The international luxury real estate market appears to be relatively
immune to economic headwinds, according to a report by Christie
International Real Estate, a luxury real estate affiliate network.
Christie’s International Real Estate Index monitors record sales prices,
prices per square foot, among other indicators in the global luxury
real estate market.
London emerged at the top of the network’s index, boasting a record
sales price of more than $121 million for a residential property in
2012. In New York, an $88 million sale allowed it to come in at No. 2.
The international luxury market is showing strong momentum, “driven
by scarcity of quality inventory and demand from international buyers in
many of the world's top destinations,” says Bonnie Stone Sellers, CEO
of Christie's International Real Estate.
There are more billionaires worldwide now than there were in 2008.
What’s more, the percentage of worldwide millionaires has grown by 55
percent since 2000, according to the report.
As wealth has grown so has the number of home buyers making housing
deals in all cash. For example, the report notes that nearly all of the
transactions in Los Angeles above $5 million were cash deals; 90 percent
in New York; and 70 percent in San Francisco and Miami.
Source: “Global luxury real estate market showing 'strong momentum',” Inman News (March 11, 2013)
Article courtesy of Realtor Magazine
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