This document discusses how conflict can negatively impact property investment worldwide. It describes several direct effects of conflict, including rapid declines in population from casualties and mass migration, as well as damage to infrastructure like homes and businesses. The document also explains indirect effects, such as economic downturns that hurt real estate values and development. Overall, conflict creates uncertainty that deters property investors until stability returns.
Royal Wharf - eBrochure - WhatsApp +65 91898321Jayson Ang
Visit : http://valueproperty.sg/properties/royal-wharf-london/
Royal Wharf in London United Kingdom (Phase 2) – Mega Waterfront Project Launch by Singapore Mainboard-listed Oxley International & UK Top Developer, Ballymore. Largest Integrated Waterfront Mixed Development Township in Silvertown near Canary Wharf. The Best Time to Invest in London with Royal Wharf.
Liverpool contains the UK's most visited multi-use tourist attraction outside of London - Albert Dock.
Sefton is home to several multi-national companies such as; Fujitsu and Santander - creating employment.
Liverpool has been the site of over £100m of redevelopment in recent years. Such as; Liverpool ONE Shopping Complex, The RopeWalk, The Lime Street Gateway and the Commercial District.
http://overseascondo.sg/properties/oxygen-tower-manchester/ Located within a highly accessible location in close proximity to Manchester Piccadilly Station, the Northern Quarter and the main commercial core of the city centre, Oxygen is an iconic 31 storey residential tower and a landmark for a world-class city.
Royal Wharf - eBrochure - WhatsApp +65 91898321Jayson Ang
Visit : http://valueproperty.sg/properties/royal-wharf-london/
Royal Wharf in London United Kingdom (Phase 2) – Mega Waterfront Project Launch by Singapore Mainboard-listed Oxley International & UK Top Developer, Ballymore. Largest Integrated Waterfront Mixed Development Township in Silvertown near Canary Wharf. The Best Time to Invest in London with Royal Wharf.
Liverpool contains the UK's most visited multi-use tourist attraction outside of London - Albert Dock.
Sefton is home to several multi-national companies such as; Fujitsu and Santander - creating employment.
Liverpool has been the site of over £100m of redevelopment in recent years. Such as; Liverpool ONE Shopping Complex, The RopeWalk, The Lime Street Gateway and the Commercial District.
http://overseascondo.sg/properties/oxygen-tower-manchester/ Located within a highly accessible location in close proximity to Manchester Piccadilly Station, the Northern Quarter and the main commercial core of the city centre, Oxygen is an iconic 31 storey residential tower and a landmark for a world-class city.
Ken Bishop, agency and development consultant at JLL, provides an update on the state of the offices market, and the opportunities and challenges facing the sector
The Top 5 Postcodes for Property Investment in Liverpool - Aspen WoolfAspen Woolf
Liverpool recently topped the charts in TotallyMoney.com’s list of property investment hotspots, with a total of five postcodes featuring in the Top 10, taking all four places from first to fourth. According to their research, the best postcodes in the city currently are:
Ken Bishop, agency and development consultant at JLL, provides an update on the state of the offices market, and the opportunities and challenges facing the sector
The Top 5 Postcodes for Property Investment in Liverpool - Aspen WoolfAspen Woolf
Liverpool recently topped the charts in TotallyMoney.com’s list of property investment hotspots, with a total of five postcodes featuring in the Top 10, taking all four places from first to fourth. According to their research, the best postcodes in the city currently are:
this is project is about the design and analysis of framed structure.this is the report of dispensry of maloya.the intrested 1 may tke the drawing of this structure from PEC chandigarh.students may take help from this report.this is made by me aman bains,student of chandigarh university.thnxz alot frnds.may this will help u too
East London has gained a lot of popularity in recent years especially among young professionals. After all, why wouldn’t it? Its regeneration and redevelopment schemes coupled with excellent transport links, access to a wide variety of green areas and, best of all, its affordability are benefits that are hard to pass up.
East London’s rebirth started before the 2012 Olympic Games and has continued at a steady pace ever since. Recently, with the addition of the Crossrail to the long list of good transport links, this London hotspot has seen a massive rise in interest from new residents. Buy to let investors, first-time home buyers, and renters are attracted to the area’s affordable prices and good amenities, as well as its community feel.
If you are interested in making this quaint area of London your new home or are interested in the good yields the area offers, here are the top 10 benefits of buying a property in East London.
East London has gained a lot of popularity in recent years especially among young professionals. After all, why wouldn’t it? Its regeneration and redevelopment schemes coupled with excellent transport links, access to a wide variety of green areas and, best of all, its affordability are benefits that are hard to pass up.
East London’s rebirth started before the 2012 Olympic Games and has continued at a steady pace ever since. Recently, with the addition of the Crossrail to the long list of good transport links, this London hotspot has seen a massive rise in interest from new residents. Buy to let investors, first-time home buyers, and renters are attracted to the area’s affordable prices and good amenities, as well as its community feel.
