Luxury homes can be found anywhere in the world, but certain cities have a higher number of luxury properties — and homebuyers with the budgets to purchase them — than others. Agents working in these affluent areas have a unique opportunity to capitalize on the luxury markets there.
Altrata has released a report, sponsored by REALM, to help luxury agents zoom in on the most profitable areas of their business and focus their attention on the cities with the highest potential for luxury buyers.
“The report, “Residential Real Estate 2023: Spotlight on the World’s Leading Markets for the Wealthy” is informed by Wealth-X analysis of its data which covers 4 million of the wealthiest people in the world from over 175 countries combined with the global insights from REALM’s membership comprised of elite real estate professionals from over 100 different brands, 40 states and 12 countries, the report represents some of the most comprehensive observations available in the industry,” said REALM founder, Julie Faupel.
Where are luxury buyers living?
If you have a client with a net worth of more than $30 million, these are the top 20 markets to focus on:
- New York, NY
- London, England
- Hong Kong, China
- Los Angeles, Calif.
- San Francisco, Calif.
- Chicago, Illinois.
- Washington, D.C
- San Jose, Calif.
- Paris, France
- Dallas, Texas
- Houston, Texas
- Seattle, Washington
- Toronto, Canada
- Atlanta, GA
- Denver, CO
- Phoenix, Ariz.
U.S. cities are dominating this list, which is convenient for domestically-based luxury real estate agents and their teams. Cities in general continue to attract UHNW homebuyers because of their ease of transportation and proximity to commercial or business interests.
The first place city, New York, has 22,000 UHNW individuals living there.
In the international market, Beijing has displaced Singapore from the top 10 cities on the list. Beijin’s luxury market has been growing steadily for some time.
The luxury market for second homes or vacation homes among UHNW buyers has similar results as the list for primary residencies. However, Naples, Florida makes a surprising appearance as a popular market for luxury vacation homes. If your clients are looking for second homes and vacation get-aways, Naples and Aspen, Colorado may provide the atmosphere they are looking for.
Real estate agents working in these cities can narrow their focus to emphasize their luxury holdings for UHNW individuals. Interested in learning more about marketing luxury properties or working in the space?