A new report from Christie’s International Real Estate highlights how wealthy buyers see property less as a status symbol and more as a strategic asset tied to lifestyle, identity and long-term wealth planning, even as the broader housing market remains constrained by rising interest rates and affordability pressures.
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The luxury brokerage’s 2026 Global Luxury Perspectives Report notes that the market is moving towards balance, with stable demand and benign price expectations.
The brokerage also introduced a new “Prime Sentiment Index” to track changes in buyer behavior in the high-end market. The report describes this shift as ‘attribution’, with buyers prioritizing homes that reflect their lifestyle, values and long-term goals, and that pass on wealth to the next generation.
In a conversation with Mr. Inman, Christie’s President Gavin Schwartzman pointed to more cautious and cautious luxury buyers, who increasingly treat real estate as part of a broader wealth and lifestyle strategy. He talked about how that change is playing out across the market and what it means for agencies looking to enter the high-end segment.
This interview has been edited for length and clarity.
Inman News: What were the biggest themes or changes you were trying to capture in this year’s report?
Gavin Schwartzman: We really reset the process this year. Rather than positioning this as a prediction, we have framed it as a “Global Luxury Perspective.” That’s because we wanted to gather insights from our affiliates and auction house colleagues around the world and use them to measure sentiment.
The luxury category is a delicate one, and there’s a lot to unravel. So we introduced the sentiment index as a way to provide context for thinking about where things are headed, rather than making hard-and-fast predictions. This gives us a little more flexibility in considering the different forces that shape this segment.
One important point is that this sector remains a resilient sector. Although relatively balanced, it is also influenced by a combination of factors such as property values, lifestyle and broader sentiment. These do not always move in tandem, so luxury goods can behave differently than other markets.
One theme that stands out is real estate as an asset preservation tool. Is it becoming more central to luxury buyers?
Today’s most effective agents think of their clients’ real estate much like wealth advisors within a broader portfolio, rather than as stand-alone transactions. You regularly receive statements about your financial portfolio, but how often do you take a step back and evaluate your real estate holdings in the same way?
For this reason, real estate is becoming more and more consciously approached as an asset class, rather than just a place to live.
I often say that wealthy people are rational consumers. They just have the resources to act confidently when they feel they have what they really want. That’s a common misconception.
Luxury goods have also held up better than the broader housing market. What is driving that resilience?
A big reason for this is that this segment is less sensitive to mortgage rates and financing terms.
Luxury buyers are more focused on the overall economy and their personal portfolio. They also tend to buy second or third homes, so they have more flexibility when it comes to timing. They will act if they feel the time is right. Otherwise, they wait.
Equities and other asset classes are also performing well, with new wealth being created through technology and AI entering the market. So this is not just a legacy wealth drive. All this contributes to allowing the market to feel more stable even when other segments are more volatile.
To what extent is the so-called “huge wealth transfer” from the baby boomer generation to the younger generation becoming a reality in the luxury space?
It’s definitely happening, but it doesn’t always show up the way people expect.
When thinking about transferring property, many people often think about inheritance after someone passes away. But in reality, much of it happens during people’s lifetimes. If you look at how many buyers receive help from family members, whether it’s a down payment or other support, this is another kind of wealth transfer.
This is a long-term demographic trend and is important. But it unfolds over time and over different stages. Assets typically pass first to the surviving spouse and then to the next generation, so they don’t necessarily transfer instantly in one go.
Are you seeing a change in how and where luxury buyers want to live?
Yes, it is closely related to the way people express their lifestyle and personality.
While there are still traditional markets like Aspen and Palm Beach, we’re starting to see people define luxury in completely different places. Not necessarily in the most predictable places.
Last year, we sold a property in the northern suburbs of Chicago for approximately $34 million. And when you see something like that, there’s usually something unique about the property. I think people are using real estate as a further expression of their personality and lifestyle. They don’t have to follow the herd to exactly where the traditional markets are.
What matters most is not the property itself, but what makes it unique. It may be geography, environment, or land characteristics. Finishes can be duplicated, but specific locations cannot be recreated.
So exclusivity is still important, but it’s not just about being in a well-known market. It’s about owning something truly unique.
For agents considering this segment, what are the common misconceptions about entering the ultra-luxury luxury space?
The biggest misconception is that it’s just about access and branding. In reality, it’s important to become a trusted advisor. It means having a broad enough knowledge base to understand your client’s motivations and have meaningful conversations not just about trades, but about markets, assets, and strategies. Clients at this level expect you to not only facilitate deals, but also bring insights.
It takes persistence and there are many different paths in this field. But ultimately, clients want to work with someone who can add value to their decision-making process. Every agent starts somewhere.
Successful people are those who invest in being able to advise a well-informed and discerning customer base. Being trusted is essential, but it needs to be combined with authentic knowledge and perspective.
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