{"id":4786,"date":"2025-02-03T11:53:16","date_gmt":"2025-02-03T19:53:16","guid":{"rendered":"https:\/\/livsothebysrealtyca.blog\/?p=4786"},"modified":"2025-06-13T13:27:27","modified_gmt":"2025-06-13T20:27:27","slug":"migrating-wealth","status":"publish","type":"post","link":"https:\/\/livsothebysrealtyca.blog\/spu\/migrating-wealth\/","title":{"rendered":"Migrating Wealth"},"content":{"rendered":"\r\n\t\t
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For global property trends, just follow the money<\/h2>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n
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\"Occupying

Occupying the 10th and 11th floors, this five-bedroom penthouse located in the prestigious One Hyde Park building offers uninterrupted views of London.<\/p><\/div>\n

Millionaires are on the move. The great wealth migration, which paused briefly during the pandemic, hit record levels in 2024 as an estimated 128,000 high-net- worth individuals (HNWIs) migrated to \u2028new countries, according to the 2024 Henley Private Wealth Migration Report, \u2028an annual publication analyzing the movement of HNWIs and their wealth.<\/p>\n

This trend was further backed up by banking giant UBS, which found in its December 2024 Billionaire Ambitions Report that the world\u2019s ultra-wealthy \u2028have relocated more frequently since 2020, with 176 having moved from a total population of 2,682\u2014or one in 15.<\/p>\n

Although there is no standard legal definition, a HNWI is popularly defined \u2028as someone with at least US$1 million \u2028in investable assets. Shifts in HNWI demographics are an important barometer of a country\u2019s economic health and political stability, with major outflows \u2028often indicating serious underlying issues. A country\u2019s political climate was found \u2028to be the primary concern of both buyers \u2028and sellers when choosing housing, a \u20282025 survey of Sotheby\u2019s International Realty agents revealed, followed by interest rates, inflation and tax reform.<\/p>\n

With over 135,000 HNWIs projected \u2028to migrate in 2025, according to the Henley report, understanding these trends is crucial for investors and real estate professionals seeking to navigate the evolving dynamics of luxury markets while capitalizing on emerging opportunities.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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Where HNWIs \u2028Are Currently Based<\/h3>\n

The U.S. is home to 21.95 million HNWIs, \u2028or 38% of the global total, according to the 2024 UBS Global Wealth Report. The Henley USA Wealth Report for 2024 found that most HNWIs live in New York City, New York (349,500); the San Francisco Bay Area, California (305,700); Los Angeles, California (212,100); Chicago, Illinois (120,500); Houston, Texas (90,900); and Dallas, Texas (68,600), followed by Seattle, Washington; Boston, Massachusetts; Miami, Florida; Austin, Texas; and Washington, D.C.<\/p>\n

\"\"New York stands out with attractive financial incentives, including investment opportunities, access to global markets \u2028and wealth management services, not \u2028to mention a rich cultural scene.<\/p>\n

\u201cNew York remains the financial capital of the world, along with the best of art, fashion, dining, music, theater, medicine and, not least, some of the world\u2019s most interesting people,\u201d says Nikki Field, senior global real estate advisor and associate broker, Sotheby\u2019s International Realty – \u2028East Side Manhattan Brokerage. \u201cNew \u2028York real estate is the ultimate store of value, a tangible asset similar to gold, but one that you can actually enjoy and live in.\u201d<\/p>\n

Not far behind New York, San Francisco, California, is a secondary U.S. hub for wealth, attracting HNWIs with its booming tech sector and innovation-driven economy.<\/p>\n

\u201cSilicon Valley has always attracted global talent,\u201d says John Young, global \u2028real estate advisor, Golden Gate Sotheby\u2019s International Realty. \u201cI expect the luxury property market to look fairly similar \u2028in a year, because the core drivers\u2014the imbalance of new jobs to new housing \u2028units, being the center of the innovation economy and the rapid minting of affluence (NVIDIA employees being the most salient recent example)\u2014look to remain strong for the foreseeable future.\u201d<\/p>\n

