Author: Buy2Greece

As airlines try to persuade passengers to pay for Internet access at cruising altitudes, more airports and hotels are offering it free on the ground.

Countless studies have shown that wifi has become as important a consideration for hotel guests in recent years as access to a pool or complimentary breakfast.

According to a survey by iPass, nearly three-quarters of respondents said they have chosen a hotel property based on its wifi capability, with one in five claiming they make purchase decisions this way for every hotel stay.

Interestingly, an airline’s ability to provide wifi on-board is also an important consideration.

Half of the busiest airports in the United States now have free Wi-Fi, including Denver, Las Vegas, San Francisco, Phoenix and Houston. Dallas/Fort Worth plans to join that list in September, teaming with AT&T in a service that will give travelers 40 minutes of free Wi-Fi in exchange for viewing a 30-second advertisement.

Some 35% said they would now choose a carrier based on such functionality being made available to passengers.

Ryanair, Europe’s favourite airline, today (21 Nov) launched ‘Cyber Week’, its biggest ever promotion, offering 8 days of fantastic sales on the Ryanair.com website and Ryanair app.

Kicking off today with a huge New Year sale, Ryanair has put 250,000 seats on sale from £9.99 on over 400 routes, for travel in January and February, which must be booked by midnighttonight (24:00hrs Monday).

Customers should keep an eye on Ryanair.com and Ryanair’s Facebook and Twitter pages for the hottest Cyber Week offers – where the lowest fares in Europe are about to get even lower.

Ryanair’s Robin Kiely said:

“The temperatures have dropped and now our fares are getting even lower as we kick off ‘Cyber Week’, our biggest-ever week of sales. We have 8 days of amazing deals on the Ryanair.com website and app, offering the best airfare deals in Europe.

We’re launching Cyber Week today with 250,000 seats on sale from £9.99 on over 400 routes, for travel in January and February, which are only available until midnight tonight. Customers should log on to Ryanair.com to bag a bargain today – and watch out for some massive savings every day this week.”

 

http://mpires.ru/

There are tentative signs that the property market in Cyprus is recovering with prices and sales rising and a return of interest from overseas buyers.

The latest quarterly index from the Royal Institution of Chartered Surveyors (RICS) shows price increases in almost all cities and particularly in Larnaca while the latest monthly data from the Land Department shows sales up 37% year on year.

The RICS data shows that prices for both houses and flats increase by 0.3% and 0.2% respectively in the second quarter of 2016 with the biggest increase for apartment in Larnaca with growth of 1.1% and houses in Paphos also up 1.1% for houses.

RICS has included prices for holiday homes for the first time and shows that values for apartments increased by 2.7% while prices for houses were up by 1.1%.

Year on year prices are also up. Compared to the second quarter of 2015 prices for apartments are up by 0.5% and for houses they have increased by 1.1%.

The lettings sector is also showing signs of recovery. Across Cyprus, on a quarterly basis rental values increased by 0.4% for apartments and 0.5% for houses while year on year they increased by 4.9% for both apartments and houses.

Throughout the country the residential market has bottomed out, the index report suggests and explained regions where the market dropped the most such as Paphos, Famagusta and Larnaca are showing some signs of price stability.

It also says that the outlook is positive as during the second quarter of 2016 the Cyprus economy showed some signs of stability, with the economy’s performance being better than expected and tourism mildly outperforming forecasts.

The October monthly report from the Department of Land and Surveys shows that year on year sales increased by 37% and this follows a rise of 44% in September, 50% growth in August and 26% growth in July, suggesting a positive upward trend.

Sales grew in all districts in October month on month led by Limassol with sales up 63%, followed closely by Famagusta up 62%, Larnaca up 28%, Nicosia up 25% and Paphos up 8%.

In the first 10 months of 2016 property sales have risen 32% to reach compared to the same period in 2015, led by Limassol with growth of 44%, followed by Famagusta up 33%, Larnaca up 29%, Nicosia up 26% and Paphos up 24%.

The official data also suggests that overseas buyers are returning to the Cyprus market. In October there were 45% more properties sold to international buyers but it should be noted that numbers are small, 161 compared to 111 in October 2015.

