Christie’s Int’l 2015 Luxury White Paper
Excerpt from the 31-page report:
What qualifies as “luxury” in the residential property sector differs significantly from market to market, both in terms of price and characteristics of a home. In this year’s Luxury Defined report, we frame the global luxury real estate sector, not only by examining the world’s top 10 cities for prime property, but also by analyzing more than 70 additional regional markets to determine the factors at play across the luxury residential spectrum.
We also look at the characteristics that define luxury today and explore which emerging markets are setting the pace for luxury tomorrow. Because we remain under common ownership with Christie’s art auction house, Christie’s International Real Estate is uniquely qualified to understand the shifts and trends impacting high value asset classes, from fine art to fine homes, alongside the motivations of the affluent individuals who purchase them – a distinction that sets us apart from our major competitors.
This paper captures the collective wisdom and insights of our global network—comprised of 32,000 agents operating out of 1,350 offices globally—and specialists from the broader Christie’s luxury goods world. The experts you will hear from in this report are the leaders in their local property markets and are recognized as authorities on the world real estate stage.
Key findings of this research report include: –
- While 2013 saw record-breaking growth in primary markets, 2014 witnessed a return to more normal growth.
- Second-home resort markets led the growth in high-value sales in 2014, with Jet Set Destinations recording on average a 28 percent year-on-year increase in sales.
- The average starting price for a “luxury” home across the globe is $2 million. Beverly Hills has the highest price entry point, where luxury begins at $8 million.
- More properties than ever were both sold and listed for sale at $100 million or higher in 2014.
- “Trophy” is the new buzzword in luxury real estate. – Tax-law changes and exchange-rate movements have affected several markets, but the overall global luxury real estate sector performed exceptionally well in 2014.
- London topped the list of the world’s most “luxurious” real estate markets in 2014; Toronto ranked as the so-called “hottest” luxury property market. I hope you find these and other findings insightful.
- Our third annual analysis of the global luxury residential market, Luxury Defined 2015 sheds fresh light on the new benchmarks, dynamics, and drivers that are shaping this enduring asset class.
Dan Conn, CEO Christie’s International Real Estate DAR OLFA, MARRAKECH, MOROCCO
To Obtain a Copy of the 31-Page Report Email us at: Roxanne@ChestnutPark.com.
Tags: Luxury Real Estate