The world’s wealthiest individuals are continuing to purchase luxury residential property in key international cities despite fluctuation in the global economic marketplace, according to a report by Christie’s International Real Estate cited by real estate expert and former columnist for The Real Deal Michael Stoler on his blog.
More than 67 percent of Christie’s agents reported an increase in sales activity in the first eight months of 2011 when compared with the same period in 2010, especially in cities like New York, Beverly Hills, London, Paris and Hong Kong. Overall, the homes of the super rich in the top 10 cities worldwide rose by an average of 10 percent in value in the first six months of this year. More than 87 percent of buyers paid cash, the report notes.
Giles Hannah, director of sales for Christie’s International for Europe, said: “Like a fine wine or an old master, an exceptional property is bought to be enjoyed and will always find a buyer.” [Stoler Report]