Billionaire owners of “ultra prime” homes have watched the values of their properties soar through the global economic turmoil, particularly in the emerging financial centres of Mumbai and Singapore.
The spike in value of these properties – defined as homes worth in excess of ￡10m ($15.7m) – has been far less marked, however, in the western cities that have traditionally played host to the world’s wealthy elite.
According to new research from Savills, the estate agent, billionaire homeowners in Mumbai and Singapore have seen the value of their properties increase by 138 per cent and 144 per cent, respectively, during the past five years. By contrast, the value of ultra-prime homes in London and New York have appreciated by less than
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