Elite Traveler’s recent look at global buyer trends in luxury real estate around the world found that investment in ‘safe-haven’ property markets has led to an increase in the demand for – and prices of – luxury homes in several locations, including New York, London and Miami.
This week we’ve taken a look at real estate in key cities around the globe and found some of the most expensive properties being listed – from the largest private residential property in New York City’s history to a Grade II listed mansion in London.
As the number of affluent individuals around the world continues to rise, so too does demand for luxury real estate, particularly in key cities which offer relatively risk-free investments, like London, New York and Miami.
Established and sometimes niche areas of the market are those of most interest to those looking to invest in the top end of luxury real estate, according to Edward de Mallet Morgan, Associate Partner at Knight Frank.
The real estate consultancy recently published its Wealth Report 2013, which found that confidence in owning real estate is rising in key global cities around the world. Prime sales volumes in New York hit their highest level for 25 years in the final quarter of 2012, while London continued to be fueled by European demand.
In addition, the company’s Wealth Report Attitudes Survey showed that investment in residential property rose in popularity among 43% of HNWIs in 2012, with properties in the city leading the way.
So what will a luxury property in one of the most important cities around the world cost you? According to Christie’s International Real Estate’s report – which looked at ten property markets in 2012 – London had the highest average property price per square foot for property listings over $1 million, followed by Hong Kong, Cote d’Azur and Paris.
However, our pick of some of the most expensive properties on the market around the globe shows that in the ultra-high end real estate industry, luxury homes are exceeding average property prices thanks to their enviable locations, beautiful views and state-of-the-art amenities.
New York City, USA – $130 Million
Spanning an 82-year history, River House epitomized the height of luxurious living on opening in 1931. Designed by American architect William Bottomley, the co-op building housed a private members’ club, overlooking the East River, which attracted New York’s most elite members of society. Now the club is set to be turned into a 62,000-square-foot home over five levels, which would make it the largest private residential property in New York City’s history.
Listed by Brown Harris Stevens for $130 million, The Residence at River House is expected to undergo a proposed renovation by renowned interior designer Tony Ingrao. In addition to eight bedrooms, including a 27ft x 61ft master suite with his and her baths, the home will feature an 82ft swimming pool, tennis court, screening room, wine cellar, full spa and gaming room.
London, UK – Around $106 Million
A home with just about everything in one of North London’s most picturesque suburbs, this 15-bedroom Grade II listed mansion dates back to the early 1900s when it was designed and built as the residence for William Lyle of the Tate & Lyle family.
Set in 2.5 acres, the newly extended and refurbished Heath Hall – being marketed by Knight Frank for around $106 million – is a blend of old with the new, featuring Edwardian decorative stone carvings and restored period features, along with state-of-the-art technology and modern materials.
Miami Beach, Florida, USA – $40 Million
If views of Miami’s iconic skyline are what you’re after, you’ll be right on the money with this bayfront residence in Miami Beach, which is on the market for $40 million.
Offered by Nelson Gonzalez, the stylish home is nestled in a forest of swaying palm trees and features seven bedrooms, a home theater, boat facilities, a heated pool and a wine cellar.
French Riviera, France – Around $22 Million
Nestled between Nice and Monaco, Saint Jean Cap Ferrat is a beautiful village on the French Riviera popular with the elite affluent for its remote, unspoilt landscapes and glamorous lifestyle.
This magnificent water-edge property in the village, which is being marketed by HOMEHUNTS for €16 million (around $22 million), boasts panoramic sea views over the bay of Villefranche and the old town. The six-bedroom, six-bathroom villa features a sauna and pool, in addition to a staff apartment, elevator, automatic watering system, automatic gate and garage for several cars. Images copyright of Messemaecker Laurent.
South Bay, Hong Kong island – AROUND $12 MILLION
This brand-new renovated four-bedroom apartment offers unobstructed sea views over Hong Kong’s Repulse Bay and South Bay. Located just under an hour to Hong Kong city, the property is situated in a 26-storey residential building on the quiet northern side of South Bay Road.
With beaches in walking distance, as well as shopping and entertainment in Repulse Bay, Tai Tam and Stanley just a short drive away, the luxury apartment – being marketed by Savills – offers state-of-the-art amenities, including heated floors in the bathrooms, a brand-new kitchen and a dehumidifier wardrobe.