Prime International Property Prices Begin to Stir, WSJ
London, Switzerland, Monaco and the South of France are Sparking to Life...
Knight Frank, the upmarket London-based estate agent, said that 30% of its deals in the prime central London market were sealed in October and September. Savills, another exclusive London estate agent, reported a similar rise in activity during the same period."People are coming to us with saddlebags laden with money," said Trevor Abrahmsohn, who runs estate agency Glentree, which sells houses on one of the capital's most expensive streets, Bishops Avenue."They have made up some of their losses in gains in the equity markets and, with such low yields of cash, are being more aggressive with their investment strategies," Mr. Abrahmsohn added.
After sharp falls during the credit crisis, prime residential property prices in Europe are beginning to regain their poise, fueled by investor appetite for direct investment opportunities, cheap money and exchange-rate advantages.London is leading the charge, but residential property in Switzerland, Monaco and the South of France is also sparking to life... the worst of the crisis for top residential property prices in London and other prime locations outside of Switzerland appears to be over.
By Tara Loader Wilkinson, Nov. 27, 2009 WSJ
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