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Nobody in Helen Hansford’s family understands why she’d accept a job at Westbury Park, not least as an art therapist. But Dr Gil Rudden, one of the mental-health facility’s senior psychiatrists, understands completely. The two are initially attracted by a mutually progressive attitude towards mental health and to the patients in their respective care. It’s 1964, and homosexuality, for example, is still considered an illness to be treated. As Gil points out, “most so-called mental disorders are just behaviour that society doesn’t approve of.”

Within weeks their fledgling relationship has become all-consuming. Although, married as Gil is with two children, “he could hardly be more unavailable.” Their connection deepens when they’re called out to a dilapidated home where an elderly woman, Louisa, lives in squalor with her adult nephew William. The latter either cannot or will not speak, and he doesn’t appear to have left their Croydon house in two decades. Louisa and William Tapper are Westbury Park’s newest patients, and to Helen’s delight, it emerges that William possesses a rare artistic talent.

Shy Creatures establishes a laser-like focus on extraordinary lives set against the suburban postwar setting, just as she did in her novel Small Pleasures. That 2020 novel was a “personal resurrection story” for Chambers, some of whose previous books were out of print when it was published to wide acclaim. Now, her latest and 10th novel is published to real demand.

Chambers’ dialogue is particularly strong, as is the precise study of human interactions in all their subtlety and shades. Her world-building speaks to extensive research but displays a light touch, imbuing the atmosphere of the story and its inhabitants with the smoke of Woodbines, the soot of coal scuttles and bomb shelters not long out of commission. The Tappers’ house reveals “a long, dark hallway with bulging wallpaper the colour of raw liver”, while public attitudes are laid bare in all their double standards: Helen hears with a “jolt” the “venom” directed at Christine Keeler, the “vitriol her parents reserved for women who took up with married men”. Woven throughout is the risk of the facility’s closure, as the mid-20th-century drift towards de-institutionalisation begins with patients soon to be “turf[ed] back out” in a “revolving-door effect”.

We follow Helen as she attempts to unravel the mystery of the silent patient. Interspersed among her chapters are those of William himself. “It’s difficult to get an accurate picture of their life together,” Gil observes of the man and his aunt. “Was he a prisoner or a recluse? Was she?” This picture develops gradually via snapshots of formative experiences, moments of fear and ostracisation, past friendships, school days. The central mystery hinges on William’s past and the origin of his impressive creative skill. His drawings are born from quiet contemplation and observation — in much the same way as he, at Westbury Park, is now observed. Structurally, however, while the first two-thirds linger compellingly on vignette-like scenes, taking their time, the final chapters feel rushed and too busy with revelation.

William’s past, as it unfolds, enables Helen to react against the corset-like confines of a society that turns inward all too often and shuts its doors, one where the threat of “busybodies” and “interference” are a constant fear, and “nervous collapse” the ultimate shame. Through subplots involving her niece, Lorraine, and a lonely downstairs neighbour — “of whom she knew so little, and the other inhabitants of the flats, strangers all” — she observes the “curious bond” needed to create true community and, ultimately, a sense of the bonds she herself must break or make to find her own.

Shy Creatures by Clare Chambers Weidenfeld & Nicolson £20, 390 pages

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Luxury real estate has an undeniable appeal, whether it is for the prestige, the lifestyle, or the investment potential. For example, real estate in Limassol offers stunning waterfront properties with breathtaking views and proximity to vibrant city life, making it an attractive option for those looking to combine luxury living with a solid investment.

But before you dive headfirst into this high-end market, there are some important factors to consider. Yes, luxury real estate can offer significant financial rewards, but it’s not without its challenges. Let’s break it down with a touch of practicality.

What Makes a Property “Luxury”?

Essentially, it refers to properties at the top end of the market in terms of price, features, and location. True luxury homes often include a prime location (think beachfront or city centre), top-quality finishes, and unique design elements.

The word “exclusive” is key—whether it’s a gated community, a secluded mansion, or a penthouse in a highly sought-after building, luxury real estate is meant to offer something rare and coveted.

The Financial Benefits of Investing in Luxury Real Estate

Capital Appreciation

Luxury properties often hold their value well—especially in prime locations with limited availability. Over time, these homes can appreciate significantly, making them an attractive long-term investment. This is particularly true in markets with high demand and little room for expansion.

