SEPTEMBER 2018
PRIME GLOBAL SHOWCASE
Cabo San Lucas
Casa Finisterra
Quinta De Lago
David Forbes
Private Office dforbes@savills.com +44 (0)20 7824 9001
In this issue with upgraded functionality and display we feature, amongst others, an exclusive UNESCO World Heritage Site nomination game reserve for sale in South Africa and a stunning two home property with direct sea access in Porto Rafael, Italy. Should none of these properties inspire you, please contact me for more details of properties in our recently launched Savills Portfolio. Within this publication I have also included our latest research on the UK Residential property market and some commentary on the state of the market on the Cote d’Azur.
Welcome to the new and improved edition of the Global Showcase
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Burgundy Bourgogne
• 47 hectares on two titles with development potential • Spectacular main house, 5 cottages, stables and various farm buildings • Manor House is recognised as a national monument of the Republic of South Africa • 20 hectare vineyard, 3 hectare olive grove
Franschhoek, South Africa
The crown jewel of the Cape winelands
ZAR 135,000,000
St Jean Cap Ferrat
• Elegant style villa • Beautiful sea views • Swimming pool • 5 en suite bedrooms
French Riviera
Exceptional waterfront villa with panoramic views
EURO 11,900,000
Molori4
• Private beach cabana • Rooftop entertainment area • Ocean views from every room • Solar-heated pool and spa • Available to rent $65,000 per month
Santa Monica, California
California living at the peak of elegance and sophistication
USD 19,995,000
Nkomazi Game Reserve
• 15,000 hectare sanctuary for animals including lions, leopards and elephants • UNESCO World Heritage Site nomination • 10 luxurious tented suites set within a riverine woodland • Highest concentration of different plant species in the province
Mpumalanga, South Africa
A timeless natural wonder
ZAR 200,000,000
Property Name
924 Palisades Beach Road, Santa Monica, California
South Africa
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Asia, Africa & America
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Quinta do Lago
• Large plot with sea and golf views • 3 swimming pools • Furnished by Armani casa • 7 bedrooms • Several entertainment areas including cinema and golf studio
Algarve, Portugal
Stunning and innovative brand new property
EURO 14,500,000
Olivastri and Sentinella Estates
• Private walkway to a beach cove • Spacious solariums and roof terraces • 6 bedroom main house, 4 bedroom guest house • Mature gardens with olive trees
Porto Rafael, Italy
Two complementary homes with stunning sea views
EURO 26,000,000
The Dinmore Manor Estate
• Impeccable Grade II Listed Manor House • Outstanding pheasant & partridge shoot • World class equestrian facilities • 20 additional residential properties
Herefordshire, UK
An immaculate and historic sporting estate located in one of England’s most rural and unspoilt counties
GBP OIE 30,000,000
Knightons Court
• 6 bedrooms • 6 bathrooms • 5 reception rooms • Fabulous interior design throughout • Double garage and gym • Outdoor entertaining area • 3.75 acres
Surrey, UK
Immaculately refurbished and interior designed country home in a beautiful rural and secluded setting
GBP OIE 2,500,000
Private Estate
Saint Tropez, France
EURO 52,250,000
A unique and prestigious estate within one of the most exclusive areas of Saint Tropez. Within walking distance of the village, the property features spectacular views towards the Bay of Cannebiers, old town and harbour.
• Sought after location • Walking distance to Saint Tropez • Landscaped grounds in excess of 6,000 sq m • 2 main houses (Totalling approximately 900 sq m) • 9 en suite bedrooms • 2 swimming pools • Tennis court • Panoramic views
Private Estate, Saint Tropez
FURTHER INFORMATION Read more: Spotlight 2018: Côte d'Azur
Associate Director, World Research +44 (0)20 7016 3883 CONTACT NOW
PAUL TOSTEVIN
Pension funds, insurance companies and other institutions are having to pay pensions to ageing populations throughout advanced countries.
Saint-Jean-Cap-Ferrat and Cap d’Antibes are among the world’s most sought after second home destinations. Prices in Saint-Jean-Cap-Ferrat rival those of top tier world cities and can exceed €80,000 per sq m. Buyers looking for value should head inland to villages such as Valbonne and Saint-Paul-de-Vence where prices for a villa range from €10,000-€15,000 per sq m.
