Around the world, a growing number of billionaires are purchasing homes at record prices, and reports suggest that the luxury-buying ballet is likely poised for a sustained performance.
Billionaires’ Club Grows as do High-End Home Prices - NYTimes.com: ". . . . London, Miami and New York came to epitomize the so-called safe-haven market in 2012. Even with burgeoning demand from the wealthy for property — as a safer and potentially more profitable investment than stock markets and other financial instruments — the number of “desirable locations remains virtually static,” Knight Frank said. So buyers continue to focus on these few “key hubs.” . . . . "
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