What Europe's billionaires are buying

PropertyGuru

30 March 2014 at 8:44 pm

London has been revealed as the preferred property destination for European billionaires in the Ultra Prime Barometer survey from super-prime property specialists Beauchamp Estates and Dataloft, the market intelligence group.

The research, which looks across Western Europe at ultra-prime property values, billionaire lifestyles and billionaire property assets, found that the average billionaire is worth £1.79 billion, is a married family person with 2.1 children, spends £50 million or more on real estate and typically has four homes around the world.

In terms of property, the average billionaire has a £22.3 million mansion in London, a £18.6 million holiday home on the French Riviera and an £12.1 million Tuscany estate as their typical European property assets. Billionaires favour large family homes, the survey found, and will often fill their homes with artwork. They also rank security above lifestyle facilities.

There are more than 2,170 billionaires globally, with a combined net worth of £3.88 trillion, up from £1.85 trillion in 2009. Of these, 60 percent are self-made billionaires and 20 percent have inherited wealth. Beauchamp Estates highlight that most billionaires are driven visionaries who are determined, decisive decision makers who tend to know exactly what they want when they are house-hunting. For them a home is both a lifestyle and an investment.

Amongst Western Europe's capital cities, London is the favourite billionaire property hotspot with 67 billionaires living in the city, ahead of Paris on 25 and Geneva on 18. The Ultra Prime Barometer survey revealed that a billionaire will spend £10 million or more on a London property, with their typical home in the capital being either a mansion in the 'platinum triangle' formed by Mayfair, Knightsbridge and Belgravia, or a palatial residence in leafy St Johns Wood or Regents Park.

Amongst the European beachfront, island and rural-estate holiday resorts, the French Riviera is the top property hotspot for billionaires with an estimated 39 having homes in the region, with other popular locations including Tel Aviv, Israel waterfront 17, Tuscany, with circa 14, and Greece and the Greek islands with nine billionaires.

Beauchamp Estates highlighted the typical French Riviera ultra-prime home is a modern refurbished villa with sea view valued at £18.6 million, providing 6,151 sqft of living space. It has six- to seven-bedroom suites, four reception rooms. Some 90 percent have a swimming pool, 48 percent a private gymnasium and 7 percent a wine cellar.

The survey also ranked key selling features that are important to buyers of ultra-prime property. Gary Hersham of Beauchamp Estates said it's all about the 's' word", with the top five being a select location, size, space, security and specification.

He said: "We advise UHNWI buying homes in London and around the Mediterranean to set aside budgets of typically £50 million to acquire the right properties. Most UHNWI buying in Western Europe see having an ultra-prime home in prime Central London and on the French Riviera as "must have" badges. Others then decide they also want a Tuscan estate or residence on the Greek islands which adds another £10 million."

Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg

Our editors' pick of recent stories you may have missed:
Real estate companies unprotected against fraud and corruption
Record price for Orchard office suites
World's first $1 million property for sale
Saturation concerns in suburban Bangkok

If you have a property story you want us to publish email andrew@propertyguru.com.sg