The 2023 Luxury Outlook Report has been released. It seems that luxury buyers are not affected by interest rate fluctuations. In fact, prices remained steady throughout 2022 whereas in the lower price sectors, prices softened.
Many believe this is due to the intergenerational transfer of wealth from baby boomers to their adult children. An explosion of global wealth is being funnelled into real estate. In addition, there’s been a lifestyle shift due to the pandemic which is here to stay. People are spending more time in their homes than ever before rather than selling. This has caused a shortage of inventory seen across most price points, not only in the higher end.
Features particularly attractive to these buyers are salt water pools, cork spray wall treatments, sophisticated water purification systems, cold plunge pools, massage rooms, and carefully maintained gardens with a focus on sustainability and consumable plants. Of course electric car stations are a must.