Christie’s International Real Estate just released its “Luxury Defined” report, and despite what you may have heard in NYC, globally luxury home sales are looking good.
According to the report, many areas in Europe, Canada and in the U.S. are seeing an uptick in home sales. Most notably, in Auckland, New Zealand!
Apparently, there are many reasons Auckland is luring millionaires. Aside from being charmed by the Kiwi accent, heading to the “Land Down Under” makes sense, because of the area’s strong economy, lack of stamp duty, capital gains tax, or visa requirements. Add to that amazing views from tony waterfront properties and it is no surprise a 63 percent rise in sales of homes worth more than $1 million has been reported.
If New Zealand is not your jam, The Telegraph also reports that a number of other golbal cities have begun to attract affluent buyers.
Closer to home Toronto is listed as a go-to spot for buyers to snatch up properties quickly — homes are on the market for an average of just 28 days. Sales in Victoria, Jackson Hole and Portland were also on the rise — aided by an influx of international investors.
In Europe, Valencia appears to be recovering nicely — showing an 89th percent increase in luxury home sales thanks to the “Golden Visa,” which gives access to the European Union in exchange for investment. Tech buyers boosted markets in Stockholm, although the lack of inventory prevented a huge percentage increase. Struggling Paris is also improving, with luxury sales having increased by more than 20 percent last year, due to American and Middle Eastern buyers lured by the weaker euro and taxes on wealth becoming more lax.
While London remains the top spot for luxury home acquisition globally, with more high-end listings than any other area, its market appears to be cooling and prices are being reduced.