With all the talk of the global economic slowdown, one section of the overseas property market continues to show great resiliency in the face of negative market pressures. That sector is the luxury property sector.
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With all the talk of the global economic slowdown, one section of the overseas property market continues to show great resiliency in the face of negative market pressures. That sector is the luxury property sector.
European luxury property deals with a number of well-known, traditional locations throughout the continent where it costs between €1 million and €125 million to purchase mansions and homes and at least €750,000 for exclusive apartments.
Among the most popular areas for the wealthy to purchase are the Greater Zurich Area and Geneva in Switzerland, the Côte d’Azur/Provence area in France, the Balearics and the Marbella area in Spain and Toscany and Umbria area in Italy. Purchasers in these areas can easily encounter the high standards and infrastructure to which they are accustomed while also encountering other people of like minds and means.
The purchases of luxury properties are often unaffected by the present financial crisis and its accompanying tightening of credit. Quite often, those who purchase luxury estates do so without the need of external financing or mortgages. This means that purchases can be made quickly and even on impulse and at times, the luxury property market can be fuelled more by emotion than sound market decisions. No matter what the motivation, luxury home sales have been the only bright spot in many property markets.
Exactly where the rich are choosing to invest is often subject to changes in fashion. For example, the south of France has been extremely popular as a destination for the very rich but lately, areas like Zurich and Marbella have gained in popularity of late due to their lower crime rates, better airline connections and the ability to make new business contacts while at the second home.
Russians still top the list as buyers of luxury properties. They are attracted to the relative safety of property investment, especially when compared to stock markets or in some cases, even banks. Even more significantly, their overseas investments are increasingly being made outside Europe at places like Obelisk’s Laguna Beach development in north east Brazil.
James Gonzalez, Market Analyst at Obelisk, states, “The number of European investors who have shown interest in Laguna has been remarkable, not only for the numbers but also for the variety. The traditional UK and Irish buyers are also being joined by Russians, French and Germans. It is an encouraging market development.”
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