The American Immigration Council reported in 2021 that 40.6% of the population of Santa Clara County, in California, where Silicon Valley is located, is foreign-born. \u201cOn a recent listing that sold for US$14.5 million, the buyer pool \u2028was a third locals, a third overseas Chinese and a third from everywhere else, including New York, Switzerland, Florida, England, Russia, Boston and Hawaii,\u201d says Young.<\/p>\n

\"\"Although New York City and the San Francisco Bay Area are likely to stay in \u2028the top five for years to come, the current most popular states for relocation are Florida, Texas, North Carolina, Arizona \u2028and South Carolina, highlighting a growing preference for the South, as reported by MarketWatch in August 2024.<\/p>\n

\u201cHouston, Texas, is a hub for the energy sector. We are continuing to see an inflow of HNWIs in energy-related positions,\u201d says Walter Bering, broker associate, Martha Turner Sotheby\u2019s International Realty. \u201cSince Texas does not have a state income tax, we have also seen an influx of buyers from other states looking for some tax relief. Prices for a luxury home in Houston are usually less than what a relocating buyer would pay in their prior location; therefore relocating HNWIs are usually very pleased with their housing choice.\u201d<\/p>\n

In global terms, China, the world\u2019s second-largest economy, is home to more than six million HNWIs, according to the UBS report. And they tend to live in the country\u2019s major cities, with Beijing leading the way with 125,600 HNWIs, followed by Shanghai (123,400), Shenzhen (50,300), Hangzhou (31,600) and Guangzhou (24,500), according to Henley & Partners.<\/p>\n

The U.K. is third in the UBS report, \u2028with 3.06 million HNWIs, most of whom \u2028live in London (227,000) and Manchester (23,300). The rest of the top 10, in descending order, is made up of France (2.87 million), Japan (2.83 million), Germany (2.82 million), Canada (1.99 million), Australia (1.94 million), Italy (1.34 million) and South Korea (1.29 million).<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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Where HNWIs Are Coming and Going<\/h3>\n

The United Arab Emirates (UAE) is the world\u2019s leading wealth magnet, with \u2028inflows from the U.K. and Europe contributing to a record-breaking 6,700 HNWIs immigrating there in 2024, in \u2028many cases attracted to the UAE\u2019s \u2028thriving luxury real estate market, appealing tax incentives, golden visas offering residency in exchange for investment and lifestyle options that \u2028cater exclusively to the wealthy.<\/p>\n

A steady and surefire number two, \u2028the U.S. welcomed an additional 3,800 millionaires in 2024 and Singapore came \u2028in third with a net inflow of 3,500. Following were Canada (3,200), Australia (2,500), Italy (2,200), Switzerland (1,500), Greece (1,200), Portugal (800) and Japan (400), as reported by Henley & Partners.<\/p>\n

\"\"In regard to outflow, millionaires are continuing to move out of China, with 15,200 HNWIs leaving in 2024 following the 13,800 who left in 2023. The majority of them are relocating to Singapore, Canada, Japan or the U.S.<\/p>\n

After the U.K. saw 4,200 millionaires exit in 2023, its HNWI migration out of the country more than doubled in 2024, to 9,500. Following Brexit, the U.K.\u2019s political and economic landscape has changed considerably, with millionaires attributing their departure to rising taxes, political \u2028and economic uncertainty, along with competing and more favorable wealth preservation options abroad, according \u2028to Henley & Partners.<\/p>\n

At number three, India saw a loss \u2028of HNWIs that slowed considerably, \u2028with a 2024 projected outflow of 4,300, compared with 5,100 in 2023. South \u2028Korea was forecasted to lose 1,200 in 2024, up from 800 in 2023, and Russia\u2019s exodus has finally slowed: 1,000 HNWIs were expected to relocate in 2024, following the 2,800 who left in 2023 \u2028and the 8,500 who relocated in 2022.<\/p>\n

Following the top five are Brazil (800), South Africa (600), Taiwan (400), Nigeria (300) and Vietnam (300). All inflow and outflow data was gathered from the Henley Private Wealth Migration Report 2024. The luxury property market has seen many gains during this time, with a few countries in particular experiencing major shifts due to HNWI inflows and outflows.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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Australia<\/h4>\n