If you are interested in making this quaint area of London your new home or are interested in the good yields the area offers, here are the top 10 benefits of buying a property in East London.
A Guide to Investing in Property in Huddersfield - Aspen WoolfAspen Woolf
The UK is currently experiencing record levels of population growth, and the draw of the British Isles shows no sign of abating any time soon. Property is at a premium across many parts of the country and the government has recently announced that the amount of homes standing empty is currently at an all-time low.
Liverpool contains the UK's most visited multi-use tourist attraction outside of London - Albert Dock.
Sefton is home to several multi-national companies such as Fujitsu and Santander, creating employment.
Liverpool has been the site of £100m of redevelopment in recent years. Sites such as Liverpool ONE shopping complex, the RopeWalks, the Lime Street Gateway and the Commercial District.
As focus turns to the development South Bank of Leeds its great to see the plans that are afoot. As part of my Human Geography and Planning degree I did a major project in conjunction with other students of the Built Environment such as architects and landscape architects,we put this Masterplan together, I think this is the work I am most proud of. To this day I also believe it would be a successful project and is realistic.
Its obvious the South Bank will be a big part of Leeds future as an international city and I hope at least to see a couple of the ideas within this plan come to life. My project is now 4 years old but still today it is relevant, as ever the South Banks development is in the hands of the economy but Leeds has grown significantly in the last 4 years so I'm positive on its future.
Oxygen Tower at Piccadilly, Manchester
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Manchester Airport provides flights to over 200 destinations, more than any other airport in UK
HSBC named Manchester UK #1 Buy-To-Let Hotspot
Manchester is the 2nd largest economy beside London
Second largest Chinatown in the UK
Home to 80 of the FTSE 100 (top 100 companies listed on UK Stock Exchange)
Manchester is the “Best UK City to Live” according to the Economist 2013
Famous for 2 world-class football clubs Manchester United & Manchester City
Largest student population in Europe with over 400,000 students in 22 Universities
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Proximity to future High Speed 2 train station which is next to Piccadilly main train station
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Universities as Regenerators 2017: Shelagh McNerney & Phil Cusack, Salford Un...Place North West
Shelagh McNerney, head of development at Salford City Council and Phil Cusack, a member of the University of Salford council, give an insight into the plans for regenerating Salford through the university
57,000 jobs created in central Manchester since 2011.
We expect MediaCity and Salford Quays to continue to evolve as 'The Canary Wharf of the North' (Home of BBC & ITV).
Manchester homes are more affordable at 7 times average earnings, compared with London where homes cost 16 times the average wage
57,000 jobs created in central Manchester since 2011.
We expect MediaCity and Salford Quays to continue to evolve as 'the Canary Wharf of the North'. (home of BBC & ITV).
Manchester homes are more affordable at seven times average earnings, compared with London where homes cost 16 times the average wage.
Sheffield has a higher than average number of International Students and was voted the best City for 'student experience'.
The very strong student market and high rates of student retention following graduation ensure a healthy volume of renters in the City.
Investment in the City and peoples' skills from local business keeps the employment market strong.
Sheffield has a higher than average number of International students & was voted the best city for 'student experience'.
The very strong student market and high rates of student retention following graduation ensure a healthy volume of renters in the city.
Investment in the city and people's skills from local business keeps the employment market strong.
1. 1www.globalpropertyscene.com |
GLOBALPROPERTY
SCENE ISSUE NO.
005
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The rise of UK development | The US Masters | Farming for oil investments
How conflict can effect the world of property investment | A guide to living in New York
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2. 40 | www.globalpropertyscene.com
Within the metropolitan county of Greater Manchester, a conurbation
housing a huge 2.7 million people and boasting the third-largest urban
economy in the UK, is Salford, an area that has grown in both popularity
and esteem in recent years.
Salford is a city steeped in culture, history and prestige. Its boundaries are
clearly marked by the majestic River Irwell, as well as being home to
interesting historical landmarks including the first free public park in the
UK, the first free public library in Great Britain, and Chapel Street, the first
street in the world to boast gas streetlamps way back in 1806.
Despite being built on a rich and illustrious past, Salford slipped into
disrepair after its lifeblood, the Manchester Ship Canal, closed in 1982.
Once known as Britain’s third-biggest port (despite being 50km inland), the
Manchester Ship Canal in its heyday put Salford at the forefront of the
world’s industrial revolution, with a reputation as one of the UK’s major
industrial towns. The city’s thriving cotton and industrial trade allowed
Salford to enjoy booming commerce, a skyrocketing population, and high
employment rates. However, the late 1960s saw a rapid decline in
dockland activity—Greater Manchester’s manufacturing sector was
dwindling, several innovative new shipping techniques were introduced
(including containerisation and increasing ship sizes), and a significant
shift in trade patterns. Therefore, it was no surprise that 1982 saw the final
closing of the docks and the loss of 3,000 jobs, leaving in its wake
redundant and derelict infrastructure, a declining employment economy
and a surplus of land that was once the backbone of the city.
