The most expensive homes in the world may not seem to have much in common besides price--and even those vary greatly, from $100 million-plus palaces in England and the United States to grand houses priced under $10 million in South Africa.
According to the 2006 International Residential Review published by international real estate firm Knight Frank, the world's prime residential markets saw strong growth in 2005, and second-home buying was a major factor.
The company predicts that this year, buyers from growing economies will increasingly look abroad for real estate. Liam Bailey, head of residential research for Knight Frank, said that the really seriously wealthy buyers came into London and increased prices at the high end.
Knight Frank says that prices in the high-end segment of Hong Kong's market have doubled from 2003 to 2005, and there has been an increase in wealthy Chinese buyers from other parts of Asia. Strong economic growth in Dubai has increased the interest in buying foreign real estate, especially in London.
He said that increased transparency has made international real estate purchases less risky. Uncovering absolutely every top-priced home around the world is impossible. Some secretive owners will allow their homes to be shopped around only to preselected potential buyers. Others do not reveal asking prices.
Last year, we found only one property priced at $100 million or more. He said that the number of properties doesn't grow, but demand can double or treble over a couple of years. The home once again at the top of our list is Updown Court, a spanking-new palace in England. The residence has what one might call strong curb appeal, with 103 rooms, five swimming pools and a heated marble driveway. New properties are constantly popping up around the world--two impressive newcomers are in Istanbul, one for $100 million.
By M. Sese
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