Atlantic Insights by Christie's International Real Estate
Christie’s International Real Estate is initiating a series of market reports about the state of luxury real estate to complement our annual global market report – Luxury Defined, which will be published in the first quarter of 2014.
Our first quarterly update focuses on three major markets: London, Miami and New York, which are experiencing significant growth. While 2012 saw prices rebound significantly from the depths of the recession, 2013’s luxury market experienced rising sales volume and a drop in inventory.
London, Miami and New York are highly sought-after destinations for both locals and overseas investors. Foreign buyers had a significant presence in all three luxury markets in 2013, with domestic buyers’ activity equally strong. A combination of a growing number of wealthy individuals globally, including the rise of affluent younger buyers, played a role in boosting the luxury property markets in these destinations.
Economic stability, ease of doing business, transportation options, cultural and lifestyle services, have established London, New York and Miami as desirable places to live and buy homes. Since luxury home buyers are not often vulnerable to global economic conditions, all three markets are on track for continued growth in 2014.
Please access the full Atlantic Insights report here.
