Prime US$1m-plus property sales have risen 62% in San Francisco, 40% in Los Angeles and 29% in Sydney, according to the Luxury Defined 2014 report from Christie’s International Real Estate
The luxury overseas property market has ‘come back to life’ with ‘exploding’ US$1million-plus sales, says a new report.
Limited inventory, low interest rates, and pent-up demand encouraged overseas investors, local buyers at the lower end of the luxury market and younger millennial investors born after 1980 to buy in 10 top cities, according to Christie’s International Real Estate.
Sales of US$1million-plus homes in San Francisco, US, performed best, with volumes rising 62% from 1 October 2012 to 30 September 2013, in Los Angeles, US, by 40% and Sydney, Australia, by 29%.
Next in the list came Miami, US, and the Côte d’Azur, France, both up 27%, New York, US, up 22%, and London, UK, up 20%, says the Luxury Defined: An Insight Into the Luxury Residential Property Market report.
The three worst performers were Paris, France, up 12%, Toronto, Canada, up 4% and Hong Kong, the only faller – down 15%.
Chief Executive Officer, Bonnie Stone Sellers, says, “If 2012 was the year when the highest end of the luxury market came back to life, 2013 …read more