SOTHEBY'S INTERNATIONAL REALTY UNVEILS 2024 MID-YEAR LUXURY OUTLOOK REPORT: NAVIGATING GLOBAL REAL ESTATE TRENDS AMID ELECTIONS, INTEREST RATE TRAJECTORY, AND CULTURAL INVESTMENTS

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Jul 10, 2024, 10:00 ET

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
[email protected]

SOURCE Sotheby's International Realty