In 2001, King Mohammed VI announced his vision during the National Meeting on Tourism, and since Morocco has officially been engaged in a new tourist policy, the ambitious plan is aimed to increase tourist arrivals to around 10 million over the next years. State has begun to set up tourism as a national economic priority focusing major developments such as the improvement of Morocco’s infrastructure in general, and the countries pleasantness for investments. In fact and quite in contrast to most countries in Africa and the Middle East, Morocco has long emboldened foreigners to buy and invest in property in the country. Foreign investors are welcome to buy, rent and invest in land and real estate almost freely (except agricultural land). “The 2010 Vision” sets itself the goal of achieving the following figures-based objectives:

• Based on tourist arrivals, it is planned to reach 10 million of tourists against 5,5Million in 2005, 7 million of 10 million are supposed to be international tourists;
• Increase of hotel capacity, 160.000 beds will be created (130.000 beds in coast line tourist resorts and developments and 30.000 beds in the cultural destinations of the country), putting the national capacity up to 230.000 beds;
• Investments: the volume should reach 8 to 9 billion Euros, (planning of the new sea tourist resorts, infrastructures, hotel trade and entertainment);
• Jobs: 600.000 new jobs will be created;
• Contribution of tourism to the GDP: this contribution should annually rise by 8.5% (on average), which would bring it to around 20% by the year 2010 Despite the global slowdown over the last few years, the government has continued to increase investing on construction and regeneration of its transport infrastructure. Since 2007, Morocco’s economy has grown at a quite impressive number despite the overall economic situation (2007: 2.7%, 2008: 5.6%, 2009: estimated 5.0%).

The real estate market hasn’t been hit that heavy like in some neighboring countries or close by European states. However, Morocco has seen also a decline in prices especially in the high-end property. Demand in the lower sector is still strong and government is working to reduce housing shortage for the low- and medium income housing. Supply on the second home market will also increase when finishing all six large resorts which are part of the government’s national tourism strategy “Plan Azur”. Another issue what will affect the second home property market are flight connections from and to Morocco. Several low-cost carrier cancelled routes from some European locations to some of the main resort locations in Morocco. These flight connections will definitely impact the success of some of the resorts. Foreigners such as UK and French buyer depend on their decision where to invest on easy accessibility of their vacation home.

Riads are still in demand by foreign buyers. Cities like Casablanca, Fes and of course Marrakech lead the list of the sought-after locations for riads. The traditional Moroccan houses within the ancient cities also called Medina, are the most charming way to explore the Moroccan lifestyle of living. However, speaking for Marrakech, we have seen an increase in supply what will impact prices especially in the high-end sector. Like always, it all depend on location and uniqueness so some properties will prove their asking prices.

Morocco as being the country of the ‘Thousand and the one Nights’ still benefits from a more and more increasing media presence about jet setters and famous celebrities visiting the country. In a result to that, new 5* hotels open its doors to the wealthy clientele like the La Mamounia. Marrakech for example is home to not less than 27 of its kind. Of course, the lifestyle, exotic food and vibrant bustling life proof Morocco’s appeal not only for tourists.

Posted By: Peter Rabitz

Bilanz Homes, Switzerland’s real estate magazine just published a very interesting article on some of the world’s most interesting tax havens worth to by a property. Switzerland itself is one of the investment friendliest countries in the world so Swiss citizens more likely looking for a place to escape the cold and wet winter weather, but where they still enjoy financial advantages.

Countries on that list who are offering a very mild and warm climate, white sandy beaches with palm trees and a relaxing lifestyle are St. Kitts, Bahamas , Croatia and Malta just to name a few. St. Kitts for example features a very tax friendly climate for foreigners. The 168 square miles big island, part of the British Commonwealth, is a independent country located in the northern group of the Antilles and only approx. 2000km south-east of Miami, Florida. Besides its stunning beaches and crystal blue water it also offers no income tax, no capital gain tax and no inheritance tax. When purchasing a property, there is a 6% stamp duty of the sales price and further 0.2% to be paid into a state insurance fond. The annual property tax is 0.2% of the market value. A nice side effect when buying in St. Kitts is that you will be able to become resident when buying real estate worth more than $400’000. So without a doubt, this is really of interest if you are living in a country where it’s of great advantage to be able to hold dual citizenship so traveling for example will become easier.

