SOTHEBY’S INTERNATIONAL REALTY UNVEILS 2024 MID-YEAR LUXURY OUTLOOK REPORT: NAVIGATING GLOBAL REAL ESTATE TRENDS AMID ELECTIONS, INTEREST RATE TRAJECTORY, AND CULTURAL INVESTMENTS
I am pleased to introduce the 2024 Mid-Year Luxury Outlook℠ report by Sotheby’s International Realty, complementing the highly coveted annual edition, offering consumers a crucial advantage in navigating the fast-paced luxury property market by examining pivotal, forward-looking issues shaping global luxury residential markets. Key topics within the report include the potential impact of upcoming elections in nearly 80 countries, the trajectory of U.S. interest rates, and the influence of cultural investments on cities worldwide. I’ve included an introduction on our local market as well with some facts about our own area.
The 2024 Mid-Year Luxury Outlook report draws insights from Sotheby’s International Realty agents worldwide, specializing in transactions within the US$10M+ price category. Their expertise is complemented by data from industry leaders such as JP Morgan Chase, the National Association of Realtors, the U.S. Census, and Sotheby’s Concierge Auctions—the premier global luxury real estate auction marketplace.
Key findings featured in the report include:
- Approximately half the world’s voting-age population are eligible to take part in elections in 2024, more than four billion people stretching across nearly 80 countries that account for more than 60% of global GDP.
- Historically, the housing market tends to experience a slowdown in activity during presidential election years. A sense of political stability, on the other hand, can have an unsurprisingly positive effect.
- While real estate agents the world over are watching out for political changes, they are keeping an even closer eye on interest rates.
- Industry forecasts anticipate that the Federal Reserve will lower rates later this year. The Mortgage Bankers Association estimates that rates will fall to about 5.9% by 2025, while Wells Fargo has made a similar forecast of 6%.
- Advocating for cities to be artfully designed has taken on different forms, but a perennial truth is that substantial cultural investment is an essential element of urban environments around the globe.
- According to data released in March 2024 by the National Endowment for the Arts and the Bureau of Economic Analysis (BEA), the economic impact of the arts and cultural industries in America, for example, hit an all-time high in 2022, contributing 4.3% of GDP, or US$1.1trillion, to the U.S. economy.
You can view my report online. When the page loads, click the “page turn transitions” at the bottom right of the page or click the “download” button to save a copy to your device.
CLICK HERE to read the complete 2024 Mid-Year Luxury Outlook report.
