If MTV Cribs taught the world anything, it’s that no one needs a mansion. They are the epitome of excess. Nevertheless, the past few years saw high-end luxury homes sell like Wonka Choclate Bars, which helped pull the U.S. out of its massive housing slump.
But that was then. Now, thanks to a troubled world economy, due in large part to erratic overseas stock markets and currency values that are plummeting due to falling oil prices, the demand for mansions has seen a similar drop, Bloomberg reports.
“There’s volatility in China and Russia and there’s the oil issue in the Middle East -- I have no doubt there’s an impact overall on the market,” said Dan Conn, chief executive officer of Christie’s International Real Estate.