Luxury real estate: still buoyant in 2023
While the number of millionaires continues to grow worldwide, the sale of primary residences and second homes is buoyant in the luxury segment. Americans, and even more so the younger generations, are particularly fond of time-sharing. The strong dollar is pushing them abroad, always Europe, but also more and more, Asia and Central America.
How will luxury real estate, particularly in the United States, change in 2023? A recent report combining a survey of more than 600 Coldwell Banker Global Luxury Property Specialists agents with data from the Institute for Luxury Home Marketing, Wealth-X, Credit Suisse, and other sources provides valuable insight. It broadly addresses the global real estate footprint in the luxury segment, markets of opportunity for buyers and sellers, and, more specifically, multiple homeownership in the United States and abroad. The study also outlines key trends that will influence affluent consumers in 2023.
“The intrinsic value of buying real estate has never been higher as affluent buyers are motivated by lifestyle changes and opportunities in the current market environment. While there may be more discretionary purchases this year, we still expect a higher volume of international buyers, growing influence among young millionaires, and the continued appetite for second homes to drive the market in the 2023 luxury landscape, based on our findings in the report.” points out Michael Altneu, Vice President of Coldwell Banker Global Luxury.
More and more millionaires
According to Credit Suisse, the number of millionaires in the world has never been so high. And it is expected to increase by a further 40% by 2026! By then, one in seven adults will have a net worth of at least 1 million dollars.
A royal road for luxury residences continues to rally the votes of this population, which gives “priority to financial stability, long-term wealth growth, family, health and well-being.”
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Featured photo : © Kering
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