The 2022 luxury real estate market was expected to be even more competitive than in 2021. Why? Because buyers who missed opportunities last year won't make the same mistake twice. Their Fear of Missing Out (FOMO) on another opportunity drives the demand and "will bring psychological pricing into the mix, beyond what normal market conditions may demand."
While we would all like to think COVID-19 is in the rearview mirror, the report revealed that 50% of the luxury buyers see the lingering of COVID-19 as a significant push to purchase a haven in which to retreat to. All good news for the Bahamas since we offer 340 days of sunshine and thousands of miles of breathtaking secluded beaches.
In the comprehensive study, state of Luxury Real Estate, published by Luxury Portfolio International, consumers in the top 1%-5% income bracket across 17 countries were surveyed. The report revealed that 15.5 million will be in the market for real estate over the next three years and only 10 million will be looking to list their homes for sale.
We are 4 months into 2022, so how is the luxury real estate market shaping up in The Bahamas? With 46 luxury (over a Million dollars) properties currently under contract, Goldwynn at 80% Sold and Aqualina at 70% sold, I would say we are off to a great start!
Click below to view the PDF version of State of Luxury Real Estate (SOLRE) 2022.