Castle Real Estate On The Rise

March 5, 2009
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There is a growing niche of castle real estate offerings despite and because of the economic crisis. Developer Richard Gaylord is among those who find it ideal to live in a castle with matching turrets. Few people however believe him when he tells people he actually lives in a castle. Gaylord lives in an Elizabethan-style castle standing on a 170-acre themed property in Durban, South Africa.

Owning a castle is however not for everyone as in requires a lot of overhead expenses including heating costs and structural maintenance not to mention plumbing problems. The high cost of maintaining a castle home has in fact been cited as one of the reasons why there are lots of castles being sold in the market nowadays.

The number of castle real estate transactions may be minimal compared to the general real estate market but it is on the rise. This has also been attributed to the rising wealth of buyers who buy the property either for investment or personal purposes. This goes to show that while the economy is the reason behind the real estate downturn there are still moneyed people out there who can afford to but their own castles, recession or not.