2023 Luxury Outlook Report Explores The Resurgence Of Cash Buyers, Real Estate In The Metaverse, And How Real Estate Is Still King For Passing Wealth Between Generations
February 20, 2023 - United States
We are pleased to launch the brand’s exclusive 2023 Luxury Outlook report, an in-depth exploration into high-end real estate markets across the globe. Following two years of residential real estate frenzy and historically low interest rates as a result of the Covid-19 pandemic, the report reveals that many luxury agents are continuing to see interest in high-end properties among the affluent, despite record interest rate hikes. Global wealth creation is expected to increase over the next several years1, translating to a potential influx of luxury buyers and an increase in price points in high-end property markets around the world.
“Buyers and sellers are once again maneuvering an ever-changing and fast-moving real estate market,” said Bradley Nelson, chief marketing officer, Sotheby’s International Realty. “Our goal for the third edition of the Luxury Outlook report was to couple the expert insight of our agents with the perspectives of leading institutions on the trends affluent buyers can expect in the months ahead to help them make opportunistic transactions in 2023.”
The Sotheby’s International Realty 2023 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including Morgan Stanley; the Federal Reserve; Credit Suisse; Wells Fargo Wealth & Investment Management, the National Association of Realtors; in addition to art and luxury experts at Sotheby’s, the famed auction house, to round out luxury trends in the year to come.
Key findings featured in the report include:
“As a leader in luxury real estate, buyers and sellers know they can turn to Sotheby’s International Realty agents in any market,” said Philip White, president and chief executive officer, Sotheby’s International Realty. “Luxury Outlook is an extension of the service and expertise our clients have come to expect from our brand and offers an inside-look into the biggest happenings in real estate – from how past market corrections can set a stage for what lies ahead, to the up-and-coming global markets for luxury investors.”
Sothebys, 2023, Luxury Outlook Report