Top 10 Luxury Real Estate Markets Worldwide
In May 2017 Christie’s International Real Estate released its whitepaper, “Luxury Defined” confirming that the global luxury real estate market is experiencing an upward correction following a surge in stock markets and a slight reduction in political uncertainty. According to the report, $1m+ homes showed an, albeit modest, almost 2% increase worldwide in 2016 and are heading upwards largely due to increased consumer confidence seemingly driven by a sense of economic an political stability. According to Christie’s Luxury Index, these are the top 10 luxury markets in the world:
1. Hong Kong
3. New York
4. Los Angeles
While Toronto ranks near the bottom in terms of price, it ranks as the hottest market in terms of demand and growth.
(Sources: https://www.inman.com/2017/05/10/the-top-10-hottest-luxury-real-estate-markets-in-the-world/; Christie’s International Real Estate Luxury Defined Whitepaper)
Other international markets of note include:
Dubai – where the prices of high-end residential real estate took a hit in 2016 and are expected to continue to decrease until late summer/early fall 2017. However, Dubai may benefit from the recent US election and BREXIT as Middle Eastern Investors seek alternatives to investing in London, NYC, and LA.
Ibiza – a popular destination for celebrities and jet setters, Ibiza continues to see 10% growth in real estate prices as well as strong yoy growth in sales.
Greece – while the real estate market in Greece continues its steady decline due to low household incomes, high unemployment rates, and huge property tax burdens, there is hope on the horizon as Greece recently ranked as the third cheapest country to buy a holiday home and its good international relations with the Russians and Chinese.
South Africa – Western Cape was the top performing major metro area in South Africa, while Gauteng, home to half the country’s high net worth individuals is still consider South Africa’s economic power house.