Has our ever-changing planet shifted up a gear? Let's take a moment to look back at the 48 months since the start of 2020: the four years that have changed the face of the earth. In this chaotic context, luxury real estate demonstrated its dual value in 2023: as an asset, on the one hand, and symbolic on the other. As an asset, because investment in real estate is a means of safeguarding holdings through thick and thin; and symbolic because it provides a roof for families and friends, bringing them together.
The digital nomad phenomenon, which first emerged in the 2010s, has accelerated over the past three years. These individuals have adopted a flexible lifestyle, settling wherever they please anywhere in the world thanks to widespread access to the Internet and remote working technologies. This trend has had a significant impact on luxury real estate by stimulating demand in new destinations and thus contributing to a geographic diversification of real estate investments.
BARNES 2024 ranking of "expat cities"
The United Arab Emirates, particularly Dubai and Abu Dhabi, have been the go-to destination for mobile entrepreneurs for nearly three years now. For the past decade, Miami, Madrid, Lisbon and more recently Marbella, Austin and Rome have been serving as true Eldorados for wealthy entrepreneurs. Some cities in the southern hemisphere, like Sydney or Auckland, have been considered safe bets for expats in the Asia-Pacific region for over twenty years.
"Although the concept of a primary residence has lost ground in favour of multiple properties worldwide for buyers, they nonetheless retain their attachment to the notion of property ownership for its long-term reassurance." — Richard Tzipine, CEO of BARNES