Property hotspots


The new world order D


URING the property boom of the early Noughties, second-home buyers were hungry for the next big location. But then came the


global downturn, and everything changed.


`A new world order of property ownership has been created,' says Charles Weston Baker, head of international property at Savills. The ` explorer buyer' market has slowed, leading to a resurgence of areas where the property sector is mature. France, especially the coast, is by far the


most popular location to buy in. According to the most recent Savills Global Residential Review, published in 2010, the country saw property prices double between 2000 to 2007, fall back by 11% and then plateau.


` Most of our enquiries are for France,' says Mr Weston Baker. In particular, he adds,


` the Saint-Tropez end of the Côte d' Azur continues to attract cash-rich lifestyle buy- ers, as it offers lower prices than the old [eastern] Riviera' . People are asking for favourites such as Saint-Tropez and Port Grimaud, or for the hilly charm of La Garde- Freinet, up in the Maures Mountains. ` Buyers tend to be people coming towards


retirement,' says Paddy Dring, head of Knight Frank' s international department.


` They have enough funds to fulfil the dream of owning a house abroad, and want to enjoy more time with family. They have friends in these areas already.' Mr Dring is selling a Provençal bastide at Mougins, with a pool and views to the Bay of Cannes and the mountains, at £4.827 million. By contrast, the market in the French


interior, where people are often drawn to the sleepy pace of life reminiscent of pre- war rural England, is much quieter. Knight Frank associate Ian Purslow, of Purslow' s Gascony, sells restored farmhouses and says this is a good time to buy, but recovery will be slow. ` The market remains satu- rated with properties that have little chance of selling if they' re overpriced, because they have to compete with new instruc- tions.' He believes the area is about halfway through a four- to five-year downturn. For example, he' s selling a five-bedroom former convent south of Auch at £494,580Ð three years ago, it would have cost £640,805. The recession hasn' t doused British


enthusiasm for Italy either. ` The country has resisted the high mortgage culture that has landed so many others in trouble, so the housing market has been relatively


74 Country Life International, Summer 2011


Manhattan remains popular


In Italy, Tuscany, Chianti and Val d' Orcia are steady


` People love Spetses' in Greece


The Florida Keys and Everglades are a safe, newly affordable choice


Saint-Tropez and Port Grimaud in France are favourites; Monaco remains popular


strong,' c omments Mr Weston Baker. Demand from buyers remains particu-


larly steady in Tuscany, where planning restrictions have prevented the region being flooded with new developments. People are most likely to buy a restored farmhouse in the hills of Chianti or Val d' Orcia, within reach of Florence and Siena.


` A rescued farmhouse that' s ready to move into is what people want,' says Rupert Fawcett, head of the Italian desk at Knight Frank. ` Buyers are comforted by the knowl- edge that the market is more stable and feel they' re making a sound investment.' A classic example is Le Prugnole in Val


d' Orcia, a stone-and-tile farmhouse with five bedrooms, five bathrooms and swim- ming pool, which is on the market through Knight Frank at £2,580,420. Buyers searching for security are also


being drawn to niche locations with exclusive markets. One such is Venice, whose art, architecture and history hold an enduring


appeal for buyers, even though properties for sale in the city are scarce and on the expensive side. A two-bedroom restored flat called Ca' San Sebastiano, close to a vaporetto stop in the Dorsoduro district, is being sold by Savills at £745,200. Talking of islands, `p eople love Spetses' ,


in Greece, according to Mr Weston Baker. Part of the Saronic archipelago, just off the Greek mainland, it' s ` absolutely magical' . Savills sell traditional villas there, built by


` local builders who know where to find the best stonemasons'. Mr Weston Baker has Kaftani, which, although recently built, has antique floors and doors, as well as four bed- rooms, garden and pool, at £1,529,800. Other upmarket niche locations, such as


Monaco or Manhattan, remain popular with the very rich. ` Global wealth is still looking for property,' adds Mr Weston Baker. How- ever, he warns, really expensive properties have a limited market. ` People don' t usu- ally spend more than half the price of the


The recession has changed the map of second-home sales, as Caroline McGhie discovers


FOR SALE €2.35m


Manatee, USA Riverside mansion in Sarasota with deep-water


dock. Savills (020± 7016 3740)


FOR SALE €1.53m


Kaftani, Spetses Recently built traditional style villa with antique


floors and doors. Savills (020± 7016 3740) www.countrylife.co.uk/international


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