The luxury property market in Australia has \u201cskyrocketed\u201d over the past five years, according to a report published in July 2024 by Westpac Private Bank\u2019s inaugural Prestige Property Report, with the \u2028number of homes selling for more than AU$5 million increasing by 240% between 2019 and 2021 before leveling off in 2022 to 2023. This growth has largely been \u2028seen in Sydney, which accounted for \u2028nearly two-thirds of luxury sales \u2028according to Westpac, followed by Melbourne, Brisbane, Perth and Adelaide.<\/p>\n

\u201cInterestingly, despite global economic uncertainty, Australian buyer demand \u2028has remained robust,\u201d Westpac\u2019s report found. \u201cWe can attribute this resilience \u2028to historically low interest rates but also \u2028a preference for housing assets where values have historically shown less vulnerability to shocks. Australia also recorded a rise in foreign investment activity, albeit from a relatively low base during the pandemic.\u201d<\/p>\n

\"Luxury

Luxury properties in Australia such as Las Palmas in Byron Bay are highly sought after by migrating HNWIs.<\/p><\/div>\n

“The luxury property market has been fueled by strong demand for lifestyle properties,\u201d says Lana Faulkner, head \u2028of growth and performance, Queensland Sotheby\u2019s International Realty. \u201cHNWIs \u2028are increasingly drawn to these areas. \u2028Over the past year, we\u2019ve seen a significant influx of buyers seeking beachfront homes, rural estates and properties that offer proximity to these tropical destinations.\u201d<\/p>\n

A growing desire for bespoke features, such as wellness amenities, sustainable design and access to Australia\u2019s world- renowned natural treasures has attracted the wealthy to Queensland\u2019s luxury property market.<\/p>\n

\u201cThis surge in interest has driven property values higher, and we\u2019ve seen several high-end transactions as a result,\u201d says Faulkner. \u201cLooking ahead, with the continued appeal of Queensland\u2019s lifestyle destinations, flexible remote working and Australia\u2019s stable economy, we expect the luxury property market to remain strong and continue growing.\u201d<\/p>\n

At the time of publication, there are more than 250 luxury homes listed for \u2028sale in Australia, highlighting an active \u2028and vibrant luxury property market. \u2028One major highlight of 2024 was the AU$30.39 million (US$20.1 million) sale \u2028of a four-bedroom, five-bath waterfront mansion called Rockpool in Vaucluse, \u2028a suburb of Sydney, by Sydney Sotheby\u2019s International Realty. A growing interest from HNWIs in Australia\u2019s luxury properties reinforces the trend of \u2028rising property values and increased \u2028high-end transactions, signaling the potential for continued expansion.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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Canada<\/h4>\n

In 2024, Canada\u2019s luxury real estate market exhibited remarkable stability. According to Sotheby\u2019s International Realty Canada\u2019s Top-Tier Real Estate: \u2028Fall 2024 State of Luxury Report, released in October 2024, the market for condos in Toronto and Vancouver has shifted to favor buyers, with prices stabilizing as supply outstrips demand. \u201cWhile demand for luxury single-family homes has remained resilient, overall market dynamics have evolved to better favor homebuyers \u2028in these two key markets, creating advantageous conditions for purchasing luxury homes in cities typically renowned for hyper-competition.\u201d<\/p>\n

\"The

The scenic Wetherly Estate is set in 30 acres of grounds and gardens on Salt Spring Island, Canada.<\/p><\/div>\n

According to the report, sales of homes priced over CA$4 million remained consistent year-over-year in the Greater Toronto Area during the peak summer season (July-August 2024), with an \u2028uptick of around 3%. \u201cPreliminary fall activity indicates similar trends ahead, \u2028as CA$4 million-plus residential sales \u2028in the Greater Toronto Area saw an annual increase of 9% between September 1-30 [2024],\u201d the report found. The most impressive activity was seen in Calgary, however, which \u201ccontinued to surpass major cities across Canada in the third quarter of 2024, as gains in population from immigration and in-migration boosted demand across all residential housing types.\u201d September 2024 luxury sales activity was pointing to an active \u2028and healthy market ahead, the report added, with CA$1 million-plus sales up \u2028by 15% and with two properties sold \u2028over CA$4 million.<\/p>\n

