Secondary Residences Worldwide - International - June 2012
This report provides an overview of secondary residences in key locations worldwide. The definition of ‘secondary residence’ used in this report refers to residential properties purchased freehold for private use in addition to a primary residence. While the focus of the report is clearly on holiday residences, individual residential properties that are purchased for investment purposes are also included in the discussion. In fact, many secondary residences are purchased with both objectives in mind (ie holiday accommodation and investment).
In addition, wealthy individuals and households may well possess several houses and/or apartments in addition to their primary residence. For instance, Silvio Berlusconi, the former Italian prime minster and reportedly the richest person in Italy, owns five substantial ‘secondary’ residences in addition to his primary residence, the Villa San Martino near Milano, which is a three-sided building constructed around a courtyard that features a large pool and tennis court. The five properties include: a 19th-century estate outside Milan, the Villa Belvedere, worth an estimated €86 million; an estate on Sardinia’s exclusive Costa Smeralda, worth about half a billion Euros; a luxury residential complex on the Caribbean island of Antigua; a US$6.9-million villa in an exclusive gated community in Bermuda; and an historic mansion, the Villa Correnti, located on the shores of the Lago Maggiore, in northern Italy.
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