Wealthy investors choose trophy homes

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A large number of the world’s wealthiest individuals are purchasing high end property in high end locations, such as Paris.

In the second part of 2011, Parisian properties had the most money flowing in to them when compared to every other European city.

A study by CBRE, a global leader in real estate services, conducted a study that revealed the extent of the popularity of high end property in Paris with wealthy investors.

According to the study, the demand for property in Paris remains strong among investors. Placing savings into ‘safe bet’ real estate in the city is of preference to many of the world’s wealthiest individuals, as opposed to more fragile financial markets.

95% of Parisian property is now owned by overseas property buyers, which equates to more than €6.7 million.

Many of the wealthiest overseas property investors from across the world now lead sales of high-end property. Monaco, Paris and London are generally defined to be in the top 5 percent of the most valuable homes that are often only used a few days out each year.

50% of individuals who own top end property in New York are foreign buyers. Meanwhile, in the past five years overseas property investment has grown in Singapore property and Hong Kong property.

A rise from 12% to 35% has occurred with foreigners buying trophy homes in Hong Kong.

Liam Bailey, of estate agents Knight Frank, said: “I am not surprised that these top-end markets are so international in terms of their buyers. The reality is the super-rich who buy these properties live increasingly global lifestyles.”

Transferring money to France

If you are looking to invest in Parisian property, think carefully about how you will send money to Paris. Foreign currency exchange rates quoted by banks are almost always worse than the exchange rates available through specialist currency dealers.

So if you are sending money to Paris – which you will inevitably have to do if you are looking to make a property investment, be sure to compare the market before you buy your overseas currency.

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