\u201cCanada has long been recognized \u2028as a global destination for HNWIs for \u2028a wide variety of reasons,\u201d explains Don Kottick, president and CEO, Sotheby\u2019s International Realty Canada. \u201cOur very conservative and stable banking system not only withstood but actually shone during the 2008 global financial crisis, which did not go unnoticed by many HNWIs. Canada is also a land of vast resources, unlimited water, excess supplies of natural gas and petroleum, \u2028a functioning healthcare system with social safety nets and still with lots of open land to grow and expand. The tax rate to deliver our high Canadian standard of healthcare and infrastructure is slightly elevated relative to other global destinations, but changes in the government often bring adjustments. Canada will continue to be \u2028a global destination as we also benefit \u2028from being next to the biggest economy \u2028in the world\u2014the U.S.\u201d<\/p>\n

\u201cIn 2024, we had a slightly lighter May and June relative to 2023, but the pace in the other months drove the activity levels to the point where we will have a stronger year,\u201d Kottick adds. \u201cOur total listing \u2028count is approximately 2,500 listings across Canada. Our most expensive \u2028listing sold in 2024 was CA$14.27 million, occurring in Quebec, and the most expensive buy-side transaction was CA$14.75 million in West Vancouver.\u201d<\/p>\n

\n“CANADA HAS LONG BEEN RECOGNIZED AS A GLOBAL DESTINATION FOR HIGH-NET-WORTH INDIVIDUALS FOR A WIDE VARIETY OF REASONS”<\/strong> -Don Kottick, President and CEO, Sotheby’s International Realty Canada\n<\/p><\/blockquote>\n

Compared with 2023, sales for luxury homes were up for the first eight months of 2024, with Halifax, Nova Scotia, recording the highest year-over-year median price \u2028rise of 8.6%, as reported by the Nova Scotia Department of Finance in April 2024.<\/p>\n

\u201cWe found that Alberta was one of the provinces that led the luxury market in all \u2028of 2024, specifically Calgary, followed by Edmonton,\u201d Kottick says. \u201cCalgary and Montreal led the way in the major centers \u2028in terms of housing affordability. And Toronto was the chosen destination for arriving residents.\u201d<\/p>\n

While sales remain strong throughout Canada, many are waiting to see if the foreign buyer ban, which has blocked foreign ownership of Canadian housing since 2022 and was extended to January 2027, will be lifted. In the coming year, the interplay between government regulations and evolving buyer preferences will be pivotal in shaping the future of Canada\u2019s luxury housing market.<\/p>\n

\u201cThe current government implemented a foreign buyer ban directed primarily \u2028at urban markets, not rural properties,\u201d says Kottick. \u201cIt has been determined \u2028that the ban did not create the desired result, however, it will remain until the \u2028next election, which could happen any \u2028time within the next 12 months. The ban also resulted in unintended consequences, as many smaller provinces suffered economic slowdowns due to reduced tourism. It also restricted investment \u2028in new construction, which negatively slowed the needed addition of new inventory into the market. Canada does track the number of foreigners buying \u2028in Canada, but the numbers have never exceeded 1% to 2% of the market.\u201d<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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United Arab Emirates<\/h4>\n

Dubai\u2019s luxury real estate market continues to experience an unprecedented surge \u2028in growth, with a record-setting influx \u2028of HNWIs driving US$4.4 billion in investments and a notable rise in the sale \u2028of ultra-high-end properties. Arabian Business reported in July 2024 that more than 100 homes priced at US$10 million and up sold during the first quarter of 2024, marking a 19% increase compared with the same period last year.<\/p>\n

\u201cOne of the most notable trends in Dubai\u2019s prime and super-prime property segments this year has been the rise of branded residences, which saw an impressive 44% surge in transaction volume during the first half of 2024,\u201d \u2028says Chris Whitehead, managing partner, Dubai Sotheby\u2019s International Realty. Branded properties (see page 82), currently in high demand and short supply, include Baccarat Residences, the Four Seasons Private Residences DIFC, One \u2028& Only and Eden House.<\/p>\n

