2024 Luxury Outlook Report

2024 Luxury Outlook Report

Sotheby’s International Realty Releases 2024 Luxury Outlook Report Uncovering New Hot Spots for Global Investment, International Destinations With Enticing Tax Incentives, and How Cities and Suburbs Continue to Fare Post-Pandemic

The Laughlin Tanner Group at Premier Sotheby’s International Realty is pleased to announce the release of the 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. 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.

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:

  • High-net-worth individuals being more mobile than ever - maintaining multiple residences - and looking at transactions with a modified perspective in light of higher taxes, new government incentives, or in the face of a changing climate
  • The real estate industry using the synergy of the real world and the cyber world to market and sell homes
  • The dominance of telecommuting and hybrid work shifting the demands of affluent homebuyers
  • Sustainability moving from a niche interest to now being top of mind for many buyers
  • A historic rise in mortgage interest rates translating into a higher percentage of all-cash deals around the world
  • Owners needing to be strategic to minimize the tax impact of their wealth transfer given a strong appreciation of real estate values in recent years and the looming drop in the estate tax exemption
  • More than 80% of leading Sotheby’s International Realty agents said AI is likely to have the biggest impact on the real estate industry in the next five years vs. virtual reality or blockchain

Click here to read the complete report.

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