International Luxury Property News - Stock falls mean good news for Luxury Property Markets and Confidence High in Spite of Credit Crunch

News and reports from the International luxury property markets

Cap Cana Dominican Republic

TCPalm reports that the developer of a large community on Michael Creek Drive plans to go ahead and build a luxury waterfront subdivision in spite of the current slump in the Treasure coast housing market. Denial or foresight? Time will tell.

Cary Glickstein, owner and president of Delray Beach-based Ironwood Properties Inc., said his company plans to finish constructing two model homes during the first quarter of 2009 at the Michael Creek development. He then plans to aggressively market the properties to Baby Boomers in South Florida and northern states. Full story

Gowealthy are reporting that Taheima Wellness Resort and Spa in Mexico is being marketed in Dubai, hoping to attract investors from that region.

PURE International, global luxury property agent, is launching Taheima Wellness Resort & Spa, a condominium hotel development in Puerto Vallarta, to the Middle Eastern market. PURE International will host a series of exclusive sales events to launch Taheima Wellness Resort & Spa between September 23 and 27, 2008 in Dubai. Full story

Quest are reporting that High end properties in Bulgaria are beginning to sell again. Far be it for me to suggest a vested interest here, but “Affordable luxury,” seems an oxymoron. Either way, thery are pushing hard to try and attract buyers from the UK again. Perhaps next year?

Bulgaria as a property investment market has had a bad deal of late in the UK. Media fuelled with stories of over-development and alleged under performance have taken the spotlight off this maturing property hot spot, leading some to believe that the boom is over and other markets are where the money is. Full story

The Toronto Star reports on a new luxury development being built in the Dominican Republic at Cap Cana. I don’t quite see a Davy Crockettt’s steak house of fitting with my idea of luxury, and I am not sure the writer, Jim Byers is 100% convinced either.

It’s a cold winter’s day outside, but Perez has come to chat about his baby; Cap Cana in the Dominican Republic. Many of the writers have heard the pitch. The beach as pure white as a new moon. The lobby bar with the most divine pomegranate martinis. The place where Brangelina stayed last month (but please don’t tell anyone) Full story

International Property Investment suggest that the recent falls in the Australian stock market will fuel growth in the property sector as investors switch focus.

Housing Industry Associate WA State director John Dastlik thinks the share market blood bath may start a revival in the property market: “People are starting to come out fo the trenches and consider options to invest in property, in particular rental accommodation.” Full story

The Al Watan Daily is suggesting much the same thing will be happening in Kuwait following an enormous drop in the value of Kuwait’s stock exchange. If anyone has any money left that is.

The great drop in the Kuwait Stock Exchange’’s (KSE) performance has prompted expectations that invested money may be diverted to such sectors as real estate, according to Chairman of AlـMutakhasis Real Estate Co. Faraj AlـKhudhari. Full (short) story

Less encouraging news from Bloomberg, and the suggestion that London and New York will be in competition to see which financial center will be first to hit rock bottom, dragging property prices down with it. So far, New York is leading the race, with a drop in financial firm’s worth of 37 % ($477 billion) compared to London’s 25% ($182 billion).

London and New York will be hit comparatively harder than other financial centers,” said Mark Yeandle, a risk consultant at London-based Z/Yen Group and lead author of the Global Financial Centres Index, which ranks the competitiveness of such cities. “New York, up until a month ago, seemed to be recovering more quickly than London, but we have to wait and see what sort of fallout the more recent turmoil will generate.” Full story