F1 could see investor interest in Bahrain property surge

Article from propertyindex.com:

The level of buyer interest in investment property in Bahrain could increase as the nation's economy looks set to benefit when FIA Formula 1 heads to the Bahrain International Circuit (BIC) in Sakhir for the fourth race of the season.

FIA Formula 1 is big business and despite the current global economic situation, this year's season is no exception. On 26th April, as one of the host nations, the Middle Eastern Kingdom of Bahrain will enjoy its turn in the global spotlight when the Gulf Air Bahrain Grand Prix is held at the Bahrain International Circuit (BIC). The organisers of the Bahrain Grand Prix are striving to ensure that this year's race meets the high level of expectation.
"Over the years fans of Formula One have come to expect so much more from the Bahrain International Circuit and this year we promise to make it the most entertaining, biggest and best yet," recently commented the BIC chief operating officer, Sheikh Salman bin Isa Al Khalifa.
Authorities are expecting high numbers of visitors to attend the Gulf Air Bahrain Grand Prix this year – even more than last year's spectatorship which exceeded 100,000.
The Kingdom of Bahrain is set to reap the rewards of staging the event in terms of tourism generated revenue. An independent study commissioned by Bahrain Mumtalakat Holding Company has reported that Bahrain has benefited by nearly $2 billion from five years of Formula 1, with $600 million entering the economy during last year's event alone.
According to the World Travel & Tourism Council, an estimated $4.6 billion is generated annually for Bahrain by tourism; therefore it's clear that events such as the Formula 1 Grand Prix are of real economic importance.
Bahrain also views itself as a regional business hub with many international companies including Microsoft, Kraft, Ernst & Young and Standard Chartered Bank already calling it home.
"Our position as the most established financial centre in the Gulf makes us better placed than many others to weather the current economic climate. We have adopted a very sound fiscal and monetary approach which will help to maintain our platform for growth," recently commented Shaikh Mohammed bin Essa Al Khalifa, the chief executive of the Kingdom's Economic Development Board (EDB).
"The Bahrain F1 Grand Prix will once again showcase the Kingdom's attractive business environment for companies looking to access the MENA region. Its strategic location as the gateway to the Gulf, low cost of doing business, strong and highly regarded regulation and minimal red-tape allowing 100% ownership of business assets and real estate - with no corporate or personal income taxes - will continue to attract investment."
Positive economic and tourism indicators are key factors for a successful domestic property market and the Kingdom of Bahrain is bucking the global trend somewhat with a Bahrain Stock Exchange report recently revealing that local property trade last year increased by 18% compared to 2007.
Prospects for this year look similarly encouraging, with government-backed projects such as the $370 million expansion of the Bahrain International Airport approved in order to further boost tourism and leisure-based developments.
One such leisure-based development available for investment is the first residential golf resort in Bahrain, Riffa Views.
Set around a Colin Montgomerie designed 18-hole championship golf course, Riffa Views comprises 870 two to five bedroom luxury villas with custom finishes and upgrades available.
Resort facilities available include a Boris Becker tennis academy, international school, health centre, a country club, community centres, comprehensive sports and outdoor leisure activities for families and children, including hiking and bike trails, water sports, as well as a shopping mall and fun land for children.
This development is proving a popular permanent residence with expatriate workers based in Bahrain but also other GCC and Western holidaymakers as well as golf enthusiasts.
"I have visited Bahrain a number of times and the appeals are clear to me. A stable economy, global society, superb climate and forward thinking nation, Bahrain really is a leader within the Middle East. Resorts such as Riffa Views are setting a new standard in residential golf developments and the lifestyle on offer is second to none," says James Wyatt, the managing partner of international golf property specialists, Barton Wyatt International.
"Indicators show that expatriates in Bahrain and the UAE for that matter are still interested in purchasing property with excess income and therefore the local market is looking robust. Purchasing in Bahrain as a pure investment or indeed as a vacation or buy to let property (ideal in meeting the demand for accommodation around the Bahrain Grand Prix) still has merit and in my opinion Riffa Views is one of the best choices available."

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

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Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt Letting Agents Surrey. Tel: 01344 843000

Lean, Mean and Green

Even in an economic downturn, golf property tends to hold its value – and its rental potential. Roderick Easdale finds out why...

“Golf properties are always a good investment,” believes Ian Cunningham of escapes2.com. “In difficult times they hold their value better than other properties and in the longer term will always see a good return because a golf course ensures open views and low-density construction.” For this reason golf properties are also popular with non-golfers - James Wyatt of Barton Wyatt International says that 70% of the buyers of its golf properties aren’t golfers.

