Top-end real estate investments are expected to be a good bet in the current global economic environment, according to luxury property developer Nick Candy.
“Shrewd investors with access to capital” are increasingly seeing luxury property developments as “a long-term commitment worth making,” he said.
His company, Candy & Candy, developed One Hyde Park in central London, considered one of the most expensive addresses in the world and where a penthouse can cost up to US$215 million (S$272 million).
His company is marketing luxury real estate not just as a wonderful place to live in, but also as a wise and long term investment that can be passed down from generation to generation.
“People are buying for the long term,” he said, and cities like London are the best places to search for properties. There is a constant cycle of overseas investment going on, he noted.
“London is still a very strong market. In the 1970s and ’80s, we had Middle Eastern money; in the late 1990s we had Russian, Ukrainian and Kazakh money and today we have Indian and Chinese money. There is more international money coming in than ever before.”
Candy added that elsewhere in the world, “New York is still very strong”. Also “Hong Kong, Shanghai, Singapore, these are the areas of the world that I truly believe can sustain the high-end product, and will have the demand for it.”
Source : Today – 25 Jan 2012