market500 - property.
posted on May 26, 2008 at
9:57 am.
This article was first published in Market500 May 2008
Real Estate: Super Prime Time
Tom Armitage - Zurich
While average real estate values in the United States and the UK soften, the super-prime section of the market shows little sign of slowing down. Luxury properties in London and Manhattan continue to command high prices and are selling as fast ever. Limited supply in the best locations means the values of super-luxury properties are holding up. Oil revenues and buyers from Asia have supported the market in London while an influx of foreign capital, combined with strong demand from locals, is helping to sustain the market for top-end property in Manhattan.