The non-golfer resident is also attracted by the ready-made sense of community a golf development brings, with focal points such as bars, restaurants and other leisure activities on site; and to the non-playing investor the allure is the rental opportunities - the golf season is normally longer than the holiday one. “We have examples where 40 weeks’ occupation and more, year in year out are possible. Portugal in particular is exceptionally strong in this respect,” says James Wyatt. Indeed many new-build golf properties now come with rental guarantees for the early years.

Key to renting your golf property is the attractiveness of the golf offering. For those who don’t play this can be tricky to gauge. One simple solution is to pick places where golfers are expected to go. Last November KPMG Golf Advisory Practice’s Golf Travel Insight Report declared that Portugal and Spain followed by Turkey and Dubai are golf tourism’s future hotspots.

Because of a change in Spanish law that stops residential property being built on new golf courses, Adam Gale, MD of Duchy Estates on the Costa del Sol, reckons that “when the market picks up again, Spanish golf property will ultimately be an endangered species. With the deals to be had on properties below one million euros, this really is the target area for the serious long-term investor.”

James Wyatt says this situation does not just apply to Spain: “In most markets, non golf property is very widely available and the second-hand market over saturated, so any exit strategy is likely to be difficult. Golf property is in more limited supply so it can offer a very good investment in terms of capital appreciation and rental returns.”

Barton Wyatt estate agents Surrey provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt International based in Wentworth, Virginia Water. Tel: 01344 843000

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Letting Agents in Surrey

Riffa Views draws interest to Bahrain

The 13th to 15th November 2008 will see top golfing stars descend on the Middle East - as they head to Bahrain for the Riffa Views Invitational. Colin Montgomerie (winner of eight order of merit titles and 31 European Tour wins), Retief Goosen (twice US Open Champion), Michael Campbell (US Open Champion) and Camilo Villegas (twice victorious on the PGA Tour this year) will visit Riffa Views for this exciting Skins competition.

Riffa Views, known as 'the most distinguished residential address in Bahrain' and the first residential golf resort in the island Kingdom, features a Montgomerie-designed 18-hole championship golf course and it is the completion of this that the Invitational celebrates. Playing for a prize of $250,000 for their given charity, the golfers will go head to head to truly test the new course. Montgomerie is quietly confident, having said, "Although I will have some very stiff competition, I will be hoping that my 'local' knowledge of the course will give me a slight edge on the day!" Not only this, but the Invitational will also feature a pro-am with celebrities such as Boris Becker (who has a tennis academy on the site) and Sir Steve Redgrave taking part, adding to the anticipation of this three day event.

The Riffa Views Invitational is just another sign of Bahrain's growth as a desirable market of interest with one of the world's largest real estate advisors, DTZ, recently releasing findings that also adhere to this fact. Their 'Middle East Market Update: Bahrain' highlighted an increase in the number of real estate transactions taking place in the country, with 2008 turnover figures at BD 2,150 million, up 58% on the previous year. Quoted as saying that this is "being fuelled by strong indigenous demand, a relaxation of foreign ownership regulations in certain areas of the country, strong levels of liquidity in the regional market and improving financing options", Bahrain appears to be one Middle Eastern country where interest is still growing and this is being actively encouraged, with this reflected in the property market, unlike some neighbouring Emirates.

With the spotlight firmly on Bahrain, and foreign interest not abating, more and more people are looking to invest in the property market in this politically mild country, and Riffa Views itself offers an excellent opportunity for this. As James Wyatt, partner of Barton Wyatt, explains why a golf property of this kind can be a good investment,

"When looking to buy a second home or an investment property abroad, golf properties are always a secure investment choice. Not only is golf a growing sport with more and more people now looking to play at courses overseas, golf courses also often come with additional facilities that increase their appeal as excellent long term investments choices. Riffa Views, Bahrain's first development of this kind, is proving to be an exciting option for those looking to invest in the growing golf market and with events like the Riffa Views Invitational now taking place and a Colin Montgomerie-designed championship course, interest in the development is set to increase further still".

This exclusive residential development comprises of 870 luxury villas set around Colin Montgomerie's championship golf course, and a choice of 2 to 5 bedroom townhouses and villas are available. To play on the same course as the stars, Riffa Views property prices start at £260,000/ €342,200 through to £1,800,000/ €2,300,100.


Barton Wyatt provide luxury golf villas in Bahrain and select Overseas Property For Sale.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt International based in Wentworth, Virginia Water. Tel: 01344 843000

Barton Wyatt Win Awards again!

