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Ultra-Prime Property Purchases to Rise in Safe Havens

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By - Wednesday 08 May 2013

Ultra-Prime Property Purchases to Rise in Safe Havens

London's safe-haven status will ensure ultra-prime property purchases in the city continue to rise. Research by Candy & Candy, Savills and Deutsche Bank showed the value of residential property transactions over GBP 10 million in financial hubs like the capital will grow by 27 per cent over the next five years. New York, Hong Kong and Singapore will also see a boom in their ultra-prime markets.

These predictions are based on the examination of recent and immediate future growth projections and shed light into the growth of ultra-high-net-work (UHNWI) fortunes. Increases in UHNWI fortunes are helping to fuel demand for luxury real estate across the globe and London is particularly reaping the benefits.

Nick Candy, chief executive officer of Candy & Candy, said: "By 2017 the UHNWI population is expected to have increased by 20 per cent and their wealth by 30 per cent. A trophy ‘safe haven’ property in a global city is typically at the top of the shopping list for wealthy individuals, and their continuing appetite for such investment is expected to exert even greater influence over global property markets in the next few years."

Already there are signs of significant market growth in the sector, with ultra-prime housing markets in London, New York, Hong Kong and Singapore collectively witnessing more than 300 residential real estate transactions in 2012. Transactions across all four cities exceeded GBP 6.6 billion. However, growth is proving to be both organic and incremental, as ultra-prime areas expand and new ultra-prime stock is built.

But just where will investors be coming from? Savills claim wealth creation is mainly taking place in emerging markets like Africa, central Asia, China and South Korea. Asia is already experiencing wealth creation increases of 11 per cent per annum, while Russia, Eastern Europe and Latin America each recorded a rate of nine per cent. These new pools of wealth are helping to shape prime property sectors across the globe and the world's major cities.

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