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luxury market recap 2011

International Luxury Real Estate Market 2011

Recap of Christie’s International Real Estate released its inaugural “State of the International Luxury Real Estate Market” report. The research paper compiles the results of a survey completed by affiliated brokerages in the network—all experts in the luxury market—enhanced with their supporting commentaries and insights.


  • When purchasing luxury real estate, value is a driving motivator
  • Sellers are still unrealistic about pricing, but considerably less so than in 2010
  • Cash is the most popular means of payment in the high end   
  • Confidentiality and discretion are more important now than in the past
  • Protecting clients from the media is more important than ever
  • Location, lifestyle, and sentiment are equally important as value
  • Top clients own two to four residences worldwide, though the highest number posted in the survey was 12
  • Sellers worldwide are adapting to the new reality in luxury housing and slowly accepting that their residence is not going to command the same price that it might have in 2007
  • Ultra-high-net-worth individuals seem more inclined to downsize and simplify their real estate portfolios
  • Purchasing through an LLC is increasing in popularity      
  • The typical age of the international luxury buyer is between 55 and 60, but is skewing younger


  • Prime markets in Asia, Brazil, Switzerland, Canada, France, and central London continue to see robust demand with adequate funding availability
  • The largest upticks were reported in international “glamour” destinations worldwide, such as London, New York, Beverly Hills, Hong Kong, and Paris
  • Paris was a top performer in Europe, with values for prime real estate climbing more than 22%
  • Prices in the Lugano (Switzerland) area are slowly but steadily rising
  • One surprise is the continuing strong recovery of Florida
  • Other U.S. markets posted year-over-year gains
  • In New York City, the residential real estate market remains strong for well-priced properties
  • Canada's strong economy and access to responsible financing has resulted  in sustained and keen interest in the country’s real estate
  • High-Net-Worth Individuals in the United States are also pulling their money out of the stock markets and investing in real estate as a long-term safe haven
  • Italy's real estate market is worrying and the situation has been such over the past three years 
  • World events have impacted consumer confidence and therefore real estate buying in Mexico
  • Whilst bank funding, property demand, and prices have been decreasing, cash buyers have been taking advantage of their situation to purchase luxury property, trophy assets in certain parts of Spain
  • Price deflation is in excess of 55 percent nationwide and 60 percent in Dublin (Ireland)

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