If you are an oligarch or criminal looking to exfiltrate and launder your money, London property markets have been your go-to asset class: London lux is real-estate that behaves like cash, thanks to the long line of oligarchs and criminals who’ll pay cash for your safe-deposit box in the sky on a few hours’ notice, should you need to liquidate ahead of a purge or an indictment.
For years, London was number two on the Christie’s league-table of “luxury property” (after Hong Kong), but now it has been surpassed by New York, as Brexit scared off people who wanted to own “assets” rather than “homes”; these people have congregated in NYC, especially in the second tier of luxury property favored by lesser crims and beasts.
Luxury sales overall are way up in 2017 (11% growth!) thanks to the increased concentration of wealth into a few hands.
Meanwhile, the so-called affordable luxury market has carried New York City, the runner up in Christie’s rankings. The market for Manhattan’s priciest homes has softened as a result of too much inventory, but robust sales “particularly at the lower-end of the luxury market” bolstered the city’s position, according to the report.
Hong Kong, New York and London Top World Luxury Markets [Beckie Strum/Mansion Global]
(via Naked Capitalism)
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