Introducing the 2024 Mid-Year Luxury Outlook Report

July 10, 2024

Today, Sotheby’s International Realty published the next iteration of the brand’s coveted Luxury Outlook℠ report. The 2024 Mid-Year Luxury Outlook is a comprehensive examination of the forces and trends impacting high-end residential real estate markets across the globe for the remainder of the year.

This year, policy shifts and elections in nearly 80 countries are likely to impact property markets as voters hit the polls, and the trajectory of U.S. interest rates remains a key watchpoint for buyers, sellers, and international observers. Meanwhile, cultural investments like new museums and major art projects continue to mold desirable neighborhoods and bolster property values. We know that buyers and sellers are eager to make wise financial decisions, and staying informed is key to making that happen.

Key findings featured in the report include:

Approximately half the world’s voting-age population are eligible to take part in elections in 2024, more than four billion people stretching across nearly 80 countries that account for more than 60% of global GDP.

Historically, the housing market tends to experience a slowdown in activity during presidential election years. A sense of political stability, on the other hand, can have an unsurprisingly positive effect.

While real estate agents the world over are watching out for political changes, they are keeping an even closer eye on interest rates.

Industry forecasts anticipate that the Federal Reserve will lower rates later this year. The Mortgage Bankers Association estimates that rates will fall to about 5.9% by 2025, while Wells Fargo has made a similar forecast of 6%.

Advocating for cities to be artfully designed has taken on different forms, but a perennial truth is that substantial cultural investment is an essential element of urban environments around the globe.

According to data released in March 2024 by the National Endowment for the Arts and the Bureau of Economic Analysis (BEA), the economic impact of the arts and cultural industries in America, for example, hit an all-time high in 2022, contributing 4.3% of GDP, or US$1.1trillion, to the U.S. economy.

Click here to read the complete report.