JUNE 2010 | www.opp.org.uk


HEAD OFFICE Hill House, Heron Square, Richmond, Surrey TW9 1EP, UK ✆ +44 (0)20 8439 9524 ✆ +44 (0)20 3292 1543 www.opp.org.uk


EDITORIAL Group editor Geoff Hadwick ✆ +44 (0)208 439 5750  geoff .h@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 Haime: ✆ +1 305 6106265 jack.h@opp.org.uk


Bulgaria Teodora Jilkova: ✆ +359 8888 44491 teodora@veritasreal.com


Greece Panos Skliamis: ✆ +30 693 8222 200 panos@p-s.gr


Italy


Gianfranco Caputo: ✆ +39 335 5236781 g.caputo@expocomunication.com


Philippines Allen Hamilton: ✆ +63 918 911 7043 allenhamilton@email.com


Russia Oleg Gavrilov: ✆ +7(495)509 70 82 oleg@olegariopro.ru


Egypt Hany Mostafa Moawad: ✆ +20101316339 hany.mostafa@primeproperties.com.eg


MARKETING & OPERATIONS MANAGER Naomi Zammit ✆ +44 (0)20 8439 9524  naomi.z@opp.org.uk


DESIGN & PRODUCTION Martin Lane ✆ +44 (0)20 8439 9570  martin.l@opp.org.uk


PUBLISHED BY OPP Media Ltd


Chief Executive Xavier Wiggins ✆ +44 (0)20 8439 9496  xavier.w@richmondgreengroup.com


Group editor Geoff Hadwick


THE RUSSIAN REPORT ISSUE Russia comes in from the the cold


Rather than the swashbuckling super-rich oligarchs of popular myth, this second wave of Russian buyers is more cautious in approach and more modest in style. For the fi rst time in many generations, there is an emerging professional middle class in Russia that can afford to look out into the world and try to fi nd clever ways to invest its wealth. The country’s well-paid lawyers, business managers and medics are on the move ... looking for a nice place in the sun where they can protect their assets, well away from the prying eyes of the Russian tax authorities and jealous criminals. In a country whose recent history has seen massive political upheaval and where the banks are treated with a deep-rooted suspicion (if not contempt,) Russia’s new middle class wants to own solid bricks and mortar in a secure and pleasant place. And the fewer questions asked, the better. The Caribbean, Turkey, Corfu and Spain are all on their radar say the experts, as well as cities like London, Paris, New York and Geneva. OPP has been told by a host of agents, lawyers and developers that this wave of new Russian money could keep on fl owing for many years to come.


E IN THIS MONTH’S OPP...


Peter Riddoch People: Interview (p22) Egypt is a good place to be right now says Peter Riddoch, the new boss of AMER’s Porto World. We ask him why and what his plans are for the future.


John Howell Legal- viewpoint (p26) If something sounds too good to be true ... it probably is says property lawyer John Howell. He is getting fed up with too many silly off ers in his inbox.


Liudmila Shapedko Russian report (p37) Today’s Russian buyer is professional, business savvy, suc- cessful, confi dent and demanding says Liudmila Shapedko of Better Homes.


Bernadette Costello ADIT Brazil (p46-47) Former OPP editor Bernadette Costello reports from northern Brazil on a sunny and positive conference. Brazil has some very big plans in place.


© Copyright Richmond Green Group. No reproduction in whole or in part without written permission. The Publisher cannot be held liable for any loss suffered as a result of information held herein, accepts no liability for views expressed by contributors and advertisers, undertakes that prices were correct at time of going to press and neither accept responsibility for loss or damage to unsolicited material nor return it without an SAE. No product or service advertised and/or publicised and/or appearing in The Overseas Property Professional magazine is, unless expressly stated to the contrary, endorsed by and/or otherwise associated with the Overseas Property Professional (OPP) brand. OPP Magazine is printed by Pensord.


Please note that the cost of a yearly subscription to OPP is £71.50 (UK), £110.50 (Europe) and £123.50 (rest of the world).


Sarah Drane Media (p53-54) If you have an exciting new development and would like to invite a group of journalists in to see it, property PR Sarah Drane has some expert advice to off er.


Audited average net circulation for the period July-Jun 2008 - 4774 per issue


VERYONE AGREES: there is a new type of international property investor emerging in Russia.


Please take a look at the news and advice in our Russian special this month and make sure that your business is as well prepared as possible to capitalise on this phenomenon. Now is the right time to do your homework because serving the typical Russian property investor needs a lot of careful preparation. They are often secretive by nature and highly protective, they tend not to speak a foreign language and they seem to be nervous about displaying their new-found wealth. In short, they prefer to build business relationships with those who understand them best ... so make sure that is you. A new start Please allow me to take this opportunity to say a quick hello to you all as the new editor of OPP. This is my fi rst edition and I would like to say immediately how pleased and proud I am to have become part of OPP. Outgoing editor Alex Evans clearly did an excellent job during his fi ve years on the title and I have been overwhelmed by all of the positive and supportive welcome messages you sent me. There is a lot of loyalty and affection for OPP out there in the property profession ... so please keep sending me emails and letters telling me what is on your mind and I will do my level best to serve your information needs. Together we need to keep OPP at the heart of the overseas property profession.


Editor’s letter • Geoff Hadwick ✆ +44 (0)208 439 5750  geoff .h@opp.org.uk | 1


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