Saturday, May 16, 2009
No rich buyers there, so none in London either?
A crash in the French Riviera's "trophy" property market has seen luxury villas which were once on sale for £450 million plummet in value to less than a tenth of that price, experts have said. "For trophy properties it used to be a question of how much someone was willing to pay. They would come quietly onto the market – they would be marketed under the table. This system really has totally collapsed. Buyers willing to pay anything like those sums just don't exist." But other property agents said the high-end buyers would return as owning a property in the region remained a status symbol. "Owning a property here is certainly better than placing the money in a bank, as some have been on the verge of collapse."