Business tycoon Charles Worthington is looking to sell an eight-bedroom villa in Mykonos, in what would be the biggest deal of its kind on the Greek island.
The 6,475-square-metre estate – situated on an island filled with luxury homes owned by the likes of US billionaire Todd Boehly – will go on sale next week for €50 million ($53.8 million) through Beauchamp Estates.
The ultimate owner of the property is Mr Worthington, who built a fortune in celebrity hairdressing and sold his namesake beauty company to consumer goods company PZ Cussons for about £37 million ($47.4 million) in 2004.
“Mykonos has a different market to mainland Greece, attracting very wealthy buyers, and this villa has something unique that you can’t find elsewhere on the island,” said Roi Deldimou, an estate agent at Beauchamp Estates’ Mykonos branch.
“You get the views, but nobody can get a view of you.”
The planned sale comes 10 years after Mr Worthington bought the property, which has a swimming pool overlooking the sea.
The price Mr Worthington achieves for the villa will provide an insight into the strength of Europe’s super prime housing market, which is adapting to higher interest rates and a clampdown on cash-for-passport programmes.
“I still expect to sell to an international buyer, because the island attracts a huge amount of attention from wealthy fashionistas around the world,” he said.
Europe’s housing markets have been thrown into turmoil since the end of the cheap-money era. Interest rate increases by central banks pushed up mortgage prices just as a cost-of-living squeeze hit consumers.
But in Greece, a surge in interest from overseas buyers using the nation’s “golden visa” scheme – which offers residency in return for foreign investment – has added fuel to Greece’s real estate market, which is also benefiting from strong domestic demand.
The EU has long pressured governments to terminate golden visa schemes on the grounds that they’re anti-democratic and can serve as a means for dirty money to enter the region, prompting some countries, such as Ireland and Portugal, to ditch their programmes.
Applicants for Greece’s scheme rose almost 300 per cent to a total of 1,262 in the first two months of 2023, compared with 316 requests registered during the same period last year, according real estate data company Recognyte.
Almost two thirds of those applications came from China, a nation with a reputation for indulging in European real estate.
The surge in applications is mostly down to Greece doubling its investment threshold to €500,000 in certain areas of the country – including Mykonos – from next month.
The shake-up to the programme is designed to stop Greek citizens from being priced out of the housing market as overseas demand surges, but could scare some buyers away.
Despite the changes, “it’s one of the lowest golden visa investment thresholds in Europe", Ms Deldimou said. “Super prime buyers do not really care. It’s not a problem for them.”
This villa has something unique that you can’t find elsewhere on the island ... you get the views, but nobody can get a view of you
Roi Deldimou,
agent at Beauchamp Estates
Europe’s most expensive homes are typically snapped up by buyers who are less reliant on debt. About 17 per cent of ultra-high-net-worth individuals bought at least one home last year, according to a report from broker Knight Frank.
What’s more, the report ranks Greece as the fifth most diverse international prime property market, above the likes of Germany and Portugal, suggesting a wide pool of buyers could be interested in buying the Mykonos home.
Residential property is seen as the safest asset class for rich investors, the research shows, ranking above gold and bonds, respectively.
“We’re looking into buying another a plot of land in Mykonos and starting on a new project,” said Mr Worthington, who also owns properties in Colorado and London.
“I certainly expect to achieve the asking price, and will be waiting for the right offer.”
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
2.0
Director: S Shankar
Producer: Lyca Productions; presented by Dharma Films
Cast: Rajnikanth, Akshay Kumar, Amy Jackson, Sudhanshu Pandey
Rating: 3.5/5 stars
Know your cyber adversaries
Cryptojacking: Compromises a device or network to mine cryptocurrencies without an organisation's knowledge.
Distributed denial-of-service: Floods systems, servers or networks with information, effectively blocking them.
Man-in-the-middle attack: Intercepts two-way communication to obtain information, spy on participants or alter the outcome.
Malware: Installs itself in a network when a user clicks on a compromised link or email attachment.
Phishing: Aims to secure personal information, such as passwords and credit card numbers.
Ransomware: Encrypts user data, denying access and demands a payment to decrypt it.
Spyware: Collects information without the user's knowledge, which is then passed on to bad actors.
Trojans: Create a backdoor into systems, which becomes a point of entry for an attack.
Viruses: Infect applications in a system and replicate themselves as they go, just like their biological counterparts.
Worms: Send copies of themselves to other users or contacts. They don't attack the system, but they overload it.
Zero-day exploit: Exploits a vulnerability in software before a fix is found.