Rental Income Potential

A major draw of luxury real estate is the potential for rental income. High-net-worth renters often seek premium properties for short or long-term stays—vacation homes, corporate rentals, or even long-term residences. For instance, if you own a villa in a vacation hotspot like Cyprus or Ibiza, you can charge top dollar for weekly rentals during peak season.

Tax Benefits

In some places, you may be able to deduct mortgage interest, property taxes, and even certain maintenance costs. Additionally, if you rent out your property, you might qualify for further tax breaks related to rental expenses and depreciation.

Lifestyle Benefits of Owning Luxury Real Estate

Luxury real estate isn’t just about making smart financial decisions—there’s a lifestyle element to it, too. You’re not just buying a house; you’re buying into a certain way of living.

Prestige and Social Status

Owning a luxury property is often seen as a marker of success. It’s a status symbol that reflects personal achievement and financial stability. Beyond that, living in a high-end home in a prestigious neighbourhood often comes with certain social advantages, whether it’s networking opportunities, invitations to exclusive events, or simply the sense of pride that comes from knowing you’ve “made it.”

Top-Notch Amenities

Luxury properties are synonymous with luxury amenities. We’re talking infinity pools, private gyms, gourmet kitchens, smart home systems, movie theatres, and sometimes even wine cellars or indoor basketball courts. These homes are designed for people who appreciate the finer things in life and want access to every convenience without ever leaving the house.

Customization and Uniqueness

One of the most satisfying aspects of owning luxury real estate is the level of customization available. Many luxury properties are built or renovated to suit the owner’s specific tastes, meaning you get to live in a home that’s truly your own. Whether you want an outdoor kitchen for entertaining, a sprawling garden, or cutting-edge design, a luxury home allows you to create the perfect space tailored to your lifestyle.

Risks of Investing in Luxury Real Estate

Of course, no investment is without its risks, and luxury real estate is no exception. While the rewards can be substantial, it’s important to go into the process with your eyes wide open.

Market Volatility

Unlike the mid-tier market, which tends to move more gradually, high-end real estate can be significantly affected by economic shifts, political changes, and even global events. During a recession or housing market crash, luxury properties can take longer to sell, and buyers may have to accept lower-than-expected offers.

High Maintenance Costs

Large gardens, pools, and specialized systems like smart home technology or custom lighting require constant upkeep, and you’ll likely need to hire professionals to maintain everything. Also, insurance premiums on luxury homes are typically higher, especially if the home has unique or high-risk features (like waterfront access or a large collection of rare art).

Illiquidity

Luxury real estate isn’t the most liquid asset. It can take months, or even years, to sell a high-end property, especially in a slow market. This means that if you need to access your capital quickly, selling a property might not be the best option.

Credit: Anthony DELANOIX on Unsplash

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How to Approach Investing in Luxury Real Estate

If you’re seriously considering investing in high-end real estate, here are some practical tips to help guide your decision:

• Understand the market: Before making any investment, spend time learning about the specific market you’re interested in. Is it a buyer’s market or a seller’s market? Are property values on the rise or in decline? You’ll want to have a clear picture of the current market trends.
• Location is everything: A high-end property in a desirable neighbourhood will always hold more value than a comparable property in a less popular area.
• Think long-term: Real estate is generally a long-term investment. Don’t expect to flip a property for quick cash unless you’re extremely lucky or have a keen understanding of market timing.

Wrapping It All Up

Investing in luxury real estate offers a blend of financial rewards and lifestyle benefits that can be highly attractive, but it’s important to weigh the risks carefully. The potential for capital appreciation and rental income is significant, but so are the maintenance costs and market volatility.

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Abu Dhabi’s national oil company has agreed a €14.7bn deal to buy German chemicals group Covestro in one of the largest European takeovers this year.

Adnoc, which has been pursuing Covestro since last year, has offered €62 per share for the German company. It will also inject €1.17bn of new money into the chemicals group.

Adnoc chief executive Sultan Ahmed Al Jaber said: “As a global leader and industrial pioneer in chemicals, Covestro brings unmatched expertise in high-tech speciality chemicals and materials, using advanced technologies including AI.”

The two sides have been in talks since Adnoc made an initial informal offer in September 2023.

Covestro initially rejected offers of below €60 a share and then debated whether its sustainability drive would be undermined by ownership by Adnoc. 

Markus Steilemann, chief executive of Covestro, said: “With Adnoc International’s support, we will have an even stronger foundation for sustainable growth in highly attractive sectors and can make an even greater contribution to the green transformation.”

