Categorized | Residential

Luxury Housing Market Exhibits Strong Performance

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A tattered and worn-down economy has not stopped the super rich from spending tens of millions of dollars on ultra prime property over the last year. Some of the most coveted properties in the world have gone up for sale in the past twelve months, leading the most excessively wealthy to engage in bidding wars against each other, driving up the prices of homes and spurring prices to reach unbelievable highs, including the sale of a Manhattan condo for eighty-eight million dollars.

There are a number of factors contributing to the enormous prices being realized in the United States. However, one of the biggest is the overall financial turmoil in Europe.

Multiple nations in Europe have been in the middle of a difficult struggle. Greece and Spain are just two examples of how the European market is in shambles, and there is no sign as to when the situation will improve. As such, many of the continent’s richest individuals are opting to invest in real estate in other parts of the world.

Many of those foreign investors are, instead, looking to the United States. In particular, they are eyeing such traditional hotspots as New York City, and new areas of growth such as Miami. Foreign buyers have been a big part of the stabilizing of the residential property market in the United States.

Europe isn’t the only area where foreign investors are looking to escape. Other nations, such as China, have crippled buyers by imposing restrictions on the market. As such, wealthy buyers in those countries have eyed the United States as a potential area of investment.

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About James Pattric

James writes for the Residential category (along with Josh Johnson) and also heads up the Resources category.

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