The luxury real estate market has remained firm in the face of the coronavirus pandemic, although many markets have been affected by confinement measures and restrictions on the entry of foreigners until a few months ago.
The interest of rich and millionaire people to buy a luxury home is centered in Zürich, Copenhagen, Tokyo, Miami and Stockholm, with prices reaching € 32,000 / m².
However, according to the luxury real estate agency Barnes, Madrid and Barcelona are also among the 20 most dynamic markets at the moment, with values up to € 12,000 / m².
According to the Global Property Handbook report carried out by the high-standing real estate agency Barnes International, Zürich has remained in 2021 as the city in the world that has best known how to adapt to the demands of the richest people on the planet (UHNWI, for its acronym in English), those with a net worth of at least $ 30 million, currently about € 26.1 million.
The lakeside city of Zürich (Zürichsee) is divided into 12 districts, ranging from the historic old town houses, such as Niederdorf and Lindenhof, to the modern housing estates on the western shore of the lake, such as Enge or Wollishofen. The prices of luxury homes in Zürich range from 23,000 to 28,000 Swiss francs per square meter, that is, about € 21,800-26,500 / m² at the current exchange rate.
The two capitals of the Nordic countries such as Copenhagen (Denmark) and Stockholm (Sweden), are in the first positions to fulfill what the richest people on the planet demand “a city on a human scale, which is located near the sea or a lake, and that combines tradition and modernity ”, according to this study.
In the Danish capital of just 600,000 inhabitants, the downtown areas of Indre By and Christianshavn are the most in demand to live off the great fortunes. Leaving the city center, the Osterbro, Norrebo and Vesterbro neighborhoods stand out. On the outskirts of the city stands the Frederikberg. Prices in these neighborhoods are between € 10,000 and €12,000/m².
Stockholm has become the European Silicon Valley, the cradle of important start-ups such as Shype, Klarna or Spotify. Its quality of life, its good infrastructure and financial stability have made the capital one of the most dynamic in the luxury real estate market.
The most popular areas of the Swedish capital are Östermalm, Kungsholmen and Vasastan, next to the island of Södermalm. The prices of super luxury housing are between € 10,000 and € 20,000 / m².
But there are also two large cities such as Tokyo (Japan) or Miami (USA), which despite the difficulties that their countries have gone through with the pandemic, have remained prominent places for luxury real estate investment.
In fact, Tokyo is the largest city on the planet with 37 million inhabitants. The triple A neighborhoods (Aoyama, Akasaka and Azabu) together with Roppongi are the most popular among the wealthiest, with prices ranging between $ 29,000 and $ 37,000 / m², that is, about € 25,300 – € 32,300 / m². to the current change.
On the other hand, Miami’s climate and its strategic position have placed it as the main one in the investment of mega-millionaires, ahead of New York or Los Angeles. Brickbell and Edgewater are the new neighborhoods of choice to find luxury homes. In addition, we cannot forget the private developments of Coconut Grove, Key Biscayne or Venetian Islands. The prices of luxury housing are around 10,000 – 25,000 dollars/m², that is, about 8,700 – 21,800€/m².
Other prominent destinations for the luxury residential market are in established capitals such as Paris, Geneva, London or New York. Home values in the Seine capital are between € 15,000 – € 25,000 / m², very similar to those seen in areas of Manhattan such as Midtown or Upper East Side. But all below the prices of London, where they do not fall from the 21,000 pounds / m² (€ 24,500 / m²) of South Kensington or Chelsea, to the 29,000 pounds / m² of Mayfair (33,800 € / m²).
But at the top is Monaco for price, which remains among the most exclusive markets on the planet, with average luxury home prices starting at € 63,000 / m². The Barnes study for luxury housing speaks of up to € 92,000 / m² for a flat in the Monte Carlo area, but where Larvotto, Fontvieille or One Monte-Carlo beach are also located.
Madrid and Barcelona have also established themselves as important cities of attraction for the ultra-luxury housing market, and a destination appreciated by investors. Two areas stand out in Madrid, the Salamanca district and the Justicia / Almagro area. The prices of luxury housing in these neighborhoods range between € 7,500 and € 12,000 / m².
However, in Barcelona, the reference area is Pedralbes and its residential neighborhood of independent villas. Behind Pedralbes, the Parc des Turó and the Eixample district stand out. The luxury home in Barcelona reaches € 10,000 / m².
