Up until lately we haven't heard too much either way about the impact of the housing market on luxury properties. It appeared these listings were among the least affected by the economic situation. Now the facts are out, and it seems no one is immune from this recession. The downturn of sales on luxury properties is being felt on a global level.
In many places it is a good time to buy luxury real estate because so many of these homes have gone up on the market and so few buyers have been interested in buying expensive homes and properties; consequently there is a lot to choose from.
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