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Christie’s International Real Estate Report lists Canada and Norway as the sites of the three fastest growing luxury markets. The wealthiest home shoppers in the world are investing in these unexpected locales.
For years, Hong Kong, London, and New York have led the world in luxury real estate. To qualify, these cities possess a robust inventory of properties well above the world average of $2.2 million. These markets rank at the top of the pack, driving the 8 percent growth that the global luxury home market saw last year:
London tops the list for the most luxurious, prime properties. It is home to the highest quantity of luxury listings as well as some of the most costly. One of the most recent luxury sales includes a $141 million estate.
Hong Kong leads the group in terms of average luxury home price per square foot. Buyers easily exchange $3,000 per square foot of livable space. The sale of a 5,706-square-foot mansion at 28 Barker Road for $194 million was the crowning glory of 2015.
London and New York vie for second place, both averaging about $2,000 per square foot.
The three cities’ dominance in the market could be short lived. Luxury homes in these cities linger on the market longer than before. Hong Kong and London saw an increase in average days on the market in 2015. London, for example, saw an increase from 165 days to 270 days from 2014-2015. Yet worldwide, luxury homes experienced a 23 percent decrease in days on the market
It seems that buyers have become increasingly interested in what other affluent cities have to offer.
Auckland is the hottest city to watch, posting growth of 63 percent in 2015. A notable recent sale includes the $24 million cliff-top house (pictured, below) overlooking Auckland’s Herne Bay. Auckland appeals to buyers who see the value in stunning estates with more affordable prices.
Toronto comes in second with a 48-percent increase followed closely by Victoria, British Columbia at 45 percent. The recent sales of a 24,000-square-foot estate for $28,888,000 (pictured, below) conveys the relative value of square footage compared to Hong Kong.
Growth in these emerging markets confirms a shift in perspective among wealthy buyers. Why pay more for luxury when you simply don’t have to?
