APRIL 2010 | www.opp.org.uk
HEAD OFFICE
Hill House, Heron Square, Richmond, Surrey TW9 1EP, UK & +44 (0)20 8439 9524 8 +44 (0)20 3292 1543
www.opp.org.uk
EDITORIAL
Group editorial director
Alex Evans & +44 (0)20 8439 5750
alex.e@opp.org.uk
International property reporter
Stephen Harris & +44 (0)20 8439 9572
stephen.h@opp.org.uk
ADVERTISING
David Le Lacheur & +44 (0)845 467 4637
david.l@opp.org.uk
Beth Piercy & +44 (0)845 467 3746
beth.p@opp.org.uk
ADVERTISING SALES REPRESENTATIVES
Americas
jack.h@opp.org.uk
Bulgaria
teodora@veritasreal.com
Greece
panos@p-s.gr
Italy
g.caputo@expocomunication.com
Philippines
allenhamilton@email.com
Russia
oleg@olegariopro.ru
Egypt
hany.mostafa@primeproperties.com.eg
MARKETING & OPERATIONS MANAGER
Naomi Zammit & +44 (0)20 8439 9524
naomi.z@opp.org.uk
DESIGN & PRODUCTION
www.d2e.co.uk
PUBLISHED BY
OPP Media Ltd
Chief Executive
Xavier Wiggins & +44 (0)20 8439 9496
xavier.w@richmondgreengroup.com
alex.e@opp.org.uk | 3
Welcome
You know things are bad when even distressed stock is hard to sell - and there was a big question mark
hanging over the industry last year about whether below market value (BMV) deals would tempt wary investors. Fortunately (for some), there were a few
deals in 2009 - but not as many as hoped. If recent data is to be believed, less than a thousand sales were made to non-residents in Spain - Europe’s biggest distressed market - last year. In fact, much of the activity in the distressed markets came in the last quarter; as talk of recovery has turned fear of losing money to fear of missing a bargain.
No bottom in sight
But the other big question over the
last 6 months has been about how to determine the bottom of the market, or even true open market value - the only way to identify genuine BMV. Some in the industry don’t even believe BMV exists because of constantly shifting valuations, banks infl ating prices and developers simply discounting from peak. After a few months of
IN THIS MONTH’S OPP...
Paul Owen
AIPP Q&A (pgs 26-27)
Former marketing di- rector of French agent VEF, Paul has been the chief executive of the Association of Interna- tional Property Profes- sionals since its launch in 2006 and has built its membership up to 320 in the last four years.
Luis da Silva
BMV market (pgs 41-43)
An international property adviser and director of InvestCV, Luis specialises in dis- tressed, BMV and NMD sales for funds and individual investors in markets including Cape Verde, Portugal, Spain, UK, and the US.
Jenny Huertas
BMV investor (pgs 46-49)
Jenny is international sales director of Condo Vultures, a specialist in the US repo market which regularly reports on opportunities and trends in the distressed markets of Florida and is regularly quoted in the US media.
John Howell
SIPP sales (pgs 54-55)
One of the most high profi le lawyers in overseas property, with in-depth market, industry and product knowledge, John was senior partner of the International Law Partnership and now trades independently.
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Inez Rix
Auctions (pgs 64-65)
Active in real estate since she was 17, Inez moved to Spain in the 90s and set up Direct Auctions after spotting a gap in the market for a new sales channel - and she is currently rolling out her format in several new markets.
Audited average net circulation for the period July-Jun 2008 - 4774 per issue
activity, with more agents looking for a route into BMV and developers looking for the best sales channels, OPP presents its fi rst in-depth report into who’s buying, how to source good product, and the most accessible markets
(dedicated news, views and analysis on BMV begins on page 35).
SIPPs were last year’s success story for
many developers as investors looked for solid pension investments; but there’s growing concern about what is being sold in SIPPs and how it’s being sold. With agents warning against unrealistic growth and yields being touted by some, and asking whether IFAs are asking enough questions, we off er some guidelines on ‘safe SIPPs’ from page 54.
A fond farewell
Just as this month’s BMV report issue marks a turning point - as discounted deals reduce the backlog and help to restore realistic values - OPP (and its editorial director) is about to enter a new phase. As I move on to focus on a new initiative to promote growth among UK businesses, OPP is about to roll out an exciting new global platform - and a new fi gurehead and architect for its editorial strategy going forward. Exciting times, so watch this space. I’ll be keeping a close eye on my favourite
industry, and thank you to all of the active readers who have helped to evolve OPP with your feedback - keep it coming.
INDUSTRY
PEOPLE
DESTINATION
BUSINESS
DEVELOPER
MARKETING
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