The state of luxury real estate has shifted in recent years to be more focused in the female and the well-educated demographics, according to a new report from Luxury Portfolio, a network of independently-run luxury real estate brokerages.
Luxury Portfolio’s report is part of findings from their ongoing State of Luxury Real Estate research, which is taking a deeper look at the evolving global demographics of luxury homeowners and what it means for the industry. The data was gathered from surveys in 24 countries, including the United States and the United Kingdom, as well as key parts of Western and Southern Europe, Middle East and Asia Pacific.
- Women account for 54% of luxury homeowners under 35, indicating a significant female presence in luxury real estate.
- More women are climbing the corporate ladder and achieving financial success on their own, with an equal percentage of men and women in corporate leadership (48%) reporting that they hold executive leadership positions. This is reflected in the changing demographics of luxury homeowners.
- Among luxury owners under 35 years old, 51% have a master’s degree or higher, while this figure stands at 62% for those aged 35-64.
- Overall, the younger generation remains a highly educated and ambitious group.
- Another notable difference between the age groups lies in job titles and varying levels of responsibility.
- Younger luxury homeowners tend to hold junior (23%) and executive (46%) positions, while middle-aged owners lean more towards senior (24%) and executive roles (51%).
“Affluent young women are on trajectory to level the playing field, wielding purchasing power, wealth accumulation, education and corporate positions to make serious real estate decisions earlier in their life,” said Mickey Alam Khan, president of Luxury Portfolio. “This has major ramifications for brands and retailers targeting homeowners and the luxury property sector.”
“This data suggests that younger individuals are making significant strides early in their careers, acquiring luxury homes at a faster pace than previous generations,” Khan added. “Indeed, it follows a broader trend among the affluent that the ‘first luxury experience’ is happening earlier in life now for today’s young people compared to generations past.”
For the full report, click here.