Page | 1Global Luxury Property Review                                   March 2013Barbados a top choice for super-rich    ...
Leading Barbados luxury property realtor Butterfly Residential adds: “Combining atropical climate, an idyllic setting, fri...
• Prestige residential real estate values will more likely follow growth trends ofnon-consumable luxury goods such as fine...
Spanish luxury property comeback                                        The substantial housing market downturn           ...
Other luxury property news:                                                                                               ...
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World Luxury Property Review #3 March 2013


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The Butterfly Residential Global Luxury Property Review is a monthly review of news and views affecting the luxury residential property markets.

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World Luxury Property Review #3 March 2013

  1. 1. Page | 1Global Luxury Property Review March 2013Barbados a top choice for super-rich The number of individuals worth US$100m or more is expected to increase from 63,000 to 86,000 between 2011 and 2016, according the World of wealth: Chasing sun and snow report by Oliver Knight of Knight Frank. With property high on their list of preferred investment classes, demand for the world‟s best homes is expected to strengthen, he writes.At this time of year the world‟s wealthy are either heading to the Alps or the Caribbeanfor sunshine.In the section Sun Factor – Sizzling Caribbean Oliver Knight writes: “Guaranteed wintersun in high quality villas and an established environment is what clients are lookingfor. We are seeing confidence returning and notably there have been a number of topend deals in Barbados, Mustique and St Bart‟s in particular.“Barbados continues to attract the British contingent but also notably buyers fromNorth America and Canada and it‟s easy to see why. For the Super Prime Buyer there‟sfine dining at Sandy Lane, Cin Cin and The Cliff, horse racing at the Garrison, polo orgolf at The Sandy Lane and Green Monkey Golf courses or a day at the KensingtonOval watching the island‟s favourite sport.” 1|Page
  2. 2. Leading Barbados luxury property realtor Butterfly Residential adds: “Combining atropical climate, an idyllic setting, friendly people, and political stability, many famousand wealthy people are choosing Barbados to purchase that dream retirement propertyor for their second home steeped in timeless elegance.”No other place can rival Barbados for the sheer number of luxury villas on the water‟s Page | 2edge, nor for the wide range of world-class restaurants and services, according toButterfly Residential.One example of the luxury properties currently listed by Butterfly Residential for salein Barbados, is a 6 bedroom home and cottage called „Jubilance‟ located on the SandyLane Estate priced at $3.45 million. „Historic‟ highs for luxury property Limited inventory, strong international buyer demand, and high-net-worth individual‟s (HNWI) increased appreciation for world-class lifestyle offerings have pushed prices for luxury homes toward historic highs, reports Christie‟s International Real Estate in a new study on the global prestige residential market. Entitled Luxury Defined: An Insight into the Luxury Residential Property Market, thereport compares 10 of the world‟s top property markets—London, New York, HongKong, Paris, San Francisco, Cote d‟Azur, Toronto, Dallas, Los Angeles, and Miami—and debuts the „Christie‟s International Real Estate Index,‟ the first ever true globalindicator for luxury residential real estate.The Index ranks markets across key metrics including record sales price, prices persquare foot, percentage of non-local and international purchasers, and the number ofluxury listings relative to population.Highlights of the research include: • Globally, top-tier property sales achieved record prices in several cities,remaining immune to many of the economic concerns that drive the general housingmarket. • HNWIs are often more inclined to invest in an important global market than inanother city within their home country for second or additional homes. 2|Page
  3. 3. • Prestige residential real estate values will more likely follow growth trends ofnon-consumable luxury goods such as fine art more so than the growth trends of thegeneral housing market. • Cash transactions have dominated luxury property acquisitions across manystudied cities. Page | 3 • Recent tax law changes in many of these markets are expected to negativelyimpact 2013 market activity.“With financial markets providing a limited return on investment, high-net-worthindividuals are recognizing the intrinsic value of investing in non-consumable assetssuch as prestige real estate and fine art,” says Bonnie Stone Sellers, Chief ExecutiveOfficer of Christie‟s International Real Estate.“Strong momentum in the luxury property market is also being driven by scarcity ofquality inventory and demand from international buyers in many of the world‟s topdestinations.”London‟s $121 million (£75 million) sale and New York‟s $88 million sale pushed bothcities to the top of this year‟s Index with thehighest record home sale prices.A prized second home destination, Côted‟Azur recorded the highest percentage of bothsecondary home buyers (95 per cent), andinternational and non-local buyers (90 percent).Toronto‟s real estate market, which hasremained buoyant in recent years of globalturmoil, recorded the lowest amount of days onthe market for luxury listings (46 days).While the report focuses on 10 indexedmarkets, it also provides insight into other luxury residential areas around the globewith a population of less than 150,000, such as St. Barts, French West Indies; Salzburg,Austria; Aspen, Colorado; and Jupiter Island, Florida.The study can be accessed as a whole here. 3|Page
  4. 4. Spanish luxury property comeback The substantial housing market downturn during the original 2008 credit crunch means Page | 4 that Spanish luxury markets are now appealing to global investors looking for value opportunities. Spain‟s luxury property markets could be leading a comeback, according to a report by British daily The Independent. The reports cites bosses of several Spain-based property companies who claim rising sales andenquiries of luxury properties in high end resorts such as Sotogrande, a Costa del Solresort renowned for its world-class golf facilities.Richard Way editor of the Overseas Property Guide told The Independent that at thetop end of the Spanish property markets “I am being told things are now more buoyantwith international buyers including the Russians and Chinese coming to market andstabilising prices."Meanwhile, the director of another leading Spain-based realtor seems to support the„recovery‟ thesis:“International buyers are flocking to the Costa del Sol to soak up the cut-price stock,but the kind of home they‟re after is in exceptionally short supply.“Wealthy taste-makers are generally not into Andalucian-style fincas with prettybalustrades and Arabic roof tiles but instead seek contemporary villas or beachfrontapartments with clean lines and floor-to-ceiling glass.” 4|Page
  5. 5. Other luxury property news: Page | 5  Top 20 places to invest in luxury property - The TelegraphOne of the most expensive places to buy in the entire US, this popular ski resortis continuing to see strong interest in high-end property such as luxury chalets.  Dubai luxury property prices rocket by 20% - Al-ArabiyaLuxury villas in Dubai shot up in value by 20% last year, in the latest indicationthat the local property market is recovering.  Global luxury real estate market showing strong momentum - Inman NewsThe international luxury real estate market remains relatively immune to theeconomic and political trends that drive the general housing market and is offto strong start in 2013.  George Clooney buys luxury home in Marbella – El PeriodicoHollywood actor George Clooney has purchased a €4m mansion in Marbella,according to news reports. Brought to you by Butterfly ResidentialThe Global Luxury Property Review is a monthly article compiled by Butterfly Residential offering asnapshot of the sector. Butterfly Residential is a boutique, professional, high-end property companyspecialising in the sale of luxury property in Marbella, London and Barbados, as well as New York, Braziland Sardinia. Butterfly Residential is headed by Edward Fairless and Nicola Fairless, a brother and sisterteam who are the new sensation in the global luxury property sector.Address: Avd. Ricardo Soriano 72, Edf. Golden, Portal C, 2º H, 29601 Marbella, Málaga, España Email: Web: Tel: (+34) 662 258 896 Tel: (UK) 0208 1444 383 Skype: butterflyresidential 5|Page