\u201cThis year, investors have shown even stronger interest in branded residences\u2014 particularly those still under construction,\u201d says Whitehead. \u201cThese homes can easily command premiums upward of 25% for roughly the same size and quality as their unbranded counterparts. One factor here is the legacy behind some of these brand names\u2014particularly historic brands like Baccarat, which rest on centuries of trust and heritage.\u201d<\/p>\n

Living in the UAE offers many perks \u2028to HNWIs, including golden visas, which grant residence or citizenship in return for investment (see page 34), zero income tax and a lifestyle that caters to the wealthy. Providing a trusted legal framework that preserves and enhances wealth, the UAE has been successful in attracting HNWIs from around the globe, mainly from India, other parts of the Middle East, Russia and Africa, according to the Henley Private Wealth Migration Report 2024.<\/p>\n

\u201cFrom 24\/7 concierge services to more niche amenities like residents-only cigar lounges, these branded residences offer a five-star hotel living experience,\u201d says Whitehead. \u201cFor busy investors who travel frequently, these amenities add immense value and convenience.\u201d As demand for branded residences continues to grow, the UAE\u2019s unique appeal as a haven for the wealthy underscores its position as a global leader in luxury living.<\/p>\n

\"Inspired

Inspired by classical Italian villas, this home in Portola Valley, California, evokes the Tuscan countryside.<\/p><\/div>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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United Kingdom<\/h4>\n

Despite a net outflow of 9,500 HNWIs, \u2028the U.K. remains a magnet for wealthy individuals emigrating from the U.S., \u2028China, India and the Middle East, according to Henley & Partners, though recent political and fiscal changes\u2014including \u2028a new government, strict tax rulings and budget decisions\u2014could impact this trend.<\/p>\n

\u201cIf you look at the biggest contributing factor, we have a change in government, \u2028we have shifted from Conservative to Labour,\u201d says Claire Reynolds, managing partner, United Kingdom Sotheby\u2019s International Realty. \u201cSome of the wealthier residents invested in the U.K. would normally stay for a Conservative government, but there\u2019s a change in the non-domiciled policy. Currently, it means they only pay tax on what they make in the U.K., but the policy will soon change where all of their worldwide income will be taxed. We don\u2019t yet know the extent of what that policy change will look like.\u201d<\/p>\n

Luckily, American buyers are stepping in. As Bloomberg reported in August 2024, in response to U.S. domestic politics and social challenges and encouraged by a strong dollar, a growing number of HNWIs are investing in British properties.<\/p>\n

The supply of super-premium properties in the U.K. has increased \u2028since 2023 as sellers continue to enter \u2028the market, while demand has lagged slightly, reports TwentyCi, a U.K. residential property analyst, in its April 2024 Property & Homemover report. \u2028This has led to a competitive market, \u2028since buyers have more negotiating power. Of four deals with foreign buyers amounting to US$250 million, Reynolds says three were completed successfully, and one fell through.<\/p>\n

\u201cAmericans\u2019 love of London has never been stronger and I\u2019ve never seen so many buying in London as there are now,\u201d says Reynolds. \u201cIt\u2019s a very resilient market because of the London lifestyle, the stability, education system and language. London remains one of the most popular areas to buy.\u201d<\/p>\n

In a dynamic landscape shaped by political changes and shifting policies, the enduring allure of London, bolstered by \u2028a surge of American investment, highlights the city\u2019s resilience and continued status as a prime destination for HNWIs.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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United States<\/h4>\n

Despite having the second-highest millionaire inflow, the U.S. is experiencing the lowest level of foreign-buyer purchases since 2009 (see page 34), driven partly by higher interest rates and a strong dollar.<\/p>\n

As detailed by the National Association of Realtors 2024 Profile of International Transactions in U.S. Residential Real \u2028Estate report, international buyers purchased US$42 billion in existing residential properties in the U.S. from \u2028April 2023 to March 2024, down 21.2% year-over-year, with foreign buyers purchasing 54,300 homes, down 36%.<\/p>\n

\"When

When location is everything, a residence situated in one of Chicago\u2019s most sought-after neighborhoods is an ideal choice.<\/p><\/div>\n

