The survey reports that 40% of those earning $500,000+ annually plan to purchase ahome in the next year and believe that real estate is a 'real opportunity' right now.
The Institute for Luxury Home Marketing reports:
"This desire to purchase is consistent with Merrill Lynch and CapGemini's research showing that the world's very wealthy have been shifting more of their money into residential real estate. Last years' "World Wealth Report" showed that money millionaires (those with a million or more in investable asssets) had 12% of their total investment portfolios in residential real estate. For this group, purchasing another residence may be as much an investment portfolio strategy as a recreation/lifestyle decision. In any case, it bodes well for the luxury real estate market."
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