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Posted on 14/10/2020

COVID-19: Luxury Real Estate doesn't know the crisis

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COVID-19: Luxury Real Estate doesn't know the crisis
According to Alexander Kraft, CEO of Sotheby's International Realty, the wealthiest have no difficulty in accessing real estate credit, which maintains sales of prestige properties.


A branch of the real estate industry facing the crisis

Between 2019 and 2020, Sotheby's International Realty's results were almost equivalent, in fact, in 2019, the balance sheet was 449 million euros, while in 2020, the company earned 435 million euros. The decline is so small that it makes the results exceptional. In total, no less than 157 sales of approximately 1.55 million euros were made. In general, according to the Observatory of Housing Credit, the credit has a monthly payment of one million euros over 20 years with a fixed rate of 0.91% for the best files and the buyers participate in a significant part of the price of the property.


Current trends

Alexander Kraft notes a change in the desires of the French. The main residence should be a more pleasant and open place to live, especially by favouring balconies or gardens. Also, they are looking for a second home in order to offer themselves a haven of peace with family or friends. All of these criteria converge towards a final desire, to have a better quality of life.


Popular geographical areas

We are seeing an increase in sales in seaside areas such as the Côte d'Azur, luxury mountain resorts such as Megève, or rural areas such as Normandy. According to the Observatory for Housing Credit, credit rates are stable, averaging about 1.24% in August.

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