This year, the Luxury Thermometer will take a new approach to gauging the hottest luxury housing markets.
Unlike other prime property indicators, the Luxury Thermometer weighs annual changes in days on market and sales volumes more heavily than year-on-year price shifts. Sales volumes—as numerous studies have proven—are the most reliable predictor of a housing market’s future market health and price increases, barring changes in market fundamentals. The Thermometer’s emphasis on sales volumes and selling time however, proves challenging when compared across different types of housing markets—sales activity in St. Barths, for example, will never rival the volume in Sydney or San Diego; market conditions for large Asian cities are not necessarily comparative to the market influences of the Bahamas. Consequently, in this year’s Luxury Thermometer we have split the rankings into two categories: primary luxury markets and second-home luxury markets, to present a more accurate relative comparison between markets.
" The Luxury market remains strong as Victoria offers a rare combination of clean, sea-swept air and outdoor beauty, year-round walking and golfing, an interesting culture and a calm gentility" TWEET
Christie's International Real Estate