SAN DIEGO IS THE SECOND-HOTTEST HOUSING MARKET
According to a new report released by Christie’s International Real Estate, San Diego is the second-hottest primary housing market in the world! After a year of tepid growth in 2016, sales of international luxury homes bounced back in 2017, posting the best annual growth rate in three years at 11 percent. That’s according to the just-released annual analysis of global luxury residential dynamics, Luxury Defined. Christie’s is the world’s leading expert on high-end real estate and an exclusive affiliate of Willis Allen Real Estate.
According to the report a number of factors contributed to the growth: rising consumer confidence, low interest rates, a robust stock market and a stable global economy. These factors drove demand for luxury property last year, continuing into 2018, despite localized pockets of uncertainty that gave some buyers pause.
HIGHLIGHTS OF THE REPORT INCLUDE:
- Worldwide sales of million-dollar-plus homes in primary housing markets were up 10 percent year-on-year, the strongest annual gains in this luxury housing cohort recorded in the previous three Luxury Defined reports.
- Sales volumes of second-home and resort lifestyle destinations grew by 19 percent, up from a seven percent annual decline in the prior year.
- Tech hubs posted gains—as did hidden luxury enclaves and reinvigorated cities.
The study further examined the growing popularity of vertical and penthouse living, with their appeal of on-site services and amenities; the purchasing tastes of both Boomers and Millennials; political and governmental influences on buying, plus a look at natural disasters in luxury markets and how they recover and endure. The state of trophy home sales over $100 million was discussed, as were international buying trends and “hottest” luxury markets worldwide.
Now in its sixth year, the study synthesizes data from more than 80 brokerages worldwide, including Willis Allen Real Estate. The study compiles observations of luxury drivers from on-the-ground experts to overarching insights from Christie’s International Real Estate executives.