Blog

“lazy summer syndrome

27/09/2012

So, yet another late print of our third edition in 2012 - apologies! I could excuse myself with any amount of reasons, but the truth in this instance is called “lazy summer syndrome” and ladies and gentlemen……..I got it. It has to be said that the BMI team have enjoyed a good summer all round, we’ve had staff gallivanting as far away as Singapore and enjoying a well-earned rest in the Algarve and other locations nearby. Why you might ask am I telling you all of this….. what on earth does it have to do with property – well, absolutely nothing to be truthful, but I thought it would be refreshing to NOT dive in and give you the bull so early in my write up…☺ In short, and in all seriousness, it’s a pleasure to say that we have had a great summer, in all aspects, but primarily we have a team well rested and eager to end the year as we started….with a high!

To the business:
I’ve said it before and I’ll say it again, we are on fire (in the positive sense of the word)! The world around us is literally falling apart and the Rock seems to be immune (to a great degree) from any negative direct impact to our shores. Best still, we have been looking at our lettings figures of late and the high demand that we began to see over a year ago continues. Interestingly, back in early 2011 we had over 50 properties to let (a result of the speculative market of previous years) – today we have approx. 18 properties and we are thankful that we are one of few agents to actually have a selection to offer. But what impact might a reduced number of properties on the market represent?
Well in brief, my view is that we may well be reaching a point where rental properties are set for an upward hike due to the very evident demand. By direct impact this may also lead to a further increase in prices, particularly in certain developments and we are already seeing this at Europlaza, Kings Wharf and The Anchorage.

Of late:
We are also seeing a very encouraging trend, with an increase in the percentage of local buyers looking to step up the ladder and take further steps in their property aspirations; this clearly shows confidence and an underpinning of our economy, which can only be a positive….in short we are not solely or predominantly dependent on international clients as others may have us believe. Nevertheless, we continue to also see existing ex-pats on the Rock commit further to staying long term and either purchasing if they haven’t  already or investing further.

The fundamentals:
It’s clear that so far a great majority of our ex-pat market is here to stay, so long as our finance centre activity remains; and this I think is crucial….our finance centre amounts to a great part of our survival on many levels, not least our property market. In recent months we have witnessed some interest from both Insurance and Gaming sectors, but to be truthful neither of these sectors has grown significantly in recent years.
There is in my view a concern from some including myself on where the next “big thing” may be coming from, a vision for the continued success of our finance sector and therefore our property market and I think it is crucial that we aim to deliver more “carrots” so to speak and which by default can only inspire further confidence in the market and continue to develop a buoyant and fluid property sector. I for one look forward to hearing news of the 3 new Finance Centre Directors dubbed “the 3 Jimmy’s”, and look forward to hearing more news on the ideas and direction that this new approach will bring……there is no question that it will inspire confidence!

The Property Show:
Finally, I will declare that a few months ago GBC kindly asked whether we might be interested in producing a 6 part property show. Naturally, we were delighted to have been approached; we had in fact produced a similar series back in 2000. In short we immediately agreed and confirm that the show will be aired as of the 3rd October this year. Interestingly the show will begin by back tracking to the original programme over 12 years ago now, and will retrace what has transpired in our economy and market since….really quite interesting to be involved in this project, particularly so, when one considers that yours truly made some serious predictions about our future…….you should look out for it and see whether or not I was anywhere close to my thoughts on Gib’s future. We also explore what the current climate is like and show some magnificent properties currently for sale, as well as discussions about, employment, the economy, the finance centre, low cost housing and other issues affecting our daily lives. You will be pleased to hear that it’s not all me, me, me, and we also have some interesting characters involved in the industry, with lots to say.

In conclusion, we say a big thanks to our advertisers, clients and partners and wish all the very best as we approach this last quarter of 2012.

Sincerely,
Louis Montegriffo
Managing Director.