Global Luxury Property Review February 2013
90% buyers search online during home buying process, new study TRENDS: Google and the National Association of Realtors (NAR) published a report following a joint study called The Digital House Hunt. The principal aim of the study was to observe and provide an analysis of the evolving role of digital media in the consumer home search process. Although the study was conducted in the US, the trends it reveals are reflected globally. Among the report’s key findings was that a 90 per cent of buyers rely on the internet as one of the main search sources, and more than half (52 per cent) search online as the first step of the home buying process. The report also revealed that real estate-related search on Google.com increase by a staggering 253 per cent over the past four year, and 22 per cent over the past year.
The massive importance of the need for property websites to be optimized for mobile compatibility is highlighted by the statistic that one in five real estate searches happen on mobile devices. In fact Google real estate searches on mobile devices ‘grew 120 per cent from 2011 to 2012’, according to Google Internal date, Q3 2012. The study found that 86% of buyers view videos to find out more about a specific community and 70% use video to see the inside of a home. The joint study also found that YouTube is the top video research destination for property buyers. Full report here
Belgravia and Knightsbridge ‘stars’ of London luxury property market 2012 LONDON: Prime Central London homes sales growth hit an average of 8.7% for 2012. The prime markets of Belgravia and Knightsbridge were the star performers at 15%. This was revealed by latest analysis and forecasts for the central London market of property consultant Knight Frank. Transaction levels for 2012 reached £18 billion with 11,900 deals contracted at an average price of £1.5 million, Knight Frank said. James Roberts, head of commercial research, said: “Clerkenwell, Farringdon and Shoreditch are now firmly established as technology and media districts, and we expect to see this momentum build with the forthcoming 4G roll out. Stephen Clifton, investment partner attributes increased interest in London office investment market the improved exchange rates against the Sterling. "The pound has weakened further in recent weeks, which only increases the logic for overseas investors to buy in London. Also, pricing looks attractive compared to their home markets in many cases.
Industry insiders predict Sydney house prices could double by 2020 AUSTRALIA: The luxury property industry in Western Australia, Queensland and the Northern Territory is reportedly showing signs of recovery. Industry reports predict that house prices in Sydney could double by 2020. Michael Pallier, Managing Director of Sydney Sotheby0s International Realty told The Telegraph that Australia is popular with foreign investors, “due to the stable economy, strong capital growth performance and, of course, the lifestyle. The introduction of the substantial investment visa will also be a huge winner for future investors.” Last year the Australian government lowered the bar for bar for visa applications in exchange for investment in the country.
Jobs driving boost for San Francisco’s Bay Area luxury real estate market US: Last year was a bumper year for residential real estate in the San Francisco Bay Area in California, according to real estate reports. Industry insiders say that job growth in San Mateo, San Francisco and Marin counties combined with a limited inventory of homes for sale spurred on this exceptional growth during 2012 in the Bay Area. Last year saw $117.5 million paid for a luxury mansion in Woodside, the most expensive US home ever, according to a report on the San Francisco Chronicle.
In the nine-county Bay Area, 11,041 properties changed hands in 2012 with sales prices above $1 million, up 29 percent from 2011, according to real estate service DataQuick of San Diego. Pacific Union International said they have a “very positive outlook for Bay Area residential real estate in 2013.”
Brought to you by Butterfly Residential The Global Luxury Property Review is a monthly article compiled by Butterfly Residential offering a snapshot of the sector. Butterfly Residential is a boutique, professional, high-end property company specialising in Marbella, London and Barbados in sales and rental of luxury property. Butterfly Residential is headed by Edward Fairless and Nicola Fairless, a brother and sister team who are the new sensation in the global luxury property sector. Address: Avd. Ricardo Soriano 72, Edf. Golden, Portal C, 2º H, 29601 Marbella, Málaga, España Email: info@butterflyresidential.com Web: http://butterflyresidential.com Tel: (+34) 662 258 896 Tel: (UK) 0208 1444 383 Skype: butterflyresidential