CHICAGO, September 26, 2017 -- Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World®, released their annual Global Luxury Real Estate Report at their Global Symposium in Vienna, Austria. The report provides an in-depth analysis of the habits of global luxury consumers and how their purchases tie directly to how they see themselves in the world. “The population of wealthy consumers continues to grow and their interest in purchasing real estate also increased,” noted Luxury Portfolio International® President, Paul Boomsma. “Today’s high-net-worth buyer seeks privacy and the latest technology, creating a strong opportunity for new home developers.”
The report indicates an ongoing seller’s market with 25% of high-net-worth individuals interested in purchasing luxury real estate but only 17% planning to sell. The Asia-Pacific and Middle East regions are expected to see the highest levels of interest in purchasing and certain high-demand markets worldwide will face continued pressure.
The report breaks out the key differences among consumers including attitudes toward luxury living, in four different regions: North America, Europe, MENA (Middle East/North Africa) and Asia-Pacific. The feeling that status equates to luxury is strongest in the Middle East and Asia-Pacific regions. In the Middle East, 83% of consumers stated that luxury symbolizes status, compared to 36% expressing the same belief in Europe. A reflection, partially caused by the subdued effect of Brexit in the U.K. A unifying factor among luxury consumers in all four regions is personal achievement, which was noted as one of the main values represented by status. In the Middle East, status supports internal validation, while in the Asia-Pacific region, status symbolizes good fortune.
Additional findings from the Global Luxury Real Estate Report include:
- The Asia-Pacific region has seen 21% growth in $10M+ net worth population since 2015.
- North America contains the largest number of $10M+ household and has seen growth of 146% since 2010
- The top reason given by luxury consumers for purchasing a new home was to improve their quality of life.
- 82% of luxury consumers state their privacy has never been more important
- 61% of potential U.S. high-net-worth buyers stated that security is what they are looking for in a home purchase
The Global Luxury Real Estate Report reveals deep insights into the motivations and desires of the world’s wealthiest citizens. The ongoing demand for luxury real estate requires inventory that incorporates the latest technology, security features and flexibility for modern multi-generational living.
The Global Luxury Real Estate report includes information from YouGov, a leader in global consumer market research. To download the complete report, please visit luxuryportfolio.com/whitepaper.
About Luxury Portfolio International®
Luxury Portfolio International® (www.LuxuryPortfolio.com) is the luxury face of Leading Real Estate Companies of the World®, the largest global network of premier locally branded companies dominated by many of the world's most powerful independent luxury brokerages. Luxury Portfolio International® attracts a global audience of visitors from over 200 countries/territories every month and marketed over 50,000 luxury homes to over three million high-net-worth visitors last year.
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