One of the rising stars in Europe as being a tax haven is Malta, a small island in the Mediterranean Sea south-west of Italy. The small country with a population of round about 400’000 and with one of the lowest GDP’s in Europe joint the EU in 2004 and the Euro zone in January 2008. Furthermore its part of the Schengen Country. Malta has a unique tax infrastructure featuring very interesting fiscal incentives not only for individuals but also for organizations. Malta has no value added tax and no sales tax. A 5% transfer duty has to be paid when purchasing real estate on the island. There are also no regularly recurring taxes or fees on properties. Officially, you don’t generate income with real estate so there is also no income tax to be paid. A foreign individual who takes tax residence in Malta, is taxed at 15% on the income brought into Malta, whilst organizations that set up a real office in Malta, although still attract a corporate tax of 35%, the foreign shareholders are refunded 30% of the tax within 20 days. Malta is also named “little Hollywood” because its ideal for filming and many box office movies have been shot on the island. The country offers a variety of incentives for aviation and vessel industry. Wetag is offering one of the most sought-after luxury properties on Malta. The townhouse like villa or palazzo is located in Rabat and features stunning interior design by Schembri Design Studio, boasting all luxurious amenities of these days. High end finishing’s and a great setting with the possibility to have also your own office in house make this property a rare find on the island. With all these above mentioned advantages combined with 300 days of sunshine all year round, Malta has seen a huge influx of high net worth individuals, organizations and foreign investment.

Posted By: Peter Rabitz

According to a recently published study by Forbes, European country of Austria is the best retirement haven. Forbes also states that there is no overall paradise and each country is unique. The ranking is based on a variety of criteria ranging from safety to retiree-friendly visa requirements to decent medical care. Earlier this year, Vienna already gained first place in a ranking for cities offering the best quality of lifestyle so the country’s ranking doesn’t come by surprise. Austria scores with high standards in lifestyle and medical service. The countries private clinics are world-class. The charming architecture in Vienna impresses thousands of tourists each year and some choose the city to stay there for a longer time. Thailand holds the second position for being the best place for retirees considering its comfortable warm climate and best buys for quality health care at reasonable cost within Asia. Thailand is perfect for living on modest budgets. Thailand also features great upscale living with exciting architecture. Dolce Vita in Bella Italia makes Italy come in third. Without a doubt, Italy is well known for its famous food with its olive oil, grilled vegetables and homemade pasta as well as all the beautiful cities with its old and charming architecture, but what is quite new to me, it also scored with the less known fact that it is supposed to have one of the world’s best health care systems. One of the most sought-after regions to life is Tuscany with its famous Tuscan style villas and farm houses. The unappreciated 4th place is taken by Panama. Well known for its low taxes, the country also offers year-round sun, massive discounts for seniors, quality private hospitals, a dollar economy and great accessibility from the US and Europe. Panama City is also considered safest of all Central American cities and last but not least it’s a great business centre in Central America not only because of the famous Panama Canal. Real estate is considered good deal with high standards. The list of the 10 Best Retirement Havens is continued by Ireland, Australia, France, Malaysia, Spain and Canada. I am just wondering what place Switzerland comes in, but maybe the overall quite higher cost of living are the fault to have Switzerland not making it in the top ten.

