London’s luxury residential property market rebounds
Signs of life in the beleaguered luxury market continue. First it was in Europe’s yacht docks, where mid-sized yacht sales are picking up steam.
Then in Silicon Valley, where luxury vehicles are seeing month-on-month increases in sales. And more recently across America’s upscale department stores, which are seeing sales jumps of around 7 per cent.
Now in London there are reports that the luxury commercial property market is heating up once again. The Financial Times has details:
The Royal Borough of Kensington and Chelsea has sold land overlooking Holland Park in London for more than £100m to a joint venture between the Duke of Westminster’s Grosvenor Estate and Native Land, underlining the scale of the recovery for luxury residential property.
It’s important to watch what happens after this deal. Is this the start of a trend, or a one-off event? If it becomes a trend, then London’s luxury property market could recover quickly than most other luxe industries.
