PropertyInvesting.net: Property Investment News

Millionaire buyers have snapped up waterfront properties with views over the city and the surrounding rugged countryside.

Other cities that saw a big rise in the sales of high-end homes include Toronto, which was pipped to first place, and where luxury houses remained on the market for just 28 days before being snapped up, Victoria, also in Canada, Jackson Hole, in Wyoming, and San Francisco, which was boosted by international buyers. 

Valencia, in Spain, saw huge growth of 89pc in luxury home sales. However, this is a market in recovery, and it remains 40pc below its peak.

This burst of activity was due to a surge in those buying a ‘Golden Visa’, which gives them access to the European Union in exchange for investment.

An influx of affluent tech buyers boosted markets in Stockholm, Sweden, and Portland, USA – but a lack of luxury housing stock has held them back.

The report also found that currency fluctuations have led to a decrease in Russian and Chinese buyers in New York and London, but they have conversely boosted the luxury markets in areas such as Argentina, Canada, and in Cape Town, Dublin and Cartagena in Colombia.