10 | INDUSTRY
NEWS IN BRIEF India surge will soon end
NEWS By Geoff Hadwick
INDIA’s spectacular property surge is set for a “juddering halt” according to the leading on-line residential property research house Global Property Guide. GPG’s survey of worldwide house prices in the third quarter of 2011 found property prices in Delhi surging 22.68% year-on-year, with strong price rises in almost all other Indian cities. However Matthew Montagu-Pollock, publisher of Global Property Guide, exclusively told OPP that he expects India to suff er in the coming future. “India has high infl ation problems and the central bank has upped interest rates. I assume this will bring prices to a juddering halt.”
Vancouver housing vow
VANCOUVER mayor Gregor Robertson has pledged to wage war on the city’s spiralling home costs and to set up “a task force on housing aff ordability.” “I am striking a task force on housing aff ordability, including advocates, architects, developers, building owners, and fi nanciers,” Robertson said in his inaugural address. “They’ll identify ways we can increase Vancouver’s supply of aff ordable homes—both immediately, for the most urgent needs, and for the long term.”
Albania set to prosper ALBANIAN property prices are increasing strongly and local resort developers are seeing overseas demand is on the up. The latest House Price Index says residential values rose 10.3% year-on-year in the third quarter of 2011, way ahead of the country’s Rental Price Index which rose by 1.1% YoY in Q3 2011. Ravin Maharajah, partner of Lalzit Bay Resort & Spa, said: “The international market is starting to wake up to Albania’s potential.”
OZ COST FREEFALL
AUSTRALIAN house prices are falling at an accelerating rate according to fi gures out this week from RP Data- Rismark. Values in Melbourne and Brisbane are declining at the fastest rate with Sydney proving to be the most resilient market.
German luxury car group Porsche is working on a plan to put its brand on a new 57-storey-high, $560 million drive-in apartment tower at Sunny Isles Beach, Florida, a building that has been designed to allow residents to use internal vehicle elevators that will whisk them straight from the road to their front door without getting out of their cars. The drive-in condominium idea has
come out of a collaboration between the Germany-based Porsche Design Group and a local Florida developer, Gil Dezer, and the partnership believes that the building will be the world’s first apartment tower to whisk its residents, sitting in their cars, straight from the roadside to their front doors in a glass elevator with an oceanfront view. “You don’t have to leave your
car until you are in front of your apartment,” Jurgen Gessler, CEO of Porsche Design Group, told OPP. The system has been designed so
www.opp.org.uk | JANUARY 2012 Porsche brands Florida resi
existed for centuries and putting them together,” says Gil Dezer, president of Dezer Properties. “It’s taking the robotic arm and it’s putting it in an elevator.” Planning approval has been given
for the development, which will be called the Porsche Design Tower, and the cylindrical building will be erected on 2.2 acres of land at 18555 Collins Avenue. There will be 132 units on offer and the smaller units will be allocated two parking spaces and larger ones will have four, with 284 robotic parking spaces in total. There will be three elevators. Residents will be able to see their
Towering | overhead with Porsche cars
that when a resident pulls over and switches off the car engine, a James Bond-style robotic arm can scoop up the car and put it into the elevator. Once at the desired floor, between 45 and 90 seconds later, the same robotic arm will park the car, leaving the resident outside his or her front door. “What this is really doing is taking two technologies that have
cars from their living rooms. Units will range from 3,800 to 9,500 square feet and could cost up to $9 million. Porsche is the latest luxury brand
to put its name on a key landmark residential development. As OPP has previously reported,
several other luxury residential branding schemes are already underway around the world using top-end names like Bulgari, Versace and Aston Martin.
Russians poised to buy overseas
More than two thirds of Russian overseas property exhibition visitors are looking to complete a purchase in the next three to six months. 71% of investors who visited one
of the three aiGroup property shows between September and November said they were planning to complete buying on an overseas property within half a year. And chief executive Kim Waddoup said that exhibitors at his Moscow and St Petersburg property
HK SALES RISE UP
HONG KONG’s monthly residential property transactions rose slightly in November compared to October, but are still down more than 60% on a year-on-year basis according to the city-state’s Land Registry. 4,795 sales were recorded in November.
shows reported “stronger than ever interest in their properties”. The news comes as capital fl ight from Russia has surged in 2011 with rouble investors desperately looking abroad to store their money in foreign assets. Central Bank chairman Sergei Ignatyev has estimated $49.3 billion has left the country in the fi rst nine months of the year, already outstripping 2010’s fi gure of £35.3 billion. $13 billion of capital left Russia in September alone…70% of the third-
GOLDEN BORNEO
AGENTS working with Asset Property Brokers are being off ered gold for sales of property at its Nyoir Resort Borneo. Agents signed up can claim a gold sovereign for each suite sold. Any villa sold and agents can get one troy ounce of pure gold Krugerrand.
quarter total. Yevgeny Pischulin, a trader at the Region Broker Company, said that Russian investors like “safe havens in Europe and the United States.”
Deal | Russian expo visitors are keen INDONESIA SHOCKS
THE latest house price survey from the Bank of Indonesia has surprised local experts by revealing a 2.2% fall in residential property values year-on-year across Indonesia, despite sales volumes increasing 4.5% per annum.
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