2022 was, to say the least, an unusual year on an international scale, alternating between economic recovery following 18 months of virtual standstill due to the pandemic and a general sense of shock with the outbreak of war in Ukraine at the end of February. In this turbulent context, luxury real estate played its best card: its status as a safe haven.
USA and Canada: a real estate market between euphoria and anxiety
North America is and remains the world's leading region in terms of UHNWI population. However, their number fell by nearly -10% during the first half of 2022, to 134,530, equating to a global share of 34%. This is the largest decline across all regions. In the United States, according to the National Association of Realtors, sales of existing homes fell by -28.4% in volume between October 2021 and September 2022.
Europe: investors holding their breath
On 15 December 2022, the European Central Bank revised upwards its inflation forecasts for 2023 and 2024 in the euro zone, to +6.3% in 2023. Faced with international uncertainties, Europe is moving forward with scattered ranks, seemingly destabilized by the economic difficulties and the rising cost of energy. Against a backdrop of digitalization permeating all sectors of the economy, creating a new generation of young multi-millionaires and billionaires who are happily nomadic and generally concerned about environmental issues.