Where the wealthy are buying luxury property

By Investments
Where the wealthy are buying luxury property

As estate agents report a swelling number of million pound plus homes changing hands across the world, who are the buyers and what are they buying?

These ultra wealthy property investors are entrepreneurs and celebrities who have made their money in emerging economies, like China, India, Malaysia, Brazil, Mexico and Russia.

To a lesser extent, they are also rich Europeans looking for a haven for their cash outside of the Eurozone.

Their property targets, according to the big global property consultants like Savills, Knight Frank and Rimontgó in Spain, are London, New York, Monaco and Paris.

What do you get for your money? here’s are some of the priciest homes for sale:

The Bishops Walk, North London – a £40 million mansion with five reception rooms, eight bedroom suites and two staff flats, leisure complex, cinema and life in more than an acre of grounds from London agents Savills.

Savills also offer several substantial properties in St John’s Wood, West London, and fashionable Eaton Place, Belgravia, for £30 million plus.

US$90 million will secure The Woolworth Mansion on Fifth Avenue, Manhatten, New York. The gothic French style mansion oozes style and wealth.

Switching to the principality of Monaco, €29.5 million will buy a 275 square metre apartment with three bedrooms and three bathrooms and a swimming pool.

Outside these haunts of the super rich, other popular property markets include Florida, California, Hawaii, the Caribbean and the Mediterranean coasts of France, Italy and Spain, according to Rimontgo.

One thing all the agents agree on is that as the euro debt crisis deepens, more money is leaving Spain, Greece and Italy for London and New York.

Both cities have seen a massive upsurge in prestige properties with a high price tag.

Tagged under: