The desirability of viticultural real estate has much in common with commercial and residential property: it depends on the buyers’ perception of current and future value, summarised in the oft-quoted adage of “location, location and location”.

It seems easy to quantify the benefits of an address if you are looking at a Bordeaux First Growth: you have the advantage of a few hundred years of history, as well as the comfort of an established brand. You pay a significant premium, though in theory you recoup it in the price of the wine, thanks to the location...

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