So what's the motivation to buying property you don't live in. Are they renting it out? The OP made it sound like many units are vacant. Are they buying and holding hoping to sell later for more?
Normally a boom in high-end housing is good for local trades (plumbers, electicians, carpenters, painters, decorators, etc) as the first thing most upper-tier home buyers do when they buy a place is renovate, remodel, or at least redecorate.
Normally a boom in high-end housing is good for local trades (plumbers, electicians, carpenters, painters, decorators, etc) as the first thing most upper-tier home buyers do when they buy a place is renovate, remodel, or at least redecorate.