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.
About Daniel Ravenel Sotheby's International Realty
For more than 30 years, Daniel Ravenel Sotheby’s International Realty has been marketing, representing, and selling luxury homes in Charleston, South Carolina and the surrounding areas. We specialize in luxury homes both on and off the downtown peninsula. From historic pre-Revolutionary mansions, to well located urban pied-a-terres, to stunning beachfront retreats, we specialize in finding the lifestyle that is right for every client. Since 1983, we have been able to oversee nearly one billion dollars in real estate transactions, all without litigation. Additionally, because we are a locally owned company, all of our agents are either native to Charleston or a well-established resident of the Charleston area—and it is for this reason that we are completely in tune with every subtle aspect of the South Carolina Lowcountry.
Last week, two sales executive on our team closed 2731 Jenkins Point R
"“We recently completed the purchase of a lot with the able assistance and guidance of Edgar Mitchell. Our experience with the Sotheby's Realty office and with Ed Mitchell, in particular, was nothing short of extraordinary. Through Ed’s in-depth knowledge of the real estate market, his vast network of professional contacts with attorneys, bankers, insurance agents, and architects, and his strategic command of the negotiation process, we were able to develop and successfully offer a purchase price in a matter of a few short days that was both within budget and acceptable to seller.
But the great Sotheby's Realty experience did not stop there—Ed continued to provide much needed advice throughout the process, offering seasoned counsel and up-to-the-minute information on developments and schedule changes leading up to the Closing. Using text messaging, email, and old-fashioned telephone, Ed’s diligence, persistence, and courteous professional demeanor help make the entire transaction, from our remote vantage point in Connecticut, appear seamless and easy.
When we did visit before Closing, Ed arranged for us to meet with the developer/owner, the builder of several houses in the subdivision, the stone mason, an excellent architect, the soon-to-be new neighbors, and even topped it off with assisting us with a dinner reservation. Ed was also there to walk the property line and to point out the topography and history of the adjacent area, based on a knowledge that is only developed through vast experience and passion for the real estate profession.
We thoroughly enjoyed the entire Sotheby's Realty experience and are indebted to Ed Mitchell for his professionalism, hard work, and expertise in getting the job done—and done extremely well."