Lisbon and Mexico City posted the strongest improvements of any international market tracked in Christie’s International Real Estate’s 2026 Global Luxury Perspectives report – a ranking that reflects growing demand from North American and Northern European buyers attracted by residency programs, relative value, and improving local infrastructure at the top end of the market. The report, published last month, puts the firm’s aggregate Prime Sentiment Index at 14.4, down from 15.6 in 2025, but the market-level divergences are sharper than the headline suggests.
Dubai and Singapore dominated the cross-border segment above $10 million, gaining share against Aspen and the Hamptons. That shift reflects a reorientation of ultra-high-net-worth capital toward tax-efficient jurisdictions with political stability and strong infrastructure – themes that have been building in wealth management conversations for several years and are now visible in transaction data. London and Paris held flat for the second consecutive survey year, suggesting that European trophy asset markets remain burdened by currency and geopolitical risk premiums that are not resolving quickly.
The aggregate PSI reading reflects a buyer demand component that fell from 37.7 to 29.3 – the largest single-component move in this year’s survey – offset by a price outlook component that edged up from 13.8 to 14.0 and easing inventory pressure across tracked markets. Christie’s interpretation is a soft landing: fewer active buyers, but those who remain still expect appreciation, and more supply is available to meet them.
US Markets: Resort Cools, City Strengthens
Domestically, New York City improved on every PSI component. The trophy-condo segment showed the clearest price strength – a reversal of the city’s extended underperformance during the remote-work era. The Hamptons held flat. Naples, Florida recorded the sharpest US market pullback, followed by Vail Valley. Both are absorbing new construction completions that are landing two to three years after the demand wave that prompted them.
Mortgage rates in the high-five to low-six range continue to discipline the second-home and trade-up buyer while leaving the equity-funded ultra-high-net-worth buyer largely intact. The demand pullback in the PSI composite reflects that rate-sensitive cohort’s retreat rather than a broad withdrawal from the luxury segment.
How the Broker Network Is Positioned
Christie’s affiliated listing desks have held trophy asking prices. Bid-ask spreads have tightened. Closings have stabilized. The broker network’s early read on Q3 transaction flow supports the equilibrium framing rather than a turn. The October PSI will provide the formal data point to confirm or challenge that read.
Source: Christie’s Prime Sentiment Index Slips to 14.4 as Luxury Housing Rebalances