The brand's debut mid-year report evolves
annual analysis, offering timely insights in dynamic market
NEW
YORK, July 10, 2024 /PRNewswire/ -- Today,
Sotheby's International Realty released its 2024 Mid-Year Luxury
Outlook℠ report, complementing its 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.
"By introducing this mid-year update to our Luxury Outlook
report, we're responding to the need for more frequent market
analysis," said Bradley Nelson,
chief marketing officer, Sotheby's International Realty. "Our 2024
Mid-Year Luxury Outlook report allows Sotheby's International
Realty to provide a more current global perspective on premium
property trends, enriched by the invaluable insights contributed by
our knowledgeable agents. Our goal is to empower our clients with
the most up-to-date insights, enabling them to make well-informed
decisions about their real estate investments. Our clients know
that the world isn't slowing down, and neither is the luxury real
estate market."
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.
"Our 2024 Mid-Year Luxury Outlook report equips clients with
vital insights to make informed decisions, regardless of their
location or real estate goals," said Philip
White, president and CEO, Sotheby's International Realty.
"This report helps consumers understand current market trends,
potential investment opportunities, and factors that could impact
property values. By providing this timely information, we're not
only demonstrating our commitment to innovation and client service,
but also setting a new standard in luxury real estate market
intelligence. It's another way Sotheby's International Realty
ensures our clients and agents have the most comprehensive,
up-to-date guidance."
Click here to read the complete report.
Sotheby's International Realty
Sotheby's
International Realty was founded in 1976 as a real estate service
for discerning clients of Sotheby's auction house. Today, the
company's global footprint spans more than 1,100 offices located in
83 countries and territories worldwide, including 48 company-owned
brokerage offices in key metropolitan and resort markets. In
February 2004, Anywhere Real Estate
Inc. entered a long-term strategic alliance with Sotheby's, the
operator of the auction house. The agreement provided for the
licensing of the Sotheby's International Realty name and the
development of a franchise system. The franchise system is
comprised of an affiliate network, where each office is
independently owned and operated. Sotheby's International Realty
supports its affiliates and agents with a host of operational,
marketing, recruiting, educational and business development
resources. Affiliates and agents also benefit from an association
with the venerable Sotheby's auction house, established in 1744.
For more information, visit www.sothebysrealty.com.
The affiliate network is operated by Sotheby's International
Realty Affiliates LLC, and the company owned brokerages are
operated by Sotheby's International Realty, Inc. Both entities are
subsidiaries of Anywhere Real Estate Inc. (NYSE: HOUS) a global
leader in real estate franchising and provider of real estate
brokerage, relocation and settlement services. Both Sotheby's
International Realty Affiliates LLC and Sotheby's International
Realty, Inc. fully support the principles of the Fair Housing Act
and the Equal Opportunity Act.
Media contact:
Kristina Helb
Vice President of Global Communications
Kristina.helb@sothebys.realty
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SOURCE Sotheby's International Realty