Demand for luxury property set to climb in 2013
Demand for luxury property is set to climb in 2013, predicts new luxury property portal Finest Global.
The global economic situation may be grim, but high-end real estate continues to buck the trend with investor interest and prices both on the up.
Analysing data from Lead Galaxy's network of portals, including TheMoveChannel.com, Finest Global found that enquiries for prestige property increased by 65 per cent in January 2013 compared to December 2012 as wealthy buyers' appetites continues to weather the face of recession.
Indeed, the luxury sector has resisted the economic slump in multiple countries in recent years, continuing to attract investors to prime property markets such New York, London, Miami and the French Riviera. This steady demand, coupled with a steadily reducing inventory, has pushed luxury real estate values to record highs in the world's top 10 property markets, according to Christies International. Conversely, in other markets, such as Spain and Portugal and even Greece, recession has actually helped to make some high-end real estate more affordable.
That trend is going to continue this year, predicts Finest Global. Indeed, luxury property enquiries on the Lead Galaxy network accounted for 12.2pc of all activity in the first two months of 2013 - already higher than the share recorded in the final three months of 2012.
Lead Galaxy Director Dan Johnson comments: "Lead Galaxy is delighted to add Finest Global to our network of portals. Even during times of recession, luxury real estate retains its appeal for buyers. With interest in prime property already accounting for a consistent share of traffic across our sites, the newly-launched Finest Global is a streamlined portal specifically tailored to meet that demand.
"Since the global financial crisis, wealthy investors have changed their priorities: size and price are no longer the concern, but quality and location. If a luxury property can offer the buyer the prestige lifestyle they desire, they are prepared to purchase regardless of the wider economic climate. Finest Global therefore offers only the best properties on the market in the most exclusive locations.
"With Lead Galaxy's experience and worldwide network of agents and developers, Finest Global adds an elite space where investors can view only the properties they want, enhancing their buying experience and creating a more targeted lead generate service for our partners."