Luxury Homes in Washington DC

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new report by Wealth-X and Sotheby’s International Realty, which documents the impact of the ultrawealthy on high-end real estate including luxury homes in Washington DC, says, “The outlook for luxury residential real estate is bright as China and other Eastern nations with burgeoning economies continue to mint new millionaires and billionaires hungry for properties in the West, and the looming transfer of trillions in wealth to the next generation spurs additional sales of high-end properties.”

Inman also writes “…that the report identifies New York, London, Hong Kong, Singapore and Paris as the most important international hubs for real estate investments by the ultrawealthy, but American cities known for particular industries such Los Angeles (sports and media entertainment), San Francisco (tech entrepreneurs), Washington, D.C. (political capital of the world’s wealthiest nation) and Dallas (energy) are becoming more popular with buyers from around the globe.”

Real estate can act as a way to diversify by country. The more unstable a country is, the more risk of capital controls, the more foreigners move their money. For some our treasury market is a popular way to diversify. The market is deep and with a strong dollar, versus most countries, there is appreciation. For others, luxury real estate is a great way to park foreign money.

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Lately, the Chinese have been big buyers of luxury real estate and that trend will soon get another bump. Forbes wrote recently, “A new visa rule for Chinese students and tourists will make it easier for China home buyers to continue their trend of buying American real estate.”

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