However, the present and future of Salford doesn’t paint such a bleak
picture. After the closure of the docks, Salford City Council formulated a
complete overhaul for the city, seeking to establish a framework for
environmental improvement, economic development and employment in
an attempt to entice both public and private sector long-term investors.
Thus, the revolution of Salford began.
Fast-forward to 2015 and every aspect of the city is utterly unrecognisable.
From the iconic Salford Quays area to Chapel Street, the central corridor
between Salford and Manchester, the whole city has benefitted from a
huge injection of investment capital from both public and private funds to
build Salford back up to its former glory. And the area is truly
burgeoning as a result. There are a number of individual regeneration
projects happening all over Salford, but with one collective vision in mind:
to turn Salford into a modern global city in its own right.
MediaCityUK
The regeneration of Salford can be traced back to as early as 2011 with
the creation of the now-famous MediaCityUK, a 36-acre bespoke
multi-million-pound media hub on the site of the once-derelict docklands.
BOOMING
UK
CONSTRUCTION
Words : Hannah Wilde | View : Richard Ellis
Currently a hotspot for investment, GPS looks
into the regeneration of Salford
4. 42 | www.globalpropertyscene.com
Upon the site’s completion, the leading UK broadcasters BBC and ITV
soon relocated from their original locations of London and Manchester
respectively, to their new regional home, which now boasts beautiful
state-of-the-art studios overlooking the picturesque waterfront. On the
back of the broadcasters’ success at MediaCityUK, the floodgates were
then opened to other businesses looking to relocate to the area. Now
at the time of writing, MediaCityUK is the second-largest digital cluster in
Europe after London, with an eclectic mix of over 200 companies,
including broadcasters, bespoke media companies and even a
brand-new University of Salford campus now taking up residence in
MediaCityUK’s 70,000 sqft of office space. To complete its status as a
recognised tourist destination, MediaCityUK boasts a beautiful five acre
piazza set on the waterfront that is twice the size of London’s Trafalgar
Square and is designed to accommodate over 5,000 people.
Incredibly, this is just the first phase of MediaCityUK. The site is expected
to expand by a huge 455% within the next decade, as the current site
occupies only 36 acres of its allotted 200. The expansion will be released
in phases, with MediaCityUK’s second phase already in construction. Set
to join the iconic waterfront are more hotels, office and retail spaces, as
well as X1 Media City, the biggest residential development in the North
West, housing more than 1,000 luxury apartments.
In addition to enhancing the local area by contributing up to £1.5bn to the
regional economy, MediaCityUK also competes on an international scale.
With the area boasting in excess of 5 million visitors annually, it is safe to
say that the MediaCityUK site has well and truly accomplished its vision of
becoming a world-class business, culture and residential area of
international renown, a digital city now more than capable of competing
with similar emerging modern digital conurbations in places such as
Copenhagen and Singapore.
Mayor of Salford Ian Stewart is particularly enamoured with the bespoke
site, claiming: “MediaCityUK is at the heart of Salford’s regeneration and a
jewel in the city’s crown. I’m delighted to see this new hotel, office block
and media hub which will create jobs and opportunities as well as bringing
new investment into our proud city.”
Port Salford
Also along the waterfront, plans are currently underfoot for an exciting
new Port Salford development. At one time the closing of Salford’s ports
was considered detrimental to the city, but now the area opens itself up to
new innovations that fit with a modern and ever-evolving world. This new
Port Salford will be bigger and better than ever, set to become a bespoke
£138million inland multimodal distribution park with the unique selling point
of being the only one in the UK with the capacity to be served by rail, road
and sea. Earmarked as one of the biggest projects in Greater Manchester
5. 43www.globalpropertyscene.com |
in half a century, Port Salford will truly revolutionise the distribution
process throughout the region, becoming both more time- and
cost-effective as a result. Furthermore, along with the creation of Port
Salford National Import Centre, a 153,000sqm warehousing facility, this
scheme aims to boost the local economy through the creation of 10,000
jobs, as well as reducing road use, which ultimately will help to save
millions of tonnes of carbon every year.
