Our track record
Between February 2004 and December 2007 we sold €400 million worth of off-plan property. Below is a brief summary of our deals over that period, as well as our current deals.
Current deals
Albania We negotiated an unbeatable discount to market value of 35% on 60 pre-offplan units, and further reinforced the deal with a rental guarantee, unique in this emerging market.
Brazil We sold 65 apartments in the northeast capital Fortaleza, at a 37% discount to market value – a potential saving equivalent to €42,845 per apartment.We also sourced a land deal in Bahia at 20% below market value.
Morocco A popular investment property location, we have negotiated and passed-on discounts over four developments of between 18% and 50% – a potential saving equivalent to €100,000. We have now sold more than 200 properties in the country and continue to source more for 2008.
Portugal We have negotiated discounts of between 15% and 38% over four developments in this popular investment property location (three on the Silver Coast and one in the eastern Algarve). We have sold over €31million of property in total.
Romania Romania’s capital Bucharest is a fast-growing market, and we have offered our investors a range of exciting deals here:We sourced land for development at 20% under market value. Our residential units in the same location we made available at an average 34% under market value – a saving equivalent to at least €53,846.We most recently offered our investors the opportunity to buy exceptionally-priced cash-positive commercial property in Bucharest. The retail units could potentially earn 15% net yields – that’s €4,700 a year after all costs.
Spain We have negotiated discounts of between 19% and 33% under market value on over 200 properties. The five developments are located across the south of Spain, from Mojacar to Almeria – one of the most popular places for Britons buying abroad.
Turkey For our first development in Istanbul, we were able to offer discounts starting at 48% - an equivalent potential saving from €44,769.Following the success of that deal we sourced a further five developments in Turkey, covering popular Mediterranean resorts and revisiting Istanbul. We have now sold over €24million of property in Turkey, and negotiated between 37% and 47% under market value discounts on all our developments.
Deal history
Bulgaria Bulgaria has been an investment property phenomenon in recent years and is currently ranked no.1 for growth in Knight Frank’s Global House Price Index. We have sold seven different off-plan developments, covering sea and ski destinations at between 15% and 50% discount to market value.
Czech Republic We sold 81 apartments over two developments including Central Park, which overlooks Prague's beautiful castle and old town, at discounts of approximately 20%.
France Under market value deals are rare in this established property market but we identified two exciting opportunities for our investors. Starting in Paris, we negotiated a 14% discount to market value on our leaseback apart-hotel units – this equates to a maximum saving of €31,081. From there we sourced an exciting deal in the south of France in the heart of the Minervois wine region. We negotiated a 13% discount to market value here – a potential equivalent maximum saving of €56,847.
Hungary In a pioneering move we were the first people in the market to offer mortgages, selling over 100 off-plan properties in Budapest, including an exclusive marina development on the banks of the Danube.
Italy We were able to negotiate a substantial 18% discount under confirmed bank valuation on a development in Tuscany – equivalent to a maximum saving of €86,290.
UAE Our commercial and residential development at Ras al-Khaimah was available for discounts of between 5% and 10%. We sold nearly €3million of property in this exciting developing area.
Land Funds In early 2005 we set up Genesis Private Finance and diversified into property funds, giving our investors the opportunity to get involved in major developments at base level and make maximum profit at completion. By forming this new, fully regulated arm of the business we have been able to raise funds to source and secure prime beachfront pieces of land. The eight plots – in Montenegro, Croatia and Bulgaria – are worth over €150m, with an aggregate gross development value nearing €2billion.