A breakdown of the figures show that sales to overseas buyers increase by 150% in Nicosia, by 100% in Famagusta, by 74% in Limassol, by 23% in Paphos and by 7% in Larnaca.

source: http://www.propertywire.com/

Royal Caribbean International’s Oasis-class ships, Oasis of the Seas, Allure of the Seas and the new Harmony of the Seas, struck a chord, greeting each other at sea for the first and possibly only time. In a meeting of unprecedented proportions, the three record-breaking sisters came together to celebrate the U.S. arrival of Harmony of the Seas on the eve of the ship’s debut in her new permanent homeport of Port Everglades in Fort Lauderdale, Fla.

The Oasis-class ships are architectural and engineering marvels, boasting industry-changing and unexpected onboard experiences. Each ship features seven themed neighborhoods – a distinctive feature of the Oasis-class ships – and a number of spectacular features, adventures and thrills, including the lush and tranquil Central Park with nearly 12,000 plants and trees, FlowRider surf simulators; a thrilling zip line 82 foot long that races guests nine-decks in the air, luxurious multi-level loft suites with expansive floor-to-ceiling windows, the outdoor AquaTheater that hosts dazzling high-diving, aquatic and acrobatic performances, a Boardwalk with a hand-carved carousel, and The Rising Tide Bar, the first moving bar at sea.

The newest and youngest of the three ships, Harmony of the Seas, officially claimed the title of world’s largest cruise ship, beating her sisters by a mere foot in length and nearly 1,700 gross registered tons. The ship features a bold lineup of new thrilling experiences, imaginative dining, unparalleled entertainment and the latest technology, including VOOM, the fastest internet at sea. Harmony combines the iconic seven neighborhood concept with some of the most modern and groundbreaking amenities and offerings that will appeal to guests of all ages. From The Ultimate Abyss, a dramatic 10-story tall slide, to unparalleled entertainment including Broadway’s hit musical Grease, sophisticated dining in venues ranging from Jamie’s Italian Cuisine by celebrity chef Jamie Oliver to Royal Caribbean’s whimsical restaurant Wonderland, which is a unique culinary adventure for the senses, and robot bartenders, there is an adventure for everyone onboard Harmony of the Seas.

China’s economy is going through a downturn, as many of the foreign travel brands’ failures such as Uber or Airbnb probably couldn’t execute strategies that fit the Chinese market. And according to reports, this weaker Chinese economy negatively impacted the travel demand in China.

However, other reports showed that the Chinese travel industry had a good result and the projected growth for 2017 is also supposed to be better than average.

More than 589 million Chinese travellers took domestic and international trips during this year’s Golden Week in China, according to Ctrip. Taking place from October 1 to 7, this reported a huge influx of inbound tourists. With this humongous tourist movement, it is about 12 percent year-over-year increase in the number of Chinese travellers that travelled around China or abroad compared with last year’s Golden Week and double from 2014. The Chinese government created Golden Week in 2000 to grow domestic and international tourism, the latter being pushed especially hard with this year’s China-U.S. National Year of Tourism.

Chinese domestic and foreign trips see the highest of its tourism business during the Golden Week and are one of the world’s single largest annual movements of people.

China is the world’s largest outbound travel market and one of the largest for domestic tourism. The data don’t imply it’s been a banner year for all travel brands in China, particularly U.S. and other western brands like Airbnb and Carnival Corp., but it does discredit any assertions that China’s economy has put a major damper on its travel industry.

With more than 130 million outbound travellers in 2016, it’s a huge growth from 70 million in 2010. While Golden Week is only a snapshot of the total number of Chinese travellers that took trips so far this year, year-to-date revenues from travel brands in China are also significantly above last year.

Growth in mobile bookings has been fuelling many of these travel bookings as most Golden Week travel purchases were made on mobile devices. “Nearly two-thirds of digital travel bookings on Ctrip’s network were made on a mobile device, with desktops and laptops making up the other third,” said eMarketer’s analysis of the data.

Information Courtesy : Skift

Technology is advancing at a faster pace than ever before, and this is changing both the expectations of patrons as well as the way in which the hospitality industry conducts its business. Some of the trends in industry are leading to great improvements and savings for hospitality industry companies; while some are changing how hotel developers plan their buildings, infrastructure, management structure and staffing requirements.

