First-time luxury home buyers are entering the market in greater numbers, according to a new report by Coldwell Banker Global Luxury. The brokerage surveyed 300 global luxury property specialists and found that 47.9% reported an increase in first-time luxury home buyers.
These buyers are seeking out primary residences beyond major cities, with rising U.S. hot spots including Miami, West Palm Beach, Scottsdale, Austin, and Houston. Globally, luxury buyers are flocking to Lisbon, Portugal; Dubai; Melbourne, Australia; and Singapore.
The trend is driven by high-net-worth individuals who value lower taxes, economic opportunity, safety, desirable climates, and better value for money spent. They also prioritize flexibility in their living spaces, with 45% of surveyed specialists citing “flexible layouts” as a top design need among their clients.
Gen X buyers are driving this trend, with a 10% increase in luxury homeownership over the past five years outpacing all other demographic cohorts. Women with a net worth of $5 million or more now own 15.2% of luxury real estate in the U.S. and 13.1% globally.
The report notes that the impact of women and Gen X on the market will be fascinating to observe, as their tastes and preferences diverge from previous generations of luxury home buyers. With a focus on practicality, legacy, and lifestyle, they are expected to reshape the future of luxury real estate.
Source: https://www.mansionglobal.com/articles/more-first-time-buyers-are-seeking-luxury-homes-agents-say-f7294d0a