Property
Jersey, Channel Islands Population: 88,200 Despite Jersey’s relatively small population, its density is three times that of England, so space is at a premium. The country offers generous tax laws, however, and over half of its economic activity is in the financial services sector, a change from agriculture and tourism 30 years previously. Jersey has a very high economic output per capita, and 59% of [...]
Jersey, Channel Islands
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Population: 88,200
Despite Jersey’s relatively small population, its density is three times
that of England, so space is at a premium. The country offers generous
tax laws, however, and over half
of its economic activity is in the
financial services sector, a change
from agriculture and tourism
30 years previously. Jersey has
a very high economic output
per capita, and 59% of private
households are whole houses or
bungalows, the most common
being three-bedroom.
Between 1992 and 2003,
the cost of a three-bedroom
house almost doubled, and has
continued to increase, peaking
at a rise of 6.5% in 2006. These days you might expect to pay around
£90,000 for a studio apartment, and up to £595,000 for a threebedroom
house or apartment.
Information: Broadlands Estate Agent, 1 Library Place, St Helier,
Jersey, +44 (0)1534 880 770; www.broadlandsjersey.com
Chicago, Illinois, USA
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Population: 3 million
The largest city in the Midwest, and the third largest in the US,
Chicago was rated the fourth richest in the world in 2005, ahead
of London and Paris. The city’s
skyline is among the world’s
tallest and its architecture
comprises high-rise residential
towers and low-rise bungalows
away from the lakeside.
The recent US mortgage
meltdown means houses in
Chicago are taking a lot longer
to sell than a couple of years ago,
with foreclosures at an all-time
high, although damage has been
limited by its status as a major
financial centre. The average house
price, down 4.5% since the July 2006 peak, is now around $309,900
(£150,000). A studio apartment is going to set you back at least £60,000,
while a three-bedroom house or apartment starts at £145,000 (off-plan).
Information: Savills International, 1st floor Lansdowne House, 57 Barclay
Square, London, +44 (0)20 7016 3740;
www.savills.co.uk/abroad
Zurich, Switzerland
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Population: 371,767
The largest city in Switzerland is
also the world’s primary centre
for offshore banking – and has
also been heralded as offering
the “best quality of life” in two
surveys in 2006 and 2007.
In the 1990s, a boom in owner
occupancy meant there was more
property on the market than there
had been for 10 years – mainly
fuelled by the building of
condominiums, which are a third
less expensive to buy than houses.
The Housing Affordability Index shows that a single family dwelling
costs about eight times the average household income, compared to 5.5
times in the UK. Changing rules governing property sales to foreigners
now makes it much easier for EU nationals to buy in Switzerland. A
studio apartment in Crans-Montana starts at around £200,000, whereas
a three-bedroom apartment or house is in the region of £1 million.
Information: Chesterton & Co, 40 Connaught Street, Hyde Park, London,
+44 (0)20 7201 2070;
http://international.chesterton.co.uk
Cairo, Egypt
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Population: 17.2 million
The capital city of Egypt is
the biggest in Africa and also
the sixteenth most populous
metropolitan area in the world.
A quarter of all Egyptians live
in the capital, fuelling a rapid
construction boom – one in every
five buildings in Cairo was built in
the last 15 years. Most recently,
the Dubai-based Emaar Properties
has invested US$4 billion to
develop seven villages in Cairo
as luxury residential properties.
Investors need to be aware that EU building regulations do not
apply, and that foreigners cannot resell houses for a period of five
years. The upside is that a 10% deposit on a reasonable apartment
costs only 5,000 Egyptian pounds (around £3,550). A studio in
Hurghada Hills starts in the region of £15,000, whereas a
three-bedroom apartment or house could cost up to £100,000.
Information: Colour Capital, Unit 6 Colmans Wharf, 45 Morris Road,
Canary Wharf, London, 08450 944 559;
www.colourcapital.com
