Chinese tycoons rushed to buy European castles

The need for uniqueness and private space drives Asian tycoons to target ancient European castles.
According to the South China Morning Post , ancient castles in Europe are becoming a popular property for the wealthy. In particular, this trend increased strongly in the group of giants in Asia in general and mainland China in particular.

When the Covid-19 epidemic broke out around the world, the need for a private, private, but equally luxurious and comfortable place to live became hotter. Therefore, the magnificent castles in Europe have become a sought-after object of the rich, with equally expensive prices. “Consumers seek privacy with open spaces, and private mansions are the best choice,” said Lodovico Pignatti Morano, manager at auction unit Sotheby’s International Realty Italy. 19, demand is definitely increasing “. Mr. Morano said that different types of castle real estate are quite new to Asian buyers because it is difficult to find similar castles in the region. Besides, owning a private castle demonstrates its own class for the tycoon. The immense castle is a suitable place to entertain friends, party indoors and satisfy the rich’s special passions, such as the cellar and private vineyard in the castle. European ancient castles have become the favorite real estate object of Asian tycoons, especially mainland China. Photo: Handout. European castle prices also vary widely, depending on the location, area and condition of the castle. A castle in Italy has a price ranging from 7-20 million euros (8.3 – 23 million USD). Castle in Scotland is priced at 225,000 – 8 million pounds (314,115 – 11 million USD). If you buy a castle in France, the amount must spend between 700,000 – 50 million euros (831,000 – 59 million USD). Mr. Pignatti Morano said that a lot of people buy castles in Italy come from Taiwan (China). “The buyer’s need to own a private castle is very high, especially for Taiwanese buyers. They like the classic look of a traditional castle like a turret, bell tower and surrounding moat,” he said. to speak. In addition, customers also request that the castle is equipped with modern amenities such as a gym, swimming pool and movie room. “Buyers want to own the beautiful, unique look of a castle, but the interior does not affect their modern lifestyle,” said Mr. Morano. For real estate investors, he added, they often choose castles with vineyards and fruit trees on campus in the Tuscan region north of the capital Rome. There, they will make their own wine or olive oil for a small profit. Owning a castle can cost anywhere from a few million to several tens of millions of dollars, not including the cost of restoration and annual maintenance. Photo: Handout. “The castle real estate market is attracting renewed interest in recent years from both domestic and foreign buyers,” said Alexis Caquet, chief executive officer of Engel & Volkers Paris. Caquet said the company’s main customer base includes Chinese, American and South American buyers. There are also Europeans, in which the French account for more than 60% of transactions. “Chinese buyers are very active. They especially love the castles with their own wineries. Chinese tycoons often find castles with vineyards and have reputations available. In Scotland, the demand to buy castles also increased sharply. According to Savills, demand for real estate in the country, including castle real estate, has quadrupled last year. Mr. Jamie Macnab, head of the Scottish suburban housing division at Savills, said demand for properties in the Scottish suburbs increased significantly over the past year. “Scottish castles have attracted buyers worldwide,” he added. “The castles are the most prestigious asset, but the market has always been doing well over the past few years, this could be a good investment,” said Macnab. Refurbishing castles in Scotland could cost tycoons an additional £ 1 million ($ 1.3 million), while annual maintenance costs at least from £ 50,000 ($ 69,000).