While many stalwart industries reel from the impact of the global pandemic, the luxury residential real estate market continues to show remarkable resiliency.
Fueled by a myriad of factors — among them, a flight from high-density urban areas to more suburban, single-family home and estate-focused settings — the world’s millionaires (some 47 million strong) have redefined luxury living.
These, plus many other findings related to the high-end market, are noted in The Modern Luxury Home: Reimagined — a just-released bi-annual study by Luxury Portfolio International® (LPI), in collaboration with YouGov Affluent Perspective. The universally revered brand, which comprises more than 200 leading high-end real estate brokerages, is the luxury marketing division of Leading Real Estate Companies of the World®.
The whitepaper breaks down a number of trends that are currently impacting the affluent consumer’s spending patterns. The purchase of luxury goods, travel and experiential activities, for instance, have been all but curtailed by COVID-19. However, by that same token, high-end real estate has proven to be extremely resilient and more than capable of withstanding the current circumstances.
“Our research indicates that, while the world’s high-net-worth individuals have benefited from growing valuations in financial assets, the coronavirus continues to generate tremendous uncertainty,” said Mickey Alam Khan, President of Luxury Portfolio International®. “To that end, luxury real estate is proving to be an ideal investment, and consumer preparedness to purchase is very high, with many regions experiencing record sales.”
Additional highlights from the report include:
“One very compelling takeaway from the survey involves the affluent consumer’s confidence,” concluded Alam Khan. “While most high-net-worth individuals are not only enduring, but may well be prospering through the pandemic, 80% of those surveyed noted that they were in good shape to withstand a recession. So, whether the financial headwinds are positive or negative, the affluent consumer will remain pivotal to the global economy.”
The complete report can be accessed at luxuryportfolio.com/whitepaper.
ABOUT LUXURY PORTFOLIO INTERNATIONAL® (LPI)
LPI (luxuryportfolio.com) is the luxury marketing division of Leading Real Estate Companies of the World®, the largest global network of premier locally branded firms dominated by many of the world’s most powerful, independent luxury brands. LPI attracts a global audience of visitors from over 200 countries/territories every month and markets more than 50,000 luxury homes annually. Well Connected.™
Contact: pr@luxuryportfolio.com