Monterey Peninsula News
Sotheby's International Realty Survey reveals preferences of luxury homebuyers worldwide14 Jul 2014 4:44 PM
Homebuyers across the world often ask themselves, "What is the best possible home I could find?" At Sotheby's International Realty, we ask similar questions to get to know our consumers in order to service them the best we can. In the recently published Sotheby's International Realty Luxury Lifestyle Report, we found some answers.
As usual, the primary wishes of those who own luxury real estate vary from country to country: in Britain, historical value is a top priority. In China, the amount of space is considered to be of the utmost importance. And, in Brazil, one of the top priorities held by those purchasing a new home or plot of land is the location itself.
How about Americans? According to the Sotheby's International Realty Luxury Lifestyle Report, it's the beachfront experience that those in the U.S. dream of most: a "lifestyle property" with a waterfront, a multicar collector's garage and custom-designed aesthetics appeals most to Americans.
However, there's one thing that was important for people everywhere: family. In all of the nations surveyed, more than half of all respondents noted that they wanted to purchase a home that could remain in their family, and someday be gifted to their children.
"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," said Philip White, president and chief executive officer, Sotheby's International Realty Affiliates LLC. "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."
Are sales of luxury real estate trending upward?
The answer to that question is quite simple: yes it is. The Sotheby's International Realty Luxury Lifestyle Report found that individuals in all four of the nations surveyed - the U.S., the U.K., Brazil and China - are more likely to purchase a lifestyle property today than they were at this point five years ago.
"Last year, we observed that the luxury sector led the overall market recovery," said White.
To see the full range of findings - including the preferences and features that define luxury real estate across the globe - check out the full Luxury Lifestyle Report published by Sotheby's International Realty.