Categorized | Residential

Ultra-Luxury Housing Market Continues to See Record Sales

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While housing markets across the world are facing declines in sales and pricing, the ultra-luxury housing market has flourished. Record amounts continue to be spent on new homes for the super-wealthy.

 

Last year, an estate in Hong Kong sold for roughly twelve thousand dollars per square foot. The amount paid was thought to be a record. That record has since been broken, as just recently a Russian executive purchased for his daughter a penthouse apartment in New York City for a staggering thirteen thousand dollars per square foot. The apartment had a unbelievably expensive price tag due to its panoramic view of Central Park.

 

The ultra luxury housing market has, in many ways, completely distanced itself from the typical residential real estate market. While it was affected by the global housing crash in 2008, it quickly recovered and is now seeing a tremendous number of impressive sales.

 

While the sale of the New York City penthouse was certainly the most expensive per square foot, there are many other homes that have sold for more than one hundred million dollars in recent years. The most expensive home can be found in India, and is known as the Antilla tower. The home is twenty-seven stories, and cost more than one billion dollars to build.

 

The ultra-luxury market has been able to consistently command high prices due to their limited inventory. Premium homes do not often go up for sale, and thus, when they do, they typically command unbelievably high prices. International tycoons purchase many of the most expensive homes, with the Saudis, Chinese, and Russians leading the way.

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About Ella Jourgeson

Ella was recently an intern who checked all the articles for grammatical and spelling errors. She is now an all purpose writer filling in wherever we need help.

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