There’s been a shift in wealth in recent years, with many new multi-millionaires in China, India, Brazil and some Asian countries, and with property being an asset it might be expected that the most expensive real estate in the world has also moved position.
But not at all, according to recent property surveys conducted by leading international real estate companies.
Those who have recently come into wealth through their businesses in the emerging markets are buying property in London, Miami and for tax reasons as well as the air of sophistication it gives property in Monaco, with the closest area geographically Hong Kong. All well established areas where it seems no matter where the wealth is created much of it ends up.
And there is another reason why the newly wealthy in China especially, but also some of the other countries where their economies are doing well would want to buy a property in Monaco, London and Miami:
Social upheaval and outright revolution are possibilities in China, while in other countries military rule is always a threat if not already a reality and it makes sense for those with money to put it in places like London and Monaco which are stable politically and have a banking system in London’s case backed up with government money.
As well as often putting money on deposit with the banks in Monaco or London buying real estate isn’t just a home – if there is revolution or political unrest it’s a very real asset that can easily be turned into more money if needed, with a smaller property purchased and the balance being put in the bank.
Buying a property in Monaco, London or Miami makes a lot of financial sense for the future for those who have made money in countries where their GDP has been rising at very high rates in recent years compared to the West.
Areas in London popular with overseas investors both with old money and new include Kensington & Chelsea, Regent’s Park and Hampstead – just out of London Surrey is popular, for example St. George’s Hill in Weybridge.
One Hyde Park is often considered to be the ultimate London home. A recent development by the Candy Brothers (who live in Monaco), it’s achieved global interest. There’s 86 apartments in total and prices start from around £20,000,000 and they enjoy some of the best views in London.
For Monaco there are a good number of spacious apartments with Mediterranean views available from ten million Euros upwards, with Condamine, Fontvieille and Monte Carlo being the most popular districts for those who buy Monaco property.
Old money or new, the established favourite locations of London, Miami and Monaco remains consistent.