Demand will outstrip supply in global luxury market: report Trend points to a seller’s market
Households with with $10M-plus net worth (Credit: Luxury Portfolio Global luxury real estate report)
The world’s population is getting richer, and they want to spend that wealth on luxury real estate.
The international luxury residential market will see more demand than supply over the next three years, with 25 percent of high-net-worth individuals expected to buy high-end real estate compared to the 17 percent who want to sell, according to a new report from Luxury Portfolio International, a conglomerate of more than 200 brokerages around the world.
The report also noted the numbers of wealthy people across the world is going up.
There were 1.6 million households around the world with more than $10 million in net worth during 2016, according to the Credit Suisse Global Wealth Databook. That figure is an 11 percent increase on 2015 and a whopping 91 percent increase since 2010.
Buyers and sellers in global luxury real estate (Credit: Luxury Portfolio Global luxury real estate report, click to enlarge)
Most of the world’s wealthy consumers live in North America, with the number of $10 million-plus households increasing 146 percent in the last even year上海千花网论坛