BEVERLY HILLS, Calif., Dec. 16, 2021 /PRNewswire/ -- Forbes Global Properties, a curated consumer marketplace of luxury homes and an invitation-only membership network of top real estate firms, has released the 2021 Year-End Market Perspective. A comprehensive analysis of the international luxury property market gleaned directly from its local leading experts, the report examines global property prices, buyer demographics, desired luxury amenities, and second home market trends, while also underscoring market enthusiasm through anecdotal recounts of recent transactions.
Report highlights include:
- 2021 median prices considerably outpaced 2020 price increases, with domestic markets like Lake Tahoe, Ventura County, and Scottsdale reporting double-digit gains of 29%, 28%, and 24% respectively.
- Hawaii exemplified exponential growth as luxury sales priced at US$3 million and above in 2021 surged past 2020 with a 195% increase in transactions and 235% increase in total dollar value sold.
- International markets followed similar upward pricing trends as evidenced by increases of 32% in Sydney, Australia, and a 17% increase in Toronto's average price.
- Individuals under the age of 56 (Gen X, Millennials, and Gen Z) comprised at least two-thirds of buyers in many of the luxury primary home markets studied, with Gen X accounting for the largest demographic in selected markets as evidenced by a 70% share in Lake Tahoe and 50% in Hong Kong.
- Several of the primary home markets surveyed reported a demographic shift with Millennial buyers (ages 25-40) representing a growing proportion of overall luxury buyers.
- Luxury buyers expressed 68% preference to more indoor and outdoor space, 64% prioritized a home office, followed by 32% seeking privacy, and 19% gravitating towards a move-in ready home.
- Nearly all brokers in surveyed second home markets reported that even if luxury homes were purchased initially as a vacation residence, HNWIs are increasingly using these homes for primary home purposes and for longer periods of time.
About Forbes Global Properties
A natural extension of the time-honored Forbes brand, Forbes Global Properties is a curated consumer marketplace that connects discerning buyers directly to the world's finest homes and the elite agents that represent them. Established in December 2020, the invitation-only network spans 140 locations and comprises approximately 2,400 luxury property experts across the U.S., Asia, Australia, Canada, Mexico, the Middle East, and Europe. More than 100 million monthly visitors to forbes.com enjoy unrivaled access to an elite collection of properties presented within the hallmark context of trusted editorial content and timely market data. For more information, visit forbesglobalproperties.com and view the brand's exciting new video here.
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SOURCE Forbes Global Properties