Feature | Global landscape
The Caribbean is a desired
Russia, India and China. “These wealthy
destination for the baby-
boomer generation looking
individuals have little or no dependency on
to retire in a place in the sun
credit, so have a unique ability to invest in the
most exclusive locations anywhere around the
globe. As growth returns, we believe they will be
at the forefront of purchases” says Charles
Weston-Baker.
Secondly, population analysis suggests there
will be growing demand for property around
the world in the long term. This will be at the
mid-market level as well as amongst HNWIs, as
widespread affluence continues to change our
aspirations and drive demand.
Lifestyle choices
Savills has recently surveyed over 1,500 overseas
holiday home owners, and believes
demographics will change, but not reduce, the
market in years to come.
“We will see a return to the traditional use of
the holiday home as a lifestyle choice, perhaps
more than as a pure investment. That demand
will actually rise in the near future” predicts
Rebecca Gill, author of the Savills research. She
says members of the baby-boom generation are
now in their 50s and 60s, and are approaching
retirement with more savings than were
available to any previous generation.
“Our survey illustrates that 18 per cent of
Britons buy for retirement. There are vast
numbers of over-50s and over-60s wanting
homes overseas, often in traditional areas, and
there are many more to come. They have a lot of
equity in their principal homes, irrespective of
the downturn, so most won’t need to borrow”
says Gill.
Her research also suggests that few existing
owners will change their plans in the light of
fluctuating fuel prices. Only one in 10 suggested
they would sell their home or buy closer to the
UK if rising oil prices made holidays more
expensive – although the past year has produced
as many falls as rises in such commodity prices.
Similar demographic trends in many other
western nations suggest long-term broad-based
5 hotspots to
watch in 2009
Savills’ head of international
residential, Charles Weston-Baker,
pinpoints his pick of emerging
locations for this year
Switzerland Cuba
Switzerland is benefitting from the ‘flight to After years of isolation, Cuba is set for a
quality’ that’s seen its franc appreciate against cultural and economic boom, making it the
other currencies. Seen as a safe haven both most exciting property destination in the
politically and financially, this is reflected in the world. And 2009 sees the long-awaited
success of its lakeside and ski property. arrival of resort property on the island.
6 savills global residential review
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