Corporate Overview

Company Profile

Medsea Estates S.L. was established by Tony Gatehouse in December 1998, initially to service the marketplace for the increasing number of UK and Irish nationals looking to acquire residential properties in Spain. Since then the Group has expanded rapidly and includes a substantial operation in Calabria, southern Italy, together with the ability to offer properties in Turkey, Portugal, Cyprus and Bulgaria.

The core activity of the Group continues to be to act as an intermediary between developers and property agents in the UK and Ireland for the sale of residential properties. Commissions are generated on each sale, receivable from the developer or promoter, out of which commissions are then payable by Medsea to the property agents.

Medsea Estates Group PLC, now the holding company for all Medsea companies, was admitted to trade on AIM during August 2004.

Since being listed, the Group has established a number of strategic partnerships with companies such as Saga, Bella Calabria, Headlands International, Barca & Boom Real Estate, H2O Homes Overseas, NHS Trust and Property Services Company.

Medsea was the first company in its sector to be awarded the ISO9001:2000 Certificate of Quality Management, granted by the AENOR (Associacion Espanola de Normalizacion y Certificacion).

The Group has also introduced an innovation called EasyBuy which eliminates the need for British people buying property off-plan in Spain to pay their first stage payment (usually between 30% and 50%) within 30 days. This can now be deferred for seven months.

The Mediterranean Property Market

It has been estimated that between 700,000 and 800,000 people from the UK have bought homes in Spain, the most popular destination for Britons.

The demand for property in the Mediterranean is forecast to grow substantially over the next few years as increasing numbers of Northern Europeans retire to warmer climates.

According to an Alliance & Leicester International report, by the year 2020, one in five older people of UK origin will be living outside the UK, the vast majority of these in Spain, but significant numbers in Italy, Turkey, Portugal, Bulgaria and Cyprus. The report estimates that it will create a global market for goods and services worth in excess of £100 billion. Countries will offer tax breaks to entice retirees and attract their spending power. The report also focused on the growing trend for younger people to work abroad, including Spain.

Medsea Estates Group has positioned itself to take full advantage of these trends.

The Italian Opportunity

Medsea sold their first development properties in Calabria early in 2006. Since then activity has grown rapidly. With the prospect of greatly improved infrastructure and international transport links, it is anticipated that this market shall remain buoyant.