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Luxury city property prices booming as the wealthy put their money into real estate

Property Wire
Luxury city property prices booming as the wealthy put their money into real estate - property prices - luxury property


Global billionaires have weathered the latest economic uncertainty better than many with ultra high net worth individuals increasingly storing their wealth in bricks and mortar.



As a consequence, the value of billionaire property recorded growth of 3.6% in the second half of 2011 says Savills in its latest World Cities Review.

Safe haven cities like New York performed particularly well. The value of billionaire property in New York increased by 17% in the final half of 2011, fuelled by super wealthy overseas buyers from Russia, China, Brazil and Argentina seeking condominium investments. 
 
London and Paris also saw price growth, with increases of 4% for this type of property.  London’s super prime market saw record sales in excess of £1.9 billion in 2011.

The notable exception is Hong Kong, where billionaire property fell by 5.9%. The city’s red hot ultra prime districts, The Peak and Southside, have cooled following price growth of 118% between December 2008 and June 2011.


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