In 2013, sales for luxury properties remained relatively flat, but real estate sales rose sharply in London, Miami and New York according to a report by Christie’s International Real Estate.
Luxury units in London rose 937 to 5,693 in 2013, while the units sold in New York rose 709 to 4,721 in 2013. Asking prices are at all time highs as Manhattan’s real estate market continues to heat up as buyers compete with global buyers around the world. National home values are expecting a slowdown of appreciation.
“Many of our buyers are global buyers with homes in other markets across the world,” said Ron Shuffield, CEO of EWM Realty International, the Christie’s International Real Estate affiliate in Miami.
International buyers made up 35 percent of sales in Miami and 40 percent of sales in London. In New York, buyers from foreign markets make up about 30 percent of sales. Luxurydaily.com cites the rise in sales indicates a strong desire for buyers to preserve assets.
According to Christie’s report, luxury buyers have become more picky, expecting homes to come with amenities such as an on-site fitness center, concierge, and housekeeping. The Azure luxury residential building reached over 80-percent sales as its layouts and amenities have attracted buyers. Developed by Carl Mattone‘s real estate and development firm, they cite that combining units and custom layouts are being well received by the market.
The report cites forty-three percent of younger luxury consumers are considering buying a home in 2014.