Yahoo Finance The top 10 luxury real estate markets in the world
Auckland trumps Aussie cities as the world’s hottest luxury property market for 2015, thanks to strong local and international demand.
New Zealand’s largest city posted an incredible 63 per cent growth in million-dollar-plus sales, catapulting the city to first place according to research by global network Christie’s International Real Estate.
Auckland took the top spot from last year’s top-ranking market, Toronto, although the Canadian city has still seen a 48 per cent growth year-on-year of luxury home sales as well as a shrinking number of days on the market.
Also read: Aussie house prices have nothing on Auckland
Elsewhere on the list, Sydney was the only Australian city to make the top 10 most luxury real estate markets, sitting far behind in ninth place.
The city’s luxury real estate market still remains robust however, having seen continued luxury sales growth along with strong interest from international buyers over the same 12 month period.
Meanwhile Canada’s Pacific waterfront city Victoria took third place in their year’s rankings with exceptional year-on-year growth.
High-end second-home markets—Wyoming’s mountain resort Jackson Hole saw increased interest from affluent domestic buyers whereas Spain’s beachfront paradise Valencia experienced strong growth from an uptick in tourism and “Golden Visa” overseas buyers.
Also read: Where are the world's biggest property booms?
After several years of softening prices, Sardinia’s waterfront enclave Costa Smeralda, is beginning to witness a positive uptick, ranking seventh overall.
How to rank the world’s top performing markets
From recent stock market fluctuations to the shifting fortunes of emerging market buyers, the global crime property market traversed a challenging geopolitical and economic landscape in 2015 and into 2016.
The annual Christie’s International Real Estate Luxury Index, which synthesizes and compares luxury housing metrics, reflects these developments and acts as a measuring stick for the global luxury market.
The research ranks the 10 top property markets by assessing the health of the million-dollar plus market and comparing it to primary and resort housing markets.