Chapel Street Corridor
Another major regeneration plan is happening in Salford’s city centre:
the Chapel Street corridor, currently benefitting from a £10million facelift
to transform the area. For those unfamiliar with the Salfordian landscape,
Chapel Street is a central corridor connecting Salford with its
neighbouring city of Manchester, a vital link between the two
conurbations. Increased connectivity is the aim of Chapel Street’s
investment, in order to accommodate future growth and interconnectivity
between Salford and Manchester city centres. Already the public realm
around the Chapel Street area has been greatly improved, moving away
from the traffic-congested highway it once was into a distinctive and
picturesque city high street, making for a safer and calmer environment for
businesses and visitors alike. However, the regeneration is set to
continue, building on the pre-established foundations of interconnectivity
and creating an improved public space.
Such is the importance of Chapel Street that plans are also underway at
the Eastern tip of Chapel Street with a project all its own. Named
Greengate, this area is especially important to residents, as Greengate is
known locally as the site of the earliest settlement in Salford, so special
focus is placed on its restoration. This unique vision involves the
creation of a new corporate centre for Salford, including high-quality public
spaces, new homes, and offices. With a budget allocation of £13 million
for the first phase, Greengate’s bespoke public realm seeks to become a
collaborative joint venture so that public sector funding can run seamlessly
alongside private sector investment. Just Greengate’s mixed-use
commercial space alone is set to deliver around £400 million of private
sector investment and facilitate over 5,000 new jobs in the area.
Salford Central
In addition to the vast changes happening in the city, Salford is also
benefiting from a complete overhaul to Salford Central, set to become the
main of Salford’s two train stations. Interestingly, Salford’s transportation
infrastructure is second-to-none—within a three mile radius, the city hosts
two railway stations, a Metrolink line and 50 bus routes, making Salford
one of the most fitting and sustainable locations in the North West for large
scale regeneration.
MediaCityUK, Salford Quays
6. 44 | www.globalpropertyscene.com
One such regeneration is happening at Salford Central train station.
Based on a 15-year vision, Salford Central station’s revamp comes under
the umbrella of the £100 million Ordsall Chord investment by National
Rail. 2008 saw the train station complete its first phase of development,
opened to the public in February. Improvements included a new glass
concourse at road level, enhanced access via new ramps to the upper
concourse and lifts to platforms, as well as extensive refurbishment to
the upper concourse arches and ticket office. Although appearing to be
only marginal changes, structural improvements to Salford Central train
station have since improved efficiency and usability of the station, leading
to an increase in passengers in the seven years since its redevelopment.
However, the train station’s improvements are still ongoing, with the hope
of enhancing this key corridor from east to west by increasing its capacity,
its efficiency, and its ability to accommodate the expanding employment
potential in the future.
It seems that almost every area of Salford is benefiting from an influx of
investment in recent years. Transformations are continuing all over this
vast and diverse city to further improve its liveability for its ever-growing
population. Even public parks, river bridges, and public areas are set to be
overhauled, giving the city a complete rejuvenation. To put the sheer scale
of Salford’s investments into context, the ongoing regeneration in just the
city centre alone covers the equivalent of 21 football pitches.
However, it’s not just the city’s vast regeneration plans that are changing
Salford’s landscape. Its future looks bright thanks to both the devolution of
Greater Manchester and the ongoing development of the Atlantic Gateway
project. Both these schemes will have an untold impact on Salford’s future,
and will push the city further to fulfil its goal of becoming a global city.
Greater Manchester’s devolution was announced in November 2014 by
Chancellor George Osborne, confirming that the county is to get its own
directly-elected Mayor, and in turn will receive £1bn-worth of powers over
transport, housing, planning and policing. This means that the region’s
decisions will be made locally rather than by politicians in Whitehall,
meaning that the cities that make up Greater Manchester should enjoy
more control over where the public funding for the region is spent.
Furthermore, the devolution will see all ten of Greater Manchester’s
boroughs combined, creating a ‘powerhouse’ of interconnected strengths,
resources and opportunities, and will in turn make Greater Manchester the
largest non-capital city in Europe.
Since its announcement, Salfordians have generally welcomed the
devolution decision on the whole, with politicians and communities’ alike
keen to continue Salford’s vast growth and regeneration that the
devolution will provide. With the area still reaping the rewards that came
as a direct result of MediaCityUK’s success, it is almost a certainty that the
MediaCityUK, Salford Quays
7. 45www.globalpropertyscene.com |
Split into four remits of increasing growth, connectivity, infrastructure and
sustainability, Atlantic Gateway will focus its attention predominantly on
areas of potential in Salford, keen to capitalise on the city’s wealth of
underutilised facilities. This project has a number of key developments
in its arsenal, including the aforementioned MediaCityUK site and the
as-of-yet incomplete Port Salford. The unequivocal scale and success of
MediaCityUK alone serves to highlight the capacity of the wider Atlantic
Gateway project, as MediaCity is just one in a multitude of developments
happening as part of this scheme. Among the scheme’s 20 individual
developments within the umbrella of Atlantic Gateway, other notable
developments in the area include HS2 (a bespoke £32 billion high-speed
railway line connecting London, West Midlands, Manchester and Leeds)
and Airport City Manchester, a proposed £800 million expansion of
Manchester Airport.
