A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
Economic uncertainty is creating a divide in the luxury real estate market between ultra-rich buyers and the merely wealthy, according to a new report from brokerage Coldwell Banker.
A survey of some 200 agents specializing in luxury property found that ultra-wealthy buyers, defined as individuals worth at least $30 million, are still making big-ticket purchases despite trade war and recession fears. They are also driving a substantial rise in all-cash offers. Meanwhile, affluent but less wealthy buyers are more sensitive to interest rates and are acting more cautiously, according to the report.
Just over half of the surveyed agents said they had seen a slight or substantial increase in cash purchases by clients in 2025. Only 3.9% reported a decrease in those buyers in the first five months of 2025, while 45.4% said cash purchases had held steady, according to the report.
Jason Waugh, president of Coldwell Banker Affiliates, told Inside Wealth that high interest rates are a major factor behind the surge.
