A surge of billionaires joining the Trump administration has triggered a boom in Washington’s luxury real estate market, as tech titans and business leaders rush to establish footholds in the capital.
According to the Financial Times, Meta META CEO Mark Zuckerberg is exploring purchasing property in Washington, signaling his efforts to influence the administration’s technology policies. The move comes as Meta commits up to $65 billion in AI-related spending.
The trend extends beyond tech executives. According to The New York Times, at least a dozen billionaires have been tapped for senior administration roles, led by Tesla TSLA CEO Elon Musk with a net worth of $429 billion. Musk, is heading the Department of Government Efficiency, is reportedly eyeing property in the Adams Morgan neighborhood.
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Real estate agents report unprecedented demand for luxury properties. “We’ve really been overwhelmed by the wealth factor that has come to Washington since the election,” Jim Bell, executive vice president of TTR Sotheby’s International Realty, told The New York Times.
Recent high-profile purchases include a $25 million French Chateau-style home bought by Commerce Secretary-nominee Howard Lutnick, setting a local record. The Financial Times said that Trump’s crypto and AI czar David Sacks bought a $10 million residence in the capital.
“These are really rich people,” tech journalist Kara Swisher told The New York Times. “As much as they like to have an image of not being spendy, they’re all really spendy. They all have private planes, they all have assistants.”
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The scramble for property mirrors a broader shift in Washington’s power dynamics. “There are a lot of very wealthy people looking for a seat at the table,” Jonathan Taylor of TTR Sotheby’s told The New York Times.
Billionaire David Rubenstein explained the motivation. “Big donors would like to get the policies they believe in from the federal government — more oil drilling, easier antitrust policy, more favorable crypto policy, less bank oversight,” he said.
Prime neighborhoods like Kalorama, Massachusetts Avenue Heights, and Georgetown have seen particular interest. The trend has transformed traditionally elite enclaves, with tech wealth displacing old-money residents.
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The transformation of Washington’s real estate market extends beyond individual purchases, though. A historic Georgetown property, the 1850 Italianate-style home of the late White House counsel and diplomat Boyden Gray, sold for $10.5 million, while real estate agents report actively calling existing homeowners to gauge interest in selling to wealthy newcomers.
For the billionaires, Washington properties represent relative bargains. “If you want to buy a home in New York or Southampton, a really good house, it could cost $100 million to $150 million,” Rubenstein told the New York Times. “You can’t spend $25 million in Washington even if you try.”
The influx has particularly impacted established neighborhoods. As Jamie Peva, a Georgetown real estate agent, explained to The New York Times, “that whole WASP hegemony that started to decline in the ’80s just continued to decline. All of a sudden tech starts to come in. It’s a meritocracy.”
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