Now in its second year, Luxury Defined: An Insight Into The Luxury Residential Property Market presents an in-depth analysis of trends shaping the luxury real estate market globally.
This year's report looks at the effects of fluctuations in the global economy and international wealth flows on luxury housing markets in 2013, and offers fresh insights into buying behavior, preferences, and demographic make-up of high-net-worth individuals purchasing luxury residences.
In this paper, 10 top luxury property markets—Côte d'Azur, Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco, Sydney, and Toronto—were ranked in the second annual "Christie's International Real Estate Index," which measures key metrics including record market sales price, prices per square foot, and percentage of non-local and international buyers.
HIGHLIGHTS FROM THE CHRISTIE'S LUXURY REAL ESTATE INDEX
LONDON: For the second year in a row, London topped the Index with the highest average price per square foot for luxury homes (US$4,683).
NEW YORK: Experienced significant growth in luxury real estate sales volume despite low inventory.
LOS ANGELES: Jumped to third position on the Index from sixth in 2012 with the highest sale in the United States (US$74.5 million).
HONG KONG: Ranked fourth with an exceptional US$83.8 million top sale despite government cooling measures impacting sales volume.
SAN FRANCISCO: Home sales over US$1 million jumped by 62 percent year-on-year.
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KEY FINDINGS OF THIS RESEARCH REPORT INCLUDE: