While home buying for most of the US has decreased in the month of March, there still seems to be an interest among wealthier Americans for luxury home purchases.
Knight Frank Global Head of Research Liam Bailey joins Wealth! to break down why luxury properties are still a popular investment among the wealthy.
Bailey elaborates on what has been a surprising trend in luxury real estate: "There’s a continued interest in real estate in terms of the portfolios. The challenge of course is interest rates have done what they’ve done, and therefore there is pressure in the markets. But there is still demand for accommodation. I think the biggest surprise probably is the fact that despite the fact that rates have risen, that luxury markets, but also even mainstream markets have seen prices for residential property rise over the past six to nine months. A lot of that is down to the fact that there’s very limited entry right now. The lack of [starts] means that demand has been pushing prices higher. "
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