Xerendipity Management statistics reveal that there’s been a significant shift towards ultra and ultra high-end Professional Concierge Property Management of Real Estate that is eclipsing Own Management.
There’s been a change in the super-rich world – a very definitive shift in the ways that the international super-rich manage their roster of overseas properties, most of all in Italy.
Back 20-30 years ago it was very much the status symbol that the well-heeled be in possession of a property empire: a penthouse in London, a ski property in Gstaad, or in Monaco and somewhere in the Caribbean Sea. Nowadays the HNW and UHNW individuals and families not only invest in Real Estate but are far more likely to rent it to high profile travellers.
Xerendipity Management, is a well-known Property Management Concierge firm with its main HNW and UHNW clients in UK, UAE, Russia, China, Singapore and Europe is at the very centre of the ultra wealthy spider’s web.
Xerendipity Management is the Real Estate division of Xerendipity Corporation and it has been in the business a long time and is therefore able to sell the Property Management Concierge Services to the same high profile clients.
By this it can explain on what has seen – the changes, fluctuations and trends – as a direct involved in the operations.
Costs attached to ownership of properties in far countries
Boringly, today there’s far more costs attached to ownership of properties in these kinds of far flung places
Just as an example, we can take Real Estate properties in Italy.
There are more than just security issues (to put it lightly) attached to owning a property, It’s very expensive to maintain a house or villa in the countryside with full security, consulting for local and national taxes, local administration liaison, than manage the household staff, chefs, a driver, etc…
Plus, owners have got to pay the annual wealth tax as well as annual charges on the property.
The list goes on.
For context, the running cost of a big house in, say, the South of France is probably about 5% of the value.
For a yacht, the running cost is about 10% of the value, which strays into the multi, multi millions pounds.
Therefore, the strategic shift towards renting in, Short-Term mode, out one's own ultra-luxe overseas villas, chalets, châteaus makes a great deal of financial sense.
Xerendipity Management manage on behalf of it’s very wealthy clients, to renting their Real Estate in St Tropez, Tuscany or Sardinia to high profile travellers that paying something like €75,000 to a €200,000 a week to get a fully-staffed with a team of domestic staff villa that is more or less worth €30-50 million.
With summer time round the corner, HNW and UHNW clients demand is still high with many Xerendipity's clients that are unable to get away as they would do normally, willing to capitalise their properties.
Privacy and Safety of Real Estate overseas properties
At Xerendipity Management we know the high works that comes with an overseas property but we would emphasises the importance our HNW and UHNW individuals place on privacy and safety.
While for many retaining a high value property that will only be used for a few months a year would fail to make financial sense, Xerendipity's wealthy clients – particularly those in the public eye – place a premium on their privacy and are happy to meet these costs in order to secure privacy for themselves and their families.
Countryside villa with vineyards operated as a business
In some instances such as countryside villas with vineyards or other working farms, or similar businesses, the property is operated as a business rather than merely a residential property.
This changes the position further of Xerendipity’s HNW and UHNW clients and we work closely to their financial advisers to assist with these technical matters and ensure that everything is managed within and according to the prevailing local laws.
In this cases, generally, our clients don’t like to rent their properties to anyone.
As always, everyone ask us who are these HNW and UHNW clients, but, Xerendipity protect, out any cost, it’s client’s identity!
Lets say that they come from all over the world, as far afield as Tertbetastan to Azerbaijan and Turkey, Russia to China, UAE to Hong Kong, Singapore, India, UK and USA.
They are extremely wealthy individuals from young professional high-fliers in their 20s to inherited wealth in their 60s.
Xerendipity Management has the ultra-rich global clients portfolio and the best way to get info is drop us a message for information on our Xerendipity Property Management Concierge Services.
Of course, names are sparse, but as our C.E.O. always reminds to everyone: “There’s a reason XM it’s called The Owner’s Private Lounge… we don’t gossip”.
Francesco De Biase
Chairman BoD & C.E.O.
©Xerendipity Corporation Ltd.