If you have been thinking about trading up there has never been a better time. Luxury home sales have been suffering a mini recession and that has created a buyers market. If you are patient and seek out motivated sellers you could find yourself grabbing the home of your dreams for less than you would have thought. Even if you are looking for something very unique and plan to employ luxury home builders to give you exactly what you want and are simply looking for a place to build, the prices of land in the most desirable locations suitable for a dream home are also showing the effects of the downturn in the wider market. We will look at three of the hottest markets where you can now get significant savings.
Perhaps one of the best bargains right now is in dear old London town. Brexit has put UK property prices under pressure and that is no more so than in London. With thousands of highly paid city jobs leaving for the EU is has put a lot of luxury flats of those highly paid city workers up for sale. With a bit of patience you can find real bargains as many of the sellers are quite young and need to sell up to recover the equity for their next purchase and don’t have the luxury of older sellers who have reduced their mortgage and can afford to take their time. You can be assured as a buyer that the Brexit panic will eventually end and London with its vibrant arts and culture will still be one of the premiere cities that attracts the great and good to make their home.
Australian property prices hit a peak in 2017 and have been coming down ever since as the government rolls out a raft of measures to cool the market such as ending interest only mortgages and higher sales taxes to deter foreign buyer. Overall price are down 6 per cent with the drop in Sydney of 12% and expected to fall an additional 8 per cent this year. Australian mortgage rates are still relatively low which will reduce your carrying costs and if you are patient you can find luxury homes in Sydney that are selling for 36% less than they did in 2017.
Another market that is offering real bargains is Dubai. Not everyone’s cup of tea but if you are looking for real value for your money then you will be hard pressed to find more affordable luxury than in Dubai. Where you can blame politicians and bankers for the downturns in most markets in Dubai the culprit is overzealous developers. Prices have fallen 27% from their peak in 2014 as more supply came on the market than it could reasonably absorb. Since then prices have fallen and new building has slowed while the inventory is absorbed. You can find real bargains in the secondary market with many people who only purchased as speculators looking to liquidate their bad investment.