,” says Mark Era Overseas. “There are millions of other Russian buyers, who have traditionally
were actually in residence in the
DESTINADESTINA
Stott, managing director of Select entrepreneurs emerging. In 20 years bought for status, were snapping up
property. So there would need to
Property. “Because of the development time the demand for luxury goods will such properties last year. The yachting
be a very careful analysis of the
volume, builders are having to go inland be pushed to a limit not seen before. market in Russia is also growing, with
number and size of moorings per
and construct new ‘water districts’ so There will be more wealthy people on sales rising by 25-30% each year and an
accommodation unit. It would
TIONTION
they can sell on a frontline, waterfront estimated 2-3m yachts in Russia. Still
certainly be interesting for the
location. It will always be the premier The Middle East is home the preserve of Russian millionaires,
fractional yacht people to talk to
spot and will become stronger and to more mega yachts than increasing wealth has resulted in more
fractional marina developers about
stronger, presenting a good re-sale any other region in the joining the yachting community. “If six
where there is a useful overlap.
opportunity.” world, so it is f_i tting that to seven years ago we had only one
Steve Last, Owner Groups
Commenting on growing interest such a magnif_i cent facility Russian team in the regatta in Marmaris
from Russians last year, Alexey Sviridov, should be located in Dubai. (Turkey), nowadays 30-35% of our
director of Moscow-based agent Dubai Even amidst the current participants are Russians,” says Bernhard
BUSINESSBUSINESS
Property, adds that the limited number economic climate, demand Blaha, owner of the Phoenix Yachting
of marinas has helped them hold value remains extremely high for company. In the downturn, yachts
and sell to those looking for exclusivity. these sized yachts. have become more af_f ordable and
“Usually developers buy them up on Michael Horrigan, marina resort buyers want to enjoy the
the presentation of the project and Island Global Yachting lifestyle. For its Le Provansale project in
then resell on the secondary market,” he France, IntermarkSavills last year of_f ered
observed. this planet, living longer, with more residents the opportunity to use a yacht
How is fractional/exchange making
Neighbouring Abu Dhabi also has demand for luxury, and a desire for 24 hours a day with the price included in
high-end marina resort property more
some impressive marina projects, not lavish holiday homes. There is limited the apartment’s service payment.
accessible to a wider range of buyers?
least Aldar’s US$40bn Yas Island project space around the Mediterranean, so Of course, the downturn has had an
DEDE
Exchange holidays today are all
that will feature a leisure complex and it’s become a greed issue. In terms of impact on buying activity at all levels, VELVEL
about experiences and lifestyle.
six marinas serving the island and Al buyers, we’ve been dealing with French, and one resort developer in Thailand
Typically, marina developments OPEROPER
Raha beach. Local developer Tamouh African, Dutch, English, Serbian, Russian told OPP that the Russians “had run to
comprise apartments rather than
Investments is also investing Dh6bn in and Spanish.” the hills”. In contrast, he pointed out that
villas, and the lower entry price of
Marina Square on Reem Island; a 70%
a fractional sale will certainly open
residential and 30% commercial mega
up the source market signif_i cantly
project that will provide 3,500 homes
for the developer. Marina resorts
and space for 8,500 people.
can open up a new holiday world
experience that will undoubtedly
New buyer trends
attract a far wider buyer group
MM
Most agents and developers observe ARKEARKE
than the niche yachting sector –
a decline in the number of UK buyers,
and they will be buyers looking
with more activity from the Middle
to stay on the property, soak up
TINGTING
East, US, Europe, China and India. “The
the nautical ambience and spend
creation of millionaires in countries
time in the resort’s retail outlets,
like China and Brazil is outperforming
Premium location
| The marina at Halcyon Hills in Greece is helping developer
restaurants and bars.
Europe by ten times,” observes Ross
Barrasford & Bird Worldwide to sell its development due to its proximity to big new
Paul MacSherry, The Registry Collection
Taylor, managing director of agent New
marinas like Pythagorio - it’s also only a mile from Turkey’s largest marina at Didim.
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