By Alyssa Gautieri, Kristen Ordonez and Marlene Ridgway
©istockphoto.com / gradyreese
Turks and Caicos
With a booming economy, a rise in tourism, and massive projects underway, Turks and Caicos is attracting luxury buyers nationwide, according to Perla Nieves Chesterton of The Pearl Residences.
“Besides the lovely, sunny and warm weather, people flock to the islands to cash in on the opportunities,” says Chesterton. “There are no income, property, capital gain or estate taxes. There’s a shortage of and a need for just about any business, so success is almost guaranteed.”
Property in Turks and Caicos can range from $1 million to $75 million. According to Chesterton, luxury condos can be purchased for around $1 million, exceptional condos for $2 million to $3 million, and waterfront homes for around $1 million. Beachfront residences are typically priced between $5 million and $25 million, but may go up to around $75 million. “The entire country and its marketing is positioned at exclusive and luxury hotels, homes and services,” Chesterton explains.
Visitors, residents and investors are coming from geographically diverse locations — from Russia and China to the U.S., Canada and U.K. The primary market is Canada, the U.K., and the U.S. — with most American buyers coming from the Northeast.
Providenciales, Turks & Caicos | ©istockphoto.com / anouchka
Canada is one to boast some of the safest communities in the world, from the metropolitan areas of Toronto to quaint neighborhoods like Halton Hills. Melissa Krause, sales representative for RE/MAX Real Estate Centre Inc., considers herself an expert here as she has witnessed the town evolve before her eyes.
“Halton Hills has a genuine sense of community, where people come together to support one another,” she says, also noting that many families are drawn to these communities. According to Krause, there are many aspects of this region that attract buyers both nationally and internationally.
Glen Williams, Toronto | Photo courtesy of Melissa Krause
”[Halton Hills], which features Georgetown, Acton and the quaint villages of Glen Williams, Limehouse and Norval, often brings about buyers from the larger and surrounding metropolis,” she notes, saying that many relocate from the bigger cities of Oakville, Mississauga and others with the desire to live in a small town. This need from buyers is satisfied in areas like this in Canada both through luxury residences and communities as well as extracurriculars and amenities for all.
The most desirable luxury homes in Halton Hills are in Glen Williams, or “The Glen,” which is home to the largest artisan’s village in North America. From the different studios, antique shops, and both fine and casual dining to the three exclusive subdivisions, the luxury lifestyle is within easy reach in this small town.
In terms of prices and listings, the highest priced listings in Halton Hills range anywhere from $1.5 million to $2.5 million, with these homes sitting in any of the high-end subdivisions, Wildwood Estates, Bishop Court and Meadows in The Glen. The highest-priced residential home can be priced upwards of $4 million, surrounded by 10-plus acres with all the “bells and whistles” included, from in-ground pools, gourmet chef’s kitchens, and more. “Rural homes of this magnitude do not come up often and when they do it can take a much longer time to sell,” Krause says.
With foreign consumers coming from Spain, France, Netherlands, United Kingdom and The United States, Argentina is drawing in a range of luxury buyers. “Argentina has always been considered a top destination in Latin America and has an important position in the South American luxury market,” says Viviana Bonelli of Coldwell Banker Grupo Gardiol.
“From an economical and political perspective, new leadership in Argentina has created better expectations for the future,” says Bonelli, who notes that favorable exchange rates in 2018 have increased interest from foreigners in the luxury real estate market. Growing popular in the U.S., Argentina is particularly popular among residents from California, Miami and New York.
“Vacation homes have long been a draw for high-net-worth investors — whether it is ski, golf, mountain or beachside retreats,” Bonelli says. “In Argentina, we observed that affluent consumers look for something that is truly unique, and this has a different representation for each person.” She said the highest-priced listing in Buenos Aires area is around $10 million.
Bonelli also notes a rise in tourism in Uruguay, one of Argentina’s neighboring countries.
Bariloche, Nahuel Huapi Lake, Argentina | ©istockphoto.com / MaRabelo
“The tourism industry in Uruguay is an important part of its economy. Oceanfront luxury developments are attracting investors from Europe, Argentina and Brazil, looking for luxury living, with unparalleled degree of elegance and functionality plus extraordinary amenities,” she says.
“The Irish economy is the fastest growing economy in Europe with a projected growth rate for 2018 of 5.6 percent,” says Phil Thompson, real estate agent for Des Lalor Auctioneers. This projection supports the notion that Ireland’s luxury real estate is solid and continuing to expand, which can partly be explained by the rise in net immigration. “A high percentage of luxury property buyers are coming from overseas, both returning Irish migrants who rode out the depression in more lucrative locations and high-net-worth individuals moving here for employment,” says Thompson.
Lake house in Republic of Ireland ©istockphoto.com / MaRabelo
Chinese and Asian buyers, as well as those “seeking a safe haven in the European Union,” are another source of expansion, according to Thompson. The rise in buyers has put a strain on the available housing in cities, which has boosted the value and popularity of space outside of Dublin. “Prices are increasing rapidly in the commuter belt, 10 to 20 miles from Dublin city center,” says Thompson.
Additionally, an area growing in value is The Docklands. This is the area where “social media giants such as Facebook, Google and LinkedIn have their European headquarters and is proving highly popular as the new workers try to secure homes close to where they work,” says Thompson.
Thompson reports no shortage of real estate options. “The luxury market in the Dublin area is generally considered to consist of properties in the €1 million-plus ($1.15 million-plus) range,” he says. The highest-priced listing is a 7-bedroom mansion in a coastal setting for €10 million ($11.5 million).