With so many regeneration schemes underway in and around the city, as
well as countless more in the works, it is safe to say that Salford is thriving,
growing from strength to strength in recent years and beyond. Its future is
bright, and there is no end in sight for Salford’s incredible transformation—
this is just the beginning.
region will continue to expand, transform and develop the ever-expanding
City of Salford under a new devolved policymaking structure.
To further the notion of a more connected Greater Manchester becoming
a ‘Northern powerhouse’, the Atlantic Gateway project was announced to
improve the general connectivity between the North and the rest of the
country. Whilst devolution will allow for the inter-connectivity of the Greater
Manchester region, the Atlantic Gateway allows this new combined region
to have improved access to other areas of the country, ultimately bridging
the gap between the North and the South. For years, the UK’s economy
has been incredibly imbalanced in favour of its capital city of London, but
economists and politicians alike are keen to stabilise the economy by
redistributing wealth to other regional cities to make for a more fiscally
sustainable economy.
Of course, Greater Manchester plays a big part in this plan, with huge
national investment projects featuring their plans around key areas in and
around Salford. Perhaps the biggest and most influential for the region is
the aforementioned Atlantic Gateway project, with their proposed
redevelopment strategy for the North West of England centring on the
corridor between Greater Manchester and Merseyside. Atlantic Gateway
will be backed by £50 billion of investment over 50 years, making it one of
the most expensive and expansive development projects in UK history.
Imperial War Museum, Salford Quays
8. 56 | www.globalpropertyscene.com
Ukraine, Europe
Insurrection, revolution, rebellion, coup, armed civil conflict—however
it is described, fundamentally it all amounts to the same thing: war. This
pressing issue has an untold knock-on effect on all aspect of life,
adversely affecting a country fiscally, politically and culturally, and
continues to have a detrimental effect for many years to come.
Direct effects of conflict
Conflict has an insurmountable effect on both a country and its economy.
Whilst each war is distinctly different (with different triggers, different
political agendas and different strategies), the repercussions on the
nation are equally as different. However, several unequivocal factors
have proved to be greatly compromised by the outbreak of war.
First and foremost, the most direct effect of conflict is the rapid decline in
population that comes from the dissolution of a country’s stability. Huge
population losses in times of conflict come from two main fronts: the
fatalities that come as a result of direct combat or casualties of war, and
the mass migration caused by people either fleeing because their homes
have been destroyed or by those seeking asylum to escape the violence
engulfing their communities. To put the scale of migration in context,
the UN estimates that in Syria alone, which is just ONE of the world’s
troubled countries, over 1.2million people have been displaced—the
equivalent of the entire population of Birmingham, the UK’s
second-largest city. Translate this to a global scale and the magnitude is
unimaginable: civilian instability in conflicted countries mean that
hundreds of millions of people are forced to leave their homes, finding
refuge either in safer locations within their countries or, in more extreme
circumstances, are forced to flee to other countries, oftentimes never to
return.
Furthermore, the infrastructural impact of war is also vast and equally
detrimental—pivotal structures that underpin the foundations of a whole
nation, such as homes and businesses, are often damaged or destroyed
beyond repair during times of unrest. Even the homes that remain
standing during conflict don’t fare much better—experts say that the
value of fixed assets like housing falls by between 20-40% during times
of civil unrest. With the destruction of a country’s lifeblood comes even
more instability, as well as the impending issue (and growing cost)
related to rebuilding and repopulating the communities after the fighting
has ceased.
Additionally, countries in the throes of war almost come to a complete
standstill in terms of domestic output. Construction and export trading
declines, and businesses are often forced to stop trading due to safety
or diminished assets. When coupled together, all these seemingly small
factors have a crippling domino effect: destroyed businesses and
dwindling consumer spending leads to unemployment, which in turn
leads to a huge economic deficit from the lack of trade and jobs that
would generally fuel an economy in times of peace. It is predicted that
THE COST
OF
CONFLICT
Words : Hannah Wilde | View : Dezi
Just what are the real effects to both a
country and its economy?
10. 58 | www.globalpropertyscene.com
the Gross Domestic Product (GDP) of a country in conflict declines by
between 3.3—6.1% for each year a country engages in war.
A country’s political stability is also increasingly called into question in
times of conflict. The increasing fluctuations of power that come as a
result of political unease often lead to conflicting interests from different
political agendas, which means that attempting re-stability may cause
continual governmental friction, which could inevitably prolong the
conflict, and in some cases even escalate the already sensitive
situation. Adding to this precarious political situation is the almost
complete decline of the economy, as wars often lead to disastrous
monetary policy and regulations, not just regionally but on a global scale.
