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Christie’s International Real Estate’s Global Luxury Report 2018

Christie’s International Real Estate’s just-released 2018 “Luxury Defined” report cites a reenergized global economy, stock market strength, and rising consumer confidence

Hawaii Life Real Estate Brokers, the exclusive affiliate in Hawaii, provided expert commentary to the international report.

New York, New York (May 16, 2018)—After a year of tepid growth in 2016, sales of international luxury homes bounced back in 2017, posting the best annual growth rate in three years at 11 percent. Rising consumer confidence, low interest rates, a robust stock market and a stable global economy drove demand for luxury property last year, continuing into 2018, despite localized pockets of uncertainty that gave some buyers pause. The research is being unveiled in Luxury Defined, the just-released annual analysis of global luxury residential housing dynamics by Christie’s International Real Estate, the world’s leading expert on high-end real estate.

Worldwide sales of million-dollar-plus homes in primary housing markets were up 10 percent year-on-year, the strongest annual gains in this luxury housing cohort recorded in the previous three Luxury Defined reports. Sales volumes of second-home and resort lifestyle destinations grew by 19 percent, up from a seven percent annual decline in the prior year. Tech hubs posted gains—as did hidden luxury enclaves and reinvigorated cities.

The study further examined the growing popularity of vertical and penthouse living, with their appeal of on-site services and amenities; the purchasing tastes of both Boomers and Millenials; political and governmental influences on buying, plus a look at natural disasters in luxury markets and how they recover and endure. The state of trophy home sales over $100 million was discussed, as were international buying trends and “hottest” luxury markets worldwide.

Dan Conn, CEO of Christie’s International Real Estate, commented: “There are a number of tailwinds for the luxury residential real estate markets, including buoyant equity markets and a relatively stable global economy. Factors that dampen investor enthusiasm in other asset classes, such as equity market volatility – the first quarter VIX volatility index recorded its highest quarterly average since 2007 – support a flight to the safety of real assets. Political uncertainty has also led investors to diversify into this less volatile asset class. Christie’s International Real Estate’s global network of luxury residential experts advise property investors and sellers on how to navigate these challenges and the opportunities they create. As part of Christie’s art auction house, we are uniquely qualified to understand the shifts and trends impacting high value asset classes, from fine art to fine homes, alongside the motivations of the affluent individuals who purchase them.”

Now in its sixth year, the study synthesizes data from more than 80 brokerages worldwide, including your Company, compiling observations of luxury drivers from on-the-ground experts to overarching insights from Christie’s International Real Estate executives.

Christie’s International Real Estate is wholly owned by Christie’s and is committed to its core values of expertise in marketing luxury assets, exemplary client service, trust, and discretion.

Hawaii Life Real Estate Brokers is the exclusive Hawaii affiliate of Christie’s International Real Estate.

About the Author

Jeff Onderko

Jeff Onderko is a REALTOR Broker with Hawai'i Life. West Maui Real Estate Broker, and ultra enthusiastic advocate of Maui's Lahaina, Kaanapali and Kapalua areas. I truly believe it's an honor & privilege to call Hawaii home. For 17 years now, West Maui is where I live, work and play. My team and I specialize in resort market home and condominium sales striving to deliver the highest level of professional service possible. With $50M+ sold, a panache for extensive statistical research and 100+ published real estate articles since 2015. I'm relevant, information driven and responsive. I bring a passionate energy, an entrepreneurial understanding and a client-first approach to my real estate business. Prior to becoming a Realtor, I was an independent publisher, starting and operating Maui, Kauai and Hawaii Real Estate Weeklies, Maui Time Weekly (partner), and in 2005, I was a Mayors Small Business Award finalist. In 2009, after seeing the demand and living in an under serviced pet market, alongside my Mom, Susan we opened West Maui Pet Supply. I started my career after college as an account executive with Orlando Weekly ultimately becoming their Advertising Director. Then I moved on to Advertising Sales Manager at Orange County Weekly, in Southern California. I am native of Detroit, Michigan, but grew up in Florida splitting time between Miami, Orlando and Cocoa Beach, Fl. I was a scholarship soccer player at the University of Central Florida and graduated with a BA from their School of Communication. Always attracted to healthy lifestyle, adventure, great weather, water sports and the outdoors, I moved to Maui in the summer of 2002. When the Realtor hat comes off, I'm active in the community coaching U-14 Boys Soccer (AYSO - West Side Pride) and I still play in the West Maui open division. I'm involved along with other fellow Hawaii Life comrades volunteering regularly at the Ka Hale A Ke Ola Shelter in West Maui and I'm on the Board of the Hawaii Life Charitable Fund. Through the outlet of the WM Pet Supply, I was heavily involved with the Maui Humane Society & ASCPA getting animals adopted & spayed/neutered. When I have free time you'll find me surfing, golfing, at the gym, a regular at yoga class, hanging at home with my animals or working in the backyard on my organic micro-farm (aka: food garden). You can email me at JeffOnderko@HawaiiLife.com or via phone at (808) 280-4881.

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