Global luxury market shows recovery from 2016

That said, the bar for improvement was set dismally low

May.May 20, 2018 10:00 AM

Track athlete Lisa McIntosh crossing the finish line in 2000. (Credit from back: hobvias sudoneighm; Australian Paralympic Committee/Australian Sports Commission)

Luxury housing markets are rebounding and then some.

According to Mansion Global, in Christie’s International Real Estate’s annual rankings luxury sales in 80 markets around the world increased by 11 percent in 2017, compared to a 1 percent increase in 2016–a year marred with political and economic uncertainty across the board, as Christie’s described it.

New York, Hong Kong and London are still the all-mighty triumvirate of pricey urban real estate, however second-home markets’ prices are surging to heights not seen since the Great Recession.

Hong Kong’s got the most expensive listing in the world on the books with a mansion asking for a cool $445.9 million, the brokerage says; and while New York’s luxury property glut continues, “at the lower-end” luxury sales continue–similar to how London’s luxury market is continuing to move keeping it robust, albeit at much lower prices making it a distant third following the Big Apple and HK.

Santa Fe claimed Christie’s title of hottest second-home market–a status a long-time coming: “It’s waited 10 years to become the darling of the market,” said Christie’s chief executive Dan Conn. [Mansion Global]Erin Hudson

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