Auckland World's Hottest Luxury Real Estate Market: Christie's Report
Despite a showdown that may have been overshadowed real estate markets across the globe, lovers of luxury seem not to be mind it much. In fact, some of the markets in the world have seen remarkable positive changes in this housing segment in 2015.
According to a report by Christie's International Real Estate, the luxury real estate arm of auctions and private sales organisation Christie's, luxury real estate markets have been live in kicking. The report, named Luxury Defined, has listed five cities--Auckland, Toronto, Greater Victoria, Valencia and San Francisco-- that have been the hottest luxury markets in the year 2015.
A look at the key finding of the report:
- Ranked number one, Auckland in New Zealand toppled last year's winner, Canada's Toronto, to top the charts. The city was termed the world's hottest luxury real estate market in the residential category, based on an increase in the number of luxury home sales, an absorption in the luxury market and a decrease in average days on market. Auckland recorded a 63 per cent rise in million dollar-plus sales in 2015, driven by an increase in international and domestic demand.
- Ranked number two, Toronto recorded a 48 per cent rise in million dollar-plus sales last year.
- Buyers were attracted to Spain's Valencia because of the country's “Golden Visa” programme.
- London was reported as the most luxurious property market worldwide. The city had the highest number of luxury listings last year and was home to the world's second-most expensive residential sale at $141 million. It was followed by Hong Kong, New York and Los Angeles.
- The definition of luxury varied across countries. While homes priced $1 million or above were termed as luxury in Palm Springs, California, in Monaco the properties priced $10 million and above fell in the luxury category. In other cities luxury was defined as -- Los Angeles, New York, and Hong Kong ($5 million); London ($7 million); and Sao Paulo ($1 million).
Last Updated: Mon Jun 06 2016