Luxury property markets flourishes despite downturn
Despite the recent economic downturn, the overseas luxury property market is growing, according to two companies in the high-end sector.
According to the analysis carried out by Luxuryestate.com, one of the biggest online sources of the high-end properties that list 50,000 homes in 50 countries, the interest in luxury properties has increased by an average of 2% during the last year.
From the individuals of countries like Italy and Greece, where the economic situation is extremely instable, peaks of 10% more sales enquires for high-end residences have been recorded.
Engel & Volkers, the 35-year-veteran high-end real estate agent, in its latest-press release has said that they have experienced their best-ever quarter year profit.
The Luxury Estate has identified the trends in demand of luxury properties through analysis of buyer activity on over 25,000 listings, spread across more than 30 countries, with UK leading the chart of countries with the largest demand from individuals.
Greece, Russia and Italy, which all have a massive number of high-net-worth individuals as residents, have emerged as countries with largest increases in demand after witnessing increase of 8%, 6%, and 5% respectively.
The data about most high-end residences for sale is quite interesting as in the economically stable countries; the number of luxury villas, castles and mansions has remained constant on the market or even dwindled.
In contrast, the less economically stable countries like France and Spain, have witnessed a whopping increase in luxury properties on the market during the last 12 months.
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