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| Market Comment
September 22nd 2008 With the World's financial markets in a state of turmoil one would be forgiven for thinking that bad times are around the corner, however, from the enquiries I have had during the last week, the message would seem to be anything but gloom and doom for our extraordinary little island. Wisdom dictates that time will tell but, from this commentator at least, it would appear that the top end of the Jersey market, where we focus,will remain buoyant.July 2nd 2008: PRESS RELEASE Following an article in the Jersey Evening Post on 30th June titled “Interest falls in prime properties”; Edge Properties Director James de la Cloche says this is not the case due to the constant flow of high value residents coming to the Island. In line with comments made by Nigel Philpot, Director of High Value Residency at the Economic Development Department, James emphasises that Jersey has seen little or no effect of mainland trends in the Jersey property market. “Our enquiry levels are at the highest they have ever been and it seems the bleaker things become in the UK, the more attractive the Jersey market gets. Lifestyle and tax advantages remain the key factors drawing most newcomers to Jersey, and the lack of death duty and inheritance tax will always remain a factor in their decision making process”, says James. Edge Properties recently launched a new website, specifically targeted at its 1(1)k and top end J-category customers,with an emphasis on discreet and confidential sales. Whilst the website gives potential customers a taste of what is available, a dossier of confidential properties is available to genuinely interested registered clients to peruse on a one-to-one basis. “Edge offers a service unique to Jersey.As the only estate agency to focus solely on home finding, acquisitions and sales of properties over £1million, our in depth knowledge of the property market and a love for property generally, means we are ideally placed to service the exacting requirements of the higher spending client. Because we are concentrating on a niche market, we also don’t feel the brunt of the mid-market slump”, says James. “Typically, “K” applicants will be looking for properties in the range between £2m and £10m and due to a continued flow of high value residents, we anticipate the levels of sales continuing to increase for the foreseeable future.” ENDS. 1(1)K Property Bulletin: June 2008 The influx of new 1(1)Ks continues apace. I am sure you will have seen the recent articles in the JEP highlighting the strong growth in property values. At the top end of the market it is my belief that property will continue to out-perform other sectors. Our enquiry level is at the highest it has ever been and the bleaker things become in the UK, the more attractive our island becomes.Lifestyle over tax is the driving force for most seeking to make the island their home, although the lack of Death Duty and Inheritance Tax will always remain significant in the decision making process. Typically, "K" applicants will be looking for property of between £2M and £10M. That said, it will only be a matter of time before the island sees some far higher values on property sales. Jersey is only now waking up to the value of what it has to offer. The Edge service specialises in property of £2M and above with a minimum entry requirement of £1M; many of our instructions are of a confidential nature and do not appear on the website. The service offered is 100% tailored to this market and, just as important as the way such prestigious properties are handled, is the way that the incoming applicants are looked after. It is our aim to excel in both areas. James de la Cloche |
