• However, nearly one in four have the freedom to choose a property anywhere. Overall, 22 percent of wealthy consumers, and 24 percent of wealthy consumers with a net worth of $2 million and greater, have more freedom to choose a residence that truly fits their lifestyle and will not limit their search based on location.
• The wealthier they are, the more they spend on real estate (by far). On average, wealthy consumers with a gross annual household income of at least $400,000 spent 225 percent more on their most recently purchased residential property than those with incomes between $250,000 and $399,999 ($2.58 million vs. $792,000).
• Interest rates matter, even for the wealthy. More than one in three (39 percent) wealthy consumers listed low interest rates as a reason for considering a residential real estate purchase, making it the most commonly cited motivation amongst wealthy consumers. Other frequently listed motivations were the desire to own a property in a specific location (35 percent), viewing the purchase of residential property as a good investment (32 percent) and the desire to own another residence (31 percent).
The full findings from the Coldwell Banker Previews International Wealthy Consumer Survey are available here.
For more information, visit coldwellbankerpreviews.com.