Tuesday 4 October 2011
New billionaires take real estate prices way up
It seems world class cities do not only attract international business, they are also a haunt for a growing number of billionaires who are increasingly important investors in residential real estate, and their wealth is creating a new global super class of real estate.
A new index of mega prime ‘global billionaire’ property reveals that the houses of the super rich in the top 10 cities worldwide rose by more than 10 per cent in the first six months of this year.
This compares to an average price growth of 6 per cent for a range of ordinary properties in the same cities and follows growth of 65 per cent in billionaire properties over the previous five years.
The index appears in Insights: World Cities Review published today by the international real estate adviser. It looks at the drivers of residential real estate in 10 cities that the company calls ‘world class’ – Hong Kong, London, Moscow, Mumbai, New York, Paris, Singapore, Shanghai, Sydney and Tokyo.
Contact Nicolas Pasquier, Director of International Sales at Agence Mercure to find out more about exclusive real estate in Paris.
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