Savills Magazine, Issue 61, 2008

Holiday home hotspotsby Amanda Riley-Jones

India offers increasingly glamorous opportunities for investors

send to a friend

All the Raj

Against the background of the fast-growing economy, we are seeing a dramatic rise in demand for property,” says Charles Weston-Baker, Head of Savills’ International Residential & Resorts Department. “Buyers mainly comprise non-resident Indians wanting investment or second homes in their homeland.”

Eight hours from London, Mumbai is India’s economic powerhouse and is set to replace Tokyo as the world’s most populous city. Off the coast of Maharashtra State, this island-city is home to one of the world’s largest stock exchanges, glitziest film industries and stylish new bars and restaurants where the beautiful people hang out.

Two hours south-east is Pune, one of India’s fastest-growing IT and industrial centres, where property is selling rapidly off-plan and gaining substantial capital growth. In the Mumbai/Pune axis, property ranges from Mumbai’s most prestigious apartments to accessibly-priced buy-to-lets on commuter lines. “Our joint agent specialises in acquiring and developing agricultural land, which can, over time, give investors substantial gains with limited risk,” adds Weston-Baker.

If pleasure, rather than business, is on the agenda, Goa offers over 60 miles of idyllic palm-fringed coastline, ancient temples and a daily average of 10 glorious hours of sunshine.

Contact: Charles Weston-Baker
+44 (0)20 7016 3740

Fall in love with the natural beauty of Montenegro

River deep, mountain high

Newly-independent Montenegro is no stranger to the jet set. Famous people from Lord Byron to George Bernard Shaw and Sophia Loren have loved this place, and now it’s one of the world’s fastest-growing tourist destinations.

“Spectacular coastal, lake and mountain scenery, and highly affordable property are making Montenegro one of the most sought-after second home hotspots. This demand is likely to grow as the budget airlines continue to move in,” comments Charles Weston-Baker, of Savills.

Formerly part of Yugoslavia, Montenegro is on the Balkan Peninsula, across the Adriatic Sea from Italy. With diverse scenery in a country slightly larger than Wales, you can ski in the morning, lunch by a lake and spend the afternoon on a pristine beach. It’s less than three hours from the UK and Savills has new-build houses and apartments throughout the country.

For around £500,000 you could buy a magnificent three-storey villa in Prcanj, with a large pool and patio area, sunny landscaped gardens and exhilarating views across the beautiful Bay of Kotor – the perfect spot for watersports, fishing and sailing. Visit www.savills.co.uk/abroad for more details.

Contact: Charles Weston-Baker
+44 (0)20 7016 3740

Brazil’s Natal, the City of the Sun, offers golden beaches and dunes, and luxury resorts

The gold rush

“Now the money is coming in and infrastructure being put into place, this is an opportunity to get in at the beginning of the gold rush to Brazil,” says Harry Lewis, Director of Savills International. Brazil is the closest South American location to Europe, with nine-hour, direct flights now available from the UK. Natal, also known as the City of the Sun, is the gateway to the north-east of Brazil and is celebrated for its beaches, vibrant nightlife and sunny climate – 300 days of sunshine a year, with temperatures averaging 27°C. Apart from golden beaches consistently voted among the best in the world, the area around Natal has magnificent lakes, tropical forests and sand dunes hundreds of feet high.

“The new, self-contained luxury resorts being built here are on a huge scale,” continues Lewis. “They encompass beachfront, championship golf courses, freshwater lakes, even hilly terrain perfect for motorbiking. Everything the discerning buyer wants will be accessible from Natal – from cosmetic surgeries to a 500-boat marina.”

Contact: Harry Lewis
+44 (0)20 7016 3740

Opportunities abound in
the colourful Caribbean

Pleasure islands

“Antigua, Barbados and Grenada are the ‘big three’ island destinations for European buyers,” says Harry Lewis, Director of Savills International. “Although the Caribbean is run on dollars, it has been unaffected by the USA’s credit crunch, so this is a great opportunity to buy in dollars without the risk of property devaluation.”

