Wealthy Live Outside The Fears of The Masses
In the world of overseas property, sales of prime property are currently a higher percentage of total sales than ever before.
The most likely reasons for this are the lack of mortgage availability, combined with the fact that it is only the wealthy that have the cash to buy and/or the fact that most people are still in fear over their jobs etc, and the wealthy also live outside these fears.
On top of that it is a fact that prime property holds its value better than any other class, not least because it rarely comes on to the market; when it is bought and sold it tends to be because someone covets it and makes a rich person's offer.
Property Purchasing Hedges Against Inflation and Currency Devaluation
For that reason prime property is currently benefiting from the financial instability of global economies. Particularly the fears over whether or not Greece would default on its debt, because we all know the UK is in an equally deep debt-hole. Never before, or certainly not for a few generations, have so many people bought property because it is property; to put their savings into something that is tangible -- a hedge against the potential for roaring inflation and impending currency devaluation.
The first indications of this came when gold prices starting rising at the fastest pace in decades. Ever since gold started to level out at the top of its price-range, property has started to look like the safer option.
A recent article in well respected overseas property publication, Overseas Property Mall compared the top 10 most expensive homes in 2008, with the same list in 2010, and found that two homes featured in the 2008 list reappeared on the 2010 list at significantly higher prices. The properties were:
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Villa Leopolda on the French Riviera, which was 8th most expensive home in 2008 at $88 million and the second most expensive in 2010 at $506 million.
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And Updown Court in Windesham, Surrey, which was the 3rd most expensive home in 2008 at $110 million, and the 9th most expensive in 2010 at $130 million.
Whatever the reason for the surge in sales of prime property, they don't come primer than La Roca Del Rey, one of the villas for sale in La Zagaleta currently being marketed by ourselves.
La Roca Del Rey is 30 million euros worth of ultimate luxury property in La Zagaleta. It has 10 bedrooms, multiple reception rooms, an entertainment suite, car-museum and an entire-floor dedicated to the master-bedroom suite.