Adnoc said it had asked the Covestro management team to stay on after the completion of the deal. It also said it would support “the commitments made to Covestro’s employees and has undertaken to uphold existing works council, collective bargaining, and similar agreements”.

eToro has partnered with investment management firm ARK Invest to launch a new technology and innovation-focused portfolio, ARK-FutureFirst, on its platform.

The Smart Portfolio allows eToro users to invest in pioneering companies across sectors such as technology, healthcare and sustainability, aiming for high growth while tackling global challenges.

The ARK-FutureFirst portfolio is equally allocated across seven of ARK Invest’s UCITS exchange-traded funds (ETFs), which support companies with growth potential in three key areas.

These include: disruptive innovation, such as AI, robotics and blockchains; healthcare innovation, focusing on personalised medicine and gene editing; and sustainability innovation, which encompasses renewable energy, energy efficiency and the transition to a circular economy.

Cathie Wood, founder and CEO of Ark Invest, said: “We are thrilled to partner with eToro to launch a new model portfolio centered around three key areas that we believe are poised for transformative growth.

“As more investors around the world are gaining access to ETFs via the growth of digital platforms, we are excited that this partnership will enable us to introduce some of our best ideas and original strategies at ARK Invest Europe to eToro’s 38 million retail investors.”

James Thomas, head of European Sales at ARK Invest, added: “Over the last few months, we’ve been actively working with partners to develop a number of model portfolio solutions tailored to European investors and their desire for access to both innovation and sustainability/impact themes respectively, which reflect each of our two business pillars at ARK Invest Europe under the ‘ARK Invest’ and ‘Rize ETF’ branded sub-suites respectively.

“We look forward to developing further partnerships with industry leaders, like eToro, who are dedicated to bringing future-focused investment solutions to their customers.”

Gil Shapira, chief investment officer at eToro, said: “We’re excited to partner with ARK Invest to bring this new portfolio to retail investors around the world. The ARK team has built a prestigious reputation for its original research and portfolio management expertise.

“With the ARK-FutureFirst portfolio, eToro users can seek growth through truly long-term, cross-sector trends that are predicted to not just shift markets but the world for decades to come.”

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Mulberry has rejected a conditional bid from Mike Ashley’s Frasers Group, saying the offer does not recognise the UK luxury brand’s “substantial future potential value”.

Frasers, which owns about 36.8 per cent of the shares, offered 130p a share, a premium of 11 per cent to the closing price on Friday, valuing the struggling brand at £83mn. 

Mulberry, renowned for its leather handbags, said on Tuesday that the board and its long-term majority shareholder, the Singapore-based Ong family that holds a 56 per cent stake, believed it could turn itself round after appointing new chief executive Andrea Baldo in July.

It is also in the process of raising almost £11mn from existing shareholders to shore up its balance sheet, with the aim of creating a solid platform for recovery that would be better for shareholders.

“In light of this, the board has concluded that the possible offer does not recognise the company’s substantial future potential value,” the group said.

It said Challice, controlled by billionaire Ong Beng Seng and his wife Christina, was “supportive of the company’s strategy and has no interest in supporting the possible offer”.

Frasers’ possible bid for the shares it does not own would need the Ong’s blessing. On Monday, Frasers claimed it was blindsided by Mulberry’s rights offer, announced after the market closed on Friday, and said it believed Frasers was “the best steward” to return the leather goods maker to profitability.

Mulberry announced on Friday an annual pre-tax loss of £34mn, from a £13mn profit the previous year, on a 4 per cent drop in revenue to £153mn.

The Aim-listed company said it “looks forward to engaging further with Frasers regarding a pro rata participation in the subscription” after the retail conglomerate, which also has a stake in Hugo Boss and owns upmarket department store chain Flannels, said it would have been willing to fund the cash raise on potentially better terms.

Frasers added on Monday that as an existing shareholder it would “not accept another Debenhams situation where a perfectly viable business is run into administration” after Mulberry noted a “material uncertainty related to going concern” in its annual report.

Debenhams went into administration in 2020 having rejected a last-ditch rescue plan by Frasers, which was then called Sports Direct and a shareholder, as part of an acrimonious battle with Debenhams’ board for control of the business.

Frasers has until October 28 to either make a formal offer or walk away. In 2020 it bought a stake in Mulberry, which is a significant supplier to House of Fraser, the department store group also owned by Frasers following its collapse in 2018.