Luxury Portfolio International, the world's leading network of independently run luxury real estate brokerages, is looking back on 2022 as a year of firsts and milestones.
Throughout the year, the organization welcomed 22 new members into its network of premier real estate brokerages, two of which represented new markets. Luxury Portfolio also hosted several events allowing its members exclusive access to expert knowledge and insight into the real estate market, as well as opportunities for professional growth.
"At Luxury Portfolio International, we remain committed to the mission at hand: offer our brokerage members and their agents focused opportunities for networking, knowledge sharing, and referrals-driven business development to help acquire, market and sell listings," said Mickey Alam Khan, president of Luxury Portfolio.
"2022 was a tale of two markets, with the first part of the year continuing the post-COVID residential real estate surge,” he said. “The second half of the year revealed the beginning of the market re-alignment, thereby impacting sales across all price-points, including luxury.”
“We diligently worked to forecast industry trends and provide our members with every imaginable support tool."
With the addition of firms Arcadia Consulting, and Caribbean Luxury Villas, Luxury Portfolio officially entered the markets of Singapore and Antigua and Barbuda, respectively.
The majority of new members span the breadth of North America including Christie’s International Real Estate Sereno in Los Gatos, CA, Bosley Real Estate in Toronto and two new locations in Tennessee including Village Real Estate Services in Nashville.
Among the new European members are Lisbon’s Modern, Riviera Keys in Cannes and One Global Property Services in London.
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Looking forward to the year ahead, Luxury Portfolio released its State of Luxury Real Estate 2023 report last month, which suggests that eager buyers outnumber sellers and inventory for the third year in a row (see story).
The luxury branch of Leading Real Estate Companies of the World, Luxury Portfolio currently boasts 250 premier global brokerages in its network, which together completed a combined 1.2 million global transactions in 2022.
Members longstanding and new across the globe were invited to attend and host a series of symposiums, workshops and other educational and development opportunities throughout 2022, including several editions of Luxury Portfolio's master class. Throughout, as many as 132 industry-wide professionals offered their guidance and expertise on events spanning the globe, digitally and in-person.
These events fell firmly under Luxury Portfolio’s 2022 theme of “Engagement.” The theme for 2023 is "Stronger Together," implying the benefits of a strong network as the real estate market normalizes in most markets.
"It is critical for us to regularly engage with our members through one-on-one interactions, events, workshops, social media and marketing materials, aiding them with key insights and news on the rapidly changing luxury real estate market,” Mr. Alam Khan said.
“We are honored to have our members' trust, and we look forward to expanding our collaboration with these industry leaders in 2023," he said.