FRACTIONAL PROPERTY TO ‘OUTSELL FREEHOLD WITHIN FIVE YEARS’

Fractional property will take over from freehold sales in Europe within five years, according to industry specialists, as poor economic conditions leave its legacy on the world’s mid-range buyer market. Fractional ownership was already growing in prominence with global buyers before the downturn, according to data from Mintel and the world’s two biggest fractional consultancies, the Ragatz Association and Northcourse Ltd, which revealed that in 2007 the fractional ownership industry was worth US$1.98bn, (20% up on 2006) excluding destination clubs which registered a further $2bn in sales.   In 2008, the market is predicted to be worth $1.2bn alone in … Continue reading FRACTIONAL PROPERTY TO ‘OUTSELL FREEHOLD WITHIN FIVE YEARS’

OVER 12M RUSSIAN TOURISTS HEAD ABROAD IN 2008

Some 12,164,000 Russian tourists have travelled or booked to head abroad this year, with China (2.58m), Turkey (1.91m), Egypt (1.73m) and Finland (1.23m) the most visited destinations, according to the country’s largest insurance body Rosgosstrakh, which insures over 80% of all properties in Russia. Compiled by the Rosgosstrakh Centre of Strategic Studies, using Ministry of Tourism data, its own client information and various surveys, it released the figures last week providing a breakdown of the most popular overseas destinations visited by Russians in order of numbers visited and its forecast for growth over the next two years. Singapore, which only … Continue reading OVER 12M RUSSIAN TOURISTS HEAD ABROAD IN 2008