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LUXURY REAL ESTATE
It’s Here! The Global Luxury Report on Residential Real Estate
March 7, 2023 by Julie Faupel
The luxury residential real estate market is affected by various factors including economic conditions, generational preferences, political instability and other factors. REALM has partnered with Altrata, the leading expert on the affluent, to provide unprecedented insight into the future of luxury residential real estate. This white-paper is informed by data collected from 4 million of the wealthiest people in the world from over 175 countries. Combined with the global insights from REALM’s membership which is comprised of elite real estate professionals from over 100 different brands, 40 states and 12-countries, this report represents some of the most comprehensive observations available in the industry.
The global COVID-19 pandemic led to seismic shifts in people’s lifestyles and priorities driving demand for new destinations and a different way of life. The configuration of what is considered “home” changed dramatically resulting in increased demand for larger homes that can accommodate multiple generations, offices or home-schooling. Buyers are looking for more green space and access to the outdoors as well as residences that offer features fostering wellness and healthy living. Additionally, the increasing social-conscience of today’s consumer is driving the popularity of sustainable and energy-efficient homes. There is multi-faceted complexity when searching for properties that suit the needs and desires of today’s HNW and UHNW consumers.
The luxury residential real estate market is complex and constantly changing. The innovative advisors that comprise our REALM membership are using technology and insight to enhance their relationships and guide their customers through today’s dynamic environment and this report is no exception.
- The U.S. dominates the list of the world’s top 20 cities by ultra high net worth (UHNW) residential footprint
- Three Asian and two European cities are represented in the top 20
- Among the leading cities for UHNW second-home owners, Naples has the highest ratio of UHNW second-homers to primary residence owners
- Monaco has by far the highest level of UHNW density