Upscale real estate is still a seller’s market around the world, shows research in the annual Global Luxury Real Estate Report by Luxury Portfolio International. There are currently more buyers than sellers with many of those interested in acquiring high end property located in the Asia Pacific region.
The proportion of high net worth individuals (HNWI) worldwide thinking about making a luxury property purchase in the next 3 years is nearly 25% while the total of those considering selling a luxury property shrunk to 17%, according to the Luxury Portfolio International report.
People in Asia-Pacific and the Middle East have shown the most interest in buying a luxury property and this can partly be attributed to the growing number of HNWIs, those with a net worth of at least USD10 million, in these areas. In Asia-Pacific alone, this group has grown by 21% since 2015.
“The population of wealthy consumers continues to grow and their interest in purchasing real estate also increased. Today’s high-net-worth buyer seeks privacy and the latest technology, creating a strong opportunity for new home developers,” says Luxury Portfolio International President Paul Boomsma in the report.
Luxury Portfolio International worked with leading market researcher YouGov on the report. There were several insights that illustrated some regional differences in luxury consumers’ attitudes toward owning luxury. In the Middle East, 81% of respondents equated luxury property ownership with internal validation while 78% of respondents in Asia Pacific equated luxury property ownership with good fortune.
Some common global demands in luxury property were for cutting-edge technology and security features, as well as flexibility for multi-generational use. Privacy was also important to those considering buying a luxury property as 82% of those surveyed considered this.
This story appeared on property-report.com
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