PHOTO: The global luxury property markets where the super-rich will be buying property have been named. Left: Paris; Right: Miami, Berlin. (Source: Getty)
With the housing market recovering healthily from the national downturn that bottomed out halfway this year, property investors are keeping their eyes peeled for the next property hotspots (as well as areas to avoid).
However, the luxury residential property market – defined as the top 5 per cent of the market by value – is quite a different ball-game altogether, and typically doesn’t move in line with the ‘mainstream’ market.
So when the ultra-rich invest in property, where do they invest?
According to the Prime Global Forecast 2020 report by Knight Frank, some of Europe’s luxury property markets are slated to grow strongly, with Paris forecast to have the highest luxury property price growth at 7 per cent.
“Economic stability, low interest rates, constrained prime supply and strong tenant, as well as second home demand, will underpin price growth,” the report said.
“Home to Europe’s largest infrastructure initiative, the Grand Paris Project, as well as the 2024 Summer Olympics, both events will provide further stimulus.”
Miami and Berlin come in second place, with both markets set for 5 per cent prime price growth in 2020.
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