Despite the European economic crisis, sales are up on luxury homes across Europe, and buyer confidence is high as evidenced in the The Guardian UK story in Sunday’s paper: Luxury housing market unscathed while all around it suffers.
Highlights from the story:
Sales of £1m-plus homes in London hit their highest level since the 2007 housing peak…
Sales of prestige property in France and Monaco leapt 38% in the third quarter of this year, compared with the previous quarter.
Prices on luxury homes in the French Riviere up 3.5% YOY.
They sum it up this way: “When the economic going gets tough, the rich get going in increasingly big houses.”
Let’s hope our global economic conditions improve. In the meantime, this is more good news for luxury professionals.
Source: The Institute for Luxury Home Marketing