Luxury-Home Sales Fall in London, NYC With Rich Shifting Focus
- Deals rise in Auckland and Jackson Hole, Christie’s reports
- Global transactions climb at half of prior year’s pace
The world’s wealthiest homebuyers are pulling back from the traditional magnets of New York, Hong Kong and London, making way for cities such as Auckland, New Zealand, and Jackson Hole, Wyoming, to rank among the fastest-growing luxury real estate markets.
Sales of luxury homes -- those of at least $1 million -- rose 8 percent worldwide last year, slowing after a 16 percent jump in 2014, according to a Christie’s International Real Estate survey released Thursday. Purchases declined in Manhattan, Hong Kong and central London, while jumping 63 percent in Auckland, 48 percent in the Toronto metropolitan area, 21 percent in Paris and 45 percent in the resort market of Jackson Hole.