Our exclusive affiliate, Luxury Portfolio International has released its State of Luxury 2023 with the theme “Adaptability.”
“Adaptability is the defining spirit of buyers currently, and confidence is its currency”, says Mickey Alam Khan President of Luxury Portfolio International.
Worldwide, Luxury Market Buyers in 2023 remain optimistic in their purchasing plans, similar to 2022. Major economic and political cities are at the top of the list when it comes to in-demand destinations. There are very high hopes for the market between the years 2023 to 2025- as they are expected to be off pandemic highs and even stronger than pre-COVID. This is especially great news for the Luxury market in The Bahamas!
Luxury home buyers are aware of the uncertainty that exists worldwide but are confidently adapting, recognizing real estate as one of the best investment categories of 2023.
The top priorities for the luxury buyer in 2023, ranked in order, Quality of the investment, Natural Beauty, Family oriented, “Good for the world”, and “Good for me.”
Luxury Real Estate buyers in the North American region have a significantly higher demand for Luxury Real Estate compared to 2022 and 2021 and global wealth grew 13% last year, all especially great news for The Bahamas when it comes to foreign Luxury buyers since there is an uptick in 2023, fueled by confident U.S. buyers.