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$10M+ price
category around the world. This information was complemented
by gathering supporting data from other leading industry experts,
including Credit Suisse, the Luxury Institute, and the National
Wellness Institute, in addition to art and luxury experts at
Sotheby's, the famed auction house.
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