We all knew it was coming, but that does not make things any more palatable. If any luxury real estate agents were wondering where the next big thing in luxury real estate marketing was – it is short sales. Mortgages over $1 million on McMansions across the country are beginning to default faster than the national rate and are already defaulting at twice the national rate.
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Shanghai Luxury Property Immune to Downturn?
According to an “expert” in Shanghai, the luxury real estate sector in Shanghai will be the only market in the world that will continue to grow in value this year. Despite the fact that Hong Kong luxury real estate has seen massive falls in value, Dubai’s luxury market has all but collapsed and in 2008, London saw the biggest fall in luxury property prices for years, with the trend continuing downwards.
More on Shanghai Luxury Property – The Only Market Immune to the Financial Crisis
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Dwindling demand, rising interest rates and high inflation means many well-known Indian luxury property developers are shifting their focus down-market in major Indian property markets. “Affordable housing,” is becoming the new “luxury.”
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Donald Trump Jr.
Late last November, Donald Trump Jr. – the son of the brash American real estate tycoon and reality-TV star – appeared at the high-profile Cityscape India 2007 real estate conference in Mumbai to give a speech on the subcontinent’s booming property market.
More on Luxury Real Estate in India – Donald Trump Junior Shows Faith
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It would appear that the luxury real estate sector in Manhattan is propping up the rest of the New York market, which is showing signs of stress
Barron’s reported recently that:
More on Luxury Real Estate in New York – New Boutique Condo Development launched into weak market
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Any one looking through the recent announcements of world-wide luxury property investment developments could be forgiven for thinking that Dubai is the only country in the World still building new projects, and it is fair to say that Dubai appears to have plenty of room left for more. This is some of the most recent announcements.
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