The world’s super-rich have done fairly well despite the economic downturn; overall, the value of property owned by billionaires grew 3.6 per cent in the second half of 2011, according to UK-based property analyst Savills.
There’s only one city where billionaire property values dropped significantly: Hong Kong. According to Savills, the value of billionaire property there fell by 5.9 per cent in the second half of 2011.
The report writes:
The city’s red-hot ultra-prime districts, The Peak and Southside, have cooled following price growth of 118% between December 2008 and June 2011. Buyers are exercising caution ahead of anticipated price falls, and are seeking discounts on asking price. Such measures were unheard of just six months ago, and may indicate the market to come.
Billionaire property values also dropped by 2 per cent in Sydney and 1 per cent in Tokyo.
In New York, on the other hand, the value of billionaire property increased by 17 per cent in the same period, fuelled by wealthy buyers from overseas seeking investment properties.
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