Michael Shvo Speaks on Unique and Irreplaceable Products in Saturated Markets

The recession has left its traces in all industries. It has required national as well as multi-national companies to budget tighter and to set themselves apart from their competitors if they want to keep their head above the water. Among these industries is the real estate industry. It has been suffering from declining consumer spending and low interest in purchasing or renting new properties. A year ago, international real estate broker Michael Shvo spoke about the future and commented on what was required from businesses to get through rough times. In an interview with the Business Breakfast program from Dubai, Shvo explained that it was essential for businesses in the saturated real estate market to provide consumers with an “irreplaceable experience” and a “unique property.”

Looking at last month’s increasing demand for luxury properties in New York, Michael Shvo’s predictions have been correct. According to the New York Times, 70 of the homes listed above $4 million went into contract in February alone, which is the highest number since January 2007. These properties offered consumers added benefits, which they couldn’t get elsewhere. Most times, as Shvo pointed out, the location of the luxury properties are what seal the deal. “Good infrastructure, a good mix of office and residential, easy transportation,” and the “quality of construction” are among these major factors.