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
om 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:
- The Luxury Index rates the relative “luxuriousness” of primary market cities with at least one million residents (see the latest Luxury Index rankings below).
- The Luxury Thermometer assesses the “health” of the million-dollar-plus market and compares international primary and resort housing markets.
London Tops the World’s Most Luxurious Cities for Prime Property:
2015* Luxury Index Rankings
2) Hong Kong
3) New York
4) Los Angeles
8) San Francisco
*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.
Even with negative annual overall sales growth and pressures from a decline in mainland Chinese capital outflow, Hong Kong narrowly edged out New York to place second in theLuxury Index. The harbor city posted the world’s top residential sale in 2015 ($194 million / HK$1.5 billion).
Miami achieved a local record sale ($55 million for a new-build penthouse), which offset declines in overseas and cash buyers, ensuring a solid performance in the Luxury Index. New luxury stock and slowing buyer demand evidenced in late 2015 and early 2016 however, is likely to move it down in next year’s rankings.
Singapore joined our Index rankings after showing signs of an uptick following several years of declines due to government cooling measures. Singapore knocked Dubai—where pressures from declining oil prices and an oversupply of luxury properties caused price and sales volume declines—out of the world’s top 10 luxury markets.
*Fuente: Luxury Defined http://luxurydefined.christiesrealestate.com/blog/market-insights/ranking-the-worlds-top-performing-luxury-property-markets
A new report develops new benchmarks to better interpret and shed new light on the rarefied world of luxury real estate
Trophy’ has become the new buzz-word in luxury real estate. According to the latest issue of Luxury Defined—our just-released study on the global prime property market—more properties than ever before were both sold and listed for sale at US$100 million or higher in 2014. As the number of billionaires globally reached new heights, so too did the price benchmarks for their trophy homes, as the world’s most affluent focused more and more on acquiring “collectible” residential assets in prized locations across the globe. US$100 million is now firmly established as the billionaire benchmark for ultra-prime property.
At the more traditional luxury residential real estate price segments, the overall market experienced steady growth in 2014, with US$1 million plus home sales up by an average of 16 percent over 2013 in the 80 luxury residential markets surveyed for the report. After an explosion in urban luxury home sales growth in 2012-2013, the story in 2014 was that second-home resort markets were red hot, leading the growth in luxury property sales. ‘Jet set destinations’ soared 28 percent over the prior year, fueled by attractive investment opportunities, below market peak prices, and an emerging confidence that the market has bottomed and a recovery is well under way.
As millennials grow up and baby boomers transition into life as empty nesters, these buyers are increasingly seeking urban amenities. This helped fuel growth in high-value urban market sales, particularly in metropolitan cities, which jumped by 15 percent over 2013.
In the top global economic hub cities, Toronto ranked as the world’s ‘hottest’ luxury market in 2014, and was the only top city to see a faster year-on-year pace with a 37 percent increase in luxury home sales. London topped the list of the world’s most luxurious cities for prime property—measured by top sales prices, high average prices per square foot, and number of luxury sales—followed closely by New York.
“More than ever before, we are focusing on the purchasing patterns of ultra-affluent individuals — as well as what’s driving their investments across the globe — and why the acquisition of luxury real estate has become increasingly important to their portfolios,” notes Dan Conn, CEO, Christie’s International Real Estate. “Whether for safe storage of wealth, lifestyle upgrades or the pure passion of the investment, the intrinsic recognition of the sheer value of prime property ownership could not be stronger among these consumers.”
Titled Luxury Defined, the third annual edition of the research paper not only examines the world’s top 10 cities for prime property, but also analyzes an additional 70 key regional markets, exploring the dynamics and drivers shaping the globe’s high-end real estate market.
In collaboration with Voix Interiors, Fendi Casa presents Mandarin Oriental, a resplendent residence designed by the luxury brand at One Hyde Park in London.
Situated in one of the most prominent residential locales worldwide, the exclusive interior decoration project reflects a highly sophisticated and elegant lifestyle that complements the luxe edifice’s breathtaking grandeur.
Mandarin Oriental’s 450-square-meter private residence touts four plush bedrooms, along with a spacious living room and dining room. Its opulent, impeccably crafted Italian furnishings ooze with Fendi Casa’s savoir faire, giving it a timeless yet contemporary flair. Among the thoughtfully curated pieces poised in the home’s living spaces are Prestige sofas, Laetitia armchairs, and Bernini tables paired with Elisa chairs.
The sleeping suites boast Cameo and Diamante beds, complemented by the Canova bedside table and Astoria chest of drawers. The project’s color palette varies from ivory and champagne to chocolate and lacquered tones—a rich assortment of shades that melds well with its marble, crystal, velvet and silk detailing.
The Garden House has been designed by De Matos Ryan to accomodate a modern family with seven children.
The design of The Garden House has been driven by three challenges: the clients’ ambitious requirement for increased space; the need to incorporate compulsory flood-proofing measures due to the site’s close proximity to the River Thames; the planning restrictions to prevent the overlooking of neighbouring properties.
The new house comprises five bedrooms, three bathrooms, a study and a kitchen/living room. The garden was excavated to create a high-sided watertight concrete courtyard, which increased the floor plate of the property without affecting the single storey appearance at garden level. The living areas are at courtyard level and benefit from full height glazing; the bedrooms are arranged at first floor level in clean white volumes that float above the glazing.
A bridge at garden level bisects the white box and marks the entrance to the property.
Windows are discreetly located on the side and rear elevations to comply with planning restrictions and frame views out. A combination of internal lightwells and rooflights ensure that the bedrooms are flooded with natural daylight. Top lit hallways and bathrooms connect the volumes.
It is the sunken courtyard, characterised by white pigmented concrete walls and floor that defines The Garden House and lends the house an exotic sensibility. Sliding doors open up the corner of the house offering a seamless transition to a tranquil enclosed landscape in which to escape London life.
Garden House, Battersea, South London, UK
Program: single-family house
Architect: De Matos Ryan
Building Contractor: Noga Building Services Ltd
Structural Engineer: Price & Myers
Quantity Surveyor: Marstan BDB
Garden Designer: Worsley Designs
Area: 179 sqm
Completion: August 2013