Survey says: Rich people plan to buy real estate
If you subscribe to that philosophy too, your next investment move is clear: buy real estate.
A new survey conducted by Knight-Frank and Citi Private Bank found that nearly 55% of high net worth investors plan to increase their residential real estate investments over the next one to two years.
". . . Despite house price falls, the rich are committed to property as an asset class and the results of our Attitudes Survey, which represents the views of a cross section of Citi Private Bank's wealthiest clients, reveal that 55% plan to increase their exposure to residential property over the next two years. In turbulent times the wealthy want their investments to be both tangible and transparent,' Liam Bailey, Head of Residential Research at Knight Frank said.
So there you have it: The media might be blaring terrifying headlines about how bad the real estate market is, and there are plenty of pundits ready to declare the death of real estate as an investment.
But the people who actually have a lot of money are bullish.