Ultra-wealthy Americans have begun to acquire multiple adjacent properties, which they later combine into entire neighborhoods. According to market analysts, among the prominent "landowners" are financier Ken Griffin, who invested over $450 million for a complex of 100,000 square meters in Palm Beach, Florida; Jeff Bezos, who owns real estate worth $230 million on the man-made island of Indian Creek; and billionaire and Oracle co-founder Larry Ellison, who is actively buying up homes in California, Nevada and Florida.
Very wealthy clients require such vast territories that several plots must be united to build a property. For example, some want a large coastal strip, others - a tennis court. For example, Miami investor Ibrahim Al-Rashid, who owns a house of about 1000 sq.m., bought up his neighbors' plots and built a guest house, a gym and a SPA center. Another businessman spent about 50 million USD on an identical project. At the same time, some clients prefer to buy land to protect it from future development, preferring green meadows to new neighbors.
According to market participants, the demand for complex properties has grown sharply in the United States in recent years, as wealthy people seek to diversify their investments. “For some people it is privacy and security. For others it is protection against inflation“, the newspaper quotes a real estate broker from Miami. Analysts emphasize that the number of inquiries for luxury properties in the United States has doubled in a year, while the demand for construction land has increased by 97%, and for private islands and estates it has more than doubled.
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