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.
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"“I found Edgar Mitchell to be the most professional agent I have ever worked with. We ran into several problems with the buyers and Ed worked tirelessly to solve the problems so the closing could take place. I would recommend Ed Mitchell to everyone. He is honest and works very hard.”"