Overview of the global luxury real estate market in 2022

Real estate company Coldwell Banker has just released an in-depth report on the 2022 luxury real estate picture around the world. The report points out the prominent trends and growth opportunities of this market thanks to the increase in the number of rich people during the pandemic.

According to data from Wealth-X, individuals with a net worth of $5 million or more increased by 19.8%, or 597,550 people, bringing the total number of wealthy people worldwide to 3,612,730. in 2021. Their total wealth also increased by 20.4% to more than $75 trillion - a significant jump from the 2.1% increase in 2020. In the US alone, the number of rich and Total assets all grew at 24.8% last year from just 8.1% in 2020.

The growth of the affluent class combined with new lifestyles and changing real estate preferences has led to a record growth in the luxury real estate market. In 2021, sales of single-family homes in the luxury segment, which accounts for 10% of the overall real estate market, increased by 14.5% compared to 2020, while the price level increased by 20 percent. 3%. For townhouses, sales increased by 29.6% and prices by 16.6%.

In 2022, Coldwell Banker says a number of emerging trends will reshape the market, both in terms of real estate development models. investment activities and customer experience.

The return of international customers

International buyers' interest in luxury real estate will rebound as travel restrictions are eased and profit expectations soar due to tight supply. They will prefer finished homes with plenty of space and privacy. The suburban areas will become the new attraction for customers.

Sustainable lifestyle

Sustainable trends are spilling over into the luxury housing market. Millennial buyers are on the hunt for homes that incorporate personal health and environmental factors into their design, with prices 10-25% higher than conventional properties.

More and more customers are concerned about issues of natural disasters, climate change or extreme temperatures as the earth warms. Green cities, like Portland, San Francisco and St. Paul in the US, is attracting interest from wealthy customers who want to live in environmentally friendly areas. For this group of buyers, luxury is made up of functionality, harmony with the environment, and convenience of use.

Luxury real estate can be everywhere

The opportunity to work from home, climate change considerations, and access to desirable places to live make it easy for the rich to expand their home buying options in many cities in many countries, even in secondary cities.

In the US, second-tier cities such as Denver, Boise, Sacramento, San Antonio, Raleigh and Salt Lake will see luxury real estate prices increase by 19-36% in 2021. In the urban core, prices also gradually recuperate. According to the report, sales in Manhattan increased 101.7% compared to 2020.

The boundary between the first and second houses is gradually blurring

According to Coldwell Banker, the number of rich people buying second homes is on the rise. About 70% of individuals with $5 million or more own two or more properties. At the same time, more and more of them are buying homes for leisure and relaxation, accounting for about 32% of the total rich in 2021 compared with 23% in 2020.

In particular, the line between the first house and the second house is gradually blurring, because many people choose to live in a second home to both work and relax, or decide to buy more real estate to supplement. into the investment portfolio.

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