It was the turn of the best players in the UK property market to shine as the results of the world’s biggest property competition were announced on Friday night (October 31st).

It’s imperative that, to succeed in such a highly competitive industry, estate agents, developers and others involved in the property business are naturally competitive. This desire to be the best has been channelled by a large number of professionals entering the Daily Mail UK Property Awards in association with Yamaha.

As with all competitions there are only a select number of winners and these were revealed at a gala presentation dinner at The Royal Lancaster Hotel in London. The turn out was tremendous with 400 guests who had travelled from as far a field as Scotland and Northern Ireland and, indeed, from all corners of the UK. Presenter for the evening was the former BBC Royal Correspondent Jennie Bond.

Barton Wyatt – the renown Virginia Water Estate Agents won the title of Best Surrey Estate Agent for an unprecedented third year in a row. They also scooped the award for Best UK Estate Agents website.

James Wyatt commented “every team member at Barton Wyatt works so hard to service our clients in a way that none of our competitors could hope to emulate. This award is for my team really. We constantly innovate, we improve and we succeed. But at the end of the day, it all down to wonderful staff doing a truly great job and I am delighted that Barton Wyatt have again been recognised as one of the UK’s best Estate Agents”.

The Daily Mail UK Property Awards are part of the globally respected International Property Awards, which have been running for 14 years. Due to their continual growth in size and standing, a series of other programmes for specific countries have also been launched. The Daily Mail UK Awards were introduced four years ago and these were joined more recently by individual programmes for the Arabian, Asia Pacific, European, African and Americas Property Awards. The result is that a staggering 95 different countries are represented within this year’s entries – almost twice as many as in 2007.

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt International based in Wentworth, Virginia Water. Tel: 01344 843000

James Wyatt at the NAEA International Forum 2008

DRAGON BREATHES FIRE INTO THIS YEARS INTERNATIONAL FORUM
30 / Oct / 2008

James Caan, Sue Hayward and Michael Saunders were just some of the key speakers to attend this year’s highly acclaimed International Forum ‘Staying Profitable in a Challenging Market’ held by the National Association of Estate Agents (NAEA), which was a show stopping success this year.
The main attraction of this exciting event was celebrity guest speaker James Caan, from BBC’s Dragon’s Den who discussed the ways to stay profitable in a challenging market.
James explained ways to make the most of a difficult market place using his personal experience as a successful businessman. He proved very popular with attendees as he provided an excellent insight into ways to improve their business in the current market.
The fifth in a series of international forums was held at the luxurious 5 star Renaissance Chancery Hotel in London. The event, which was sponsored solely by Foreign Currency Direct had over 100 leaders in international property attend, providing them with the opportunity to listen to a number of property experts give an insight on ‘Staying Profitable in a Challenging Market’.
Other guest speakers included; Sue Hayward, TV presenter and journalist, who discussed marketing properties within the media; Peter Bolton King, Chief Executive of the NAEA, gave a preview talk on the much anticipated Property Portal ‘Property Live’ and Michael Saunders, Top US property expert, flew especially from America to discuss how to expand ones horizons through effective networking. Other topics included staying on the right side of the law and the current Spanish initiative from the government to underpin the building industry. The day was split up with a buffet lunch and the forum was rounded off with a cocktail party, which provided opportunities for delegates and speakers to meet. Delegates received an action packed day allowing then to obtain useful information.

Delegate, James Wyatt of Barton Wyatt International, comments: “This was by far the best NAEA conference I have ever been to. There was a fantastic range of speakers, from different counties, who shared a lot of knowledge on the current market. With the present situation of the market, a number of property professionals are feeling the pinch, however this day was insightful and many left feeling positive.”

Peter Bolton King, Chief Executive of the NAEA, says: “The International Forum was an astounding success, with a great turn out and a well-informed picture of the international property market from a mix of property experts. The event provided the perfect opportunity for the NAEA to unveil its plans for Property Live, the Associations new Property Portal.”Stephan Hughes, Associate Director at Foreign Currency Direct, concludes: “It was a pleasure for us to be the sole sponsors this year. The day was a major success and everyone left content with the set up of the day and information provided. In this difficult market, it is useful to gain insider knowledge as this helps maintain sales and opens doors to other opportunities presented in the overseas market.”

Barton Wyatt provide luxury golf villas in Florida and select golf villas in Spain.

James Wyatt MNAEA, MARLA, TRC, REALTOR ® is a partner at Barton Wyatt International based in Wentworth, Virginia Water. Tel: 01344 843000