A recent survey by Fannie Mae showed that most respondents in America believe that now is the worst time to buy a home.
But it is clear that the wealthy, who have gotten richer during the pandemic – Oxfam has found that The wealth of the ten richest men in the world Doubled – they are all preying on the luxury real estate market.
According to a report by Compass (COMP), a real estate brokerage, “more than $40 billion worth of residential properties valued at $10 million or higher were traded in 2021.”
He also noted that more than 2,300 deals were completed for homes priced at $10 million or higher last year.
Los Angeles saw the most high-end real estate transactions, followed by Manhattan and Palm Beach.
Real estate sales in the US have boomed, with the stock market also booming, and the Federal Reserve’s low interest rate policy to support the economy during the pandemic.
As inflation continues to rise and the stock market behaves in unexpected ways, the wealthy continue to view real estate as a safe investment.