Luxury Defined: An Insight into the Luxury Residential Property Market
Luxury Defined: An Insight into the Luxury Residential Property Market
Key findings of this research report include:
- If 2012 was the year when the highest end of the luxury market came back to life, 2013 was the year when the rest of the luxury market flourished, with robust growth in the number of $1 million-plus sales.
- Limited inventory, low interest rates, and pent-up demand brought on three prominent buyer groups: local buyers at the lower end of the luxury market, buyers from the millennial age group, and overseas buyers.
- Changes to tax laws impacted some prime property markets in 2013, but in general
these laws have had little impact outside of Asia and France.
- 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 effects of the luxury residential market’s recovery.