Posted By: Peter Rabitz

Ueli Schnorf, CEO of Wetag Consulting, the exclusive affiliate of Christies Great Estates for southern Switzerland, attended the annual conference in Boston, Massachusetts, USA. More than 100 of the leading real estate brokerages from around the globe, all active in the high end luxury real estate market, came together to discuss market situations, important current updates in luxury real estate, and kept a strong focus on networking news. The summit was held at The Fairmont Copley Plaza in Boston which provided an elegant old-world-charm background for the attendees. The conference, with its slogan “Meeting the Challenges of Today’s Market”, was a cutting-edge luxury real estate forum specially targeted to principals and senior management to discover new ideas to strengthen their business. Wealth and mortgage experts presented opportunities. Panel discussions featuring the network’s trend-spotters were focusing on the latest innovative marketing, social networking, and recruiting strategies. Ueli Schnorf said: “As a panellist of the “Risk Management in the Age of Social Networking” session, I explained about Wetag Consulting’s engagements in Blogging, Facebook, Twitter and Co and what Wetag’s experiences are”. After two days of successful meetings and seminars, I was invited by Melanie Delman, our Christies affiliate of luxury real estate firm Lila Delman Real Estate, to spend the weekend at the Carnegie Abbey Club where I stayed in the Royal Dornach Cottage. Together with friends and business partners José Ribes Bas of Rimontgo in Spain, and Philip Sherry of Sherry Fitz Gerald, Ireland, we were taken care of in the most generous way by Melanie Delman and Catherine Gazder of Lila Delman. We all hope that the Delman crew who spent a night with us at famous Boom Boom Room, don’t see their image and name damaged too much by their wild European ‘cousins’…..

I toured some of the greatest properties on Rhode Island currently on the market. We have seen the gorgeous penthouse at the Carnegie Abbey Club which is on the market for $14.5mio and the Puesta del Sol property, also located on the grounds of the Carnegie Abbey Club. Afterwards we toured two of the most prestigious mansions on Rhode Island. The first was Gray Graig which is owned by famous actor Nicholas Cage. Gray Craig is an estate of unparalleled refinement. The setting for this remarkable home is stunning, 27+acres of lush landscape, dramatically extending to Nelson Pond with outstanding views of the Atlantic Ocean beyond. All I can say is: Very very beautiful property indeed. No less impressive than Gray Graig was Oakwood, the next important property we visited and where we had cocktails. Oakwood is revered as one of the finest historic properties of coastal New England. Its traditional setting and interior design is stunning and perfect into the last detail. It was amazing to see what great properties are currently on the market and they are almost a steal compare to other listings in the world.”

Posted By: Ueli F. Schnorf

Como, especially Lake Como is well-known world wide not only because of its dream like setting, but more likely because of its very famous resident, George Clooney, who is living part-time in his beautiful period time villa in Cernobbio, a village right on the western shore of Lake Como and opposite the city of Como. However, the region of Lake Como is also known for its large period style mansions either direct on the lake or nestled on the hills surrounding the lake with beautiful panoramic views.

Just recently, I came across a fascinating remodeling of a former monastery located in the outskirts of the city of Como which has been converted into a residential complex where the young architecture firm JM Architecture connected two adjacent units into a stunning duplex apartment.

The shape of the original units is clearly enhanced by the different pitched ceiling direction as well as by their different heights. The architect and owner of JM Architecture, Jacopo Mascheroni, thought to keep the shell intact, maintaining the entire length of the unit open and invading the space minimally. In a result to that, he placed an enclosed box on one side containing a small bedroom and two bathrooms. The rest of the unit is dominated by a huge open space featuring all the main functions of the home. When entering the home through the main entry, the very small foyer creates a sense of compression before entering the main gallery where the spacious open living space features a grandiose living area, open kitchen and dining, all separated from the master bedroom by a lacquered block. A great gimmick is a video projector who is screening pictures on the wall above the kitchen. To allow the maximum projection surface, the upper kitchen cabinets are hidden behind the wall and slide down with a motorized system. An almost sculptural element of the home is the staircase, which is an assembled steel beam with open treads made by a cantilever steel plate covered in wood. Jacopo Mascheroni explains further characteristics and details of its work: “Canadian maple has been carefully selected for the hardwood floors, and since maple wood isn’t stable with radiant floor heating, the floor planks were custom built with 2.5mm Canadian maple top and back layers on a particle board. The 20cm width of the floor planks modulate the position of all the elements, from the walls to the millwork. The floor planks also run up the master suite wall, which is lit by an upper light cove.

