There is a growing demand for luxury properties across the globe. Despite the pandemic, real estate agents, investors, and developers see a surge in luxury home sales in many parts of the world. With remote work becoming the norm and people spending more time at home, their expectations for everyday living increase, prompting them to buy bigger properties in unique locations.
In Europe, the luxury property market remains strong, particularly in tourist hotspots like Marbella, the Costa del Sol, Tuscany, and the French Riviera. In Spain, property sales increased by 30% during the pandemic, and the demand for luxury properties in Marbella, Puerto Banús, and Estepona increased by 15% on average.
In the US, the luxury property market has also seen significant growth. According to Zillow, the median sale price of luxury homes increased by 1.2% in 2020, compared to a 1.7% decline in non-luxury homes. Luxury homes worth between $1 million and $5 million also saw a 14.7% increase in demand in 2020. New York City remains one of the most expensive cities globally, with many luxury properties commanding multi-million-dollar price tags. Despite the pandemic, luxury sales in the city also went up by 26% in 2020, particularly in neighborhoods like Manhattan, Brooklyn, and Queens.