Park City, Utah | Summit Sotheby’s International Realty

The shift toward “experiential luxury” is an evolving consumer trait that has also become prominent in real estate, particularly at premium price points.

“What’s driving today’s high-end market is the feeling a home delivers as much as its address,” says Tammy Fahmi, senior vice president of global servicing and strategy at Sotheby’s International Realty. “What we’re witnessing in luxury real estate isn’t just a trend—it’s a fundamental redefinition of value. This experiential revolution transcends cultural boundaries, with buyers willing to pay substantial premiums for properties that offer exceptional features that reflect their lifestyles.”

Across each of the following markets, there are distinct patterns in how luxury property and goods evolve together. In some regions, real estate investment precedes retail growth, while in others, established luxury experiences attract wealthy property buyers, demonstrating how these twin markets reflect and reinforce local wealth creation.

Saudi Arabia

Shura Island, Saudi Arabia | Saudi Arabia Sotheby’s International Realty

In Saudi Arabia, the phrase “giga-project” is finding its way into real estate conversations as new urban and resort developments with the potential to change the concept of luxury living take shape. As recently as 10 years ago, luxury properties in Saudi Arabia had few amenities, says Erick Knaider, managing partner, Saudi Arabia Sotheby’s International Realty. “But with the country opening up and the Saudi Vision 2030 initiative, coupled with an inflow of executives and foreign companies, demand for upscale developments with amenities has been on the rise.”

Saudi Vision 2030 is a multi-year blueprint to diversify the economy and create a dynamic environment for both local and international investors. Now in its second phase, it has sparked a number of other giga-projects.

India

North Goa, India | India Sotheby’s International Realty

With the world’s fifth largest economy, growing incomes and a youthful population, India is becoming an increasingly important part of the global luxury landscape, according to a report by INSEAD Knowledge, the research arm of business school INSEAD, published in January 2025. India’s luxury goods market was worth an estimated US$17 billion in 2024, with watches and jewelry comprising the largest segment. This figure is anticipated to at least triple by 2030.

Real estate appears to be pursuing a similar trajectory, as demand for high-end properties has surged in the past two years. “The Indian economy is one of the fastest growing in the world and a buoyant capital market, and tech founders are cashing in on the equity added in 2024,” says Akash Puri, director of international business, India Sotheby’s International Realty.

Puerto Rico

San Juan | Puerto Rico Sotheby’s International Realty

When Puerto Rico Sotheby’s International Realty opened its doors in 2012, the highest sale on the island was just over US$2 million. In 2021, by contrast, the office set a new record for the island with a US$30 million waterfront property in Dorado Beach, a Ritz-Carlton Reserve. In 2024, the company achieved the sale of a US$13.4 million penthouse in Condado Beach, San Juan, and set a new record for the area.

Margaret Pena Juvelier, founder and president, Puerto Rico Sotheby’s International Realty, says: “We are seeing strength and buoyancy in the luxury property market, and its scope has grown tremendously in terms of both locations and buyer profiles.”

Utah

Park City, Utah | Summit Sotheby’s International Realty

Since January 2025, there have been 15 sales over US$15 million in Utah, a record for the state, according to Kerry Oman, global real estate advisor, Summit Sotheby’s International Realty. Compare that to 2024, when there were only 18 transactions of more than US$15 million for the entire year.

The most expensive sale as of April 2025 was a home that was listed for US$32 million at the Colony at White Pine Canyon, one of Park City’s highest-priced neighborhoods— Michael LaPay of Summit Sotheby’s International Realty worked with the buyers.

“Utah has a tremendous economy, and people are coming here for diverse reasons,” says Oman. “It’s driven not so much by the types of jobs people might have but by the lifestyle they can have here.”

San Francisco

San Francisco, California | Sotheby’s International - San Francisco Brokerage

Not so long ago, reports from San Francisco, California, detailed the flight of retailers from the downtown area. Today, previously vacant stores are being occupied by brands that cater to the ultra-wealthy, transforming Union Square into a premier destination where shopping by appointment and prime European retailers are the norm. On the residential side, agents are seeing growing demand for ultra-high-end properties, too.

“One of the things that defines San Francisco real estate is that it’s a momentum market, energized by the belief that tomorrow is going to be better than yesterday,” says Neill Bassi, global real estate advisor, Sotheby’s International Realty - San Francisco Brokerage. “There was a little bit of a lull for a short time, but if you ask anyone who’s buying today, their confidence is ultra-high.”

Download the full Sotheby’s International Realty 2025 Mid-Year Luxury Outlook℠ report at luxuryoutlook.com

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