Daniel Ravenel Sotheby’s International Realty announces a record home sale on the Isle of Palms. 120 Ocean Blvdis located on the coveted southern end of the island, which is
Global Luxury Real Estate Trends
Things are looking up in global luxury real estate markets based on a recent report from the Sotheby’s International Realty brand. Strong gains in value across global luxury property markets are one indicator that the worlds wealthiest individuals are happy with real estate as an investment in their financial future.
The Sotheby’s International Realty brand is proud to present the findings of a recent report conducted in concert with Wealth-X, the worlds leading expert in Ultra High Net Worth individuals. The report shows global trends among this most elite set of individuals – defined as those with $30 million and above in net assets. Many of these high rollers are found in typical markets such as New York, London, Hong Kong, but niche locations with lifestyle components are becoming more and more popular.
Key Findings of the Report include the following:
The world’s Ultra High Net Worth (UHNW) population (net worth over $30M) numbers 211,275 individuals globally.
The United States is the most popular country globally for non-US UHNW individuals looking for secondary homes.
$2.9 trillion of the worlds UHNW wealth is held in owner-occupied residential real estate assets.
79% of these UHNW individuals own 2 or more residences, over 50% UHNW individuals own 3 or more homes.
Typically second homes are worth 45% more than their primary residences.
Ultra-affluent women value real estate assets more than male counterparts.
Globally, the value of UHNW individual’s real estate assets increased 8% in value during the course of 2014.
Typically the ultra wealthy set will keep their primary residence for over 15 years, while holding secondary residences for over 10 years.
The report found that on average billionaires own 4 homes and exchange one of these homes once every three years.
Two groups stand out as self-made and young: Russians and Chinese. Both country’s UHNW individuals are 52 years old on average. Chinese buyers heavily favor Hong Kong, Singapore and the US, where Russian buyers favor the US and the United Kingdom and Europe.
Ask one of our agents today about how Sotheby’s International Realty is the voice of luxury, with strong ties to this Ultra High Net Worth group of global citizens.
A Charleston native, Ruthie Ravenel grew up on Broad Street in the heart of the Holy City. She attended Charleston Day School and Porter Gaud and graduated from Boston College with a degree in Histo....