To put these interwoven macro-, micro-, and meso-economic effects of
war into perspective, two very different case studies are used to analyse
very real areas of ongoing conflict to see how a country’s social and
economic wellbeing is affected by the outbreak of war. The chosen
countries of focus are two well-known current conflicts: the
Middle-Eastern country of Syria, and the economic powerhouse that is
Europe’s Russia. Both of these countries, while in very different fiscal
situations, are fundamentally affected by war in the same ways, despite
being separated by nearly 5,500km and dictated by very different
circumstances.
Case study 1: Syria, Middle East
The Syrian conflict began in early 2011 when civil war broke out, fuelled
by protests against President Bashar al-Assad’s government. These
disagreements were met with governmental violence in response, so
the initial conflict soon escalated from popular protests to full-on armed
rebellions, coupled with months of military sieges. In just three years of
conflict, April 2014 saw the Syrian casualty figures far outreach 191,000,
many of whom were civilians. This mass population deficit averages out
to a huge 5,163 casualties during each of the country’s 37 months of
conflict up until April 2014. Of course, since then, the situation has
only worsened, with Syria now having overtaken Afghanistan as the
world’s least peaceful country. Additionally, despite Prime Minister Wael
al-Halqi’s desperate assurances that the Syrian economy is “strong and
balanced”, this could not be further from the truth. As a result of the
conflict, Syria’s economic wellbeing has been seriously compromised,
with a large portion of the country’s capital stock diminished, the
country’s productive capacity now almost non-existent, and the cost of
reconstructing the damaged infrastructure already estimated to be in the
hundreds of millions.
To put this into perspective, Syria’s macroeconomic indicators in the
decade before the uprising were relatively sound, recording a growth
rate that averaged 4.3% per year during the ten years to 2010.
Additionally, inflation was controlled at less than 5%, and structural
reforms were underway to liberalise the economy to make it more
market-oriented. However, in the period since the uprising, Syria’s fiscal
deficit has nearly doubled to 9%, there has been a 2.3% decline in GDP,
and inflation has jumped tenfold just a year after the conflict started.
Even more concerning is the behaviour of the Syrian exchange rate,
which in 2013 registered a new low of 220 Syrian Pounds to the
American Dollar, a massive 233% increase from the previous year.
The conflict has brought to the forefront a shocking revelation: Syria’s
economy has all but collapsed, reaping the effects of declining activity
and trade, witnessing inflation that is likely to spiral into hyperinflation
through governmental money-printing to fund the ongoing conflict, and
currency that is depreciating at breakneck speed.
When the Syrian altercation eventually ends, the effects of war will be all
too clear. The country will have an unrecognisable economy, a
severely depleted population—from both fatalities and displacement—
and a stagnant infrastructure, no matter who emerges victorious.
However, unlike neighbours Iraq and Libya (both of whom have had to
support a huge percentage of refugees fleeing the conflict across the
border), Syria does not have access to oil revenues to support
reconstruction, and instead will have to be almost entirely reliant upon
the international community to assist in a complete reconstruction of the
country’s infrastructure, creating new homes, roads, telecommunication
systems and factories. That said, even with international assistance, the
timescale for making changes of this magnitude are more likely
measured in decades than years, leaving the Syrian population to remain
in relative freefall until that time.
12. 60 | www.globalpropertyscene.com
Case study 2: Russia and Ukraine, Europe
Russian involvement in the Ukraine crisis has gained international press
in recent months because of its position as one of the world’s economic
powerhouses, boasting an economy of $2.1 trillion in 2014 alone. Russia’s
position in Europe has always provided relative security against conflict,
but the altercation involving another European country has increasingly
divided both European and global loyalties. The conflict started by force,
with Russia’s annexation of a Ukrainian region called Crimea, and Russia
still seeks to occupy yet more Ukrainian territory.
Although a relatively new war, with unrest between the two nations
coming to fruition in the latter end of 2013, the economic effects of this
conflict have been abundantly clear from the outset —for example, on the
first trading day after Russia began to occupy Crimea in February 2014,
the Russian stock market nosedived almost 11%, the sharpest decline in
five years. Also, echoing the Syrian conflict, Russia’s currency (the Ruble)
declined significantly, decreasing 1.4% to its lowest rate in five years. This
comes as a direct result of the unrest in the country and economists have
warned that if the situation continues to progress, the Russian economy
would take a hit in the order of 3% GDP, which would have a heavy toll
on both the Russian and European economies. More pressing is the
potential oil crisis that could emerge from Russia’s increased involvement
in Ukraine. Russia specialises in the exportation of resources like oil and
gas, of which the main benefactor of this production is wider Europe. In
exchange, Russia imports many goods and services from the rest of the
world, highlighting the country’s economy of interdependency.
