January 24 2024
Sotheby's International Realty published its 2024 Luxury Outlook report, a comprehensive exploration into high-end real estate markets across the globe. Following several years of residential real estate frenzy, the report reveals that buyers have begun to acclimate to a new normal of higher interest rates, with high-end home seekers expanding their reaches to more parts of the world with Australia, Mexico, Saudi Arabia, and Turkey poised for growth. The report explores the trends shaping real estate investment decisions in the year ahead, from the intergenerational transfer of wealth, to pinpointing parts of the world where tax incentives are increasingly enticing.
"Our goal for the fourth edition of the Luxury Outlook report was to couple the expert insight of our agents with the perspectives of leading global institutions on the trends affluent buyers can expect in the months ahead to help them make opportunistic transactions in 2024," said Bradley Nelson, chief marketing officer, Sotheby's International Realty. "Despite higher interest rates, demand remains strong in many corners of the market, as people move both because they're going through major life events—such as new children or new jobs—or simply because they want to upgrade their home and, with it, their lifestyle."
The Sotheby's International Realty 2024 Luxury Outlook report was compiled by surveying Sotheby's International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including UBS; The Brookings Institution; McKinsey & Company; and property technology and security firm, Kastle Systems; in addition to art and luxury experts at Sotheby's, the famed auction house, to round out luxury trends in the year to come.
Key findings featured in the report include:
"As we continue to navigate shifts in the real estate market, Sotheby's International Realty agents from 83 countries and territories around the world continue to lead the way," said Philip White, president and chief executive officer, Sotheby's International Realty. "Luxury Outlook offers our clients unparalleled and trusted expertise as they seek to make informed real estate decisions in the year ahead, whether buying, selling, or investing, wherever they may be."