According to John Young, global real estate advisor, Golden Gate Sotheby\u2019s International Realty, Silicon Valley in California continues to draw in HNWIs \u2028and its luxury property market remains unaffected by any decrease in international buyers. \u201cWe have seen a decrease in Chinese buyers looking for properties \u2028in the US$2 million to US$5 million range, \u2028as it\u2019s become harder for them to move money to the U.S.,\u201d says Young. \u201cBut \u2028in the US$10 million-plus range, many \u2028ultra-high-net-worth buyers have money outside China already, so are not as impacted. However, there are plenty \u2028of local buyers who are filling the gap \u2028and keeping prices strong.\u201d<\/p>\n

According to the Henley & Partners 2024 USA Wealth Report, Florida and Texas are also exceptions and have been steadily accumulating more HNWIs while strengthening their luxury property markets along the way.<\/p>\n

\u201cFlorida is attractive to HNWIs for many reasons,\u201d says Joel Schemmel, global real estate advisor, Premier Sotheby\u2019s International Realty in Florida. \u201cCertainly, among them is the strong investment environment and stability \u2028of the U.S. market. Another reason is \u2028that Florida continues to have an amazing combination of factors to fuel this migration, including no income tax, \u2028a fantastic warm climate, a multitude \u2028of year-round lifestyle options, workplace mobility and significant infrastructure investment, such as schools and airports.\u201d<\/p>\n

\u201cA strong positive migration to Florida certainly plays into the luxury real estate market. While we saw amazing value increases during the pandemic years, \u2028we have continued to see a more modest positive value trend in recent years,\u201d Schemmel says. \u201cIn the last year or so, we have seen a trend toward more availability of real estate in the luxury market. Buyers are enjoying having more options.\u201d<\/p>\n

\n“PROXIMITY TO GOOD SCHOOLS IS\u00a0 OFTEN <\/strong>A DECIDING FACTOR IN WHERE A BUYER <\/strong>WILL PURCHASE”<\/strong> -Walter Bering, Broker Associate, Martha Turner Sotheby’s International Realty\n<\/p><\/blockquote>\n

Texas is another location that does \u2028not impose a state income tax, which has similarly resulted in an influx of buyers looking for tax relief, according to Bering. \u201cThe price of a luxury home in Houston \u2028is usually less than a relocating HNWI would pay in their current location, so \u2028they are usually very pleased with their choice. I sold a property in August 2024 \u2028to a Chinese family with a list price of US$6.399 million.\u201d The most appealing feature of the location for that family was \u2028a nearby private school their children \u2028could attend. \u201cProximity to good schools \u2028is often a deciding factor in where a buyer will purchase,\u201d Bering says.<\/p>\n

And although most HNWIs purchase their home for cash, interest rates can \u2028still affect their decisions. \u201c\u2018Move-up\u2019 buyers\u2014those looking for a bigger home \u2028or one in a better location\u2014will be inclined to make the move when interest rates drop. That would create more demand \u2028and ultimately higher prices,\u201d Bering says.<\/p>\n

As the U.S. luxury real estate market navigates a complex landscape marked \u2028by fluctuating interest rates and changing buyer demographics, regions like Florida and Texas demonstrate resilience and \u2028an increasing appeal to HNWIs, ensuring \u2028a competitive market moving forward.<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\r\n

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Singapore<\/h4>\n

Singapore emerges as a renewed hotspot for inbound wealth, according to Henley & Partners, clinching the third most popular location for HNWIs based on its reputation as the most business-friendly city on Earth. \u201cSingapore consistently ranks among the top destinations for migrating millionaires,\u201d Henley & Partners found. \u2028\u201cIt is also the world\u2019s fastest-growing family office hub, aided by the absence \u2028of capital gains tax in the city-state.\u201d<\/p>\n

It\u2019s impressive considering that, \u2028with a total population of only 5.9 million, Singapore has more than 300,000 millionaires\u2014meaning 5% of its residents are HNWIs. And all those millionaires are looking for a place to live, resulting in the total value of luxury homes in Singapore reaching US$482.5 million in the second quarter of 2024, up 26.2% from the first quarter\u2019s US$382.4 million, according to The Straits Times.<\/p>\n

