Christies International Real Estate recently released “Luxury Defined” report provides a comprehensive, data-driven picture of what the global luxury real estate market looked like at the end of 2016 and where things are headed in 2017. And while it’s filled with interesting facts such as: “For the first time in history, in 2016, the world’s 10 most expensive reported residential real estate sales each exceeded $100 million.” And “The Bahamas is a market to watch because in addition to having some of the world’s most beautiful beaches, the Bahamas offers…no restrictions for expats purchasing real estate, and reduced tax burdens.
“As the world becomes more chaotic, island living, far from the madding crowd, becomes even more attractive. While 80 percent of buyers still consider a Bahamas property as their second home, more are pulling up stakes, working remotely, and moving their families their because of the educational opportunities.”
Current or prospective beachfront homeowners will also appreciate the fact that, according to the report “Yachting destinations include some of the highest-priced markets for prime property across the globe. The average starting price for luxury homes in yachting destinations is $4.8 million, more than double the benchmark starting price across all luxury housing markets worldwide ($2.1 million). This also ranks as the highest starting price for luxury homes across all lifestyle categories.”
The report also includes insider info from brokers in key yachting markets:
“Newport’s coastal, luxury second-home market performed at a steadier rate than the overall housing market in 2016, which outperformed sales in the year prior by over 10 percent,” says Melanie Delman, Lila Delman Real Estate International, Newport, Rhode Island. “We expect the number of high-end sales to climb in 2017 as the local economy improves.”
Julie Kershner, of 2Seas Los Cabos, Los Cabos, Mexico says: “Activity on the peninsula continues to flourish, with the greatest impact on the market being the increased construction since hurricane Odile in 2014. We have a significant amount of new luxury inventory finishing in 2017. This could possibly a reflect prices in a downward fashion. Sales will likely be brand driven.”
“It’s no surprise that yachting and the luxury real estate market go hand in hand most of the time and even more so often when it comes to Ibiza, well known for welcoming the most impressive yachts in the Mediterranean. Ibiza is fully aware of its status and it is taking the marina to the next level by developing new space that will berth mega yachts. There’s positive correlation between both markets that has led to more high-end real estate investors and properties. This is nothing new but this trend has been more notable in recent years.”
Estela Estevez, Estela Exclusive Homes, Ibiza, Spain
And that’s only the beginning. Here’s the full report.