Wealthy Chinese buyers drawn to European castle estates, agents say
- Buyers are looking for privacy and space, says Lodovico Pignatti Morano, managing partner at Italy Sotheby’s International Realty
- Chinese buyers often look for a beautiful castle and a vineyard with a reputation, says Alexis Caquet of Engel & Volkers Paris
European castle estates are proving to be popular trophy assets among wealthy investors, including those from mainland China, according to agents.
While they have been made popular by films such as those by Disney, the coronavirus pandemic has amplified the need for privacy and extra space.
“Buyers are looking for privacy and space, and what better place to be isolated in than your very own castle,” said Lodovico Pignatti Morano, managing partner at Italy Sotheby’s International Realty. “Given the circumstances last year, and with Covid-19, demand has definitely increased,” he added.
Such properties are considered a novelty among Asian buyers because they are typically not found in the region. Castle estates are trophy assets that allow the wealthy set to entertain friends and indulge in their passions, such as winemaking, especially on estates that have vineyards.
Prices vary depending on location, size and condition of the structure, according to property agents. For instance, prices in Italy range between €7 million (US$8.3 million) and more than €20 million. In France, a castle estate can be had for between €700,000 and €50 million. And those in Scotland cost between £225,000 (US$314,115) and £8 million.
