The "Sotheby’s International Realty Luxury Lifestyle Report" surveyed affluent consumers in the United States, United Kingdom, Brazil and China and found that the majority in all four countries are more likely to purchase a lifestyle property now than they were five years ago and to make a lifestyle property their primary residence.
A WATERFRONT PROPERTY was the top choice for what they would consider purchasing next. A concurrent study of lifestyle search activity on sothebysrealty.com shows "waterfront" was the top lifestyle search on the website in 2013 at 42 percent.
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The majority of affluent consumers in the United States, United Kingdom, Brazil and China also were likely to make a LEGACY HOME PURCHASE, which is a property intended to remain in the family or be gifted to children, with the highest percentages in China (93 percent) and Brazil (92 percent).
A survey of Sotheby’s International Realty network members revealed that more than half of respondents say their clients spend between $1 and $3 million for a legacy home.
In addition, the "Sotheby’s International Realty Luxury Lifestyle Report" showed that earning a return on investment was a key driver for clients when purchasing such a property. Compared with five years ago, a majority of affluent consumers are more confident in the strength of the housing market in their country of primary residence, which they believe offers the best real estate value right now.
"Last year, we observed that the luxury sector led the overall market recovery, making insights into the purchasing behavior of high net worth consumers critically important," said Philip White, president and chief executive officer, Sotheby’s International Realty Affiliates LLC.
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By GlobalData"Our findings confirmed what we have known to be true when it comes to the motivations and desires of these consumers: they are looking for homes that meet the needs of their varied lifestyles and that support their most precious asset, their family. These consumers also recognize the important role real estate plays in building wealth, and they expect to yield a return on their investment. In a testament to the health of the luxury market, they are more confident in their property’s ability to grow their overall net worth."
