When most Americans think of luxury real estate, Boston might not be the first city that comes to mind. Maybe that should change, given the city’s remarkable economic growth in recent years that has kept it comfortably within the ranks of top-tier markets for first-class real estate and investment opportunities.
The luxury market in Boston may look different than its warmer counterparts. But it’s still home to a thriving high-end home market with room to grow.
Luxury real estate clients are a particular kind of homebuyer and seller. Predictably, they have refined taste for design and amenities with budgets to match. Their spending power also makes the luxury market a globally competitive one — the elite of almost any American city don’t need to feel tied down to a single property or market. That’s why luxury developers increasingly look to lure clients to some of the (literally) hottest markets like Miami or Los Angeles, or perhaps someplace more adventurous like Hong Kong, Seville or Buenos Aires.
How can Boston compete in the modern international high-end home market? Its strong economy and longstanding stature as a globally important city are two major factors, and its status as the unrivaled capital of American academia certainly doesn’t hurt. In its latest Global Wealth Report for 2019, Knight Frank named Boston one of five cities where the ultra-high net worth population is expected to climb rapidly, making it a top destination for luxury development. Helping it reach that milestone is a booming tech sector, which also gained recognition recently as one of the fastest growing in the world in a report from Savills. Investors have been finding Boston's allure ever more enticing for quite some time now– a trend that analysts say won't end any time soon.