ARTISTIC AND CULTURAL activities often serve as recreational pastimes for the affluent, with collections from antiquities to fine art regularly displayed in the finest of homes around the world. Following is an insider’s look at the real estate market in a curated list of global destinations which are particularly influenced by their remarkably strong, local artistic and culture communities. For more information or to contact a Luxury Portfolio member in these markets, and beyond, visit luxuryportfolio.com. BERLIN, GERMANY Highest recorded sale in last 12 months: €74 million (residential development) Compared to last year, prices in your market are: Up What is the price point for the Top 10% of inventory across your market? €4 million to €5 million Most international buyers are coming from: Israel, Russia, and Italy What are luxury buyers looking for in your market? In our area, top buyers seek out high-end developments in trendy areas. Areas like Kurfürstendamm or Unter den Linden, both popular recreational and shopping destinations, are highly sought-after locations in Berlin. Because there are only a few companies in Berlin developing buildings in these areas, the name of a quality developer behind the property is also important for clients. Top art and/or cultural destinations? Some of the top cultural destinations in the area include Kreuzberg, known for its alternative music scene and Berlin’s punk rock movement, Prenzlauer Berg, a popular area brimming with pubs, cafés and bustling nightlife, and Mitte, Berlin’s historic core, home to many cultural landmarks including The Soviet War Memorial. Are there any incentives or initiatives surrounding the arts that impact your market? Recently, homes in our area have been used for more than housing residents. For example, a period home that will soon be refurbished, has recently been used as a pop-up museum with visitors waiting in line for more than 6 hours to see the space. The installation has garnered huge interest in the community. How has this impacted your local market? Creatives from all over the world are coming to Berlin, seeking out the new, hot spot areas in lieu of traditional districts. MONTRÉAL, CANADA Highest recorded sale in last 12 months: C $4.95 million Compared to last year, prices in your market are: Up What is the price point for the Top 10% of inventory across your market? C $2.63 million Most international buyers are coming from: The most international buyers are coming from China and Western Europe (e.g., France, Belgium). What are luxury buyers looking for in your market? Luxury buyers are looking for a secure and peaceful environment. Canada remains the 8th safest place in the world, which makes Montreal a top destination among those seeking a tranquil home environment. Top arts and/or cultural destinations in your market? Artistic and cultural destinations like downtown Montreal, especially Place des Arts, a popular performing arts center, are the most attractive areas for art and culture. Overall, the greater Montreal area is an important center of arts and culture in Canada. Any incentives or initiatives surrounding the arts that impact your market? For Montreal’s 375th anniversary, the city invested more than $200 million CAD in infrastructures which should help stimulate the local real estate market. Montreal is becoming a large center of arts and cultural experiences. Luxury buyers are attracted to this market because they are seeking a better quality of life, a tranquil environment, and unique experiences. PORTLAND, OREGON Highest recorded sale in last 12 months: US $2.8 million Compared to last year, prices in your market are: About the same What is the price point for the Top 10% of inventory across your market? US $1.4 million (median) Most international buyers are coming from: Canada and China What are luxury buyers looking for in your market? Luxury buyers are looking for period homes that have been completely rehabbed with luxurious master bed/bath suites. In the downtown condo market, building amenities like concierge service, in-building gyms, and wine storage lockers are becoming increasingly important as well. Luxury buyers tend to be more accommodating of the changing views of the downtown core, but they are often willing to pay for a protected or secure view. They also consider proximity to trendy streets with restaurants and shops when selecting a property. Privacy and discretion are also very important to the luxury buyers; many are not looking to rent out their homes, even if they do not intend to reside there full time. Top arts and/or cultural destinations? Portland, especially The Pearl District, is a mecca for arts and culture enthusiasts who visit the museums, galleries, theaters and performing arts centers throughout the area. Cultural spaces within the city, like the Lan Su Chinese Garden, as well as the Portland Japanese Garden in the West Hills, are also a draw. Many communities throughout the metro area host their own festivals and events celebrating art, music and more. SAN MIGUEL, MEXICO Highest recorded sale in last 12 months: US $2.9 million Compared to last year, prices in your market are: Up What is the price point for the Top 10% of inventory across your market? US $350,000 to $500,000 Most international buyers are coming from: USA What are luxury buyers looking for in your market? Luxury buyers in San Miguel are looking for prime locations, such as central views to La Parroquia, the parish church of San Miguel. Top arts and/or cultural destinations? Top cultural destinations in San Miguel include Fabrica de la Aurora, a renovated textile mill showcasing cafés, shops, and works by local artists, Instituto Allende, the renowned art school in San Miguel and several art galleries around town. Are there any incentives or initiatives surrounding the arts that impact your market? Several festivals, conferences and recreational activities including The Guanajuato International Film Festival, the SMART food festival, Jazz festivals, TEDEX events, and local vineyards all bring another level of interest to the high social economic sector, where luxury is very well appreciated. TOP ARTS AND/OR CULTURAL DESTINATIONS IN YOUR MARKET? BERLIN, GERMANY · KREUZBERG · PRENZLAUER BERG · MITTE · THE SOVIET WAR MEMORIAL MONTRÉAL, CANADA · PLACE DES ARTS PORTLAND, OREGON · THE PEARL DISTRICT · LAN SU CHINESE GARDEN · PORTLAND JAPANESE GARDEN SAN MIGUEL, MEXICO · FABRICA DE LA AURORA · INSTITUTO ALLENDE
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