Hugh Wade-Jones, Managing Director of Enness, comments on the 2017 London property market
Despite a number of factors hanging over the London property market creating uncertainty, I am still bullish on my outlook for both UK PLC and the 2017 market. There is no doubt that the former and current Chancellor’s punitive tax changes for buyers of £1m+ property and restrictions placed on landlords have cooled transaction levels and prices at the top end of the market; however, the underlying imbalance between supply and demand still remains. These factors combined with the likely continued strengthening of the dollar against sterling – and all the currencies which are pegged to it – only increasing the purchasing power of overseas buyers in comparison to 12 months ago, will mean continued foreign investment at all levels.
Caroline Olds, Managing Partner at Caroline Olds, comments on the 2017 Monaco property market
Monaco prices have been flying over the last few years, increasing 10% in 2015 and a huge 27.8% in the last five years. I don’t see any signs of that trend abating. As uncertainty continues to hang over most of Europe economically and politically, we are seeing large numbers of British residents looking to fly the nest, as well as those from the rest of Europe, all looking for some financial security. We’ve also noticed a large rise in people settling in Monaco from further afield – most notably the Middle East and Russia, and this too has helped fuel price growth on both the sales and rental sides.
Joanna Leverett, Head of International Residential Markets at Cluttons, comments on the 2017 French Alps property market
Prices in the French Alps are expected to be stable over the next 12 months, with Courchevel and Megeve remaining at the top of the list for the most sought after luxury chalets. The market in Chamonix is evolving and new luxury chalets and chalet refurbishments have pushed the prices being asked at top of the market. The launch of branded hotels, such as the Four Seasons in Megeve signals strong luxury demand that will have a positive impact on property price growth over time. Refurbishment and redevelopment of older chalets is becoming increasingly popular for buyers who are looking to add value and create their dream home. There are good opportunities for this in Chamonix and Megeve. The Brexit vote has not had a significant impact on the market, perhaps because vendors in the Alps are less reliant on British demand.
Smadar Kahana, Managing Director or ENGEL & VÖLKERS, comments on the 2017 Marbella property market:
Marbella real estate, as well as other second home destinations in Spain, has never suffered from the political situation in Spain – it was always considered a safe destination to invest in a second property and continues to be as other locations experience uncertainty.
With the Euro currently weak, it is an advantageous time to purchase property with other currencies. Furthermore, at the higher end of the market, buyers are purchasing for lifestyle reasons and, as such, aren’t concerned about small currency fluctuations. Therefore, we don’t expect the market to suffer throughout 2017 as a result of this.
Since the Brexit result, fewer British buyers are entering at the lower end of the market, and we are also seeing fewer Russians than we have. We are, however, experiencing a healthy demand from Scandinavian, German, Swiss and Austrian buyers.
Over the last couple of years, we have had a large amount of funds and other investors planning new, modern developments of villas and apartments in Marbella. The trend is for modern living, but we still see a large demand for traditional style houses, with modern features.
In general, we are expecting the real estate market in Marbella, as well as in many second home destinations in Spain, to continue to see a stable demand for holiday homes in 2017.