Despite the recent economic downturn, the overseas luxury
property market is growing, according to two companies in the high-end sector.
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According to the analysis carried out by Luxuryestate.com,
one of the biggest online sources of the high-end properties that list 50,000
homes in 50 countries, the interest in luxury properties has increased by an
average of 2% during the last year.
From the individuals of countries like Italy and Greece,
where the economic situation is extremely instable, peaks of 10% more sales
enquires for high-end residences have been recorded.
Engel & Volkers, the 35-year-veteran high-end real
estate agent, in its latest-press release has said that they have experienced
their best-ever quarter year profit.
The Luxury Estate has identified the trends in demand of
luxury properties through analysis of buyer activity on over 25,000 listings,
spread across more than 30 countries, with UK leading the chart of countries
with the largest demand from individuals.
Greece, Russia and Italy, which all have a massive number of
high-net-worth individuals as residents, have emerged as countries with largest
increases in demand after witnessing increase of 8%, 6%, and 5% respectively.
The data about most high-end residences for sale is quite
interesting as in the economically stable countries; the number of luxury
villas, castles and mansions has remained constant on the market or even
dwindled.
In contrast, the less economically stable countries like
France and Spain, have witnessed a whopping increase in luxury properties on
the market during the last 12 months.
For more information on the global property market, head
to MIPIM 2014 at the Palais des Festivals, Cannes.
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