All signs point to a robust market for luxury homes in 2013, according to a new report from Christie’s International Real Estate that analyzed sales trends in San Francisco and nine other cities worldwide.
Global economic and political trends have a minor impact on luxury sales, the report concluded. Pacific Union is a partner with Christie’s, and we’re proud to have contributed to the report.
Analysis of luxury sales worldwide also found:
- Among the 10 cities that were part of the survey, residential sales continue to set records – with out-of-town buyers accounting for many of the top sales.
- Prestige property values are more likely to follow growth trends of luxury goods, such as fine art, rather than growth trends in the general housing market.
- Recent tax law changes in many markets are expected to impact 2013 market activity.
- High-net-worth individuals see real estate as an essential part of their investment strategy.