Côte d’azur comes first for wealthy home buyers

Photo credit: Sharon.Schneider

The study from Candy & Candy, Savills World Research and Deutsche Asset and Wealth Management identifies the top 20 prime leisure locations where the super wealthy are purchasing additional properties. Top of the list? The French Riviera.

Average prices in the South of France hotspot are now over $28.5 million, but that has only encouraged the ultra wealthy to snap up homes there, with buyers flocking to the market from Europe, North America, Russia and the Middle East.

Europe accounts for three of the top five locations, with Costa Smerelda in Sardinia and Monaco also claiming top places. The former boasts 35 miles of stunning coastline; the latter, a villa current for sale with the staggering price tag of €58 million.

Barbados ranked sixth in the chart, alongside several Caribbean destinations, while Switzerland’s resorts of St Moritz, Gstaad and Verbier joined the top 20 with Courchevel in France and ski resorts Aspen and Vail in the US.

“The growth of Ultra High Net Worth Individuals has fuelled demand for prime secondary residences in exclusive leisure enclaves around the world,” said Nick Candy, chief executive officer of Candy & Candy. “In the same way that we have seen exponential real estate growth in global cities over recent years, we expect to see the same level of growth and property values replicated in the top luxury leisure enclaves where the world’s super rich are choosing to purchase additional homes.”

Yolande Barnes, director of Savills World Research, added that wealthy buyers choose their investment locations for a wide variety of reasons: “UHNWIs operate on a truly global basis and their choice of location for additional homes is a footloose one based on their passions, interests, values and perceptions of different places.”

Source: Property Wire