AMERICAN LUXURY PROPERTY MARKET IS VIBRANT

According to a report by real estate brokerage Compass Inc, there were above 2,300 purchase transactions of houses priced at $10 million or more in 2021 - An increase of 112% compared to 2020. In New York's Long Island area alone, five properties sold for $10 million or more with a total value of $101 million.

American luxury property market is vibrant / ph: pexels

Thanks to the booming stock market and low interest rates, over the past two years, the percentage of the richest people increased by 0.1%. This makes the luxury housing market flooded with wealthy people who want to transact with the aim of protecting their assets from inflation. And despite signs of the US Federal Reserve - Fed tightening the money market, house buying and selling activities show no signs of slowing down.

Los Angeles has the most transactions, followed by Manhattan and Palm Beach. For the fastest growing markets like Austin and suburban Long Island, excluding the Hamptons, the increase in transaction volume was over 400%.

The report also shows that Texas has a lot of promise in terms of sales this year, especially in riverside or farm properties. In 2021, luxury property sales in Austin totaled nearly $190 million, while Dallas, Texas' third-largest city, reached $115 million.

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