According to the most recent American Hotel and Lodging Association Lodging Survey, hotels are investing in technology. The survey of some 8,000 hotels, conducted by STR, showed hotels are making technology a priority.

Nowadays, hotel guests who travel with devices such as phones, tablets and computers no longer see Wi-Fi as a perk, but as a must-have when they check in at a hotel.

Hotel guests expect to be able to connect to the internet seamlessly and without too many interruptions, leading hotels to invest in better, faster Wi-Fi infrastructure so that people can do business and use their technology devices with ease when they book their stay.

Additionally, a recent report from the Global Business Travel Association also noted business travelers would book a room directly with a hotel in order to receive free Wi-Fi or high-speed Internet access.

The same J.D. Power rankings also showed that hotels need to better balance their investments in technology with human interactions and to continue paying attention to social media.

PPW chairman Simon Baker has announced Innovation as the theme of the 2017 Asia conference in Bangkok.

The conference will take place from the 7-10 March,  the topic particularly pertinent, given that it underpins all facets of the property portal industry.

“The global online real estate industry is undergoing rapid growth.  This growth is on all dimensions – from visitation, to engagement, to revenue growth and profitability,” said PPW chairman Simon Baker.

“For established markets, this growth is being fuelled by product and user experience innovation but still tied to the traditional advertising model.  In emerging and early stage markets, this growth is also being driven by innovation in the go to market model, more specifically movement to the far more lucrative transaction stream.

“The Bangkok Conference will explore all aspects of innovation from product and user experience innovation through to changing business models.”

The path towards Brexit will dictate what happens in the UK housing market over the next few years but it is expected to remain reasonably strong and active, according to a new analysis.

There may be some turbulence along the way with article 50 to be enacted by march 2017 and the country set to leave in 2019, but the latest forecast from real estate firm JLL says that there will still be moderate growth with the residential market picking up again from 2020 onwards.

‘Demand will be undermined in the short term by uncertainty and a more subdued economy while supply issues will exacerbate, lending support to prices. The perennial issue for the housing industry remains supply and we are pleased that there seems to be fresh impetus in this regard,’ it says.

‘The big question, however, is whether policy initiatives target short term supply improvements, or look beyond the immediate horizon to create lasting, long term solutions,’ it adds.

JLL forecasts growth of 0.5% across the UK in 2017 and 1% in 2018 followed by 2% in 2019, then 4% in 2020 and 5% in 2021 but there is regional variations. Scotland is expected to be flat in 2017 then see 1% growth in 2018, 2% in 2019, 3% in 2020 and 4.5% in 2021. Wales is expected to do less well but catch up by 2020 with a forecast of prices falling by 1% in 2017, up 0.5% in 2018, up by 1% in 2019, by 3% in 2020 and then 4% in 2021.

Greater London is predicted to do well with growth of 1% in 2017, some 2% in 2018, then 3% in 2019, 5% in 2020 and 7% in 2021 but the prime central London market will not see as much growth with the JLL prediction showing prices likely to be flat in 2017 then 1% in 2018, 3% in 2019, 5.5% in 2020 then a slight reduction to 5% in 2021.

According to Neil Chegwidden, head of JLL residential research the real key to the outlook for the property market is the widespread positive attitude adopted within the UK. ‘Much will depend on the trade agreements negotiated, but with greater certainty the economic outlook should brighten along with consumer and business confidence as we head into 2019,’ he said.

‘We expect the UK housing market to be more subdued over the next two to three years. However, it will remain reasonably active with little chance of meaningful price corrections. Assuming Brexit negotiations are not too detrimental, we could see a rebound in London housing markets in 2020, before the rest of the country follows,’ he explained.

One concern on the horizon is that house builder activity could pull back from current rates of construction. ‘Although levels of new housing delivery were still woefully low prior to the referendum at least the direction of travel was positive and encouraging. This will now fall back again. We are predicting England starts to drop to 134,000 units next year,’ Chegwidden explained.

