Hello and welcome again to now my fourth “Lessons Learned” blog series. My name is DeVon Prioleau, Director at FERZANCOMPANY as well as Managing Principal at PRI-O-LEAU Development Group. Today, I will be sharing my thoughts on the “World’s Top 10 Cities for Luxurious Residential Real Estate.”
One can argue that “luxury” needs to be redefined, from anything costly or fine to something that one aspires to obtain. Depending on your vantage point, certain luxuries we take for granted may include wifi, cell phones, fresh running water, reliable sewage, microwave ovens, smart cars, and remote home devices. More prevalent today, simply being able to live in a safe and secure environment can be considered a luxury. Due to hurricanes, flooding, wildfires, volcanic eruptions, and other natural disasters, we are reminded too often, that many of us don’t have the luxury of comfort and security. The latest COVID-19 pandemic has exposed many of the things we take for granted.
Over the past decade, the delineations of “luxury”, particularly in the housing market, has changed dramatically. Today luxury means vastly different things to a widening arc of those considered high- and ultra-high-net-worth individuals.
Today’s micro and macro influences like the resurgence of populism, Brexit, climate change, growing wealth disparities, increased terrorism, data privacy fears, and artificial intelligence have shifted the Who, What, Where, and Why behind residential real estate transactions — and how “luxuries” are viewed.
The housing market is segmented into several categories:
- Luxury Housing Market (residential real estate > $1M US)
- Primary Markets (owner-occupied properties or primary residences)
- Secondary Home Markets (resort & lifestyle destinations)
During our research we discovered that lifestyle and location are two key trademarks of value and are vital to the choices of affluent individuals when they consider a residential property acquisition. Data comes from more than 80 luxury housing markets.
As part of the selection criteria and parameters, we reviewed factors that influence prices and luxury housing markets, including:
- its population of billionaires,
- general cost of living,
- luxury hotel density, and
- global city rankings.
So, without further ado, the Top 10 Cities for the Most Luxurious Residential Real Estate are as follows:
“Five of these Top 10 markets have reported year-on-year growth in luxury home sales”
As always, thank you and I look forward to hearing from my colleagues in the brokerage community. Your feedback is welcomed! Stay tuned for the next “Lessons Learned Series Installment.” Feel free to reach me via cell (347.510.7113), email, or social media. Take care now!
PRI-O-LEAU Development Group LLC
244 Fifth Avenue, Suite 2607
New York, NY 10001
Office: (212) 561-6707