Globally, trophy home prices reached new heights in 2021 despite pandemic
Category News
2021 was one of the best years for residential real estate in many global markets including the USA, UK, Australia and other European countries where price growth reached double digits. The market for trophy homes also achieved some of the highest sales on record.
It was also one of the best years for the South African residential market with the Seeff Property Group for example achieving the highest sales turnover in its 57-year history according to Samuel Seeff, chairman of the group.
Seeff's turnover was boosted by a buoyant trophy market, albeit predominantly in the high-profile Atlantic Seaboard and Plettenberg Bay areas with Seeff alone selling 12 properties above the R20 million price mark with a handful topping the R50 million benchmark.
This, however, still pales in comparison to the prices paid globally during 2021. According to the Robb Report, America's premier luxury lifestyle publication, 2021 was against all odds a good year for the luxury real estate market.
It notes that New York City experienced one of the best sales years ever for the USD10 million (ZAR 155 million) and up segment and a whopping 40 residences sold for more than USD50 million (ZAR780 million) across the USA during 2021. This is a 35% increase compared to 2020.
The most expensive listing in the world goes on auction this month (January 2022) with an astronomical price tag of USD545.8 million (ZAR8.5 billion). The spectacular "Villa Aurora" is located in Rome and dates to the 1570s. It boasts the only known ceiling mural by Baroque painter, Caravaggio (Michelangelo Merisi da Caravaggio).
A new USA price record of close to USD285 million (ZAR4.4 billion) is also set for a mega mansion in Los Angeles which is also on auction in January.
Seeff takes a look ten of the most spectacular homes and prices paid internationally:
Montana, USD200 million (ZAR3 billion) - record price for a ranch in Montana. Billionaire media mogul Rupert Murdoch and his wife, Jerry Murdoch paid this eyewatering price for the 340,000-acre "Beaverhead Ranch".
New York (Manhattan), USD190 million (ZAR2.9 billion) - for a 9,800sq-ft Manhattan penthouse overlooking Central Park sold by billionaire, Daniel Och, who had purchased it for USD95 million two years earlier.
Malibu, USD177 million (ZAR2.7 billion) - for a 7-acre home with a movie theatre, spa, car collector's garage and two guest houses. It was purchased by Silicon Valley venture capitalist, Marc Andreessen for a new record price for California, surpassing the Jeff Bezos record set in 2020.
London, USD147 million (ZAR2.2 billion) - for an apartment in the ultra-luxe Knightsbridge development, One Hyde Park, which overlooks Hyde Park and has amenities provided by the adjacent Mandarin Oriental Hotel.
Palm Beach (Florida), USD122.7 million - for the sale of a nine-bedroomed mega mansion of over 21,000sq-ft with walls of glass and views of the Atlantic Ocean. The plot was once part of a property owned by ex-President Donald Trump.
New York, USD101 million (ZAR2.8 billion) - for a 42-acre Hamptons estate with three beach frontages once owned by the Ford Family. It was built by Henry 'Hank the Deuce' Ford II, grandson of the motor company founder. The residence recently featured in the HBO hit series "Succession".
Hong Kong, USD82.2 million (ZAR1.2 billion) - the highest price per square feet achieved in Asia for a 4,544-sq-ft apartment with panoramic city views located in the Mount Nicholson complex which is in the leafy Peak neighbourhood.
Hawaii, USD43 million (ZAR662 million) - for a 22-acre estate on Big Island which belonged to the late co-founder of Microsoft, Paul Allen, sold in July for a record price. According to Hawaii Life's Luxury Market Report, 16 luxury homes were sold per week every single week for 39 weeks straight.
Vancouver, USD32.9 million (ZAR506 million) - a cash sale to a local Canadian buyer for a 22,000-sq-ft mansion located in the affluent suburb of Point Grey, setting a new price record for British Columbia's Lower Mainland region.
Dubai, USD32.9 million (ZAR506 million) - a new price record for an oceanfront villa on the seahorse-shaped Jumeirah Bay Island, sold to a European buyer. It was one of a whopping 117 sales of prime properties concluded during July 2021.
Photographs enclosed: Rome, USD545.8 million (ZAR8.5 billion) - the most expensive listing in the world about to go on auction for the spectacular "Villa Aurora" in Rome dates from the 1570s and boasts the only known ceiling mural by Baroque painter Michelangelo Merisi da Caravaggio.
Author: Gina Meintjes
Author: Gina Meintjes
