- ORIGINAL NEWS
The hottest housing markets for the super rich in 2024
- SUMMARY
Very wealthy individuals (those with over $30 million) are eagerly planning to purchase homes in the coming year.
Lured by the prospect of a luxurious lifestyle and a promising investment, this group prioritizes amenities and safety in their real estate decisions.
Among the most sought-after luxury markets in the United States are Miami and New York, while Auckland, New Zealand tops the global list for prime real estate.
However, it’s worth noting that available properties in these markets have been limited, leading to higher prices.
Despite this, some experts believe that as interest rates stabilize, supply may increase, potentially leading to more opportunities for buyers.
Interestingly, affluent American buyers are becoming increasingly open to exploring luxury properties abroad, particularly in Europe.
However, it’s important to keep in mind that purchasing a $1 million home does not provide the same amount of space in every market.
Monaco, for example, offers the least square footage for the price, while New York provides the most.
- NEWS SENTIMENT CHECK
- Overall sentiment:
positive
Positive
“The ultrawealthy are looking for a better lifestyle and strong investment when it comes to buying their next home, according to a new study.”
“The report forecasts that Miami and New York will be the best-performing U.S. luxury markets this year.”
Negative
“Luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better.”
“$1 million doesn’t buy what it used to in the U.S. and abroad.”