Recovery in Luxury Real Estate Market
“Business is back on track!” - Sir Paul B. Altman (Managing Director of Altman Real Estate)
The above quotation from Altman Real Estate’s Managing Director, Sir Paul Altman, sums up Altman’s experience over the past year. 2015 was an excellent year for Altman Real Estate marked by a stronger return in demand for vacation homes. Preliminary sales volumes were up 41% in 2015 when compared to 2014, with more sales awaiting closure in the upcoming months. Revenues from long term rentals have increased by 104% while revenues from sales increased six-fold.
Villas were the major sellers, particularly along the West Coast. Luxury residential communities like Apes Hill and Royal Westmoreland have reported increased sales and construction activity over the past few months. Royal Westmoreland had its most successful year in 2015 and is on track to realising US$29 million in sales. The recently introduced fractional programme has also performed admirably.
Current market conditions in the non-luxury residential market remain soft. The supply of local properties continues to outstrip demand. In both the luxury and non-luxury residential market, it remains a buyers’ market.