Careful What You Wish For

Sardinia may seem an unlikely starting-point for a piece on this blog, but bear with me. The island of Sardinia, which is not named by the way after sardines (they were named after it), lies some 260 or so miles to the east of Mallorca. It is quite a bit bigger than Mallorca, but it has some similarities - a Catalan dialect (and an obscure language of its own); it was once under Aragonese dominance; it witnessed a major battle against the Moorish Turks; it is an autonomous region; and it is also a tourism centre and a place for the rich to flaunt themselves, their money and their properties. Maybe you can start to see where I'm coming from.

Some days ago there was en editorial in "The Bulletin" which spoke about the property market in Mallorca. It enthused that the luxury end of the market is holding strong. And this at a time when the market for the ordinary man and woman is floating adrift. Good for the luxury market. The fact that individuals are willing to part with seven figure sums or more was evidence that the island was in grand shape despite other problems. Loadsamoney, fine investment prospects, blah-blah; it was similar to the notion that Freddy Shepherd's one-time interest in Real Mallorca was in some way indicative of wider British confidence to invest in the island. Pass me those straws and let me clutch them; but not for long, they're going in the bin with the rest of the rubbish.

Be careful what you wish for. That wealthy people may wish to line the pockets of estate agents, existing landowners and some professionals is evidence of no more than a desire to purchase a luxury pile. It is not, by some vague implication, the creation of some form of Thatcherite distribution of wealth through entrepreneurialism for the good of all. Some builders, some gardeners, some pool-maintenance firms and a scattering of menials may also benefit but that's it. If I can come back to yesterday's piece, are the wealthy purchasers like to be integrating with Mallorcan society? They take but what do they give back? Are they going to establish high-tech new businesses with high employment opportunities? No they are not. At least Paul Davidson, the likely new owner of Real Mallorca, seems to have the right attitudes. And let us certainly not decry the benevolence and humility of some of the wealthy. I once bumped into the German rock star Peter Maffay as he was getting off his push bike to unlock the gates to the Trencadora in Pollensa; his foundation is lauded for its good works and one only hears good things of the man.

Be careful what you wish for. And who are these wealthy people? Perhaps some warning bells should have been ringing when Matthias Kühn of Kühn & Partner, purveyors of property to the filthy rich, spoke about the opportunities afforded by the new wave of the industrial-scale-minted foreign buyer. Russians, in a word. And Heaven forbid that there is some high-rent, high-security gated villa on the go or perhaps Mark Thatcher will pitch up, giving the luckies the possibility of diversifying into a bit of bounty-hunting in the form of kidnapping on behalf of some God-forsaken African basket case of a nation. Mallorca has a long reputation as a millionaire's playground. There are plenty of wealthy Mallorcans. And now there's this new wave.

Be careful what you wish for. A while back a local politician expressed a concern that the current economic difficulties could lead to increased crime. It was over-blown scare-mongering perhaps, but civil disobedience ...? Which brings me back to Sardinia. What's happening there? "Arrogant ostentation of the super-rich." "These people think they rule the world." Hugely expensive properties, Russian oligarchs and celebrity Italians such as Flavio Briatore who recently was greeted as his motorised dinghies were making shore with cries of "louts, go home" and a barrage of wet sand.

Economic difficulties can create strong reactions. The mega rich are not necessarily the solution to these difficulties; in fact far from it. The Sardinians have had enough of those who show off their wealth. Be careful what you wish for Mallorca.

* The quotes and some Sardinian references are from an article by Alexander Chancellor in "The Guardian" - http://www.guardian.co.uk/commentisfree/2008/aug/15/italy.globaleconomy.


QUIZ
Yesterday's title - Paul McCartney and Stevie Wonder (http://www.youtube.com/watch?v=sssqBjaTzOU). Today's title - album by a Scottish band.

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