All perimeter walls and ceilings hide an additional layer of thermal insulation and the bathrooms are equipped with radiant panels in the ceiling. The walls adjacent to other units have been covered with a led layer to give additional acoustical insulation. Glacier white Corian is used for counter tops and sinks in the kitchen, laundry room and bathrooms, for the bath-tub, showers and parts of the bathroom walls. The house is fully automated and is managed by a server located in the studio on the second level. Everything has been custom designed, including the entire kitchen, bathroom sinks, beds, dining table, desks and bath-tub.”

Without a doubt, this duplex is a great example of Italian design and architecture skills and is fascinating by its minimalistic style and ingenuity.

Posted By: Peter Rabitz

What does a Lamborghini, a Stealth Fighter and Daniel Libeskind have in common? Well, it’s pretty simple if you picture the finished product. All of them enjoy the beauty of really great cutting edge design philosophies, boasting awesome attention to detail, employing lines and geometric forms far beyond “normal”.

Lamborghini, the high-end Italian luxury sports car manufacture just revealed its latest model, the Lamborghini Reventon Roadster, at the Frankfurt 2009 Auto Show. The super car, carrying a million-euro price tag, is based on the already extreme Murcielago, but upgrades on the Reventon coupe’s fighter jet-inspired styling with an open-air body style.

The Stealth Fighter, an aircraft that use stealth technology to interfere with radar detection by employing a combination of features to reduce visibility in the visual, audio, infrared and radio frequency spectrum, is a proud example of modern aircraft technology by the US military. Even I don’t like to talk too much about all the war toys out there, but the very strong design really catches me when I see images of the aircraft because it’s so unique and outstanding.

Unique and outstanding are the keywords where Daniel Libeskind steps into the game. His architecture is one of the most recognized in the world due to the unusual design vocabulary he uses. Libeskind’s design is always controversial and divides viewers into two parties, the one who likes it and the one who hates it. No question that I obviously belong to the people who like his work.

I’ve admired his work for quite a time, but when I visited the Jewish Museum in Berlin shortly after its completion yet before the exhibition was installed, the space really blew me away. His use of angles, surfaces, colours, slits, windows and his different understanding of forms and spaces really created one of the most impressive spaces I have experienced.

Libeskind is renowned for his multidisciplinary approach to architecture. His designs reflect his close connection to arts such as music and literature. In 2003, he won the World Trade Center design competition. Additional works include the Contemporary Jewish Museum in San Francisco, the Extension of the Denver Art Museum and the Imperial War Museum in Manchester besides many others.

Nevertheless, Libeskind never really delved in single residential designs except a fantastic weekend retreat in Connecticut he designed for friends. The space, called 18.36.54, is formed by a spiraling ribbon of 18 planes, defined by 36 points connected by 54 lines. This living sculpture literally already shows Libeskind’s great ability to create impressive spaces which combines the house as being a piece of art itself as well as high-end living using the finest materials. The Villa, Daniel Libeskind’s first signature series home, creates a new dialogue between contemporary living and a completely new experience of space. Highly limited to a total of 30 villas which will be distributed globally, Villa Libeskind in Ticino, Switzerland is the first offer out of the limited edition to be up for sale. In one of the most sought-after locations on Lago Maggiore featuring stunning views of the lake, the Villa is like a crystal growing from rock, boasting dramatic, unique architecture in an equally unique and stunning location. Fundamental to Libeskind’s philosophy is the notion that buildings and urban projects are crafted with perceptible human energy, and that they address the greater cultural context in which they are built. With his contribution, the Villa becomes not just a home, but a paradise for lovers of architecture.

