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Foreign Demand Shrinks for Luxury Housing

LOS ANGELES—In addition to commercial real estate, foreign investors have also fueled the luxury housing market, but now the demand is drying up and the market is starting to plateau, GlobeSt.com reports in this EXCLUSIVE interview.

Michael Nourmand Michael Nourmand is the president of Nourmand & Associates.

LOS ANGELES—Demand from foreign investors for luxury single-family houses is shrinking, according to Michael Nourmand, president of Nourmand and Associates. For the last several years, foreign investors have been driving the upper crust of the single-family housing market, but with global economic volatility rearing up and a strong US dollar, the foreign buyer pool is shrinking. As a result, the luxury housing market is beginning to plateau, with prices either stagnant or nominally decreasing and sales volumes losing momentum. To find out more about this trend in the single-family niche of the real estate business, we sat down with Nourmand for an exclusive interview. Here he talks about trends in the market and why he continues to have a positive outlook.

GlobeSt.com: What is the state of the luxury single-family housing market in Los Angeles and is the market active?

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Kelsi Maree Borland

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

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