However, ongoing conflict has already forced Europe and the wider
world to form allegiances with either invasive Russia or defensive
Ukraine. So far, both the US and the EU have imposed sanctions on
Russia for their interference in Ukraine, which has further jeopardised
the Russian economy—the West was forced to find an alternative (and
more expensive) oil and gas provider than its long-term Russian
supplier, while Russia has found itself forced to import a decreased
amount of goods and services from the rest of the world as a result.
This has already had a cataclysmic effect on oil prices for both
European traders and consumers, and historically rising oil prices have
led to slower economic growth, so this could have serious
repercussions on the wider global economy at large. It has to be said
that evidence has already been proved that continuing trouble in Russia
would make for a more volatile world, with fluctuations in currency and
stock markets, as well as a declining Russian economy.
So what happens when conflict is resolved?
When a conflict comes to an end, what is often left is a completely
depleted economy, a diminished population and infrastructure that has
13. 61www.globalpropertyscene.com |
Pristina, Kosovo
Millau Bridge, France
suffered hugely. From here, countries have to start almost from scratch
to return themselves to their pre-war state. Post-conflict reconstruction is
incredibly important to the country’s environment, with repair and
reconstruction of housing and the social and economic infrastructure
providing a good framework for establishing the country’s future
development and growth. In terms of property, times of conflict have a
detrimental effect on prices and demand as the market stagnates, but in
times of peace, the property market begins to prosper again. With peace
comes a resurgence of population and the steady increase in the tourism
industry as people begin to trust the country’s security once again, which
in turn increases housing demand as the country becomes more stable.
Whilst this may take a few years to implement, the stability of a country is
dependent on a growing housing market especially after conflict.
From a property investment standpoint, conflict can often completely
reinvent a country, both economically and structurally. To highlight the
positives that can come from post-war reconstruction, the country of
Lebanon (a small country bordering Syria and Israel in Western Asia) was
engaged in a civil war lasting fifteen years, from 1975 to 1990. In that time,
there was considerable infrastructural destruction, large-scale population
displacement, and an almost completely depleted economy. However,
when peace was declared and a stable government was appointed, the
country’s fiscal situation dramatically improved, and since this time, house
prices have surged as people’s confidence in the economy grew. Now,
the Lebanese housing market is flourishing. In recent years, the growing
unaffordability for potential homeowners has led to an influx of renters.
The effect is such that the Lebanon housing market is now reminiscent
of the market in the UK, especially with the rise of buy-to-let landlords
investing in property to meet demand. If the Lebanese market is
following the lead of such an advanced market as the UK, it is safe to say
that its economy is well on the way to recovery.
In conclusion, while ongoing conflict has a hugely detrimental effect on
the economy and infrastructure of a country, it has to be said that the
country’s reconstruction after conflict means that it can be built even
bigger and better than before. Post-war house prices are a good
indicator of the stability of a country, with stagnation indicating that
peace is not yet secure, yet growing house prices mean that confidence
is returning back to the economy. Despite the dire consequences of war,
all is not lost in the times after fighting ceases. There is a huge capacity
to improve growth in a country once ravaged by war, with the case of
Lebanon proving that even investors can see the potential of investing in
a rebuilding economy.
14. 82 | www.globalpropertyscene.com
SHOULD
I MOVE TO
NEW YORK?
Words : Hannah Wilde | View : ventdusud design
Moving to a different city can be hard, but moving to a whole new
continent 3,000 miles away from home is in a different league altogether.
Was it nerve-wracking? Of course. But was it worth it? Absolutely.
Yes, I lived in New York for a period of time, and it was one of the best
experiences of my life. I’d watched hundreds of films that feature New
York, so I thought I was relatively clued-up as to what to expect, but
nothing prepares you for the sheer scale of The Big Apple. It was truly
awe-inspiring.
Simply touching down in JFK Airport or getting off the train at Grand
Central Station is a tourist rite of passage in itself, and from there, the
experiences just keep on coming. Just walking down the streets, hearing
the cacophony of sounds and the bustle of people makes you feel alive.
The drawl of the New York accent, the sight of the NYPD cops patrolling
the streets, the neon signs illuminating Times Square, the mouth-watering
smells of street vendors selling food from all over the world, the endless
tourist attractions that are inescapable, the endless amount of Starbucks
coffee shops on almost every corner. All these elements seek to
constantly remind you that you are in New York, so unapologetic in its
vastness and capitalism, yet so secure in its status as one of the greatest
cities in the world.
What’s strange about New York is that, aside from the tell-tale yellow
taxicabs and the novelty Liberty statue memorabilia pouring out of
hundreds of novelty gift stores, at street level it seems like a relatively
normal, if incredibly impressive, city. However, when you look up and see
the skyscrapers looming above you, it’s only then that you realise that you
are, in fact, in The Big Apple. And that feeling is indescribable.
