Reasons Why Vancouver Is Ranked Best in Luxury Real Estate

Vancouver

Vancouver is now ranked as the best performing luxury housing market in the world, and second place is not even close. This is based on the behavior of individuals who are ultra high net worth people. In a publication that is called “The Wealth Report” UK based consultant Frank Knight touts Vancouver as number one on the 2016 Prime International Residential Index. This whole index mentioned here ranks the increase in value of “the most expensive and desirable property” in the top 5 per cent of market value in a given location, according to Knight. These sorts of properties rose by 25 percent in 2015 in Vancouver.

This growth nearly doubles that of the second place city of Sydney, Australia, where the prices increased by a factor or 14.8 per cent, a distant second to Vancouver. The reason for the price increases is really due to an increase in demand and a lack of supply for those homes. Vancouver is simply a beautiful place to live, and their number one ranking reflects that. Vancouver is only one of two North American cities to receive mention in the top ten, with San Francisco coming in 7th place on the index ranking. Toronto came in 12th with and increase in their prices of 8 per cent, but no other city in the world even came close to the Vancouver figures.

Vancouver English Bay

For years on and off, New York City and London have been at or near the top of the listings, as the index identifies where these very wealthy people live, work, build their businesses and careers, and where they like to educate their children. As a rule, Vancouver doesn’t really measure up in all of those areas, as it could be said that this not only shows the rises in prices in Vancouver, but it also shows the really transient nature of some of the ultra-wealthy individuals as well. It speaks to the fact that owning properties in more than one place is also a frequent fact among the wealthiest of our world, and they like to do so with the drop of a hat.

With the ability to hop on their private jet and be on the other side of the world within hours, it makes sense to live in Vancouver too, or anywhere else your fancy takes you if you so wish.

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