One in four of the global top 1% plan to purchase more real estate within the next three years
Luxury Portfolio International®, the luxury face of Leading Real Estate Companies of the World® of which IRG is a member, released a new report that shows continued confidence in the real estate market among the world’s most affluent citizens. The report, produced with research partner YouGov, shows that despite some economic uncertainty and political unknowns those with the highest net worth feel good about their lives, are confident about their decisions and have a strong intent to purchase real estate.
The report focuses on the global top 1%, those with at least three million dollars in assets. Among wealthy Americans, 25 percent plan to make a real estate purchase within the next three years and 18 percent are planning to sell real estate. For affluent real estate purchasers, location remains a driving force with 61 percent saying that privacy is essential. The wealthy expect comfort and relaxation, as 60 percent cited a master bedroom with a luxury en suite bathroom as a priority, and 54 percent indicating a preference for dual walk-in closets.
In their quest for distinction, the world’s affluent are drawn toward independent providers. The study, which compared the use of independent providers in three major categories: hotels, financial services, and real estate companies, found that 58 percent of the wealthy use independents versus 42 percent who only use major brands. At the highest level, 63 percent of the ultra-wealthy (over $30 million in assets) would be drawn toward using an independent real estate provider.
“The world’s wealthy community continues to grow, as does the demand for luxury real estate,” added Paul Boomsma, President of Luxury Portfolio International®. "Our research shows that for these buyers, independent real estate companies provide the service and individual care they require.”
The full report is available for download at www.LuxuryPortfolio.com.
Luxury Portfolio International® (www.LuxuryPortfolio.com) is the luxury face of Leading Real Estate Companies of the World®, the largest global network of premier locally branded companies dominated by many of the world's most powerful independent luxury brokerages. Luxury Portfolio International attracts a global audience of visitors from an average of over 200 countries/territories every month and last year marketed over 50,000 luxury homes to over three million high-net-worth visitors. IRG is a member of Luxury Portfolio and Leading Real Estate Companies of the World which means all of our properties listed reach that global audience.