Luxury Real Estate Market in 2017
In the first half of 2017, the average cost of luxury homes in the US went up to $1.65 million, on average, which means a 4.2% increase over the first half of 2016.
The luxury market is considered as the top 5% of homes and properties: the average sale price for the remaining 95% in the same period was $307,000.
Washington, D.C. is the city which saw the strongest rise, with an impressive 32.6% year-over-year growth.
While interest rates on mortgages are expected to increase, buyers of luxury homes are less dependent on mortgages than purchasers of lower-priced homes, and for those who do borrow, a 0.25% increase is inconsequential.
Second half of 2017
The second half of 2017 could see an increase of sales of Luxury properties all around the world, with a focus on Northern America (New York, Toronto, Miami driving the sales), and on Asia, where more and more luxury properties have been put on the market.
Worldwide overview of the Luxury Real Estate Market
Dubai has seen a big decline in home prices for several years, but still local experts are foreseeing that the city will take advantage of the political uncertainty in the Western countries, since wealthy Arabs are looking to invest in their own countries.
Several experts agree that Americans will be able to increase the overall investments in Real Estate, and in particular in high-end properties, due to the US Economic situation.
That does not mean that wealthy Americans will be the only buyers of 2017-18: several Middle East currencies are linked to the dollar and a lot of persons from those countries are willing to invest their money in real estate.
More information about each city will be soon available on our “News”: Stay tuned!
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