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A compendium of researchand commentary from theworld’s leading network of luxury real estate specialistsMarch 2013
LUXURYDEFINED:AN INSIGHTINTO THELUXURYRESIDENTIALPROPERTYMARKET
 
www.christiesrealestate.com
 
Luxury Dened: An Insight into the Luxury Residential Property Market
01
FOREWORD
Residential real estate is a tale o two markets
luxury and everything else.
What are thetrends shaping the luxury residential propertymarket?Christie’s International Real Estate, the world’s leading network o independentreal estate companies dedicated to the saleand marketing o luxury residential real estate,is a recognized authority in the high-endhousing market.This research report provides Christie’sInternational Real Estate’s unique insightsinto the state o the global luxury real estatemarket. Researching property trends acrosssome o the world’s most auent locationshas oered ascinating insights into where,how – and why – the high-net-worth individual(HNWI) invests. This report oers acts andgures on some o the most important citiesin the world o real estate, and develops theChristie’s International Real Estate Index tomeasure the relative “luxury” ranking o thecities studied.Findings o the research conducted orthis report include:
Top-tier properties achieved record prices
globally in 2012 with international buyersdriving the sales.
The luxury property market has limited
supply. HNWIs are continuing to investin real estate, oten in second andmultiple homes.
Recent changes to tax laws in some
countries have impacted market activityand will continue to do so in 2013.
Bonnie Stone Sellers, CEO
 Christie’s InternationalReal Estate
Prestige residential real estate values will
more likely ollow growth trends in non-consumable luxury goods than trends in thegeneral housing market.Our team at Christie’s International Real Estateis pleased to present these ndings.
- Bonnie Stone Sellers
 
www.christiesrealestate.com
 
Luxury Dened: An Insight into the Luxury Residential Property Market
03
INTRODUCTION
As the global economy continues its recovery,record sale prices o luxury goods and luxuryhomes continue to capture headlines andintrigue the buying public around the world.
As the only real estate network owned by ane-art auction house, Christie’s InternationalReal Estate has unparalleled access to theHNWIs around the globe who procure assetssuch as art, wine, jewelry, and, o course, luxuryreal estate (1). Together with the collectiveknowledge o its 125 aliated real estatebrokerages in 41 countries – all individuallyselected to join its network or proven recordso proessionalism, client service, and successin high-end luxury residential sales – Christie’sInternational Real Estate is uniquely qualiedto understand the characteristics and trendsassociated with the prestige real estate market.
RESEARCH APPROACH
Location, liestyle, and provenance, particularlyat the top end o the luxury residential realestate market, are the hallmarks o value andoten equally as important as price whenHNWIs consider a property purchase. As such,it was decided not only to examine record andaverage luxury home prices, inventory, andhousing market supply, but also to explorebuying trends, client proles, and liestyleamenities that shape the luxury market.Ten important global cities were selected –cities where aliates o Christie’s InternationalReal Estate hold a strong market share – andcompared across these and other characteristics.This culminated in the development o the“Christie’s International Real Estate Index”,which synthesizes and compares key metricsacross these 10 cities.
SELECTION CRITERIA
In choosing the 10 cities to include in this study,a number o actors that infuence the HNWIluxury home purchaser and seller were
examined. These factors included: city GDP (2);number of billionaire residents (3); AT KearnyGlobal Cities Index (4); UBS Most ExpensiveCities Ranking (5); S&P Case-Shiller Index (UScities only) (6); Globalization and World CitiesResearch Network rankings (7); number of 
Fortune 500 companies headquartered in a
city (8); and Christie’s International Real Estate
aliate oces.
Based on performance in these categories,the cities selected were: Dallas, Hong Kong,London, Los Angeles, Miami, New York, Paris,San Francisco, and Toronto. Although the Côte
d’Azur does not rank as a city on these lists, ithas been added to this elite survey group orbeing one o Europe’s most highly prized second-home destinations or more than a century (9).All amounts in this report are presented in
US dollars, with exchange rates calculated asof September 30, 2012 (10).

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