Experts Affirm: Global Wealth Expected To Grow As Pandemic Trends Persist In Year Ahead, Sotheby's International Realty® Luxury Outlook Report Reveals
Sotheby's International Realty released its inaugural 2021 Luxury Outlook report, analyzing high-end residential markets post-pandemic. The report predicts a growth in global wealth and changes in buyer preferences toward larger homes with sustainable features and dedicated workspaces. Key findings indicate 63% of luxury agents expect home prices to rise, with trophy buyers concentrated in the U.S. and China. Additionally, high-net-worth individuals experienced a 37% increase in wealth by August 2020. The report underscores the significance of outdoor space and additional square footage for luxury buyers.
- 63% of luxury agents expect home prices to rise over the next three years.
- High-net-worth individuals saw a 37% increase in wealth by August 2020.
- Shifts toward larger, sustainable homes are likely to drive demand.
- None.
NEW YORK, Feb. 2, 2021 /PRNewswire/ -- Sotheby's International Realty is pleased to announce the release of its inaugural 2021 Luxury Outlook report which examines high-end residential markets across the globe in the wake of the Covid-19 pandemic. The comprehensive report provides insight into the world's top primary and secondary markets and the anticipated wealth trends that will drive discretionary investment in the coming months. The report reveals that global wealth is forecasted to grow and pandemic trends are expected to persist in the year ahead. With priorities shifting toward larger homes with special amenities, including "Zoom rooms," multiple offices and workspaces, and an increased interest in sustainable homes with wellness and technology features, the Luxury Outlook highlights new spending habits and homebuying trends.
"As a leader in luxury real estate, it was important for us to analyze trends emerging from the most unparalleled year in modern history," said Bradley Nelson, chief marketing officer for Sotheby's International Realty. "The pandemic recalibrated interest in larger, greener properties, secondary cities, and geographies with favorable tax and emigration policies. These preferences are likely here to stay for the foreseeable future, and it was important for us to provide a resource to those looking to navigate the months ahead."
The Sotheby's International Realty 2021 Luxury Outlook report was compiled by surveying Sotheby's International Realty agents who transact in the US
Key findings featured in the Sotheby's International Realty 2021 Luxury Outlook include:
63% of respondents said they expected luxury home prices to rise over the next three years- Trophy home buyers remain heavily concentrated in the U.S. and China
- By August 2020, high-net-worth individuals' collective wealth had grown
37% from March 2020, according to a study by Wealth-X - The most important amenities for luxury buyers today are private outdoor space or nearby parks and additional square footage for remote work and education
- By 2025, millennials could account for
45% of luxury goods sales
"Once more, the vast network of Sotheby's International Realty has played a crucial role in successfully advising our clients around the world," said Philip White, president and chief executive officer of Sotheby's International Realty. "Thanks to our presence in more than 70 countries and territories, we were able to expertly traverse the market conditions and shifting trends the pandemic presented. To produce Luxury Outlook, we relied on the expertise of our local market experts internationally to provide first-hand credibility to market data."
Click here to download 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 approximately 1,000 offices located in 72 countries and territories worldwide, including 45 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy 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 Realogy Holdings Corp. (NYSE: RLGY) 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.
Melissa Couch
PR Manager
Sotheby's International Realty
973-407-6142
melissa.couch@sothebysrealty.com
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SOURCE Sotheby's International Realty
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