JUNE 2012 |www.opp.org.uk


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EDITORIAL Editorial Director John Howell ✆ +44 (0)208 734 3960 john.howell@opp.org.uk


International property reporter Sean Lightbown ✆ +44 (0)208 734 3973 sean.lightbown@richmondgreengroup.com


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ADVERTISING Andy Grimley ✆ +44 (0)208 734 3972 ✆ +44 (0)7841 929 768 andy.grimley@richmondgreengroup.com


MARKETING & OPERATIONS Megan Williams ✆ +44 (0)208 734 3969 megan.williams@richmondgreengroup.com


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PUBLISHED BY OPP Media, part of RGG Ltd Chief Executive Xavier Wiggins ✆ +44 (0)208 734 3967 xavier.wiggins@richmondgreengroup.com


IN THIS MONTH’S OPP ...


Is the Euro dead? Three Wise (Wo)men (p42-43) In the fi rst of our regular Three Wise (Wo)men columns we are looking at the critically important issue of whether we have reached the end of the road for the Euro. Viewed entirely from the perspective of the property industry, see what our three experts have to say on the matter.


Top 10 news News (p8-11) See the ‘Map of the news’ and our top 10 news stories of the past month, hand-picked from the thousands that we receive and the hundreds that we post on OPP Connect.


Writing for OPP User guide (p30-32) We want to receive news stories and comment from our readers but some of you are worried about writing in the English language. Read our very short guide to make it easier.


Leading lawyer The Last Word (p62-63) Rosemary de Rougemont tells us how she became, and remains, one of Portugal’s leading lawyers and how she sees the future of the industry in Portugal and Cape Verde.


Bad Guys? New column (p66) We’re sure that you will have come across some ‘dodgy practises’ in this industry. OPP will try to investigate them and, where necessary, expose any possible wrong- doings.


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Group editor John Howell


Editor’s letter • John Howell ✆ +44 (0)208 734 3960 john.howell@opp.org.uk | 7


The times they are a-changing I


am looking forward to the challenge of improving OPP, making it even more valuable to our readers and integrating it more fully with OPP Connect – www.opp- connect.com – for which I also have editorial responsibility.


These are all demanding tasks and it will take some time to introduce all the changes that I want to make. Hopefully, you have already seen the new format for the OPP Weekly Newsletter and you will see some changes introduced in this month’s OPP Magazine. Please let me know what you think of them. Email me at john.howell@opp.org.uk. Over the next two or three months you will see lots more changes in the magazine and a huge amount of additional content in OPP Connect. I believe that this will become an indispensible aid for anyone involved in the international property industry. In the meantime, we all have to get on with our businesses in strange world in which we are now living. As I write this, in mid May, the economic situation looks dire and deteriorating. To make matters worse, everybody is putting off decisions until they see what is going to happen to the Euro, the Chinese economy and their own economy. However, after two weeks as editor, one theme is already emerging. We live in a world like a sandwich with no fi lling. At


one extreme, the people that I know who are selling very expensive property (think €6 million for an apartment) are doing very well. There are lots of Greeks, Chinese, Arabs and other wealthy people looking for a safe place to put their money.


At the other end of the scale, people who are selling property at the bottom end of the market but located in well known and “safe” places are fi nding buyers who know a bargain when they see one.


What has disappeared, at least for the time being, is the market in the middle. Yet I believe that, when this current storm blows away and we all look around at the resulting damage (which is likely to be colossal), a large number of people nearing retirement age are going to think that enough is enough: the economy is not going to pick up during their working life and they might as well do as they have always planned: retire to the sun, where there are likely to be some truly stunning deals available for someone with cash to spend. If you haven’t got any cash to spend, people will come up with ‘cunning plans’ – some good, some bad – to help you fi nance your purchase. See, for example, the lease option scheme on page 28.


I’m looking forward to writing many more editorials for you. I just hope some of them will be in in better economic times.


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