High-end real estate rolls on despite economic turmoil, and experts predict demand will continue.
CHICAGO, Sept. 15, 2022 /PRNewswire/ -- The strong luxury real estate market of the past two years will continue for the remainder of 2022 and into 2023 despite high inflation, rising interest rates and stock indexes that have posted double-digit losses on the year. That is one of the main conclusions of the new 2022 Mid-Year Luxury Trends Report recently released by Christie's International Real Estate, the global luxury real estate brand with affiliate companies in nearly 50 countries and territories around the world.
The report includes interviews and insights from 20 independent Christie's International Real Estate affiliates across Mainland North America, the Caribbean, Europe, the Middle East and South East Asia, as well as Christie's International Real Estate co-CEOs, Thad Wong and Mike Golden.
It identifies three major trends driving luxury for-sale housing markets around the globe:
Luxury real estate's favored status as a hard asset, providing a hedge against inflation for primary and second-home buyers and investors
The anticipated strength of blue-chip luxury markets, as high-net-worth buyers look beyond down-cycles
The quest for relative value in luxury housing after two years of epic price appreciation
The report also examines 10 significant luxury home sales within the Christie's International Real Estate network and the market trends they underscore.
Finally, it provides a view into the world of art and luxury goods via first-half 2022 sales highlights from Christie's, the venerable auction house with which Christie's International Real Estate is closely aligned.
"The strength of luxury real estate around the world in the first half of 2022 took a lot of observers by surprise. But throughout our network – certainly not in every market, but in many – brokers are predicting a strong finish to the year with momentum carrying into next year," said Thad Wong, co-CEO of Christie's International Real Estate.
To read the full Christie's International Real Estate 2022 Mid-Year Luxury Trends Report, click here.
About Christie's International Real Estate
Through its invitation-only Affiliate network spanning nearly 50 countries and territories, Christie's International Real Estate offers incomparable services to a global clientele in the residential property market. For more information, please visit christiesrealestate.com.
Christie's Int'l Real Estate
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SOURCE Christie's International Real Estate