Pictured above: Entry price points for luxury real estate around the world (US$, millions)
 
 

2014 GLOBAL LUXURY REAL ESTATE WHITE PAPER

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.


For more information, please contact press@christiesrealestate.com

 
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KEY FINDINGS OF THIS RESEARCH REPORT INCLUDE:

  • The luxury market flourished in 2013 with robust growth in the number of US$1 million-plus home sales.

  • Limited inventory, low interest rates, and pent-up demand brought on three prominent buyer groups: local buyers, millennial buyers, and overseas buyers.

  • Changes to tax laws impacted some prime property markets in 2013.

  • Luxury real estate shows a strong correlation with the top end of the fine art market as opposed to the general housing market.

  • The luxury home markets that have rebounded the strongest are in urban centers, although prized resort areas have begun to see some of the luxury residential market's recovery.

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