While British second-homers have previously favoured much-loved Barbados and Antigua, Lewis advises that less developed Grenada offers even better value. “Property in Grenada is still half the price, despite an excellent infrastructure being put into place since Hurricane Ivan,” continues Lewis. “There’s potential growth of another quarter over the next few years.” The only downside is a slightly longer journey. Direct flights are 9-10 hours, or you may have to change at another island.

The 21-mile ‘Spice Island’ boasts mountains, volcanoes, crater lakes and white sand beaches. And, of course, it’s a world-class yachting haven, ideal for accessing the Grenadines and St Vincent, where you can dive on the coral reef in crystal-clear water.

While the south-west is already established, with boutique hotels, a buzzing nightlife and a thriving European community, Lewis advises looking out for more exclusive properties in the north.

For Grenada waterfront apartments starting at £250,000 (some with private yacht slips) see Property focus, Rest of world, Your paradise island.

Contact: Harry Lewis
+44 (0)20 7016 3740

Austria’s entrancing Alpine scenery continues to appeal to a worldwide clientele

Snow patrol

“Investors are ticking the Austria box because it’s outstanding value compared to other European countries and comparable ski resorts. The country benefits from a stable economy, and the ski resorts where we’re selling offer strong rental returns and predictions of prices doubling within five years,” says Jeremy Rollason, Managing Director of Alpine Homes, Savills’ exclusive ski property associates.

Generations of skiers have come for Austria’s exhilarating Alpine scenery, rolling Tyrolean pastureland, chocolate-box villages and reliable mid-winter snow cover. However, increasingly visitors are finding the country just as alluring in the summer, when they can go golfing, hiking, horse riding, river rafting and mountain biking. Two hours from London, Mozart’s city of Salzburg has medieval cobbled alleys, packed with flower shops and galleries, encircled by the Alps. An hour away is the Zehnerkar Mountain Resort built in the tree-lined snow bowl of Obertauern, one of Austria’s highest resorts. New-build, state-of-the-art apartments cost from just £148,000, and owners have the convenience of skiing in and out from the top level of the development, with the main gondola just metres away, plus exclusive use of the wellness and spa facilities.

“These apartments have environmentally-friendly, underfloor heating (using recycled waste). You can activate it with your mobile from the airport, so it’s warm when you get in,” adds Rollason.

Contact: Jeremy Rollason
+44 (0)20 7016 3753

Provence’s legendary Cote d’Azur is as glamorous as ever

Joie de vivre

“The French Riviera has always been a hotspot, and it’s getting hotter,” says Harry Lewis, Director of Savills International. “We are witnessing a revitalisation along the coast from St Tropez to Monaco. Prestigious projects, including the restoration of gems dating back to the 1920s and 1930s, are going to be released on to a global stage and achieve record prices.”

Attracted by the beautiful scenery and sunny climate, increasing numbers of holidaymakers are buying second homes so that they can savour the French lifestyle all year. The fashionable seaside holiday was born in St Tropez in the 1950s and the French Riviera has retained its chic ever since, offering some of the Med’s best-loved resorts, big-name hotels and clubs, star-studded nightlife and spectacular holiday villas. “The area has a wonderful architectural mix, including late 18th-century French and 1920s Art Deco,” continues Lewis. Just two hours from the UK, you can mingle at the Cannes Film Festival, charter a yacht, shop in designer boutiques, indulge in fine cuisine or people-watch on the beach. Inland are excellent country and golf clubs in beautiful countryside that inspired Matisse and Picasso. Savills has some well-priced property on its website, including a rural villa near the hilltop town of Auribeau. For around £318,400, you could be spending your weekends just 10 minutes from the beaches at Mandelieu. Visit www.savills.co.uk/abroad for more details.

Contact: Harry Lewis
+44 (0)20 7016 3740