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Christieâ€™s International Real Estate publishes "Global Luxury Residential Property White Pape
Christieâ€™s International Real Estate is delighted to announce its new quantitative white paper Luxury Defined: An Insight into the Luxury Residential Property Market has been released to the international press.
The pioneering report compares 10 of the worldâ€™s top property markets, including Hong Kong, London, New York, Paris, San Francisco, CÃ´te dâ€™Azur, Toronto, Dallas, Los Angeles and Miami; and debuts the â€œChristieâ€™s International Real Estate Indexâ€, the first ever true global indicator for luxury residential real estate. The Index ranks markets across key metrics including record sales price, prices per square foot, percentage of non-local and international purchasers, and the number of luxury listings relative to population. It measures the performance of the luxury residential real estate market year-on-year. In future, when this composite index is compared to prior years, it will be a powerful gauge of luxury market trends.
According to the report, Londonâ€™s $121 million (Â£75 million) sale and New Yorkâ€™s $88 million sale pushed both cities to the top of the Index with the highest record sale prices. Hong Kong had the second highest average price per square foot at $2,958. A popular second-home destination for the European jet-set, the CÃ´te dâ€™Azur recorded the highest percentage of international and non-local buyers (90%) and the highest percentage of secondary and additional home buyers (95%). Toronto reported the lowest average number of days on the market for luxury properties (46 days).
Hong Kongâ€™s robust property market experienced a significant shift in October 2012, resulting from measures imposed by the government to curb property speculation and negate a growing asset bubble in the cityâ€™s property market. These measures have had major impact on the large number of Mainland Chinese investors, but experts anticipate that long-term investors will return. â€œHong Kongâ€™s property market has high liquidity and remains a strong investment choice for mainlanders who wish to diversify their assets,â€ says K.S. Koh, Founder and Chief Executive of Landscope Christieâ€™s International Real Estate.
For additional information, please contact:
Ms. Yeoman Ho
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