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Rebounding Economy Triggers Growth in Luxury Real Estate Market

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Canadian member CIR Realty also notes significant growth. “The luxury real estate market has been booming in Calgary. The first half of this year has seen 388 MLS sales of homes over $1 million, a 10 percent percent increase from the same period in 2012. The record for home sales over $1 million in Calgary was in July 2007 at 61 MLS transactions. We have a ways to go to get to peak periods, but if the trend continues at the same pace it has in the past year, we will get there,” says Kirsten Faverin, marketing manager for CIR.

As market activity improves, interest in aligning with Luxury Portfolio has surged, with member recruitment on track to potentially double 2012 enrollment.

“We have seen an incredible increase in the number of firms seeking affiliation with Luxury Portfolio,” notes Stephanie Pfeffer, executive vice president. “While only a small number of these potential members meet our high standards, including significant luxury market share, experience in the high end and reputation, it has enabled us to expand significantly this year, as companies seek the most effective marketing strategies for affluent consumers.”

Internationally, new firms in growth markets include ART EMLAK (Istanbul, Turkey), BlueHouse (Prague, Czech Republic), Grupo Actua (Santo Domingo, Dominican Republic), and SPACE Gayrimenkul Danışmanlık (Istanbul, Turkey). In more established luxury markets, new firms include CI Exclusive Properties (Geneva, Switzerland), Ganly Walters (Dublin, Ireland), hoamz ltd. (Queenstown, New Zealand), Rustic Corner (Barcelona, Spain), Sally McGarr Realty Corp. (Niagara-on-the-Lake, Ontario, Canada), and Profusion Realty (Westmount, Quebec, Canada).

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