Weekly Real Estate News
Source: Yahoo! Finance —
NEW YORK, Jan. 5, 2023 /PRNewswire/ — The global wealthy are living in a state of adaptability to uncertainty, but quite bullish about ultra-luxury residential real estate, according to just-released research by Luxury Portfolio International® (LPI), the world’s leading luxury residential real estate network.
Data from the State of Luxury Real Estate 2023 encompasses the opinions of an aggregate 90% of the world’s affluent class.
The study reveals that the global wealthy (UHNWI) are living in a state of adaptation to changing (and often unpredictable) circumstances, yet confident. The study also reveals that the outlook for worldwide wealth is positive ahead of the next five years.
While aware of potential headwinds from economic and geopolitical uncertainties — along with ever-growing concerns about climate change and the continued threat of COVID — they are resilient.
With both the transference of wealth and the overall growth of wealth in the top 5%, they are aware of the challenges, but are generally undaunted, as most saw their fortunes improve in late 2022 and expect 2023 to be an even stronger year.
The good news for the global luxury residential real estate market is that, within this segment of the market, prime property continues to be a solid investment in a time of upheaval with financial investments. Both owners and buyers expect values to rise in 2023, and that investment-property purchase expectations will remain at 2022 levels without diminishing.
