The 10 ‘Most Luxurious’ Property Markets Worldwide
London topped the list of the world’s top “luxury” housing markets and Hong Kong edged out New York to claim the second spot in this year’s Luxury Defined Index rankings
London topped the list of the world’s top “luxury” housing markets and Hong Kong edged out New York to claim the second spot in this year’s Luxury Defined Index rankings
From recent stock market fluctuations to the shifting fortunes of emerging market buyers, the global prime property market traversed a challenging geopolitical and economic landscape in 2015 and into 2016.
The annual Christie’s International Real Estate Index, which synthesizes and compares luxury housing metrics, reflects these developments and acts as a measuring stick for the global luxury market. The Index forms part of Luxury Defined 2016, an in-depth study of more than 100 prime residential property markets worldwide.
The Index ranks the world’s 10 top property markets under two performance measures:
London Tops the World’s Most Luxurious Cities for Prime Property:
2015* Luxury Index Rankings
1) London
2) Hong Kong
3) New York
4) Los Angeles
5) Singapore
6) Sydney
7) Miami
8) San Francisco
9) Paris
10) Toronto
*Luxury Index rankings are based on data for the period January 1, 2015 to December 31, 2015. The Index aggregates local market metrics measuring market record sale price, average price per square foot for luxury homes, number of sales over $1 million, percentage of listings over $1 million, average price for luxury home sales, percentage of international and non-local homebuyers, and percentage of secondary home sales.
Highlights from this year’s Christie’s International Real Estate Luxury Index include:
With more prime property listings than any other city, as well as the world’s second most expensive residential sale in 2015 ($141 million / £92 million), London retains its position as the most luxurious property market worldwide. In spite of slower growth due to new taxes on prime property purchases, the city continues to attract strong domestic and international buyer demand. London has topped the Luxury Index for four years running. (See the 2014 rankings).