Global Luxury Property Review | May 2013


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Butterfly Residential, specialists in luxury property sales and rentals in London, Spain and Barbados, bring you the latest news stories about luxury property around the world

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Global Luxury Property Review | May 2013

  1. 1. 1 | P a g eGlobal Luxury Property ReviewMay 2013World’s most expensive property prices set to soarThe value of residential property purchases over £10million in the world’s top financial hubs of London, NewYork, Hong Kong and Singapore is set to grow by 27% inthe next five years according to a report released todayby developers Candy & Candy.The research, which has been produced by Candy &Candy, Savills and Deutsche Bank and examines therecent and immediate future of ultra prime propertymarkets in these four cities which are regarded as beingat the forefront of global private wealth flows.The ultra prime housing markets in London, New York,Hong Kong and Singapore collectively witnessed morethan 300 residential real estate transactions in 2012where the price was over £10 million, according to latest analysis from internationalreal estate advisor Savills.Together, the value of those transactions exceeded £6.6 billion. The 300 sales over £10million seen in 2012 are expected to grow to 400 per year by 2017 with a total value of£8.4 billion.
  2. 2. 2 | P a g eThis growth is expected to be both organic and incremental as areas considered ultraprime expand and as new ultra prime stock is built to expand the existing finite supply,and above all, driven by the direct impact of global wealth increases and subsequentinvestment in top real estate.Source: www.propertywire.comForeign buyers encouraged to London by safe havenstatusThe weak pound has made property inprime central London even more enticingto foreign investors seeking safe havensand will continue to do until 2018,according to Knight Frank’s latest LondonResidential Review.Prime central London residential propertyprices rose 0.7% in April, and have beenrising now since November 2010, thereport reveals.It says that much of this rise is underpinned by the demand from overseas buyers whoaccounted for 52% of all £2 million plus homes sold in the sector between March 2012and March 2013.Source: www.propertywire.comAberdeen Asset Management acquires Kings Place andConquest House for £31 millionRockspring Property Investment Managers (“Rockspring”) announce that they havesold Kings Place and Conquest House in Kingston-Upon-Thames to a private client ofAberdeen Asset Management for £31.05 million reflecting a net initial yield of 6.85%.Kings and Conquest House is the largest of five buildings which made up the 252,000sq ft South East office portfolio acquired by Rockspring’s UK Value Fund in February2011 from St Martins. Savills acted on behalf of St Martins at the time. Following
  3. 3. 3 | P a g eacquisition, the asset was subject to a substantial refurbishment to provide 90,000 sqft of Grade A offices, with ancillary retail space on the ground floor. The entire officespace was pre-let to leading multinational oil company Saipem for its UK headquarterson a 15 year lease.Robert Godfrey, director of Savills, says: “Aberdeen are delighted to have bought thisGrade A office building let on a long lease to a strong covenant at a low rent relative toother suburban London locations. We believe this investment has good growthprospects and opportunities to buy buildings of this quality at such a low capital valueper sq ft are rare in the South East let alone Greater London.”Source: Attracts Foreign Luxury Property BuyersNew figures show that Spain is still the topholiday destination in Europe.Eurostat, the Statistical Office of theEuropean Union, found that in 2011 some13% of all outbound trips within Europewhere made to Spain with Italy and Francecoming in joint second place. These figuresdo not include holidaymakers outside of theEU, however, and total visitor numbers arelikely to be much higher.Estate agents believe it is good news for the property market as buoyant tourismsectors often driving local property markets and statistics from the Bank of Spain showthat international property investment in Spain grew by 17% to more than €5,445million in 2012.Spanish house builder Taylor Wimpey España’s sales and marketing director MarcPritchard said ‘Marbella in particular is one of the most popular places for foreignnationals to buy property in Spain. We have experienced a 300% year on year increasein sales in the area, proving that demand for Spanish real estate shows little sign ofabating anytime soon, with non residents of the country increasing their market sharefor six consecutive quarters now.’Read more:
  4. 4. 4 | P a g eOther Luxury Property NewsHamptons Home Sales JumpHome sales in the Hamptons, the Long Island beach retreat for summeringManhattanites, rose 21 percent in the first quarter, led by lower-priced propertiesafter a year-end selling rush drained the area of luxury deals.Read more: www.businessweek.comLuxury launches and positive outlook in DubaiDubai-based luxury real estate developer Emaar Properties recently launched its latesthigh-end residential project, offering buyers the opportunity to own a unit in theexclusive The Address Residence Fountain Views ‘Sky Collection’.Read more: buyers propel Montreal’s luxury home marketRoughly half the buyers of luxury homes in Montreal are foreign, Sotheby’sInternational Realty Canada estimates, after having combed through its own sales dataabout top-tier dwellings.“Montreal was a bit of a shocker,” chief executive officer Ross McCredie said. “Peopledon’t think of Montreal as having a large proportion of international buyers.”Read more: www.theglobeandmail.comSydney Luxury Housing StirsSydney’s luxury-home market is reviving, with two harborside mansions -- one ofwhich was offered for more than A$50 million ($51 million) -- selling in the past monthand realtors reporting a jump in buyer inquiries.Read more:
  5. 5. 5 | P a g eProperty SpotlightLuxury Villa in Nueva Andalucía, Marbella, Costa del SolThis stunning and extremelyspacious 6 double bedrooms,all with en-suite bathroomsluxury south facing privatevilla situated on an elevatedplot in the golf valleysurrounded by a maturelandscaped garden. Thismagnificent property enjoys180 degree panoramic views over the golf valley and Mediterranean Sea. Set in LaCerquilla, an exclusive residential area of Nueva Andalucia, this desirable address isjust a few minutes away from the vibrant Puerto Banus, Marbella and all kinds ofamenities such as international schools, commercial centres, restaurants, bars and ofcourse the beach.For more details and photographs of this exclusive luxury property in Marbella, visitthe Butterfly Residential websiteAbout Butterfly ResidentialThe Global Luxury Property Review is a monthly article compiled by 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 andBarbados, among others. Butterfly Residential is headed by Edward Fairless and NicolaFairless, a brother and sister team who are the new sensation in the global luxury propertysector.Address: Avd. Ricardo Soriano 72, Edf. Golden, Portal C, 2º H, 29601 Marbella, Málaga, EspañaEmail: Web: http://butterflyresidential.comTel: (+34) 662 258 896 Tel: (UK) 0208 1444 383 Skype: butterflyresidential