Christie’s International Real Estate Releases Inaugural “State of the International Luxury Real Esta

London, UK - Christie's International Real Estate released its inaugural "State of the International Luxury Real Estate Market" report. The research paper compiles the results of a survey completed by affiliated brokerages in the network--all experts in the luxury market--enhanced with their supporting commentaries and insights.

"The resulting report is an intriguing snapshot of the current global prime real estate market as viewed by the world's leading network of luxury real estate experts," says Neil Palmer, Chief Executive Officer of Christie's International Real Estate. 

The paper examines the prevailing mood of buyers and sellers, how market activity is trending worldwide, and how transactions in the upper levels of the market are completed. For instance, when it comes to buying, 87 percent of the network reported that cash is the preferred means of payment.  

The report further reveals that buyer optimism is slowly increasing while seller expectations in pricing are improving but remain somewhat unrealistic. More than 67 percent of the survey respondents reported an increase in buyer activity for the first eight months of 2011 when compared to the same period last year. The largest upticks were reported in metropolitan cities like London, Paris, Hong Kong, New York, and Beverly Hills.

Spanning more than 40 countries with a combined annual sales volume estimated at US$100 billion, the Christie's International Real Estate network focuses exclusively on the world's properties valued above US$1 million. Real estate brokers are invited to become Affiliates only after a rigorous approval process.

The report concludes with bulleted market reports from a selection of the geographies represented by the exclusive Affiliates of Christie's International Real Estate.

Download the State of the International Luxury Market Report 

 

 

Luxury Portfolio Releases Luxury Real Estate White Paper

Luxury Portfolio International™ has released a White Paper entitled "How Today's Highly Affluent U.S. Consumer Selects Luxury Real Estate Associates and Brokerages." The paper focuses on affluent American consumer's wants and needs in today's economic environment. Findings specifically show that performance and reputation are more critical than ever to earning the trust of the consumer.

 

In late 2010 we engaged the Harrison Group (the research company that authors the Survey of Affluence and Wealth in America) to conduct primary research on behalf of Luxury Portfolio with affluent US consumers. The purpose was to gauge their priorities, likes and dislikes related to the selection of an agent to buy or sell a $1M plus home.

 

Some key conclusions:  

• Reputation remains paramount

• Elegant websites are important, but equally important is 1) that websites popularity, 2) the number of luxury properties represented, and 3) a proven online presence and tracking statistics

• A top priority for today's luxury consumers when selecting an agent is market knowledge and experience (no surprise) but also, global reach

• While the Internet is paramount, printed material is still vital for advertising purposes and must be elegant

• Magazine advertising is still considered appropriate, where the affluent and wealthy expect to find real estate tips and home design trends

 

The paper also identifies changes brought about by the recession and how consumers have become more fiscally responsible, but expectations have risen. For luxury real estate, this means consumers are seeking fair-priced homes that still provide superb quality of amenities and features that fit the needs and lifestyle for a family setting. They are more focused than ever on "bargains." Luxury Portfolio continues to tap into the minds of the luxury real estate consumer and market trends through studies and reporting on the luxury market.

 

Read the entire White Paper here.

 

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