Luxury Home Buyers’ Market Behavior

from State of Luxury Real Estate - Luxury Market Trends 2023

KEY FINDINGS AND RECOMMENDATIONS

The global market for luxury residential real estate buying and selling intentions is similar to 2022 – a definite step down from the peak, but consumers remain optimistic in their purchasing plans.

The mid-2020 to mid-2021 luxury market buying frenzy pushed some clients out of contention in their mostdesired markets. U.S. buyers have adapted to the situation by looking in secondary markets. There are hundreds more luxury markets today than in 2019.

Market Intentions Are Robust

• 2023-25 will be off pandemic highs but likely stronger than pre-COVID

Necessity Is The Mother Of Invention

• Market saturation and lack of stock is spurring the creation of new luxury locales

MAJOR ECONOMIC AND POLITICAL CITIES TOP THE LIST OF IN-DEMAND DESTINATIONS

• Established, tried-and-true luxury markets a haven for international buyers—if they can find a place

Luxury Home Buyers’ Market Behavior

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KEY FINDINGS AND RECOMMENDATIONS

Market Intentions Are Robust

Necessity Is The Mother Of Invention

MAJOR ECONOMIC AND POLITICAL CITIES TOP THE LIST OF IN-DEMAND DESTINATIONS

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KEY FINDINGS AND RECOMMENDATIONS

Next-gen Buyers Are Open to Virtual Buying Opportunities

Financing: Cash Is No. 1, But It Is Complicated

In It for the Long Haul

Focus is Shifting from Shared Walls to Single -Family Homes

The City Center Remains the Most Desirable Address

Fear Keeps Many Potential Clients Out of the Market Entirely

Luxury Spending on Home Goods Expected to Rise During the Holiday Season

Wealth Creation Continues at a

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State of Luxury Real Estate - Luxury Market Trends 2023