Christie’s International Real Estate Releases Inaugural “State of the International Luxury Real Estate Market” Report
A Compendium of Research and Commentary from the World’s Leading Network of Luxury Real Estate Specialists
London, UK – 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.
“The resulting report is an intriguing snapshot of the current global prime real estate market as viewed by the world’s leading network of luxury real estate experts,” says Neil Palmer, Chief Executive Officer of Christie’s International Real Estate.
The paper examines the prevailing mood of buyers and sellers, how market activity is trending worldwide, and how transactions in the upper levels of the market are completed. For instance, when it comes to buying, 87 percent of the network reported that cash is the preferred means of payment.
The report further reveals that buyer optimism is slowly increasing while seller expectations in pricing are improving but remain somewhat unrealistic. More than 67 percent of the survey respondents reported an increase in buyer activity for the first eight months of 2011 when compared to the same period last year. The largest upticks were reported in metropolitan cities like London, Paris, Hong Kong, New York, and Beverly Hills.
Spanning more than 40 countries with a combined annual sales volume estimated at US$100 billion, the Christie’s International Real Estate network focuses exclusively on the world’s properties valued above US$1 million. Real estate brokers are invited to become Affiliates only after a rigorous approval process.
The report concludes with bulleted market reports from a selection of the geographies represented by the exclusive Affiliates of Christie’s International Real Estate.
(Pictured above: a press conference about the report, held at London’s InterContinental Hotel with Affiliates from the Christie’s International Real Estate network)