Top Global Destinations Lead Resurgence in Luxury Residential Property Market, Reports Christie’s Inter national Real Estate
ATLANTA, GA – March 20, 2013 – (RealEstateRama) — Limited inventory, strong international buyer demand, and high-net-worth-individual’s (HNWI) increased appreciation for world-class lifestyle offerings have pushed prices for luxury homes toward historic highs, reports Christie’s International Real Estate in a new study on the world’s prestige residential market.
An Insight into the Luxury Residential Property Market, the report compares 10 of the world’s top property markets and debuts the ‘Christie’s International Real Estate Index,’ the first ever true global indicator for luxury residential real estate. The Index ranks markets across key metrics including record sales price, prices per square foot, percentage of non-local and international purchasers, and the number of luxury listings relative to population.
Harry Norman, REALTORS®, the exclusive Christie’s affiliate in Atlanta also observed resurgence at the top end of the luxury market in 2012. This increase helped Harry Norman, REALTORS® reach over two billion dollars in sales for 2012.
Highlights of the research include:
• 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.
• 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.
• Prestige residential real estate values will more likely follow growth trends of non-consumable luxury goods such as fine art more so than the growth trends of the general housing market.
• Cash transactions have dominated luxury property acquisitions across many studied cities.
• Recent tax law changes in many of these markets are expected to negatively impact 2013 market activity.
“With financial markets providing a limited return on investment, high-net-worth-individuals are recognizing the intrinsic value of investing in non-consumable assets such as prestige real estate and fine art,” says Bonnie Stone Sellers, Chief Executive Officer of Christie’s International Real Estate, the world’s leading luxury real estate network and a subsidiary of Christie’s auction house. “Strong momentum in the luxury property market is also being driven by scarcity of quality inventory and demand from international buyers in of the world’s top destinations.”
As the only global real estate network owned by a fine-art auction house, Christie’s International Real Estate has unparalleled access to the HNWIs around the globe who procure assets such as art, wine, jewelry, and luxury real estate. Together with its 125 affiliated brokerages in 41 countries – all individually selected to join its network for proven records of client service and success in luxury residential sales – Christie’s International Real Estate is uniquely qualified to understand the characteristics and trends associated with the prestige real estate market.
The study can be accessed as a whole at www.christiesrealestate.com/luxury-definedody text
About Harry Norman, REALTORS®
Founded in 1930, Harry Norman, REALTORS ® is one of Atlanta’s first and most successful residential real estate firm with 12 sales offices, various franchise and satellite offices and more than 1,000 real estate professionals. Harry Norman, REALTORS ® is a wholly-owned subsidiary of HomeServices of America, Inc., a Berkshire Hathaway affiliate. Harry Norman, REALTORS ® is the exclusive Atlanta affiliate of Christie’s International Real Estate and achieves additional international exposure through membership in such exclusive real estate networks as Luxury Portfolio International, Who’s Who in Luxury Real Estate and Leading Real Estate Companies of the World®. More information is available at www.harrynorman.com.
About Christie’s International Real Estate
Christie’s International Real Estate is an invitation-only Affiliate network composed of the world’s most proven and qualified real estate specialists in the luxury residential sector. The company has offices in London, New York, Hong Kong, Beverly Hills, Chicago, and Palm Beach; and approximately 125 global affiliates with 25,000 real estate professionals in 41 countries. For additional information about Christie’s International Real Estate, please visit www.christiesrealestate.com.
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