These sees Bloomberg Business Week with Carol Messer and Tim Stenovic on Bloomberg Radio. So a story in the Bloomberg that caught my attention. It noted how we have seen about three point eight billion in net outflows from global real estate ETFs in the past year. That includes almost four hundred and seventy million dollars in the past week alone. Funds focused on the US and Europe, across a range
of real estate investing styles all saw outflows. Meantime, last month, you might recall how Bloomberg News reported on how we are seeing a shift when it comes to the most expensive areas to buy a home in the US, shifting increasingly from New York City to Florida big times. So we wanted to get that big, bold perspective and with what she is seeing when it comes to global residential real estate with us. As Bonnie stone Seller, she's the
co founder and chair of Forbes Global Properties. She joins us via zoom from Jupiter, Florida. Bonnie, nice to have you here on Bloomberg. How are you hi, Carol, So nice to be here. Thank you well. Tell us about your firm. First of all, just at the tone in terms of you guys are a consortum of real estate firms, right we are. We're a global platform and a membership network of elite brokerages around the world that showcase and sell the finest properties and homes around the world. We
have about thirteen thousand member agents. We're in twenty two countries, four hundred forty locations, and you get and you tend to be high end right, two million plus properties. So that's what you're dealing with. Tell me what you, Bonnie, are seeing globally, what's hot, what's not well? To start with, what we saw in twenty twenty two, as evidenced in our report that we just issued last month, is that prices have remained high despite the fact that there's a
slowdown in the volume of sales. We're seeing a shortage of supply and that's both ferring the prices. And it's true that there are new places where the top, where the top sales are arising. In fact, pomp Beach had the highest price sale in twenty twenty two at one hundred and seventy three million, So the price is still high. Slow down and sales, it makes sense, right if there are not enough properties coming out of the market basic supplying demand, you're going to see those prices stay high.
But it's also ultimately because the supplies in there, it's going to bring down the volume. Do you see any of that changing anytime soon? Well, I mean if you just kind of look at the trophy sales in twenty twenty two, I think you would say that we wouldn't see that changing soon. The top twenty the top twenty five sales in twenty twenty two range from seventy three
million to one hundred seventy three million. These were higher prices in many locations than we've ever seen before, and many of these are purchased by people where a softer economy a higher interest rate will have no effect. Well, there's all tell me how those deals are done? Is it a stupid question? Is there ash deals or how was it done? All cash deals? Yes? It is all cash. So who's typically buying that? Well, the billionaires around the world.
Just read Forbes and you'll see who they are. The billionaires around the world. You know, by all of the homes this year, the more than fifty percent were in the United States. I think partially that's because the international buyers are weren't as fluid during COVID as we hope they will be in twenty twenty three. Tell me about so all right, you said about fifty percent. We're in
the United States, so that was US buyers buy US properties. Well, there are a couple of cities in the world, in particular say Miami or Dubai, where there were strong international buyers, but yes, mostly US buyers in the United States. And just to put a fine point on it, kind of interesting, but South Florida had the most top trophies in the United States and that was followed by Los Angeles, and then it didn't happen until we got to Hong Kong that we had an international city in the top three
of the top sales trophy sales. That's interesting, you know, and it mirrors a story that we put out about mid February to talked about Miami Star Island and we're talking about from Shaquille O'Neill to Rosio Donald very exclusive enclave. And yet this is why where you're seeing some of the top sales happening in the United States and kind of a shift away from still New York very pricey,
no doubt about it. But you're seeing increasingly Florida as you see more of financial professionals and just everybody seemed to move down. What is it that's going on in Florida? Is it like, what are you seeing in the time that you've done this how many years? Is there something really distinct going on in Florida right now? Well? I wouldn't think. I think there's anything in particular about Florida other than the that there were no taxes here. Yeah,
but that's not new, right right, that's not new. But I would suggest that a lot of the amenities that the top buyers are looking for happen to be found in homes here, and those amenities number one for twenty twenty two based on our research, or outdoor space. It turns out that people are now investing in entertaining again and being with other people, and they want that outdoor space and a lot of it with which to interact. The second item is being close to amenities that they
like to spend time with. Vacation where you live and the beach in Florida is a strong factor as well. Bonnie, tell me what other global cities are pretty hot at this point? Yeah, So I mentioned South Florida, and that was followed by Los Angeles and the third being Hong Kong. But other important cities where we're seeing a lot of top sales are always New York is in the list, Always London is in the list. And Dubai has crept up this year. In fact, Dubai has broken every record
that it's ever had this year. Who's buying? Who's buying in Dubai? Is it again domestic buyers or Middle Eastern buyers or others. I'm going to say others. A lot of the turmoil in the world has sent people to Dubai. Interesting in terms of non US buyers. You know, with the Russian war in Ukraine, we've talked a lot about Russian oligarchs over the last year. With uncertainty about the Chinese economy, they came out with a new growth forecast.
It's disappointing. You know, we've talked about Asian buyers a lot over the last year. What can you tell us about buyers from Asia buyers from Russia. I would say that there's been a slowdown because of COVID of all the international buyers. And also think about this, the dollar has been so strong that international buyers have been a little bit off put by how much more expensive everything is.
But we're hoping to see a change in twenty twenty three, as we're seeing say in New York and in Miami and other places, the international buyer and Australia, for example, the international buyers are beginning to come back. And just quickly got fifteen seconds. No slowing down. The trends that you're seeing are continuing here in twenty twenty three. No
slowing down in prices, definitely continued slowdown in volume of sales. Okay, good to know because you did talk about this supply demand being out of balance there, Bonnie, thank you so much. Great conversation, Bonnie stone Seller. She's co founder in shair of Forbes Global Properties. As we said, a consortium of real estate firms, global real estate firms with a great vantage point at what's going on in global real estate, especially as she said, two million plus. But you're talking
about some pretty high end properties. You are listening in watching Bloomberg Business Week. I'm Carol Masser, and this is Bloomberg Radio.