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Wealthy buyers still active in global cities

The world’s wealthiest individuals are continuing to purchase luxury
residential property in the 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.

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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]

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Michael Stoler