America's super-rich spend more than 40 billion USD to buy luxury houses

 America's super-rich spend more than 40 billion USD to buy luxury houses

Last year, more than $40 billion flowed into U.S. residential properties valued at $10 million or more.

According to a report by real estate brokerage Compass Inc, more than 2,300 purchases of homes priced at $10 million or more in 2021 - an increase of 112% compared to 2020. Long Island alone in New York 5 properties were sold for 10 million USD or more with a total value of 101 million USD.

Thanks to a booming stock market and low interest rates, over the past two years, the share of the richest has increased by 0.1%. This has left the luxury housing market flooded with wealthy people who want to trade with the aim of protecting their assets from inflation. And despite signs of the US Federal Reserve - the Fed tightening the money market, home sales show no signs of slowing down.

"Many people view luxury real estate as a safe, secure asset. It's a hedge against inflation," said Carl Gambino, a Compass representative in the report.

Los Angeles has the most transactions, followed by Manhattan and Palm Beach. For the fastest growing markets like Austin (the capital of Texas) and suburban Long Island, excluding the Hamptons (part of the eastern end of Long Island), the increase in transaction volume was more than 400%. .

The report also shows that Texas has a lot of promise in terms of sales this year, especially in riverside or ranch lands. In 2021, luxury property sales in Austin totaled nearly $190 million, while Dallas, Texas' third-largest city, reached $115 million.