Skip to main content

Luxury homes sales soared globally in 2013– Report



Luxury homes sales volumes in key international property hotspots surged in 2013, while median sales prices remained relatively constant, according to a new report by Christie’s International Real Estate and Strutt & Parker.

According to Propertywire.com, the report focuses on three markets which are experiencing exceptional growth London, Miami and New York, and shows that the number of luxury properties sold, that is those priced over $1m, increased dramatically, surpassing 2012 levels.

Overall median sales prices leveled out, despite asking prices for some properties reaching historic highs and buyers were a combination of local residents, overseas investors and a growing number of young millionaires.

It points out that the increased demand from wealthy potential buyers looking to invest in real estate is fuelling this renewed housing boom. Overseas buyers had a significant presence in all three luxury markets.

In London, Strutt & Parker reported that 40 per cent of buyers were from overseas, mostly from Europe, Asia, Africa, the Middle East and Russia. In Miami, 35 per cent of luxury homes were purchased by South Americans, English, Russians and Canadians, while Chinese and Russian buyers represented 15 per cent of the New York market.

Wealthy younger buyers in their 20s and early 30s, known as Generation Y or millennials, are also having a surprising impact on high end property across the globe, with the recent surge in the tech sector promoting the wealth of a disproportionally large number of these buyers looking to invest.

Of the three markets examined, London achieved the highest average price per square foot, which rose to $2,053 in 2013, compared with $1,023 in New York and $612 in Miami.

The report concludes that London, Miami and New York are all business and lifestyle destinations which offer exactly what luxury buyers are looking for in terms of economic stability, accessibility and cultural attractions.
Labels:

Comments

Post a Comment

Popular posts from this blog

Ogun plans low cost housing scheme

The Ogun State Housing Corporation has said that it is planning to deliver low and middle income housing estates across the state. In a statement, the corporation said its flagship scheme, Plainfields Estate, was already being developed as a community housing prototype that would provide the citizens an opportunity to buy into its plan over the next few years. According to the statement, the estate will, upon completion, have a variety of apartment units. The statement read in part, “The corporation will deliver houses and serviced plots across the three senatorial districts, but will avoid a blanket approach. “This means that these projects will be tailor-made to suit the needs of the locality and the market. Everyone who has recognisable means of livelihood in the formal and informal sectors is qualified to buy. “However, the corporation is keen to help those who need mortgages and who are first time buyers.  Because our objective is to encourage home ownershi
Post a Comment
Read more

Informal sector leads job creation in Nigeria

According to the International Labour Organisation (ILO), Africa’s working-age population is estimated to have reached over 490 million in 2012, representing a quantum leap of 259% since 2000 at an annual compound growth rate of 2.8%. Therefore, employment of the continent’s teeming labour population is key to economic development within the region and indeed, globally. Sub-Saharan Africa’s absorption of its working-age population in employment compares favourably to other regions as contained in the ILO’s 2013 global employment trends report.Subsequently, total estimated number of jobs created in the Nigerian economy for the first quarter of 2013improved by 12% over the previous quarter. This development, in line with the latest job creation report released by the National Bureau of Statistics (NBS), indicate that 174, 326 new jobs were added to the nation’s economy.  Overall, conducting quarterly labour force surveys is a positive trend for Nigeria considering the
Post a Comment
Read more

How to Make Yourself Work When You Just Don’t Want To

There’s that project you’ve left on the backburner – the one with the deadline that’s growing uncomfortably near.  And there’s the client whose phone call you really should return – the one that does nothing but complain and eat up your valuable time.  Wait, weren’t you going to try to go to the gym more often this year? Can you imagine how much less guilt, stress, and frustration you would feel if you could somehow just make yourself do the things you don’t want to do when you are actually supposed to do them?  Not to mention how much happier and more effective you would be? The good news (and its very good news) is that you can get better about not putting things off, if you use the right strategy.  Figuring out which strategy to use depends on why you are procrastinating in the first place:  
Post a Comment
Read more