Salah in numbers
€39 million: Liverpool agreed a fee, including add-ons, in the region of €39m (nearly Dh176m) to sign Salah from Roma last year. The exchange rate at the time meant that cost the Reds £34.3m - a bargain given his performances since.
13: The 25-year-old player was not a complete stranger to the Premier League when he arrived at Liverpool this summer. However, during his previous stint at Chelsea, he made just 13 Premier League appearances, seven of which were off the bench, and scored only twice.
57: It was in the 57th minute of his Liverpool bow when Salah opened his account for the Reds in the 3-3 draw with Watford back in August. The Egyptian prodded the ball over the line from close range after latching onto Roberto Firmino's attempted lob.
7: Salah's best scoring streak of the season occurred between an FA Cup tie against West Brom on January 27 and a Premier League win over Newcastle on March 3. He scored for seven games running in all competitions and struck twice against Tottenham.
3: This season Salah became the first player in Premier League history to win the player of the month award three times during a term. He was voted as the division's best player in November, February and March.
40: Salah joined Roger Hunt and Ian Rush as the only players in Liverpool's history to have scored 40 times in a single season when he headed home against Bournemouth at Anfield earlier this month.
30: The goal against Bournemouth ensured the Egyptian achieved another milestone in becoming the first African player to score 30 times across one Premier League campaign.
8: As well as his fine form in England, Salah has also scored eight times in the tournament phase of this season's Champions League. Only Real Madrid's Cristiano Ronaldo, with 15 to his credit, has found the net more often in the group stages and knockout rounds of Europe's premier club competition.
Credits
Produced by: Colour Yellow Productions and Eros Now
Director: Mudassar Aziz
Cast: Sonakshi Sinha, Jimmy Sheirgill, Jassi Gill, Piyush Mishra, Diana Penty, Aparshakti Khurrana
Star rating: 2.5/5
Monster
Directed by: Anthony Mandler
Starring: Kelvin Harrison Jr., John David Washington
3/5
World Cup warm-up fixtures
Friday, May 24:
- Pakistan v Afghanistan (Bristol)
- Sri Lanka v South Africa (Cardiff)
Saturday, May 25
- England v Australia (Southampton)
- India v New Zealand (The Oval, London)
Sunday, May 26
- South Africa v West Indies (Bristol)
- Pakistan v Bangladesh (Cardiff)
Monday, May 27
- Australia v Sri Lanka (Southampton)
- England v Afghanistan (The Oval, London)
Tuesday, May 28
- West Indies v New Zealand (Bristol)
- Bangladesh v India (Cardiff)
UAE central contracts
Full time contracts
Rohan Mustafa, Ahmed Raza, Mohammed Usman, Chirag Suri, Mohammed Boota, Sultan Ahmed, Zahoor Khan, Junaid Siddique, Waheed Ahmed, Zawar Farid
Part time contracts
Aryan Lakra, Ansh Tandon, Karthik Meiyappan, Rahul Bhatia, Alishan Sharafu, CP Rizwaan, Basil Hameed, Matiullah, Fahad Nawaz, Sanchit Sharma
South and West: From a Notebook
Joan Didion
Fourth Estate
The Outsider
Stephen King, Penguin
Jetour T1 specs
Engine: 2-litre turbocharged
Power: 254hp
Torque: 390Nm
Price: From Dh126,000
Available: Now
MORE ON TURKEY'S SYRIA OFFENCE
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3EDate%20started%3A%3C%2Fstrong%3E%202020%3Cbr%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Khaldoon%20Bushnaq%20and%20Tariq%20Seksek%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Abu%20Dhabi%20Global%20Market%3Cbr%3E%3Cstrong%3ESector%3A%3C%2Fstrong%3E%20HealthTech%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%20100%3Cbr%3E%3Cstrong%3EFunding%20to%20date%3A%3C%2Fstrong%3E%20%2415%20million%3C%2Fp%3E%0A
How to apply for a drone permit
- Individuals must register on UAE Drone app or website using their UAE Pass
- Add all their personal details, including name, nationality, passport number, Emiratis ID, email and phone number
- Upload the training certificate from a centre accredited by the GCAA
- Submit their request
What are the regulations?
- Fly it within visual line of sight
- Never over populated areas
- Ensure maximum flying height of 400 feet (122 metres) above ground level is not crossed
- Users must avoid flying over restricted areas listed on the UAE Drone app
- Only fly the drone during the day, and never at night
- Should have a live feed of the drone flight
- Drones must weigh 5 kg or less