\u201cSingapore is able to attract wealthy foreigners due to its strong rule of law, robust and predictable regulatory regime, safe and family-friendly environment, as well as its world-class education and healthcare systems,\u201d says Veniz Kwong, head of sales, List Sotheby\u2019s International Realty, Singapore. \u201cYet there has been \u2028a noticeable decline in property investment since mid-2023.\u201d<\/p>\n

According to data from Singapore\u2019s Urban Redevelopment Authority, the 60% additional buyer\u2019s stamp duty (ABSD) imposed on non-residents has curbed foreign investment, notably in high-end residential properties.<\/p>\n

\u201cThe luxury market has slowed down in the past year, in line with the wider market. Yet, prices have been holding up, mainly due to a scarcity of luxury property for sale, as well as the ability of sellers \u2028to stay put if offers do not meet their expectations,\u201d says Kwong. \u201cWe have observed an increasing trend of foreigners waiting to obtain permanent residency before they invest in residential property.\u201d<\/p>\n

Despite recent challenges, the city- state\u2019s robust legal framework and quality of life continue to attract investors, suggesting a promising outlook for the luxury property sector as it adapts to the evolving trends in foreign investment.<\/p>\n

As can be seen from these examples, the ongoing migration of HNWIs is reshaping global property markets, with 2024 marking a record influx of millionaires seeking new landscapes and opportunities. Regions like the United Arab Emirates, the U.S. and Singapore have emerged as key destinations, driven by favorable economic conditions, political stability and appealing lifestyles. Despite some challenges\u2014such as regulatory hurdles in Singapore and changing tax policies in the U.K.\u2014the luxury real estate markets in these regions continue to thrive, reflecting healthy competition and strong demand.<\/p>\n

As HNWIs navigate their relocation choices, their preferences significantly impact local real estate dynamics, emphasizing the importance for buyers and sellers alike of understanding wealth migration trends. \u25a0<\/p>\n\t<\/div>\r\n<\/div>\r\n\r\n\r\n\r\n\n\t\t\t<\/div> \n\t\t<\/div>\n\t<\/div> \n<\/div><\/div>\n","protected":false},"excerpt":{"rendered":"

For global property trends, just follow the money.<\/p>","protected":false},"author":237480080,"featured_media":4787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"_wpas_customize_per_network":false,"jetpack_post_was_ever_published":false},"categories":[765166268,135,765166251],"tags":[765166283,765166291,765166295,765166289,765166294,765166281,765166288,765166292,765166279,765166280,765166285,765166293,765166287,765166282,765166284,765166165,2155747,765166290,765166286,765166278],"class_list":{"0":"post-4786","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-765166268","8":"category-articles-of-interest","9":"category-luxury-outlook-report","10":"tag-2025-luxury-outlook","11":"tag-branded-residences","12":"tag-destination-real-estate","13":"tag-economic-migration","14":"tag-global-luxury-living","15":"tag-global-real-estate","16":"tag-global-wealth-report","17":"tag-golden-visa","18":"tag-high-net-worth-individuals","19":"tag-hnwi-trends","20":"tag-international-buyers","21":"tag-international-housing-market","22":"tag-luxury-investment-trends","23":"tag-luxury-property-markets","24":"tag-millionaire-migration","25":"tag-real-estate-insights","26":"tag-sothebys-international-realty","27":"tag-tax-havens","28":"tag-ultra-high-net-worth","29":"tag-wealth-migration"},"aioseo_notices":[],"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/livsothebysrealtyca.blog\/wp-content\/uploads\/2025\/06\/2025_Luxury-Outlook-Report_Migrating-Wealth_1.jpeg?fit=8000%2C5334&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/peJ6Dp-1fc","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/posts\/4786","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/users\/237480080"}],"replies":[{"embeddable":true,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/comments?post=4786"}],"version-history":[{"count":12,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/posts\/4786\/revisions"}],"predecessor-version":[{"id":4807,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/posts\/4786\/revisions\/4807"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/media\/4787"}],"wp:attachment":[{"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/media?parent=4786"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/categories?post=4786"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livsothebysrealtyca.blog\/spu\/wp-json\/wp\/v2\/tags?post=4786"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}