Is New York No Longer the 'American Dream' for UK buyers?
LONDON, February 6, 2014 /PRNewswire/ --
Figures from LuxuryEstate.com suggest that UK buyers are trading
penthouse apartments in New York City for property in smaller towns and cities
New York and Florida are under threat as the top locations UK luxury property buyers, with demand dropping dramatically. Traditionally dominating the market, the luxury property landscape in the USA is changing as buyers seek out alternative locations in which to invest.
Figures from LuxuryEstate.com show that New York in particular has suffered a 12% drop in the proportion of searches from the UK following the election of new mayor of New York Bill de Blasio in November last year. De Blasio supported tax increases for the wealthy during his campaign and an 8% tax assessment rise has been scheduled for July 2014. This has affected the US market overall, with the proportion of UK buyers searching for luxury properties in America decreasing by 8% in the same period.
States including Illinois and Georgia are becoming tourist hot spots, both for domestic travellers and those from the UK, and LuxuryEstate.com has seen an increase in searches for US properties located in these areas by UK residents. The emergence of these up-and-coming American locations into the international luxury property market suggest that buyers are shifting their focus from cosmopolitan apartments in major cities to villas, townhouses and large country homes in previously 'undiscovered' places. For example, the proportion of searches for luxury property in Atlanta, Georgia have nearly doubled from .4% to .7% from September to November 2013, Chicago stayed steady at 1% and East Hampton entered as a new search in November-December 2013 among UK buyers.
Silvio Pagliani, President of LuxuryEstate.com, said:
"We are seeing an appetite for new and alternative areas of the US, which is very much a recent trend. As the search for alternative locations increases, a shift in the type of property is also occurring - gone are the days where luxury is defined solely as a penthouse apartment. People are exploring a more well-rounded view of luxury, meaning large homes in the countryside or an 'arts and crafts' style townhouse in Chicago. As this trend gains momentum we predict that the US as a location will recover strongly, with New York City and Florida becoming less dominant in the market overall."
American searches for luxury property within the US have also increased for Atlanta, Georgia and Chicago, Illinois. Both Atlanta and Chicago saw a 20% rise between September and November 2013, going from 2% to 2.4% and 0.8% to 1.0% respectively. Washington has also entered the luxury property market for the US, with domestic buyers of luxury property in Washington causing a 1% increase between September and November 2013.
Notes to Editors
LuxuryEstate.com
With over 90,000 luxury homes in 85 countries, LuxuryEstate.com provides the largest selection of world-class $1 million-plus properties. LuxuryEstate.com boasts the largest number of high-end agents on a single website, with more than 8,500 real estate agencies using the platform to sell, purchase and let luxury properties. The company's goal is to provide the easiest and most efficient way to search for exceptional properties around the world, including luxury homes, prestigious estates, classic residences, unique castles and country homes, relying on trusted independent luxury brokerages.
For more information please contact
Office: +44(0)20-7247-8334
Abby Wilson: +44(0)7894-462-404 Abby@ing-media.com
Marcus Crofton: +44(0)7894-462-344 Marcus@ing-media.com
Laura Colapietro : +44(0)7534-970576 Laura@ing-media.com
SOURCE LuxuryEstate.com
Share this article