Posted By: Peter Rabitz

Marrakech is still a destination of interest and with the sale of Yves Saint Laurent former house in Tangier, the country is once again the focus point of many of the city slickers from around the globe. The country features a variety of country sides and fairytale like city living what makes it one of the most sought after it-destinations on the African continent. Besides Marrakech, the red city with its oriental style souks and colourful life throughout the whole city, with its medina and beautiful riads is only one attraction to many of us, but there is much more to explore and one of Morocco’s latest destinations is upcountry, in the foothills of the Atlas Mountains. This part of Morocco is quite different to the bustling life of Marrakech’s ancient city, but still attracts foreigners who are fascinated by valleys, which are not dissimilar to rural Mallorca or Andalusia and which are only an hour’s drive out of the city. But, despite the increasing interest in locations outside Marrakech’s such as Ouirgane, Marrakech itself still leads the pole position for people demanding living like in the Thousand and One Nights. Although the proliferation of riads may be abating, but the city is still top of the wish list of many individuals such as iconic celebrities as well as many luxury hotel groups like Roco Forte, Gordon Campell Gray, Four Seasons, Banyan Tree and Park Hyatt who all have designs on the city.

I define two major areas within Marrakech where people looking for their dream oriental style hideaway. The Palmeraie, a 10-minute jaunt northeast from the city by air-conditioned 4WD, has been Marrakesh’s most salubrious and expensive area, with beautiful and huge sized villas. A bit more sought-after, but very rare to find are beautiful renovated riads within the Medina of Marrakech. The supply of top-end luxury riads within the Medina and right next to Marrakech’s famous souks and the Djemaa el Fna, the so called “meeting point of Africa”, is rather limited and mostly quiet marketed. Please click here to see two outstanding examples of fabulous Moroccan riads.

Posted By: Peter Rabitz

Condé Nast Traveller is a magazine dedicated to travelling all over the world. The fifth annual Gold List is a selection of hotels around the world that spoils their guests with the best rooms, service, food, location, ambience and design as well leisure facilities. Parameter of this ranking is explained by Condé Nast Traveller as the following: “ Entries include the edited comments of readers and are intended to reveal a property’s character rather than to catalog its facilities. Each score represents the percentage of respondents who rated a property excellent or very good on specific criteria. Criteria for hotels, resorts, and cruise lines vary. Rates ($, $$, $$$, and $$$$) reflect the average price for a double room in 2009. The Gold List is based on data collected from the annual Condé Nast Traveler Readers’ Choice Survey; to qualify for inclusion in these rankings, a property had to receive a required minimum number of responses.”

I was not surprised when I read the announcement that Soneva Fushi has been awarded by Condé Nast Traveller Gold List 2009 as one of the best locations to stay. “No news, No shoes” is not only the slogan of this great island resort it’s also a refreshing way of lifestyle separating from other destinations. The eco friendly environment where the furniture is built from renewable or sustainable sources, and bathrooms are open to private gardens, offers a relaxing and very laid back surrounding for all stressed business people and one or the other celebrity.

Soneva Gili, also in the Maldives, made it on the Gold List for Best Rooms what is again, no surprise to me. Couple Weeks ago I stayed in both “resorts” and only can agree and totally confirm that they have been honored with good reason.

Imagine living in a house where you can not only enjoy being in of the greatest spots in Thailand, but also the great and eco-friendly design married with top of the line service and treatment. That’s Soneva Kiri Private Residences on Koh Kood, Thailand where you can own your very own hideaway by Six Senses. It will be truly an experience unparallel like no other.

With 7 of 10 positions, European cities dominate the ranking for cities offering the best quality of lifestyle world wide. Swiss cities Zurich and Geneva almost retaining last year’s ranking and scores and hold position two and three while Vienna moved up one position from 2nd to 1st this year. The survey released by the Mercer consultancy last month cited not just Vienna’s affordability but also its improved political and social environment, its safety record, leisure offerings, cleanliness and excellent infrastructure as reasons for its top quality-of-life ranking, which put it ahead of Zurich, Switzerland, for the first time. The real estate market of Vienna is quite stable and in some city quarters prices are even climbed up. The quality of real estate belongs to one of the best within Europe. There are beautiful restored apartment buildings offering great living in top of the line renovated flats. Crown moldings, parquet floors, central heating and all modern amenities are only a few of the high standards to mention here. Neighborhoods like Grinzing and Hietzing are amongst the most sought-after living quarter in Vienna and feature beautiful mansions and villas offering the highest comfort and quality of life.

