Christie’s International Real Estate, share the key insights from their September 2011 State of the International Luxury Real Estate Market Report
According to Christie’s, sellers worldwide are adapting to the new reality in luxury housing and slowly accepting that their residence is not going to command the same price that it might have in 2007. This is resulted in an increase in market activity as well as optimism, though the recent volatility in global economies has tempered slightly the enthusiasm initially reported in the first half of the year.
More than 67 percent of those surveyed -129 brokerages in the Christie’s International Real Estate network – confirmed their markets were more active through the first seven months of the year, when compared to 2010, despite many acknowledging that the increases were modest. Only 12.5 percent reported less activity in a year-on-year comparison. The latter were primarily from countries with troubled economies, such as Ireland and Greece.
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