08 Apr International Luxury Real Estate Market Continues to Sizzle
2013 has seen the international luxury real estate market soar, and it continues to sizzle thanks to its immunity to the economic and political issues that have a bigger impact on the general housing market. According to a report from Christie’s International Real Estate and their new Christie’s International Real Estate Index, the international luxury real estate market is strong and getting stronger.
The top 10 property markets in the world right now include London, New York, Hong Kong, Paris, San Francisco, France’s Cote d’Azur, Toronto, Dallas, Los Angeles, and Miami. Christie’s amassed their list based on prices per square foot, record sales prices, the number of luxury listings relative to population, and the percentage of non-local and international buyers.
The report said, “Except where there is government intervention luxury residential real estate values will likely follow luxury goods and not the general housing market, and are therefore poised to increase in many of the cities studied in 2013. This is particularly true as (high-net-worth individuals) turn their luxury investments toward non-consumables and experiential luxury products that have lasting value.”
What’s more, the report indicates that there are more billionaires worldwide now than there were pre-recession. And since so many wealthy buyers have seen their local real estate markets tank because of the global economic uncertainty, many feel more comfortable putting their money in international cities versus their own.
According to the report, “Globalization, economic development, wealth deposits, and technology attract HNWIs to the key global urban centers, where knowledge, capital, and culture intersect.”