{"id":73392,"date":"2018-08-17T08:35:38","date_gmt":"2018-08-17T13:35:38","guid":{"rendered":"https:\/\/sobarnes.com\/?p=73392"},"modified":"2021-05-21T06:51:49","modified_gmt":"2021-05-21T11:51:49","slug":"international-luxury-real-estate-market-trends-opportunities-europe","status":"publish","type":"post","link":"https:\/\/sobarnes.com\/en\/realestate\/luxury-real-estate-market\/international-luxury-real-estate-market-trends-opportunities-europe\/","title":{"rendered":"International Luxury Real Estate Market: Trends & Opportunities in Europe"},"content":{"rendered":"
D<\/span>emand in the international luxury property market has remained very high on a global level since the end of the 2008-2009 financial crisis.<\/h5>\n

The general trend is a regular increase<\/strong> in the number of transactions<\/strong> and in prices<\/strong> for almost 20 years. Context, political and economic shocks, and changes in tax policy have contributed to regulating and\/or slowing this phenomenon during precise periods in certain of the world\u2019s countries and regions. Investing in international luxury property<\/strong> is still a safe bet in the long-term however, in the short- and mid-term, timing is paramount. For example, tax hikes and Brexit put an end to rising prices and signaled the start of a period of correction in London<\/strong><\/a>. The socialist digression in France<\/strong><\/a> was accompanied by a 30% drop in prices over the period, meanwhile the demands for independence in Catalonia<\/strong> led to a massive withdrawal of investors from the Barcelona<\/strong><\/a> region and from Spain<\/strong><\/a> as a whole.<\/p>\n

Europe: A Continent of Contrasts<\/h2>\n

The United Kingdom: Waiting for Brexit<\/h3>\n

The most immediate impact of the U.K.\u2019s Brexit<\/strong> vote in June 2016 was a drop in the value of the pound sterling, which fell to its lowest level against the U.S. dollar in 31 years and its lowest ever level against the euro since the currency was created in 1999. The International Monetary Fund also revised the U.K.\u2019s growth previsions down to 1.7% for 2017, while the same figures for Italy<\/strong>, France<\/strong><\/a>, and Germany<\/strong> were bolstered.<\/p>\n

Despite everything, London is still one of the world\u2019s most attractive major capitals. The crisis in the U.K. has created real estate opportunities the likes of which are only seen once every two or three generations!<\/p><\/blockquote>\n

Alex Newall, Director of BARNES Private Office, London<\/span><\/p>\n

The uncertainly around Brexit was accompanied by a steep rise in Stamp Duty. Property sales in London<\/strong><\/a> dropped by almost 50% in 2016, and the market remained sluggish in 2017. In euros, the decrease in prices in London<\/strong><\/a> has been estimated at more than 35% over these last two years. Brexit<\/strong> has also had an indirect effect<\/strong> on the real estate market<\/strong>, with many British citizens selling their secondary residences in the Eurozone (including in France<\/strong>, where the phenomenon is taking hold in Provence<\/strong><\/a>) to take advantage of the resulting pay-off in a strong currency.<\/p>\n

Spain and the Catalan Uncertainty<\/h3>\n

Catalonia<\/strong> is another example of the contrasting situations observed across the continent. The Spanish province declared its independence on October 1, 2017, following a referendum condemned as illegal by the central government in Madrid<\/strong><\/a>. A second, official referendum was therefore organized for December 21, 2017, which saw the independentists win the absolute majority in the regional parliament with 70 seats out of 135. It now remains to be seen how Spain<\/strong><\/a> will deal with this unique new crisis, as the country found itself facing a question mark at the beginning of 2018. The question is an important one, as Catalonia<\/strong> is the richest autonomous region <\/strong>in Spain<\/strong> and one of the most influential in Europe<\/strong>. And is made all the more crucial as a region-wide demand for independence suggests similar nationalistic trends may start appearing across the continent.<\/p>\n

This political and economic uncertainty affects both the ultra-wealthy and modest savers. The real estate consequences have been immediate, with non-Catalan Spanish owners selling their properties in the region to bring their assets back into the rest of the country.<\/p><\/blockquote>\n

Emmanuel Virgoulay, Managing Partner of BARNES Barcelona<\/span><\/p>\n

In late 2017, many property sales were concluded between 20% and 30% of the asking price in Catalonia,\u00a0particularly in Barcelona<\/strong>. This context offers an opportunity<\/strong> for foreign buyers<\/strong> with sufficient liquidity, as Catalonia boasts solid, long-term advantages such as tourist and golfing sectors that are highly popular with European, American, and Asian clients.<\/p>\n

The Macron Effect in France<\/h3>\n

The financial community breathed a sigh of relief when Emmanuel Macron was elected president of France. He took over from the highly unpopular Fran\u00e7ois Hollande, a self-proclaimed \u201cenemy of finance.\u201d<\/p>\n

Emmanuel Macron<\/strong> is a 39-year-old former banker with perfect spoken English, who reassured investors<\/strong> and international clients<\/strong> with his first economic measures<\/strong>, which were also applauded by the markets. The French real estate market<\/strong> has since seen a revival<\/strong> in both the new and established property sectors. However, the effects of the replacement of the former Imp\u00f4t sur la fortune (\u201cwealth tax\u201d) by the new Imp\u00f4t sur la fortune immobili\u00e8re (\u201creal estate wealth tax\u201d) remain to be seen. This legislation is certainly less restrictive for private portfolios, while retaining real estate assets as a base for calculating the new tax.<\/p>\n

The property market picked up<\/strong> again in 2015<\/strong>, defined by a return of French investors to France<\/strong>. Since 2015, prices in Paris have increased by 20%, while transactions grew more than 25% in 2017 compared with 2016.<\/p>\n

Source:\u00a0Barnes Global Property Handbook<\/a><\/h5>\n","protected":false},"excerpt":{"rendered":"

Demand in the international luxury property market has remained very high on a global level since the end of the 2008-2009 financial crisis.<\/p>\n","protected":false},"author":105,"featured_media":74251,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[11657,11654],"tags":[],"yoast_head":"\nInternational Luxury Real Estate Market | BARNES - Trends & Opportunities in Europe<\/title>\n<meta name=\"description\" content=\"Demand in the international luxury property market has remained very high on a global level since the end of the 2008-2009 financial crisis.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sobarnes.com\/en\/realestate\/luxury-real-estate-market\/international-luxury-real-estate-market-trends-opportunities-europe\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"International Luxury Real Estate Market: Trends & Opportunities in Europe\" \/>\n<meta property=\"og:description\" content=\"Demand in the international luxury property market has remained very high on a global level since the end of the 2008-2009 financial crisis.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sobarnes.com\/en\/realestate\/luxury-real-estate-market\/international-luxury-real-estate-market-trends-opportunities-europe\/\" \/>\n<meta property=\"og:site_name\" content=\"SoBarnes\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/SoBarnes\/\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-17T13:35:38+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-21T11:51:49+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/sobarnes.com\/wp-content\/uploads\/2018\/08\/marche-immobilier-international-prestige-tendances-opportunites-europe.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1600\" \/>\n\t<meta property=\"og:image:height\" content=\"898\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@So___Barnes\" \/>\n<meta name=\"twitter:site\" content=\"@So___Barnes\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Organization\",\"@id\":\"https:\/\/sobarnes.com\/en\/#organization\",\"name\":\"SoBarnes - 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