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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