Luxury property remains popularWhile house prices have fallen across the globe in recent years, one sector of the housing market has been more robust. Luxury homes at the ‘prime’ end of the market have been seen as a safe haven by many investors and so demand for luxury overseas homes as remained strong, propping up prices.
However, while there may be a strong demand for a luxury home that you’re selling, you still have to market your property in the right way. Keep reading to learn more.
Sales of luxury homes remain strong
Figures from FT Advisor show that there were 1,518 property sales worth at least £2m in the UK in 2011, a rise of 5 per cent from 1,442 sales in 2010 and the highest number in this price bracket since records began in 1995. Buyers of luxury homes of properties over £2m were also 2 per cent higher in 2011 than at the peak of the housing market in 2007.
The newspaper also reports that ‘in addition, the number of properties selling for more than £5m rose by 22 per cent from 128 in 2010 to 156 in 2011, providing further evidence of strength at the top end.’
And, the situation is the same across the world. For example, prices of property in Hong Kong have risen almost 80 per cent since 2009.
Nick Marr, director of international real estate portal HomesGoFast, said: “Investors have increasingly turned to the prime market over recent years as they see it as a safer bet. So, the number of buyers for luxury homes has increased.
“If you’re looking to sell a luxury home, it’s vital that you market it correctly – and that means online. 67 per cent of homes listed on homesgofast.com in the last three months have been worth £400,000 or over, meaning sellers are increasingly aware of the need to market their luxury homes to a worldwide market.”