The Côte d’Azur has claimed the number one spot in a new ranking of the world’s most successful luxury leisure destinations.
The Candy GPS Report – produced by Deutsche Asset & Wealth Management, Savills World Research and Candy & Candy – identifies the top 20 prime leisure locations where the global super-wealthy are purchasing additional properties.
Over 60 international leisure hotspots were identified in the research and analysed based on global reach, real estate values, exclusivity and luxury tourism appeal.
The Côte d’Azur ranks as the most desirable - and expensive - destination for home transactions by the ultra-wealthy; the price of a typical five-bedroom property in the region now exceeds USD28.5m. The French Riviera continues to attract buyers from across Europe, North America and – most actively at present – the Middle East and Russia, who remain undeterred by changes to the French tax system.
Demand for property in luxury leisure destinations is being fuelled by a sharp rise in the global UHNWI population, which increased by 34 per cent between 2009 and 2012.
Nick Candy, chief executive of Candy & Candy, says: “In the same way that we have seen exponential real estate growth in global cities over recent years, we expect to see the same level of growth and property values replicated in the top luxury leisure enclaves where the world’s super-rich are choosing to purchase additional homes.”
Balaji Prasanna, head of lending and deposits at Deutsche Asset & Wealth Management, says: “Location, square footage and finish are the obvious drivers of a property’s value – but at the luxury end of the market, there are other factors to consider. Buyers need to have a strong understanding of local legal, tax and regulatory considerations to ensure they are getting what they are paying for."