By: Michael Altneu

Luxury real estate has never followed a simple cycle. It responds to wealth creation, generational shifts, geopolitical uncertainty, and deeply personal decisions about where, and how, people want to live.

This year, as we release our annual Coldwell Banker Global Luxury 2026 Trend Report, one thing is clear: even as broader market conditions continue to evolve, the luxury market isn’t pulling back. It’s proving durability and evolving into something more intentional, more values-driven, and more enduring.

Nearly 80% of Coldwell Banker Global Luxury® Property Specialists describe their local luxury markets as resilient today. That stability isn’t accidental. It reflects how affluent buyers are redefining the role real estate plays in their wealth, lifestyle, and legacy planning.

The $38 Trillion Question: Who Stands to Inherit Luxury?

Nearly $38.3 trillion in global wealth will change hands in the next decade. And real estate is at the center of that transfer.

Here’s what makes this moment unprecedented: the velocity of real estate changing hands. In the U.S. alone, $2.4 trillion in property is expected to transfer over the next ten years, representing 52% of all global property transfers. And the very high net worth segment, those with $5 million to $30 million in assets, will drive 65.7% of all U.S. real estate transfers.

Gen X is leading the near-term transfers, but Millennials will inherit the most over the next 25 years. These aren’t the same buyers their parents were. These buyers are less focused on status signaling and more focused on outcomes: quality of life, wellness, flexibility, and long-term value. They’re allocating a larger share of their portfolios to real estate than older generations did—particularly in the $3 million to $10 million range—and prioritizing homes they can actively experience, not just hold.

For agents, this signals a critical shift: luxury real estate is no longer viewed primarily as a speculative play. It’s increasingly treated as a cornerstone asset.

Luxury Buyers Are Treating Real Estate as a Steady Investment

In the U.S., ultra-affluent buyers have increased their wealth by nearly 58% between 2020 and 2025, and their real estate holdings have grown 59.9%, outpacing the rest of the world where real estate investment grew just 16.3% in the same period.

Think about what that signals. In a world of market volatility and uncertainty, the wealthy are choosing to put more of their wealth into real estate. This isn’t just diversification. It’s intentionality. Real estate has become a stabilizing force, a hedge against uncertainty and a foundation for values-driven lifestyle decisions.

This “nest investing” mindset is particularly pronounced among younger generations who are less status-driven and more value-oriented. Spending on luxury homes is projected to grow 6% in the U.S. this year, with the ultra-high net worth cohort’s spending estimated to rise by 18.5%, outpacing even spending on personal luxury goods.

When you’re evaluating luxury properties, this context matters. Buyers aren’t just acquiring square footage. They’re building wealth through real estate. They’re making long-term bets on stability and value.

The Geography of Wealth Is Shifting

High-net-worth migration increased 42.8% in 2023 and is projected to rise another 16.2% in 2026. Wealth is moving.

Markets like Atlanta, San Diego, Nashville, Dallas, Salt Lake City, and Minneapolis are stabilizing as new luxury havens. Pricing, sales, and inventory have remained resilient in these markets over the past five years, even as traditional luxury hubs have experienced more volatility.

Today’s luxury buyers are looking at what we’re calling “resilient wealth havens,” markets that offer economic fundamentals, favorable tax environments, long-term market performance, and lifestyle quality. But there’s something deeper happening here: mobility has become a hedge. Affluent individuals have typically always had the ability to live anywhere. Now they’re using that mobility strategically to create flexibility for themselves and their families, weighing stability, climate, safety, and lifestyle alongside traditional wealth preservation considerations.

If you’re considering a move or an investment in one of these markets, recognize that you’re part of a larger shift. If you’re in a traditional hub like New York, London, or Miami, understand that your value proposition now includes stability, legacy, and reputational strength in ways it didn’t before.

“Quiet Luxury” Is Over. “Living Large” Is Here.

For the past few years, we heard a lot about “quiet luxury,” or understated minimalism, subtle elegance, less is more. That trend is fading fast.

Today’s affluent buyers want more. More space. More bedrooms. More land. More distinction.

Inquiries for single-family homes with five or more bedrooms climbed to 63.7% globally this year. Four-bedroom inquiries rose to 31%. The average luxury single-family home sold in 2025 measured around 4,250 square feet, nearly double the size of a typical new U.S. home.

But “Living Large” isn’t only about square footage. It’s also about distinction. Inquiries for unique estates increased 78% year-over-year. Castle-style properties grew 35%. Land purchases rose 38.2%.

Buyers want exceptional locations, remarkable views, meaningful privacy, and turnkey readiness. More than 50% of our sold listings this year featured water views. Nearly half referenced privacy, up from 38% in 2024. One in four explicitly highlighted modern design.

The luxury market is leaning into aspiration again. Grand features aren’t being downplayed anymore. They’re being celebrated.

What Discernment Looks Like Now

There’s something else worth noting about this moment: discernment is showing up on both sides of the transaction.

Buyers are evaluating markets through the lens of resilience, looking at economic fundamentals and long-term performance alongside lifestyle amenities. Sellers are weighing whether to move on or hold for the right moment, considering what the market will bear and what their property truly offers.

This mutual thoughtfulness is having a stabilizing effect. Nearly 80% of luxury markets can be described as resilient right now, with median prices rising steadily, consistent sales activity, and relatively balanced supply and demand.

What Resilience Really Means

These trends point to something deeper than market cycles. They reveal how the affluent are thinking about wealth, security, and legacy in a rapidly changing world.

Luxury real estate is becoming a statement of values, a hedge against uncertainty, and a foundation for how people want to live for decades to come. The definition of luxury itself is expanding to embrace space, distinction, and personal expression.

Whether you’re buying, selling, or advising clients, understanding these forces is the difference between seeing the market as it was and seeing it as it’s becoming.

Michael Altneu is Vice President of Coldwell Banker Global Luxury. To access the full 2026 Trend Report, visit https://issuu.com/cbgloballuxury/docs/the_trend_report_2026?fr=sMWIyMzg2NTcwNjU