Luxury Home Sales Fall in London, NYC With Rich Shifting Focus
The world’s wealthiest home buyers are pulling back from the traditional magnets of New York, Hong Kong and London, making way for cities such as Auckland, New Zealand and Jackson Hole, Wyo., to rank among the fastest-growing luxury real estate markets.
Sales of luxury houses – those of at least $1-million (U.S.) – rose 8 per cent worldwide last year, slowing after a 16-per-cent jump in 2014, according to a Christie’s International Real Estate survey released Thursday. Purchases declined in Manhattan, Hong Kong and central London, while jumping 63 per cent in Auckland, 48 per cent in the Toronto metropolitan area, 21 per cent in Paris and 45 per cent in the resort market of Jackson Hole.
