Sotheby’s Realty & Wealth-X Lifestyle Report 2014
Sotheby’s International Realty® Luxury Lifestyle Report 2014 survey focused on the purchasing behavior of high net-worth consumers in the United States, United Kingdom, Brazil and China, determined that buyers in each country made similar decisions based on lifestyle, family needs and return on investment.
Our study also showed that compared with five years ago, a majority of affluent consumers are more confident in the strength of the housing market in their country of primary residence. These insights are important because we have seen the luxury sector lead the way for the overall real estate recovery. High-net worth consumers are recognizing the critical role real estate plays in building wealth…and they are investing in it.
Philip White – President & CEO | Sotheby’s International Realty Affiliates LLC
If the top wishes of wealthy Americans could be expressed in a single dream home, it would be a “lifestyle property” on the waterfront which they designed themselves. Wealthy Brits particularly value homes with historic significance. Chinese wish for space to display their art collections and Brazilians harbor a desire for a “smart” home, the Sotheby’s International Realty Affiliates LLC research found. The survey, which focused on the purchasing behavior of high net-worth consumers, determined that buyers in each country made similar decisions based on lifestyle, family needs and return on investment. In the United States, waterfront ranked number one as the hottest “lifestyle” property trends, farm and ranch ranked second and history homes were third.
The majority of affluent consumers in the United States, United Kingdom, Brazil and China also were likely to make a legacy home purchase, which is a property intended to remain in the family or be gifted to children. A survey of Sotheby’s International Realty network members revealed that more than half of respondents say their clients spend between $1 and $3 million for a legacy home.
The “Sotheby’s International Realty Luxury Lifestyle Report” has shown that earning a return on investment was a key driver for clients when purchasing a property. Compared with five years ago, a majority of affluent consumers are more confident in the strength of the housing market in their country of primary residence, which they believe offers the best real estate value right now.
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