Christie’s International Real Estate has released its Global Luxury Real Estate Market Report: Luxury Defined 2016 which examines data from its affiliates in more than 100 prestige real estate markets worldwide.
According to the report, Auckland is the most hottest luxury property market in the world with 63 percent growth in million-dollar-plus sales thanks to strong international and local demand.
Last year’s top-ranking market, Toronto, continues to thrive and saw an extraordinary 48 percent growth in year-on-year luxury home sales as well as a shrinking number of days on the market. Canada’s Pacific waterfront city Victoria took third place in this year’s rankings with exceptional year-on-year growth in luxury sales.
High-end second-home markets such as Wyoming’s mountain resort Jackson Hole saw increased interest from affluent domestic buyers, whereas Spain’s beachfront paradise Valencia experienced strong growth from an uptick in tourism and “Golden Visa” overseas buyers. After several years of softening prices, Sardinia’s waterfront enclave, Costa Smeralda, is also beginning to witness a positive uptick, ranking seventh overall.
San Francisco and Sydney, ranking fifth and ninth respectively, both saw continued luxury sales growth along with strong interest from international buyers. Two markets positively impacted by an influx of affluent tech buyers—Portland and Stockholm—saw high demand yet inventory constraints hampered further growth.
Top Ten Hottest Real Estate Markets :
1- Auckland 6- Jackson Hole, Wyoming
2- Toronto 7- Costa Smeralda,Sardinia
3- Victoria,British Columbia 8- Portland, Oregon
4- Valencia , Spain 9- Sydeny
5- San Francisco 10- Stockholm