all passengers by 2017, an increase from 28.2%
in 2012. North America will account for 24%
by 2017, down two percentage points from
2012. Europe will be about 23%, down one
percentage point.
However, the United States will remain the
largest single market for domestic passenger
flights, accounting for 677.8 million domestic
travellers by 2017. With the expected addition
of 28.2 million international travellers, the
U.S. should also be the largest international
passenger market in 2017.
Global prime residential
recovery moving out
of cities to popular
holiday destinations
Buyers in search of residential properties are
likely to turn to areas outside of the major cities
of the world in the next five years.
Cities were foremost on the radar screens
of prime residential property buyers in the
past five years but now, quieter spots in the
Mediterranean, the Alps, South Africa and the
Caribbean appear to be the new hot spots.
A report from international real estate advisor
Savills says things started to turn around in 2013,
with a renewed desire for leisure properties. The
climb back will be felt unevenly and the rise will
not be meteoric, with the peak years of the early
2000s not reached again until 2019.
Some residential retreats will however see
price growth of up to 10% this year, with
the recovery led by places like the Balearics,
Tuscany and the Caribbean where quality is
high and supply low. International property
buyers are now seeking alternatives to the
higher priced cities.
Recovery is being driven by three primary
factors: the hunt for alternative markets with
lower prices, attractive interest rates and the
aggressive approach taken by countries such as
Portugal, Cyprus and Antigua to attract buyers
through the provision of “golden visas”.
That perennial favourite, the French Riviera,
remains an exclusive and desirable spot for
second homes, with the market picking up
speed after being hit hard. The market there is
being aided by a limited supply and historically
low interest rates. Valbonne and Mougins are
seeing renewed interest from British buyers
as well as from Russia and the Middle East.
In nearby Provence, buyers from the United
Kingdom are leading the return in interest.
Bordeaux vineyards are seen as good business
investments by the Chinese and there are signs
of interest from that quarter for hotels.
Portugal’s golden visa program has piqued
the interest of the Chinese who account for
78% of the 318 visas that were issued in 2013.
In the Quinta do Lago area, British buyers held
sway. Smaller townhouses and apartments are
selling well.
Spain’s Ibiza has enjoyed a return to pre-peak
levels for the best villas while in Mallorca,
prices are not r