The total was significantly greater than the average £25m of sales over the previous five years.
Economic Development Minister Lyndon Farnham said that he wanted to increase next year’s budget for Locate Jersey – the office promoting inward investment and immigration of wealthy people – to just over £1 million, up from £885,000 this year.
- ? Villa Mont Gras dEau, St Brelade (pictured): Five-bedrooms, fivebathrooms and indoor swimming pool. Overlooks St Brelades Bay. Asking price £12.5 million ?
- Grey Gables, St Brelade: Eight bedrooms, four reception rooms, swimming pool, tennis court and about 7.5 acres of land. Asking price £11 million ?
- Country house in St Saviour: Five bedrooms, five bathrooms and five reception rooms. Indoor swimming pool, gym and tennis court. The house, which dates back to 18th Century, sits in 16½ acres of land. Price on application[/breakout]
And the minister told the JEP he believes that the rise in the number of wealthy immigrants moving to Jersey was due to the work undertaken in the past few years at ‘targeting the right audience’ such as financial intermediaries in the City and other places.
Addressing the Jersey Chamber of Commerce, Senator Farnham said: ‘Inward investment, in the form of business or high-net-worth individuals is a key income and employment generator.
‘But if we are to raise productivity and economic growth, we need to do even more.’
Senator Farnham told Chamber members that this had resulted in the creation of more than 380 jobs, with 82 per cent filled by locally-qualified residents.
In addition, 20 licences were last year issued to wealthy immigrants, 14 of whom have now moved to the Island permanently.
‘Remember, each high-net-worth individual who relocates to the Island pays a minimum of £125,000 in tax, and the 14 who relocated bought property of a total value of £90m and by doing so paid £4m in stamp duty,’ Senator Farnham said.
The minister also chose to use the Chamber lunch speech on Thursday to announce a new Jersey Export Initiative bringing together the Locate Jersey and Jersey Business teams to encourage outward as well as inward investment.
‘Jersey is an export-led economy, but we must up the game and raise competitiveness, and drive increased levels of export activity.
‘To do this businesses may need help and support to get ‘export ready’, to allow them to access markets through trade shows and other events.’
Senator Farnham said the new initiative would be deployed before the end of the year.
Asked by the JEP why there had been an increase in wealthy people moving to the Island, he said: ‘Over the last few years we have realised that we have got to get out there and shout about Jersey and are targeting the right audience – a lot of financial intermediaries in the City and other places.
‘From the high-net-worth people I’ve been speaking to, a common thread is the quality of life in Jersey.
‘A lot of people come from towns and cities and hectic, stressful environments.
‘We all take it for granted and we love to get off the Rock, because we are here all the time.
‘Of course, bolstering that is our world-class legal system and financial services expertise.’
The minister also said that the budget at Economic Development had been cut to just over £17m, with the States having gone through ‘an arduous process’ to shave off costs.
Nevertheless, he said he was determined to make sure that key areas were properly funded.
‘I do not see economic development as a cost,’ he added. ‘I see it as an investment, to drive additional income.’
IT is the best time in a decade for first-time buyers to get onto the property ladder, two of the Island’s most senior estate agents have said.
John Quemard, the joint president of the Jersey Estate Agents’ Association said last month that young buyers were finding it easier because of a combination of increased range in the one-bedroom flat market, falling prices and low interest rates.
His comments followed the release of the quarterly house price index, which showed that the price of one- and two-bedroom flats in the first three months of 2015 had fallen from the average across the whole of last year.
The statistics showed that one-bedroom flats dropped by £10,000 compared to the previous calendar year, while two-bedroom flats dropped by £6,000 from the same period.
And in comparison to the last quarter of 2014, one-bedroom flats were down by £16,000, whereas two-bedroom flats decreased by £6,000.
Meanwhile, the average price of one-, two- and three-bedroom houses were essentially unchanged compared to the last quarter of 2014. Mr Quemard said: ‘It’s great for first-time buyers, in as much as there’s a lot more choice – we are seeing more one-bedroom flats in the £140,000–£200,000 range, but there are also some for £240,000.
‘Because of the extra choice, people now are having the option to save tens of thousands on what they would have spent previously, and that makes a big difference.’
