Luxury Property Survey Shows Record Prices & Uncertain Future
A new report commissioned by Christie’s International Real Estate entitled "Luxury Defined: An Insight into the Luxury Residential Property Market" shows that high-net-worth individuals (HNWI) have helped drive prices for prestige properties to historic highs worldwide, though the future remains a little uncertain. To compile the report Christie’s experts examined 10 of the world’s top property markets — London, New York, Hong Kong, Paris, San Francisco, Cote d’Azur, Toronto, Dallas, Los Angeles, and Miami — comparing data, including recorded sales prices, prices per-square-foot, percentage of non-local and international purchasers, and the number of luxury listings relative to population. This also helped generate the "Christie’s International Real Estate Index", declared the first true global indicator for luxury residential real estate, which makes its debut with the aforementioned report.