Singapore-based buyers are the leading overseas buyers of luxury residential property in Dublin. Ireland, and are ranked second in the French capital, Paris.
These facts are revealed by Knight Frank in its European Cities Review research report, which also notes that Singapore buyers are the third overseas nationality buying luxury property in London.
Six years on from the start of the global financial crisis, the report aims to take the pulse of 14 diverse city markets by examining price performance, demand drivers, levels of supply, and future trends.
Dublin (pictured) and Madrid were highlighted as the leading recovery markets in 2013, while Paris is increasingly viewed as “good value” when compared with other Tier-1 cities in Europe.
Foreign property buyers account for the largest component of demand in Monaco and Venice, while
Munich is predicted to see the largest increase in its population of wealthy individuals over the next decade.
Nicholas Holt, Head of Research for Asia Pacific at Knight Frank, said: “The critical question is whether prevailing wealth flows will alter now that the worst of the Eurozone crisis is over.
“As economic indicators improve, the safe haven effect may not be uppermost in luxury buyers’ minds. Instead, lifestyle, proximity to schools or universities and security considerations may be increasingly influential.
“Although wealth creation is forecast to be strongest in emerging markets in Asia and Latin America, the appeal of Europe’s luxury bricks and mortar will – due to its history, diverse cultures, architecture and climate – mean it will remain the location of choice for the world’s wealthy.”
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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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