There has been a rise in luxury home purchases over the last year and Alam Khan, president of Luxury Portfolio International and founder/editor of Luxury Daily, doesn’t see that coming to an end in 2021. For those who had their primary residence in a city, many have moved themselves to their secondary home away from all the people and hustle and bustle, thanks to teleworking. Khan believes these individuals will continue to work from their secondary residence or make it a co-primary until the pandemic subsides.
Khan also believes that due to the flexibility of working from home and remote learning, second home markets will see an increase in sales even in the off season. The low interest rates that the US is seeing will also play a role in the rise of secondary home purchases.