Sotheby’s International Realty Reports Ultra Wealthy Buyers Seek Non-Traditional Homes Abroad
Posted by Brittanny Havard — November 17, 2015
DENVER, CO - According to a study released in November, by Wealth-X and the Sotheby’s International Realty® brand, a growing number of ultra high net worth (UHNW) individuals are buying non-traditional homes outside their native country. This joint report was designed to provide an understanding of the trends driving buying decisions of ultra high net worth individuals around the world.
Wealth-X has identified more than 211,000 ultra high net worth individuals globally – defined as those with US$30 million and above in net assets – and 79% of them own two or more residences.
The Wealth-X and Sotheby’s International Realty UHNW Luxury Real Estate: Multi-Home Report reveals that these UHNW buyers look for residences that are environmentally sustainable, technologically sophisticated, or that fit better with their personal and family needs.
Other key findings from the report include that: The average UHNW Multi-home individual is 63 years old, has a net worth of US$165 million and is married. • The United States is the most popular location for second homes among the ultra wealthy, followed by the United Kingdom and Switzerland. • Four types of luxury home types have emerged as favorites among the global ultra wealthy: Green Homes, Smart Homes, Private Islands, and Serviced Apartments. These types of luxury residences serve their needs, aspirations, and lifestyle considerations. • The Caribbean and the Mediterranean remain favorites among UHNW buyers for private island homes, but Southeast Asia, Canada, Belize and the United Kingdom are gaining popularity. • UHNW Multi-home buyers are fueling market growth in regions beyond global urban hubs such as London, New York City and Hong Kong. The report profiles Miami, Florida; Geneva, Switzerland; and Long Island, New York.
Wealth-X President David Friedman commented: “Wealth-X is pleased to partner with the Sotheby's International Realty brand for this fourth joint report in 2015. This report underscores Wealth-X’s commitment to conducting ground-breaking research on the world’s ultra high net worth (UHNW) population. Expert commentary from Sotheby's International Realty complements Wealth-X’s global intelligence on the world’s UHNW population, producing a report that demonstrates a true collaboration between the world’s leading UHNW intelligence provider and the global leader in luxury residential real estate.”
President and chief executive officer of Sotheby’s International Realty Affiliates, Philip White, commented, “Our partnership with Wealth-X has proven to be invaluable as we continue to explore the motivations of the world’s ultra high net worth. The research from our latest report uncovers current trends in home purchasing behavior and chief lifestyle considerations, helping us gain insight into investment strategies of the UHNW population.”
Locally in Colorado, there has been a trend of UHNW individuals making second home purchase decisions based on lifestyle choices, specifically in Colorado’s resort market communities, which have seen increased interest from Latin American feeder markets including Mexico City and Brazil.
According to Scott Webber, president, LIV Sotheby’s International Realty “The Wealth X report reveals that UHNW individuals are making real estate purchases based on lifestyle choices, and are guiding investments that contribute to long-term wealth. Locally, we are seeing this trend more prevalently than ever before in the resort communities we service, specifically Vail and Breckenridge.”
Wealth-X is the global authority on wealth intelligence, providing sales and marketing, strategy to clients in financial services and luxury sectors. Its award-winning research and thought leadership are regularly cited by the world’s media such as CNBC, Financial Times, Thomson Reuters and BBC.
The Sotheby’s International Realty network currently has 18,500 sales associates located in 838 offices in 61 countries and territories worldwide.
LIV Sotheby’s International Realty, Colorado’s exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 11 office locations in Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Vail and Breckenridge.
For more information, please contact LIV Sotheby's International Realty public relations manager, Brittanny Havard, at 303.486.3738.To service all of your real estate needs visit www.livsothebysrealty.com.
About LIV Sotheby’s International Realty
LIV Sotheby’s International Realty, the exclusive Board of Regent for the Who’s Who in Luxury Real Estate, has 11 office locations in the Denver Metro and surrounding areas, including Boulder, Castle Pines Village, Cherry Creek, Clayton Street, Denver Tech Center, Downtown Denver, Evergreen and the resort communities of Breckenridge and the Vail Valley. For more information call 303.893.3200. To service all of your real estate needs visit www.livsothebysrealty.com.