Ultra-wealthy individuals are becoming an increasingly influential force in the world of real estate, acting as a critical source of capital for big-ticket deals in the sector, according to a new report by real estate services firm Savills and wealth intelligence provider Wealth-X.
"Global real estate is mostly residential and held by occupiers, but private owners are becoming more important in the world of traded investable property," said Yolande Barnes, director, World Research at Savills.
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"Since the 'North Atlantic debt crisis' of 2008, sovereign wealth funds, wealth management companies, private banks and family offices have stepped into the property deals that corporate bankers have deserted," she added.
In the world's leading cities, the willingness of private wealth to take the place of debt finance or to take a higher-risk development position often determines whether a deal goes through or is mothballed, Barnes said.
Of the $250 trillion global real estate industry - 72 percent or $180 trillion is owner-occupied residential property, while the remaining 28 percent is investable and regularly traded.