July 24, 2017
‘Luxury implies quality, but ultimately it’s also defined by rarity. It’s difficult to have mainstream luxury. That’s a challenge handbag makers and designers grapple with.’ – Liam Bailey
When global head of Knight Frank’s Research department, Liam Bailey was asked what area was the next hub for luxury properties his response was, ‘It’s probably fair to say that it’ll be more of the same. Cities like London, New York, Miami’”established hot spots’”will become more desirable over time. What we’ve seen in the last two decades is how globalized these places can become. Demands for top hubs will increase more than anywhere else, and the difference between them and others will widen over the time’.
This is great news for us in Palm Beach County as many buyers in Miami have been moving north to Fort Lauderdale, Delray Beach, and Palm Beach. Baily also touches on how governments are becoming more and more involved in the luxury real estate market and how the global economy is a huge factor in the market. ‘Open trade between those two countries (America & China) will set the benchmark for the rest of the world. Ultimately, for luxury real estate that’s one of the most important things to be maintained’.
One thing that can be agreed upon regardless of the market in question is that the most important feature and valuable amenity is ‘space and flow of space’. See full article from Mansion Global
What market has the best resale value and the most expensive luxury real estate at the moment? Hong Kong.
Want more information about the luxury real estate market? Contact Nicholas Malinosky and Randy Ely to discuss your real estate goals.
Composite photo: Roberto Machado Noa/Getty Images; Giuseppe Torre/Getty Images