Global Real Estate Report Through the Lens of the Luxury Segment 2024
The Sotheby's International Realty High-end Property Report presents global trends and interesting facts about the industry and what to expect in the coming year.
Despite the geopolitical challenges, positive economic indicators suggest a generally optimistic real estate market in 2024. There is no lull in sales of exceptional properties in preferred areas. The luxury segment remains unaffected by the economic downturn. This trend is expected to continue in 2024.
The world's affluent are increasingly mobile and own multiple homes in different locations, with Greece's luxury market attracting quite a few international buyers. Other emerging hot destinations for real estate investment include Australia, Mexico, Saudi Arabia and Turkey.
In 2024, property sustainability plays a key role in housing choices, integrating smart homes and cutting-edge technology. Anton Danilovich, a California real estate broker, emphasizes that technology enhances the work of agents, not replaces them. As a co-founder of TopHap, he created a platform offering 3D topographical models and a comprehensive database of US real estate. This enables agents to perform a quick, data-driven analysis of a property in as little as 60 seconds.
Branded homes, popular with high-end buyers, have spread globally from hotel chains to fashion houses and luxury car manufacturers. With such residences as Porsche Design Tower and Aston Martin Residences in Miami, both quality and branding are essential.
The "see and try before you buy" mindset is driving the rental market worldwide. Masses of people want to try out different types of homes in different locations, assessing which suits them best before committing to a purchase. In places, rents have jumped by 50% in the last 2 years. A good example of this trend is Miami.
The provenance of a property has a major impact on its value. A vivid example of this is the new owners of Bruce Willis' house. For them, the fact that the property was built and owned by the famous actor played a key role in the decision.
One of Sotheby's most significant auction sales of 2023 was "Femme à la montre," Pablo Picasso's 1932 painting of his lover Marie-Thérèse Walter, which sold for US$139.4 million, making it the most - the valuable work of art sold in 2023.
What's new and what's next in home design? The future of design emphasizes ecological materials, natural color tones inspired by nature and comfort. The introduction of the hotel style into the home is increasingly being observed.
One thing is certain for 2024. Forecasts for the real estate market are optimistic, especially in the luxury segment, and technological innovation, property sustainability and renting before buying are key trends.
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