New York, NY (May 12, 2016) – Coinciding with the release of Christie’s International Real Estate’s Luxury Defined, the definitive state of the global luxury market, CEO Dan Conn appeared on Fox Business News to discuss key findings. Interviewed on “Mornings with Maria” host, Dagen McDowell, Conn discussed the “return to realism.”
Sales in a sector whose average home prices start at $2.2 million slowed in 2015, increasing by 8 percent, half its 2014 pace. The decline most likely reflects stability rather than weakness, according to a report released today by Christie’s International Real Estate.
“Overall, the worldwide market for luxury housing has shown itself to be relatively robust. Although recent global economic volatility has given some luxury homebuyers pause, this asset class remains an important component of the portfolios of the world’s most affluent individuals, while investment continues to flow into the sector.”
“You can’t have massive double-digit growth year after year after year,” Conn said. “In some ways, there is a limit.”