EXPLOSION! $1 MILLION-PLUS RESIDENTIAL PROPERTY SALES HERALDS A RESURGENT GLOBAL LUXURY HOUSING MARKET

The global luxury residential real estate market flourished in 2013, with exceptional increases in the volume of US$1 million-plus market sales, according to a new report on the international prestige property market by Christie’s International Real Estate, the world’s leading luxury residential real estate network, and of which Riskin Associates is an exclusive affiliate. Now in its second year, Luxury Defined: An Insight into the Luxury Residential Property Market, presents an in-depth analysis of luxury market trends and compares 10 of the world’s top property markets: Cote d’Azur, Hong Kong, London, Los Angeles, Miami, New York, Paris, San Francisco, Sydney, and Toronto. Using ‘Christie’s International Real Estate Index,’ markets were ranked across key metrics including record sales price, prices per square foot, percentage of non-local and international purchasers, and the number of luxury listings relative to population. London topped this year’s Index, with a US$101.5 million top sale and average luxury home sale prices of US$4,683 per square foot. New York and Los Angeles ranked second and third, respectively, driven by exceptional growth in luxury sales volume. And despite government cooling measures impacting sales volume, Hong Kong still performed strongly, ranking fourth with an exceptional US$83.3 million top sale.

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Luxury Real Estate in Montecito, California

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