Sales Of Luxury Homes Slowed In 2016

Sales Of Luxury Homes Slowed In 2016

For the second year in a row sales of high-end homes around the globe slowed, according to a new report by Christie's International Real Estate. The cooling comes as a record number of homes priced at $100 million or more continue to show strength and an uptick in sales of homes priced at $1 million or more, the report shows. The new housing data is part of Christie’s International Real Estate’s fifth annual white paper.

The sluggishness of luxury sales represents a sharp slowdown from 2015, when that sector of the housing market rose 8 percent, and from 2014, when sales jumped 16 percent.

Despite the sluggish sales growth, luxury home prices continued to rise in 2016, rising about 2 percent from a year earlier, Christie's says. And for the first time, 11 homes sold for more than $100 each. A sprawling mansion located in Hong Kong sold for more than $270 million, the most expensive home sale of they year.

In the US, The Playboy Mansion in Los Angeles ranked among the priciest homes to sell last year. It fetched $105 million. The home was originally purchased in 1971 by Playboy founder Hugh Hefner for $1.05 million.

Christie's based its report on an analysis of sales data and other factors for homes that sold for $1 million or more in 101 markets worldwide, the company says. Private luxury home sales were not included in the analysis. Twenty-four of the markets in the report posted a sharp drop in sales last year, while another 19 posted solid gains. Sales were essentially flat in the rest.

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Phone: 214-425-3525
Dated: May 11th 2017
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About Josiah: Josiah is the founder of JFI Brokerage. He is a very driven individual with over 15 years’ experie...

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