There is an increase in the worldwide sales of luxury real estates, notes the new analysis of Christie’s International Real Estate.
According to the new analysis of Christie's International Real Estate - one of the most influential international networks of real estate brokers in the world, specialized in marketing and selling of top-class properties, with long-standing cooperation with the Bulgarian real estate consultancy in the luxury segment Unique Estates, there is an increase in sales of high-end properties worldwide.
Among the other interesting trends outlined in the analysis are:
Despite the slight stagnation on the market in some countries, in 2017 and the early 2018, Christie's International Real Estate posted a global growth of 11% in global luxury sales. This increased activity is the result of the rapid development of the global economy, as well as the low interest rates on bank deposits. Despite the increased interest in the high property segment, the trend of discrepancy between demand and supply of luxury housing in Bulgaria is also observed at international level. In your turn, this phenomenon leads to greater activity on the part of the interested buyers and speeds up the time for deals.
Political instability, property politicization, and the threat of terrorism are among the factors that foreign clients most often focus on when investing in a luxury property. However, despite the growing influence of the political environment on individual markets, the overall interest in luxury properties continues to grow, with the new global power - the millennium generation. The generation buyers born from the late 70s to the mid-90s. Despite the growing influence of this age group in the high segment, this type of buyer are facing an increased competiveness from the so-called baby boomers - representatives of the generation born between 1945 and 1965. Similar to the millennium, baby boomers are also targeting the purchase of spacious properties in urban environments with several bedrooms and bathrooms, causing competitors in the luxury segment between the two generations as well as deepening the discrepancy between supply and demand for high-end properties.