International investors are poised to drive deals and prices in luxury markets around the world as borders reopen.
(Part I of this two-part series focuses on luxury markets in Miami, San Francisco, and New York City.)
Miami
Miami’s sizzling high-end market is projected to remain sizzling hot into the new year. A November forecast by Knight Frank ranked Miami as 2022’s most prosperous luxury market in the world.
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Lux property prices are expected to grow +10% thanks to the Sunshine State’s low-tax environment, competitive prices and the enduring love affair with coastal living.
Jill Eber of the Jills Zeder Group affiliated with Coldwell Banker Realty said, “Demographics are in our favor as the baby boomers remain active in the market and the Golden Millennials – those aged 35-40 – fueled by cryptocurrency and tech, have a major impact on the luxury real estate market…We have already started to see a return of foreign buyers and that trend will continue too.”
According to data from Douglas Elliman and Miller Samuel, the number of signed contracts in November on single-family homes priced at +$1M across Miami-Dade County were up +10.4% y/y. Deal numbers of +$1M condos jumped nearly +78% as well.
San Francisco
According to Selma Hepp, deputy chief economist with CoreLogic, 2022 will be a “robust” year for demand and prices in San Francisco. Foreign buyers, lost during the pandemic, are coming back and will “significantly” contribute to demand.
Data from Compass indicated that +$5M deals jumped +142% across the wider Bay Area in Q2 2021 from Q2 2019.
Hepp said, “…we are (now)…well above the levels (of activity) we were at in 2019 at this time.”
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New York City
“2021 really was a gangbusters year…” in New York City, said Garrett Derderian, director of market intelligence with Serhant. “Now that travel restrictions are starting to ease, we do expect the international cohort to continue to fuel the market – at least in the first half of 2022.”
After record setting deal numbers in dollar volume of lux sales by the end of 2021, Knight Frank expected high-end home values throughout the city to rise +22% in 2022.
Thanks to MansionGlobal.
