Three questions for our city experts:
1. Where in your city would you invest US$10m?
2. Give us a city secret for our next visit
3. Tell us one thing we may not know about the local property market
1. I would buy in prime central London – a house in a garden square, probably in Chelsea, St Leonard’s Terrace or Carlyle Square.
2. I love meeting friends and clients in Colbert, a classic French-style bistro on Sloane Square. The great thing about London is that it is ever-changing and new restaurants are popping up all the time.
3. Marylebone is a recent standout area in London. Prices here have risen by 16% over the past two years. Buyers love the village-like atmosphere and the close proximity to two of the capital’s most popular parks, Regent’s Park and Hyde Park.
Jonathan Hewlett, Director, Head of London Residential, Savills
1. On the Left Bank. I would invest in the 6th arrondissement between Saint-Germain-des-Prés and the Seine, an apartment in a beautiful 18th-century building on a quiet street – ideally with a terrace. On the Right Bank I would target a penthouse between the Golden Triangle and the Trocadero with panoramic views of the Seine and historic monuments.
2. The Spa Ladda on Rue de Paradis has a crazy view and is very discreet – you’ll need directions to find the entrance: laddaparis.com.
3. I believe growth in prime and ultra-prime Paris property will continue, albeit at a slow and steady pace, as President Macron has changed the perception of France abroad.
Hugues de La Morandière, Director, Agence Varenne
1. I would buy in the historic centre, close to the Spanish Steps or Piazza Navona – here there are penthouses of 500 sq m or more with large terraces that have views of the city. The outdoor space can be used for eight months of the year.
2. Eat a carciofo alla giudia (fried artichoke) at one of the traditional restaurants in the Jewish neighbourhood.
3. This is an excellent time to invest in Rome. After the recession, property prices here have become extremely attractive compared with other European capitals. In 2017, there was an increase in sales transactions with volumes up 14% on the previous year.
Danilo Orlando, Founder, Beliving International Properties
1. Invest in areas with growing urban gentrification, such as the residential market around the Manzanares river (Matadero and Mercado de las Flores), multicultural Lavapiés, and – a bit further out – the Tetuán district.
2. I like the Museo Sorolla, set in the former house and study of the portrait and landscape painter Joaquín Sorolla (1863-1923). It also has a Mediterranean garden that Sorolla designed himself.
3. Prime real-estate prices have already returned to pre-crisis levels and, in some locations, have risen to a historic high. In Spain generally, residential prices have shown only a growth of approximately 2.5% per year, but that rises up to 6% in some markets.
Arturo Díaz, Executive Director Residential Spain, Savills Aguirre Newman
1. Reinickendorf in the north of the city is a promising investment location. Once the new BER airport is completed in 2020, the closing of Tegel airport in the neighbourhood will lead to an exceptional increase in prices.
2. One of the city’s many interesting spots is the BRLO Brwhouse at Gleisdreieck, a contemporary brewhouse offering craft beer and food with an environmentally sustainable concept.
3. More than 80% of Berlin’s citizens live in rented apartments; however, due to rental price increases and low interest rates, more people are investing in their own homes, leading to a demand for owner-occupied flats.
Marcus Lemli, CEO, Savills Germany
1. I would invest in the riverfront, refurbishing several buildings overlooking the river. It’s an area that has great potential and will see significant value increases in the near future.
2. On Figueira Square you will find The Doll Hospital, one of the last of its kind in the world. There’s a small shop, which sells old and new dolls, a museum, and the hospital itself, where the ‘surgery’ takes place.
3. Lisbon’s residential market is booming. The prime segment remains dynamic; our average sale price for an apartment is around €1,350,000, and 50% of our buyers are Portuguese. The other 50% are international, mostly from Brazil and France.
Patrícia Pereira Coutinho, Director, Lince Real Estate