Sales of luxury homes in three international property hotspots surged during 2013 while median prices remained relatively constant, according to a new report published by Christie’s International Real Estate and Strutt & Parker.
In London, Miami and New York, the three cities in the report, there was a dramatic increase in the number of properties sold priced at more than US$1 million. Despite this median sales prices remained mostly static in all three cities, the report found.
A total of 40 percent of buyers in the London luxury market were from overseas, mostly from Europe, Asia, Africa, the Middle East and Russia, the report found. In Miami, 35 percent of luxury homes were purchased by South Americans, English, Russians and Canadians, while Chinese and Russian buyers accounted for some 15 percent of the New York market.
Of the three markets in the report, London saw the highest average price per square foot, which rose to US$2,053 in 2013 – compared to US$1,023 in New York and US$612 in Miami.
“London, Miami and New York have one big thing in common, they’ve got the cool factor,” said Lulu Egerton, partner at Strutt & Parker’s Chelsea office and sole U.K. affiliate of Christie’s International Real Estate.
“Established business people and younger entrepreneurs from around the world are increasingly looking to invest their money in luxury property, and they are naturally drawn to exciting, buzzing destinations. International high-end buyers like to live where they can find the world’s best entertainment, restaurants and shopping on their doorstep,” she added.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
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