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The Climate Risk in Luxury Is Already Priced: Fires Redefine the Prime Villas in Southern France
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The last week of July, George and Amal Clooney left their villa in Brignoles, north-east of Marseille, as the flames devoured more than 3,000 hectares in Provence. The evacuation of the couple—along with 3,000 other displaced residents, according to Associated Press—is not an anecdote of jetset. It is the finding that the climate risk is already priced in one of the most consolidated real estate markets in Europe. And that price is being paid by…
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