Source: Mercer Consultancy, Financial Times, Citymajors.com

Posted By: Peter Rabitz

Fractional ownership seems to be the “Messiah” of owning a vacation home abroad. Without a doubt, this is definitely the trend in luxury real estate for the next years. Just recently, the World Forum on Fractional Ownership was held in London, England, an event which was sold out do to the overwhelming popularity of the hottest new trend in real estate. Professionals from all over the globe met to listen to hot market tips from fractional ownership gurus.

Fractional Ownership, unlike its predecessor vacation timeshare, offers the investor a real equity stake in the asset, in most cases the assets are vacation properties, or unique residences in idealistic locations. The concept of fractional ownership developed in the US quite a time ago and is now on its worldwide march to victory. Many developer look closely to the opportunities given by fractional ownership and realize its potential long term benefits as a business model. In simple terms, it allows the participants to co-own an asset, and to share the costs, and to benefit from maximum utilization.

Take a look at the following example of great fractional ownership opportunity. Castello di Casole is a five star luxury resort and residence club currently under development. Located within easy proximity to Siena and Florence, this historic estate is also home to the 18th century Castello, what will house an intimate 41-suite plus luxurious penthouse hotel. Several villas are being restored or will be restored where you can purchase 1/10th share to become part owner of that property. This will enable you to spend a certain amount of time in the year in your property, but also rent it out for your income. The property is managed by a well known managing group, what will take care of all arising problems you would usually have to deal with. They also manage the rental of your property. This is a fantastic opportunity to own your own little Tuscany.

Posted By: Peter Rabitz

Florence – a well known medieval town on the Arno River, right in the heart of famous Tuscany region. It often gets called the “Italian Athens” because of its cultural importance in art. The city – founded in 59 B.C. – got its name by Julius Caesar who named the city after the “Roman goddess of flowers and growth of plant”. A long time, the city didn’t play a role like Pisa or Lucca, but around the 14th and 15th century it became very important and set ne standards in European’s art and culture scene. Many famous artists like Donatello, Botticelli and later on Michelangelo, Leonardo da Vinci and Galileo Galilee moved to Florence and the cultural history epoch of the Renaissance emerged. Today, Florence still host numerous samples of its rich history what makes the city a must go to visit when you travel to Italy. The city is also home of HQ of Gucci (one of the few labels not headquartered in Milano) and of some important branch offices of Prada and Roberto Cavalli, just to name a few.

A beautiful, classic style Florentine country estate, built in the 19th century and designed by architect Poggi (one of the Florence’s greatest architects), just came on to the market. Situated in a very convenient distance to the city centre of Florence and the airport sits this estate on almost 100 hectares of private land with woods and olives groves as well formal gardens and a lake. The main villa, stretching over three floors, is beautiful restored and boasts awesome views of the gardens and the surrounding countryside.

Posted By: Peter Rabitz

Now, Latin America has its first and only hand made island in one of the best locations of South/Middle America – Panama. Ocean Reef is situated just in front of Panama City’s ocean front skyline in a stunning and spectacular location as a private residential community of only 138 home sites to be built in the Gulf of cosmopolitan Panama City. The development consists of two islands featuring a variety of unique low density home sites, available with different areas and dimensions that redefine waterfront property ownership. Special feature: A harbour will be created for a 200+ wet slip marina, owners lounge, harbour master office, crew quarters. World class fishing and unspoiled islands 30+ nautical miles away. Not to forget about the great financial opportunities – The investment approach could be for personal use, yield or both.

Posted By: Peter Rabitz

Tuscany, a synonym for gently rolling hills, a picturesque countryside with rural farmhouses, olive groves, vineyards and sunshine almost through the whole year. More and more people are attracted to the charm of theses old traditional Tuscan farmhouses and looking to purchase their very own dream of the Tuscan lifestyle.

In great position, slightly elevated on a knobby hillside plot, with countryside to ocean views and only 30 minutes from the sea and only 40km from Livorno, is situated a rare and well restored former abbey turned into cottage. The charming property has been carefully restored under the use of the original building materials to bring back the old charm and keep its great typical Tuscan style.

Posted By: Peter Rabitz