In Ireland the luxury property market isn’t exactly buoyant, with buyers largely steering clear of anything that looks as if it might cost a fortune to maintain, but the same can’t be said in some other countries.
According to a State of the International Luxury Real Estate Market report released by Christies International, real estate in certain quarters is still in “robust demand”, and adequate funding is available for homes priced $1 millon-$5 million (€734,657-€3.67 million) in parts of Asia, Brazil, central London, Switzerland, Canada, and France.
Apparently the typical age of the international luxury buyer is 55-60, and there aren’t enough good houses in some countries to satisfy demand. About 67.5 per cent of respondents to the survey reported an increase in activity in the first eight months of the year, with the most improvement in glamour destinations such as London, New York, Beverly Hills, Hong Kong and Paris – the French capital being the top performer in Europe, with values climbing 22 per cent on the previous year. The main reason is that it is a scarcity market, with overseas buyers competing for limited supply. Florida, one of first locations to feel the downturn, has recovered strongly, and has a growing shortage of well-priced properties.
Not that buyers are being too generous with their money, with many seeking justification for prices they are being asked, says the report. And cash is king when it comes to buying a luxury home, according to 87 per cent of respondents.