Sure, as a tourist it’s incredible to see all the sights and do all the
experiences that are described as a ‘must-do’ in all the guidebooks, like
climbing the Empire State or going over to visit Lady Liberty on a boat
heading to Ellis Island, but living there allows you to do so much more than
that. For me, living in the City allowed me to be given the true Manhattan
experience by seasoned New Yorkers who knew everything about this
glorious and majestic city, instead of being caught in the traditional tourist
traps. They showed me places I didn’t even know existed, like an
incredibly luxurious and elite speakeasy hidden behind an old London
telephone box in a run-down kebab shop off the beaten track, a secret
place that only a select few people know. Or instead of being caught in a
tangle of tourists climbing up the Empire State, I enjoyed a cocktail or two
in an incredibly exclusive rooftop bar that overlooked the iconic building,
enjoying similar, if not better, breath-taking views of the infamous city
sprawled out below.
It’s moments like those that made me so glad I had the opportunity to
live in New York. However, no Manhattan experience is complete without
16. 84 | www.globalpropertyscene.com
some touristy adventures—a yellow taxi ride, a folded up New York pizza
slice eaten on-the-go, and of course a long amble through Central Park, a
rural retreat in the heart of the metropolis. Central Park is reminiscent of the
city that surrounds it, with each section owning its own unique identity—
Strawberry Fields, an incredible tribute to the late John Lennon, the iconic
Bethesda Terrace and Fountain that has featured in so many films, Bow
Bridge, the most photographed and filmed location in the whole Park, and
the boathouse, an amazingly idyllic place to enjoy a picnic by the
waterside, along with many more attractions besides.
There are almost a limitless amount of things to enjoy in Manhattan, from
visiting the truly humbling Ground Zero and window-shopping in the iconic
Tiffany’s jewellery store on Fifth Avenue, to the giant floor keyboard in
FAO Schwartz toy-store (made famous in Tom Hanks’ 1988 film Big) and
shopping in iconic destinations like Macy’s, Bloomingdales and Saks. But
incredibly, all these attractions are situated in one single borough of
Manhattan, known locally as simply ‘The City’.
However, there are in fact an infinite amount of other experiences to enjoy
in any one of the other four New York boroughs— Brooklyn, Queens, The
Bronx and Staten Island, each more different than the last. Brooklyn is
not quite as notorious as its Manhattan neighbour, but nonetheless this
borough is iconic in its own right thanks to its independent bohemian feel,
a favourite haunt for artists and musicians alike. Of course, the jewel in
Brooklyn’s crown is the iconic Brooklyn Bridge, as famous and as much
a part of the New York skyline as any Manhattan skyscraper. Queens is
known for being home to two of New York’s three airports, John F Kennedy
(oft abbreviated to JFK) and La Guardia, as well as being a creative hub
thanks to its abundance of museums and galleries. Interestingly, although
lesser-known than the aforementioned boroughs, Queens is in fact the
largest New York City borough, accounting for 35% of NYC’s total land
area. The Bronx is New York’s more urban neighbourhood, famed for
being the home of hip-hop and hosting New York City’s leading zoo and
botanical garden. Finally, Staten Island is one of the most interesting and
culturally diverse of the boroughs, boasting two of New York’s most visited
tourist attractions: Ellis Island, now an immigration museum only reachable
by boat, and of course the glorious Statue of Liberty. The distinct
personalities of all five boroughs that make up New York serves to
highlight how diverse this city truly is, and the fact that there is something
to appeal to every taste, budget and inclination.
One of the biggest things that connect these geographically linked but
inherently independent boroughs is the almost universal support of
America’s past-times—baseball. Of course, New York is synonymous for its
baseballing prowess as home to one of the most popular baseball teams
in Major League Baseball –The Bronx-based New York Yankees. However,
like English Football has its local rivalry teams like Manchester United and
Manchester City, or Liverpool and Everton, so New York Yankees also have
a neighbouring rival, the lesser-known New York Mets, based in Queens. A
Brit through and through, I ventured to Queens to attend a New York Mets
game without much enthusiasm, but in such an enormous stadium as the
Citi Field, a 45,000-capacity ballpark, I couldn’t help but get thoroughly
engrossed in the game. Before long I was cheering the Mets on with
surprising gusto, like a true American. However, my baseball experience
was truly complete when I, complete with a pretzel in one hand and a
luminous blue foam finger in the other, was featured on the JumboTron,
the giant screen beaming around the stadium. Well, to paraphrase the old
idiom, when in Queens…!
These were just a snapshot of my experiences when living in New York
and, whilst everyone is different, I truly believe that this city has some-
thing for everyone to enjoy. Whether you live in New York for 5 days or 5
months, 5 years or even 50, I still don’t think it would be enough time to
experience all that this magnificent city has to offer. So should you move to
New York? Absolutely!