World’s wealthiest 1% want this more than anything else in their homes
The wealthiest 1% of the global population is currently looking to buy luxury real estate more than wanting to sell. In fact, 25% of the wealthiest residents in the US want to buy more real estate in the next three years, versus 18% who want to sell. Outside of the US, the percentage jumps to almost half (45%) of top 1% looking to purchase versus 23% wanting to sell.
This is according to the Affluent Perspective 2016 Global Study released by international market research company YouGov in association with Luxury Portfolio International.
More than 5,000 wealthy individuals (net worth of $3m and up) worldwide were polled for the study which shows the balance of potential buyers to sellers outside of the US as being almost 2 to 1 right now.
“This is positive and encouraging news for the luxury real estate sector in countries like South Africa,” says Berry Everitt, CEO of Chas Everitt International, which is the SA affiliate of Luxury Portfolio International. “A unique confluence of global events, such as the economic uncertainty presented by Brexit, the flux of the Chinese economy, political unknowns derived from the race for the Presidency in the US and global threats caused by terrorism or the refugee crisis have resulted in not-surprising reports of a softening in the market, particularly in those markets that had been favoured by global buyers, like London, New York, San Francisco, Paris and Hong Kong.
“And yet, as personal wealth continues to expand around the world, affluent people are demonstrating optimism about property alongside their caution. The survey clearly revealed that in addition to feeling good about their lives and being confident about their decisions, most of the global top 1% have a very strong intent to purchase more real estate.”
This is what the wealthy want in their homes
Home characteristics most highly prized by affluent buyers are privacy and distance from other homes, which topped the list for 61% of survey respondents, the YouGov research revealed; a luxury bathroom for the master suite (60%), energy efficiency and environmental design (56%), and kitchen with fitted high-end appliances (55%) were other sought-after requirements.
Double walk-in cupboards off the main bedroom, a great outdoor entertainment area, an open floor plan, a kitchen area suited to entertaining, proximity to shopping and services, work, school and hospitals were also highly favoured.