According to Christie’s first yearly report on the world’s top property markets, London is the luxury homes capital of the world. New York Cote d'Azur, Hong Kong, and Paris ranked second through fifth in the study on residential luxury property locations
The report, Luxury Defined: An Insight into the Luxury Residential, is being called the first ever true global for luxury residential real estate by the multifaceted high-end brokerage. The study rates the top 10 locations of luxury housing worldwide with key metrics.
·Globally, top-tier property sales achieved record prices in several cities, remaining immune to many of the economic concerns that drive the general housing market.
·The luxury property market has limited supply. High-net-worth-individuals (HNWIs) are continuing to invest in real estate, often in second and multiple homes.
·The luxury real estate world is actually quite small in capacity, with a total of fewer than 33,000 properties above $1 million offered for sale among the 10 indexed cities.
·HNWIs are often more inclined to invest in an important global market than in another city within their home country for second or additional homes.