The Rich Are Taking Money Out Of Gateway Cities To Focus On Secondary Markets
The world’s richest homebuyers are pulling back from traditional strongholds like NYC, Hong Kong and London and focusing their cash on cheaper cities.
Auckland, NZ, and Jackson Hole, WY, are among the fastest-growing luxury real estate markets—sales in Auckland surged 63% last year, according to the latest Christie’s International Real Estate survey.The survey also shows sales of luxury homes rose only 8% last year, a slowdown from the 16% jump in 2014, Bloomberg reports.
And some traditional luxury markets are actually declining—purchases fell in Manhattan, Hong Kong and central London. Christie’s International Real Estate says investors are moving away from traditional cities amidst global economic uncertainty and are pushing cash into cheaper locations where there is more room for growth. [Bloomberg]