Residential real estate is a tale of two markets – luxury and everything else. What are the trends shaping the luxury residential property market?
Luxury Defined: An Insight Into the Luxury Residential Property Market offers facts and insights into some of the most important markets in the world of real estate, and develops the Christie’s International Real Estate Index to measure the relative “luxury” ranking of the cities studied.
Highlights of the 2013 report include:
- Globally, top-tier property sales achieved record prices in several cities, remaining immune to many of the economic concerns that drive the general housing market.
- The luxury property market has limited supply. High-net-worth-individuals (HNWIs) are continuing to invest in real estate, often in second and multiple homes.
- HNWIs are often more inclined to invest in an important global market than in another city within their home country for second or additional homes.
- Prestige residential real estate values will more likely follow growth trends of non-consumable luxury goods such as fine art more so than the growth trends of the general housing market.
- Cash transactions have dominated luxury property acquisitions across many studied cities.
- Recent tax law changes in many of these markets are expected to impact 2013 market activity.
