奢华房产市场展望

Cont ent s6Market Out lookLuxury property is proving adaptableto the year ahead20Invest m ent LandscapeHow falling federal interest rates andglobal elections have shaped the market22Migrat ing Wealt hMillionaires are on the move ? and sois their money34Propert y PlaybookSavvy investors are looking beyondtraditional borders4 6Generat ional Shif t sWith transferred wealth comes seriousbuying power53Millennial Tast esA new generation is shaping trendsin luxury property58Ideal Locat ionsWhat makes a city rank high on thelivability scale 67Midwest ern RenaissanceBehind the growing allure of Rust Beltreal estate72Great Est at esWhy donating property makes fora meaningful legacy82Branded LivingThe trend of luxury brands moving intothe branded residences sector9 0Propert y Mat chm akerHow AI has supercharged the businessof real estate9 6Hybrid Hom esWhy sustainability and hybrid featuresare growing in popularity10 2Propert y IndexLearn more about the homes in this report2 Front and back covers:The Arm ani BeachResidences on PalmJum eirah, due t o becom plet ed at t he endof 20 26, are one ofDubai?s m ostant icipat ed luxurybranded residences.Above: Experienceunparalleledluxury wit h t hefour+ bedroom beachvilla at Four SeasonsPrivat e ResidencesTropicalia, El Seibo,Dom inican Republic.Right : This elegantFreeland, Washingt on,hom e of fers t he bestof wat erf ront living. W elcomeWhen we first introduced the LuxuryOutlookSMreport in 2021, the definitionof home was undergoing a seismic shiftas a result of COVID-19. Unprecedentedchanges in the real estate market createda critical need to provide our clients withtimely, global intelligence informed inreal time by our unparalleled network ofmore than 1,10 0 offices in 83 countriesand territories. Our goal with this reportis to deliver strategic insights so that youcan make informed decisions.As we enter 2025, the global luxuryproperty market remains resilient. OurLuxury OutlookSMreport provides anin-depth analysis of the many indicatorsthat validate PricewaterhouseCoopers?A clearer pict ureSot heby?s Int er nat ional Realt y Chief Mar ket ing Of f icerA. Bradley Nelson int roduces t he Sot heby?s Int er nat ional Realt y20 25 Luxur y Out lookSMrepor tOctober 2024 forecast of an impendingreal estate cycle upturn. We?re seeingencouraging signs across key markets,with inventory stabilizing and returningto healthy levels in prime locationsworldwide, and we hope to see pent-updemand drive a global increase intransactions in the coming months.Following a landmark year of electionsaround the world, the direction ofgovernment in many democracies hasbecome clearer. Politics are unpredictable,but here in the U.S., financial markets haveresponded bullishly to a decisive result,and as Philip A. White Jr., our presidentand CEO, points out, ultra-high-net-worthindividuals (UHNWIs) pay close attentionto stock market performance whenmaking real estate investment decisions.The anticipated US$ 84 trillion transferof wealth from the Silent Generationand Baby Boomers to Generation X,Millennials and younger gathersmomentum. These younger generationsvalue lifestyle, community and meaningfulconnections? particularly after yearsof digital-first interactions.Proximity to nature, arts and cultureis profoundly shaping the tastes ofemerging affluent buyers. ??The WhiteLotus?effect,?based on the hit HBOtelevision show set in a luxurious resort,is drawing wealthy, younger investors,including digital nomads and professionalsin the finance and technology sectors,to the timeless allure of destinations 4 W E?RE SEEINGENCOURAGINGSIGNS ACROSS KEYM A RKET S, W IT HINV ENT ORYSTA BIL IZING A NDRET URNING T OHEA LT HY L EV EL SIN PRIM EL OCAT IONSW ORL DW IDE??A . BRA DL EY N EL SONchief mar k et ing officerSotheby?s Int er nat ional Realt y such as Italy. Similarly, the entry of storiedfashion brands such as Dolce & Gabbanainto the branded residency market inMiami, Florida, underscores a compellingtrend: our lifestyle preferences areincreasingly intertwined with real estateinvestments. Branded residences andthe curated services and amenities theyoffer are emblematic of this trend ofexperience-led property purchases.In today?s social media-driven world,homes have transcended their traditionalrole, becoming curated backdrops thatwe broadcast into the world. Whetherbuyers are looking for newly constructedhomes? a market segment particularlypopular with Generation X and nowrepresenting 16% of all home sales?or are undertaking restorations of that Americans?affinity for the Britishcapital has never been stronger.Queensland, Australia, meanwhile,remains a vibrant, growing market,while Dubai Sotheby?s InternationalRealty achieved a record breakingUS$ 65.5 million sale for a JumeirahBay Island villa in 2024.At the time of writing, Sotheby?sInternational Realty offered 44,0 0 0homes for sale. Inventory levels in theupper echelons of the market areimproving and numerous examplesof architecturally significant