The latest Sotheby's report on luxury property reveals that China's high net worth are looking for places to store their growing art collections, among others.

When it comes to acquiring property, China's high net worth population are looking for space to display their growing collections of art as much as a place to live, according to the latest Sotheby's International Realty Luxury Lifestyle Report.

The study surveyed affluent consumers in the US, the UK, Brazil and China and found that the majority in all four countries are more likely to purchase a lifestyle property now than they were five years ago, and to make a lifestyle property their primary residence. 

Among the Chinese respondents, 59 per cent said they consider themselves part of the investor class, with 37 per cent saying they still plan to purchase their next property in Asia, followed by Europe. Fifty-one per cent said they consider space to display their art collection a main criterion. 

When asked what would drive their real estate choices, 82 per cent said location mattered, followed by 46 per cent who noted size, 39 per cent historic significance and 26 per cent famous former owners. Fifty-four per cent also preferred a waterfront property, followed by a farm and ranch, 43 per cent, and vineyard or winery, 37 per cent. 

"China is the largest country in Asia and Australia has strong links with China in trade. Over the last five years the Chinese interest has grown and we expect this to continue in years to come as the Chinese middle class grows, which will lead to further foreign investment from China," said Michael Pallier, managing director for Sydney Sotheby's International Realty in Australia.

The study involved 102 interviews in China conducted between 28 January and 18 February 2014 using an email invitation and online survey. It covered responses among affluent consumers aged 25 and older.