Global Luxury Property News June 2013

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Butterfly residential monthly luxury property news review, property news stories from around the world.

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Global Luxury Property News June 2013

  1. 1. 1 | P a g eGlobal Luxury Property ReviewJune 2013Latest Luxury Property News from EuropeLondon Property Prices Set to Continue RisingOver the next decade new build homes in Lambeth, Finsbury Park, Shepherds Bushand Shoreditch in London could be worth an averageof £2,000 per square foot, according to new researchfrom CBRE.The London residential experts estimate that the£2,000 per square foot average pricing band fordevelopments will spread across the capital city by akilometre every three years.‘High demand for luxury property in the capital ispushing the £2,000 per square foot band outwards.There is a limited supply of high end homes inLondon, and new homes are being snapped up atrecord rates,’ said Mark Collins, chairman of CBRE Residential.Read more: www.propertywire.com
  2. 2. 2 | P a g eNew Residency Laws May Affect Spain’s LuxuryProperty MarketSpain has confirmed the enforcement of automatic residency rights on the 1st ofJanuary 2014 to foreigners who spend €500,000 or over on property anywhere inthe country.Spanish residency gives buyers the abilityto move freely around 25 Europeannations, already proving an attractiveproposition to Asian, Russian and MiddleEastern buyers. The law adds a newstimulus to the global market place. Achange of pace is expected as demand fromthose who might have been hesitant to buybefore are now persuaded.Some market analysts are predicting a€100 million property investment in Spainover the next 24 months. Portugal’s ‘Golden Visa’ scheme last year similarlytargeted high net worth buyers. Market surveys from the Royal Institution ofChartered Surveyors (RICS) highlight the wave of new buyer enquiries after thelaw was introduced, allowing Portugal’s housing market to stabilise.Source: www.watchlistnews.comLatest Luxury Property News from the Middle EastDubai Property Revival Gathers PaceHome prices in Dubai are climbing, with the average sale price of mid-range villassoaring 47 percent in the year to May and mid-range apartment prices advancing32 percent, according to data compiled by Cluttons LLC.Emaar Properties has started two new projects and began expansion of its flagshipshopping mall as the developer of the world’s tallest tower leads companiesseeking to benefit from the rebound in Dubai’s real-estate market.Read more on this story: www.bloomberg.com
  3. 3. 3 | P a g eIsrael Enjoys Surge in Real Estate PricesDespite the ever-present threat of regional conflict, Israel has been enjoying asurge in real estate prices of late, driven by the countrys booming high techindustry and a limited supply of prime property. At the very top end of the market,builders are wooing buyers with luxurious amenities, such as a triplex penthouseapartment atop the W Hotel in Tel Aviv featuring floor-to-ceiling glass, anexpansive walk-out terrace (on the 44th floor), a private elevator, and, to top it alloff, a private rooftop swimming pool with glass portals in the bottom to allowindoor loungers to view swimmers from below.Butterfly Residential came across this and other luxury properties on this website.Latest Luxury Property News from the Far EastLuxury home price growth in Asian slowingLuxury home prices in Asia posted further gains in the firstquartet of 2012 but the rate of growth has eased asgovernment property cooling measures have taken effect,according to a new report from global research and realestate consulting firm CBRE.The CBRE Asia Luxury Residential index increased by 1.1%quarter on quarter but among the 13 major city marketstracked by the index nine saw only modest price rises ofbetween 0.7% and 3%.Price growth was led by New Delhi and Mumbai which sawgains of between 2% and 4% quarter on quarter due to a lack of supply. Otherstrong performers included Manila and Kuala Lumpur where buying demandremained firm. There was mild price growth recorded in Beijing, Shanghai,Guangzhou and Shenzhen.Read more: www.propertywire.comBeijing’s Luxury Home Prices at 17-Month-HighThe average price of Beijing’s luxury homes excluding town houses jumped to thehighest in 17 months in May, as wealthy buyers favored bigger properties underthe government’s purchase restrictions, a local agency said.New-home prices in Beijing rose by 3.1 percent in April from the previous month,More on this story: www.bloomberg.com
  4. 4. 4 | P a g eSingapore: Popular Luxury Investment DestinationThe much reported slowdown in theSingapore property market has not damagedthe city state’s reputation as one of theworld’s most attractive luxury investmentdestinations and savvy international buyersare still drawn to high-end projects in primelocations, according to this report.With a population of five million, Singaporehas more millionaires per capita than anyother country in the world. On top of that, theworld’s mega-rich are shifting their wealth toAsia, particularly Singapore, because of its relatively low tax regime, crime-free streets,sound banking system and pro-business policies.A recent CNN report even went further to suggest that Singapore could overtakeSwitzerland as a tax haven by 2020 and this prediction would probably come true if theUS and Europe continue to be mired in economic uncertainties. The report also says thatan increasing number of Chinese, Indians and Indonesians are helping to shift wealth tolow-tax Asian centres like Singapore and Hong Kong.Latest Luxury Property News from the USAUS luxury home market heating upThe U.S. luxury home market is being driven to new heights by relatively lowprices, low interest rates and a more stable economy than in many countries,experts say.Luxury housing agents around the nation are reaching out to international buyers.Some brokers are working in conjunction with art sales in far-flung locales in Asia.Bus tours for potential international buyers have been taking place in the Los Angelesmarket for the past several years.West Coast buyers in the $20 million price range are looking for the wow factor,with one house being built in Beverly Hills will be surrounded by a moat.Read more: www.ctpost.com
  5. 5. 5 | P a g eCampbell’s Soup Luxury Estate on the MarketThe luxury residence of Campbells billionaire Jack Dorrance has gone on themarket more than 20 years after his death, according to this report from The DailyMailThe estate known as Linden Hill, which once housed the soup heirs vast collectionof more than $120million worth of art and over $100,000 in wine, is being sold offby its current owner venture capitalist Robert Burch.The property with eight bedrooms and ten bathrooms stands in a 50 acre estate inGladwyne, Pennsylvania, has been restored to its heyday by Burch and it nowresembles again the home John Dorrance Srs son once acquired.Tom Hanks selling luxury Los Angeles propertyTom Hanks is hoping to find a buyer for his LosAngeles home which he purchased over 20 years agoshortly after his success in comedy movie Big. TheSaving Private Ryan star - who no longer lives in theluxury property located in the posh Pacific Palisadesarea - is keen to find a new buyer for the mansionwhich he brought with wife Rita Wilson in 1988.The home is described by Real-estate websiteZillow.com as a legendary Spanish-style villa built in1928 and it boasts a private beauty salon as well as aterrace with views of the ocean.Further reading: www.contactmusic.comAbout Butterfly ResidentialThe Global Luxury Property Review is a monthly article compiled for Butterfly Residentialoffering a snapshot of the sector. Butterfly Residential is a boutique, professional, high-endproperty company specialising in sales and rental of luxury property Marbella, London, NewYork, Brazil, Italy and Barbados, among others.Address: Avd. Ricardo Soriano 72, Edf. Golden, Portal C, 2º H, 29601 Marbella, Málaga, EspañaEmail: info@butterflyresidential.com Web: http://butterflyresidential.comTel: (+34) 662 258 896 Tel: (UK) 0208 1444 383 Skype: butterflyresidential

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