Ultra luxury homes achieved record sales last year according to a recent report. In total five homes were sold for more than $100 million in 2014 and at least 20 more were on the housing market for nine figure sums, including luxury real estate in Monaco.
As the number of billionaires rises to more than 1,800 worldwide, demand for prestige real estate has also increased. According to the report, luxury homes are considered to start at $2 million and are defined by contributing factors such as location, privacy, conveniences and collectability.
The most expensive house sold last year was an ultra luxury home in East Hampton, which changed hands for $147m, closely followed by a 600m2 villa in St Jean Cap Ferrat on the French Riviera, which went for $146m. People looking to buy property in Monaco will encounter the highest prices for prestige real estate however, with the rooftop penthouse of the brand new Tour Odéon listed as the most expensive property on the global housing market at $250 million.
New York City saw its first ever $100m sale in 2014. A feat that has previously been achieved in only a handful of international locations including London, Monaco, Hong Kong and Sardinia. The increased sales figures for ultra luxury homes far outweigh performances from previous years with 2013 recording just sale over $100 million. Four such transactions were registered in 2012, preceded by three in 2011.
The report states that sales of prestige real estate would only increase in the foreseeable future with more newly built properties and off-market homes trading for sums greater than $100 million. This corresponds to rising demand from affluent Americans, Europeans, Russians and from Middle Eastern countries; and perhaps most significantly from Chinese buyers who had previously been banned from overseas investments prior to 2012.
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