Prime prices in the Côte d’Azur are on a high plateau. After a few years of low transactions, the market is now adjusting to changing buyer demands, a new tax environment and growing global competition. Supply remains high, but France’s enhanced international standing and demand for euro-denominated assets are fuelling interest in the region’s real estate. The region offers a desirable lifestyle but also the benefits of city living with high-end retail, restaurants and a full social calendar. This makes it appealing to a new wave of young, globally mobile, high net worth individuals looking for high specification homes that are ready to move into. Although French buyers are present at the lower tiers of the prime market, accounting for around half of transactions between €2 and €5 million, for properties above €10million, buyers are almost always international. Russians and Eastern Europeans are returning to the market, but with lower budgets, and are increasingly present in the rentals market. Belgians and Scandinavians are new to the market and are fast-growing. British buyers are still present and those from the Middle East remain a force. The prime Côte d’Azur residential market peaked in 2008, having risen much faster than the rest of France. Activity slowed significantly after the Global Financial Crisis however there were few forced sales. Transactions levels decreased but values remained stable. In common with other prime markets such as London and New York prices, the Côte d’Azur did pick up in 2011, driven by new wealth from emerging markets, most notably from Russia and the Middle East. Demand began to slow after 2012 with the election of Francois Hollande, and after 2014, fell again due to falling commodity prices and the stalling French economy. The 2017 election of Emmanuel Macron has marked a turning point. Thanks to an improved national economy, demand is returning to the Côte d’Azur. However, stock levels are high, meaning it is a buyer’s market. Purchasers are seeking the best in class properties and are negotiating hard with transaction prices for prime resale properties typically discounted between 10 per cent and 30 per cent on asking price. Although transaction data for the $10 million market shows a fall of 40 per cent in the average sales price since 2011, this is mainly due to some exceptionally high values sales in 2011. Average prices per square metre have remained broadly static and are close to the levels seen in 2006.
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A buyer's market in the Côte d'Azur
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Research Analyst Residential Research CONTACT NOW
Gaby Day
Associate Residential Research CONTACT NOW
Frances Clacy
Associate Director Residential Research CONTACT NOW
Kirsty Bennison
Director Residential Research CONTACT NOW
Katy Warrick
Lucian Cook
Lucian Cook summarises the UK’s diversely performing prime market with notable brevity. The factors driving its future, however, take a bit more time.
Taxation. Interest rates. Political uncertainty. Probably the three factors having the biggest impact on the UK’s prime housing markets. The effect? That is more difficult to summarise in five words. Speak to our agents about current market conditions and they would probably go no further than saying it is good in parts. Most likely they would refer to a lack of urgency. This is reflected in our prime house price indices. Prices in London continue to decline, albeit gently. The weakness in that market has filtered into the commuter zone. Beyond that, prices have held up, though the rate of growth can hardly be described as electrifying. Let’s settle on it being price sensitive. And yet, HMRC and the Registers of Scotland recorded 19,300 sales of £1 million-plus properties in 2017. That is 1,000 more than in 2016, 1,400 more than in 2014 and 4,400 more than in 2007. It equates to one £1 million-plus sale every 27 minutes. These figures suggest the prime market is far from dormant, and when property is priced according to market conditions it will trade. So, we can probably say with some confidence that it is more of a buyers’ than a sellers’ market. But, as our indices and the distribution of £1 million-plus transactions show, it isn’t uniform, with the markets of Scotland and the North of England gaining momentum at this point in the cycle. We look at five more specific locations bucking the trend later in this report. So, there we have it, our summary of the impact in five words. Price sensitive. Buyers’ market. Generally. Whether that is good or bad depends on whether you are a buyer or seller in this market. As for the future, well, that really depends on our three key drivers. It is more than three years since the overhaul of stamp duty, so the market has had plenty of time to adapt to the new environment. Current transaction levels suggest high rates of stamp duty are unlikely to change, unless we have a wider review of property taxes. But as a prime property owner, you need to be careful what you wish for. Interest rates are expected to rise, but only gradually, and we will likely remain in a relatively low interest-rate environment for the mid term at least. History tells us that as political uncertainty fades, so we can expect a recovery; though perhaps not one as dramatic as we have seen in the past. The question is: when will that be? That is rapidly becoming the most difficult thing of all to predict.
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Spotlight: Prime UK Residential
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