While luxury real estate has been buffeted by many of the same pressures as the rest of the market — low supply, slow sales, rising prices — the ultra-high-end has fared slightly better.
With interest rates stabilizing and possibly falling this year, real estate experts say there are early signs that luxury supply may be growing, which could lead to more sales.
The report forecasts that the best-performing U.S. luxury market this year for price growth will be Miami, with an expected increase of 4%, according to the report.
New York ranked second in the U.S., with expected price growth of 2%, followed by Los Angeles with 1% growth.
Globally, the top market for luxury real estate is expected to be Auckland, New Zealand, with projected price growth of 10% in 2024.
Persons:
Douglas Elliman, Frank Wealth, Robert Frank, Liam Bailey, Knight Frank
Organizations:
Miami, New York
Locations:
U.S, Los Angeles, Auckland, New Zealand, Mumbai, Dubai, Madrid, Sydney, Stockholm