‘In London, we expect the house building slowdown to be more marked. Not only is London’s economy more vulnerable to Brexit but the housing market is also more reliant on investors, both domestic and international, and is hence more susceptible to buyer confidence,’ he pointed out.

But he also explained that the short term London supply prognosis implies that prices should bounce back when confidence returns. ‘The work stream of new supply should then pick up, albeit slowly. While central and local government policies will be pro-development, we question whether they will really be able to outweigh the more cautious approach adopted by house builders in response to weaker market forces. Most worryingly, both the UK’s and London’s housing shortages will be even more acute by this point,’ he added.

The report also points out that the forthcoming five year UK economic outlook is particularly uncertain and much depends on the nature and detail of the EU exit. JLL’s base economic forecast assumes a hard Brexit with access to the single market sacrificed in favour of immigration controls.

‘Despite this, the economic prognosis is not too detrimental for the UK. There is clearly downside risk to this quite benign outlook, if trade agreements and financial sector passporting rights are not favourable. However, this base assumption also implies that there is significant upside potential too, so the economy could prove more robust next year and could also expand faster thereafter,’ it concludes.

340 million – that’s the forecasted China’s greying demographic aged 60 and above by 2030.¹

That’s an increase of 175 million from the current count of 165 million Chinese retirees¹ – a figure that not only exceeds the current population of the US2, but also makes them an emerging force in global property markets that will amount to one of the world’s largest consumer base.

More importantly, this massive market of China’s silver generation has equally substantial funds at their disposal.

Older Chinese are sitting on a hefty share of the $2.4 trillion in savings³ planted in China’s banks⁴, having lived through China’s boom years, benefited from rising incomes, and capitalised on China’s fast-growing property markets.

Already, their wealth is already impacting global property markets, albeit indirectly. Chinese insurers, custodians of billions of RMB in retirees’ pension and insurance plans, are steadily channelling their cash piles into global property markets, investing $3.1 billion in overseas real estate in H1 2016⁵, and with a further $73 billion expected to follow by 2019.⁶

 

China’s silver generation more globally savvy and discerning

Aside from insurers, individual retirees – or those planning for future retirement – are now becoming much more active in global property markets, in part because their horizons are broadening.

The waves of outbound tourists from China, which numbered 120 million in 2015 and is projected to hit 139.2 million this year, are becoming more globally savvy as they get to know more countries around the world, and older generations are well and truly part of this outbound trend.

The China Outbound Tourism Institute estimates tourists aged 60+ accounted for 5 million trips in 2015⁷ and China Britain Business Council estimating a US$34 billion potential spend from this age group.⁸

In fact, another recent Citi report revealed that outbound tourism by Chinese elderly have skyrocketed as much 217% last year alone.⁹

Increased awareness of overseas opportunities gives retirees more options to build an overseas lifestyle as well.

57% of Chinese high net worth individuals (HNWIs) prefer to retire in a home of their own, in preference to care homes.¹⁰

This is because times are changing, and no longer are China’s rich and wealthy completely adhering to the Confucian ethic of filial piety, whereby Chinese children take care of their elderly parents when they are unable to care for themselves.

Instead, Chinese HNWIs are now in pursuit of independence after retirement, an option that came about due to a growing awareness of the pressures placed upon their children – most who are a single child born under the one-child policy – as well as a desire to not burden them, if possible.¹¹

And for this silver generation, ‘independence after retirement’ translates into living away from their children as they search for relaxed and enriching lifestyles that come hand-in-hand with plenty of travelling around.

 

Healthcare a top focus for China’s elderly

That said, with China’s dubious environmental quality, many Chinese retirees are on the lookout for an overseas property with access to both top quality medical care and attractive living environments while jet-setting around the world.

In fact, Chinese spent $10 billion on medical tourism in 2015 alone, of which Chinese retirees are an important part of this market – and it’s this growing market that is helping to spur property investment in destinations famed for medical treatments, such as in the US.

50% of China’s HNWIs cited healthcare as their primary concern and main topic of interest for 2016.¹⁰

Asides from lifestyle concerns, Chinese retirees are also generational investors who also want to ensure that they are providing for the next generation.

