Skip to main content

Luxury homes sales soared globally in 2013– Report



Luxury homes sales volumes in key international property hotspots surged in 2013, while median sales prices remained relatively constant, according to a new report by Christie’s International Real Estate and Strutt & Parker.

According to Propertywire.com, the report focuses on three markets which are experiencing exceptional growth London, Miami and New York, and shows that the number of luxury properties sold, that is those priced over $1m, increased dramatically, surpassing 2012 levels.

Overall median sales prices leveled out, despite asking prices for some properties reaching historic highs and buyers were a combination of local residents, overseas investors and a growing number of young millionaires.

It points out that the increased demand from wealthy potential buyers looking to invest in real estate is fuelling this renewed housing boom. Overseas buyers had a significant presence in all three luxury markets.

In London, Strutt & Parker reported that 40 per cent of buyers were from overseas, mostly from Europe, Asia, Africa, the Middle East and Russia. In Miami, 35 per cent of luxury homes were purchased by South Americans, English, Russians and Canadians, while Chinese and Russian buyers represented 15 per cent of the New York market.

Wealthy younger buyers in their 20s and early 30s, known as Generation Y or millennials, are also having a surprising impact on high end property across the globe, with the recent surge in the tech sector promoting the wealth of a disproportionally large number of these buyers looking to invest.

Of the three markets examined, London achieved the highest average price per square foot, which rose to $2,053 in 2013, compared with $1,023 in New York and $612 in Miami.

The report concludes that London, Miami and New York are all business and lifestyle destinations which offer exactly what luxury buyers are looking for in terms of economic stability, accessibility and cultural attractions.
Labels:

Comments

Post a Comment

Popular posts from this blog

Tip #2: Be Dependable and Available

Being a dependable person is extremely beneficial to being a successful property manager. It’s important to respond to phone calls and e-mails in a timely manner. If you are managing numerous properties you will be very busy, but being available when owners and/or tenants need to speak with you is essential. This builds trust within your business relationship and makes your client feel confident that they can rely on you. You certainly have a life outside of work. There is no need to give out your personal cell phone number. As long as they have your e-mail address and you try to keep yourself available as much as possible during regular business hours, that is enough. Time management and organization are also a huge part of being dependable. Don’t spread yourself too thin. Make sure you schedule meetings accordingly in order to meet your clients’ needs. Lastly, a great quality to possess is people skills. You will be working with numerous peop...
Post a Comment
Read more

Lagos To Deliver 472 Units Ilubirin Housing Scheme Next Year

...Project Designed To Become Iconic Reference Point In Lagos Island The Lagos State Government on Tuesday said that the ongoing construction of the Ilubirin Housing Scheme would be completed before the end of the year while it would go on sale to members of the public from the first quarter of 2019. The Government, in a statement signed by the Commissioner for Housing, Mr. Gbolahan Lawal, said the development of the scheme, would be built in seven phases starting with the completion of the existing structure which is already underway, while other plashes of the project would be completed over a period of three years terminating in 2022. The Ilubirin Housing Scheme, initiated under the Lagos Home Ownership and Mortgage Scheme (LAGOSHOMS) in 2014 and conceived as a purely residential scheme, was redesigned to accommodate a live, work and play area in the scheme. Lawal said the State Government due to the massive housing projects ongoing across the State...
Post a Comment
Read more

SURVEY OF PRICES OF PROPERTIES ON THE ISLAND

Sales price Rental per annum Lekki Phase 1  3 Bedroom flat N45m – N50m N2.5m – N3m 4 Bedroom wing of duplex  N70m – N80m   N3m – N4m Agungi 4 Bedroom detached house N45m – N50m N2.5m 3 Bedroom flat N40m      N1.5m – N1.8m Chevy view 4 Bedroom terrace house N42m N2.5m 3 Bedroom flats  N35m        N1.6m Crown Estate 4 Bedroom detached house  N30m – N40m  N1.5m – N2m Thomas Estate, Ajah 3 Bedroom flat N25m   N750k – N800k Abraham Adesanya 3 Bedroom bungalow  N12m – N14m N700k – N1m 2 Bedroom bungalow N11m – N12m  ...
2 comments
Read more