According to research from Bain & Company, Chinese high net worth individuals factored inheritance, children’s education, and life quality as three of their top five wealth objectives.¹²

With this in mind, an overseas property in a suitable location not only offers a Chinese retiree a unique opportunity to meet their lifestyle aspirations, but also provides both a springboard for their children and grandchildren to enjoy overseas educational opportunities, as well as securing a high-value asset which they can pass on to the next generation.

 

Connectivity, easier visas, and better pension access broadening retirees’ horizons

Even as Chinese mentality is changing, so is the world to make it easier than ever for Chinese retirees to seek an overseas retirement.

Today, China has become more closely connected with the world, driving what Boeing expects will be a 3x increase in total passengers travelling between China and the US alone by 2021.¹³

This factor, together with expanding international transport links from China’s lower-tier capitals, will open up many more opportunities for travel, and make it more feasible for retirees to split time between bases at home and overseas.

Countries all over the world are opening their doors to Chinese investors too. Recent moves by Singapore, Australia, the UK, and the US to increase multiple entry visa validity for up to 10 years – plus the raft of ‘golden visa’ residency programs offered by locations such as Portugal, Spain and Greece – all mean that Chinese retirees are now spoilt for choice when it comes to choosing overseas retirement locations.

Interestingly, China’s government is making it easier than ever before for retired Chinese residents living overseas to claim their pensions as well.¹⁴ Previously, a convoluted claim procedure meant that many overseas-based Chinese retirees gave up seeking their pensions. However, this policy change now recognises their overseas status, thus giving them greater confidence in supporting themselves overseas.

 

A greying economy but a golden opportunity

Powerful demographic trends, an increasingly outward looking customer base, and improving links between China and the outside world are aligning to create a high-potential market of Chinese retirees looking abroad for property.

Furthermore, Chinese retirees have money to spend – China’s state-run Research Centre on Ageing forecasts total expenditure by Chinese retirees to reach RMB1 trillion by 2050.¹⁵

So agents, it’s time you tailor your offerings to suit China’s older generation. Here are three ways how:

• Educate them: An overseas investment is a huge step, particularly a Chinese investor with little knowledge of property sales procedures in new countries. So, be sure to manage expectations by including a step-by-step breakdown of a sales process as part of your product pitch, outlining fees and levies clients will expect to pay as part of the process, and explaining terms associated with a property, e.g. freehold, tenancy.
• Put yourself in their shoes: While they may be commonplace in the UK, US, Canada or Australia, most Chinese – particularly the older generation – haven’t grown up with gardens, garages or pools. So do some research to find out what features may appeal to them, and make sure you put features like this front and center in your pitches to add more allure to your properties.
• Highlight local facilities: Health and education are a huge concern for China’s silver generation, so be sure to offer details of medical, wellness, and educational institutions in the local area. Chinese investors are looking to tick as many boxes as possible with their property purchases, so pack your pitches with as much relevant information as possible.

Chances are, strategies like these can win you interest, trust, and completed deals from China’s retirement-minded property investors, so good luck with your promotions, and here’s to a golden return from China’s greying economy.

 

 

Sources: 1. Brookings Institute: China’s one-child policy at 30; 2. US News: US population in 2015; 3. Naked Capitalism: The puzzle of China’s rising household saving rate; 4. Wikipedia: List of countries by GDP; 5. Fortune: Why Chinese investment in overseas real estate has more than doubled; 6. SCMP: The Chinese are coming: Insurers expected to pour US$73b into overseas properties; 7. COTRI: Elderly Chinese, a market segment of increasing importance; 8. China-Britain Business Council: China’s silver consumers; 9. Citi Report on SCMP: Goodbye tour buses and loud hailers: Chinese tourists now choosing the more personal approach; 10. Hurun Report: Retirement Planning & Healthcare of Chinese HNWIs 2016; 11. Jing Daily: China’s rich opt for luxury nursing homes over filial obligations for aging parents; 12. Bain & Company/China Merchants Bank: China Private Wealth Report; 13. Boeing: Current Market Outlook: 2015-2034; 14. China Daily: Simplified process helps Chinese retirees in US get pensions from overseas; 15. SCMP: Navigating through China’s grey economy