{"id":342144,"date":"2024-07-10T11:25:04","date_gmt":"2024-07-10T15:25:04","guid":{"rendered":"https:\/\/www.sothebysrealty.com\/blog-api\/?p=342144"},"modified":"2024-07-10T11:25:04","modified_gmt":"2024-07-10T15:25:04","slug":"introducing-the-2024-mid-year-luxury-outlook-report","status":"publish","type":"post","link":"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/introducing-the-2024-mid-year-luxury-outlook-report\/","title":{"rendered":"Introducing the 2024 Mid-Year Luxury Outlook Report"},"content":{"rendered":"<p><a href=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2024\/07\/PremierSIR-2.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-342147 size-large aligncenter\" src=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2024\/07\/PremierSIR-2-1024x683.jpg\" alt=\"\" width=\"630\" height=\"420\" \/><\/a><\/p>\n<p>Today,\u00a0Sotheby&#8217;s International Realty published\u00a0<span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">the next iteration of the brand\u2019s coveted Luxury Outlook\u2120 report. The <a href=\"https:\/\/www.luxuryoutlook.com\/2024-mid-year-luxury-outlook-report\/\" target=\"_blank\" rel=\"noopener\">2024 Mid-Year Luxury Outlook<\/a> 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.<\/span><\/p>\n<div class=\"\" data-block=\"true\" data-editor=\"42qjo\" data-offset-key=\"3qmm5-0-0\"><span style=\"font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Oxygen-Sans, Ubuntu, Cantarell, 'Helvetica Neue', sans-serif;\">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.<\/span><\/div>\n<p><a href=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2024\/07\/Luxury-Outlook.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"wp-image-342146 size-large aligncenter\" src=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2024\/07\/Luxury-Outlook-1024x553.jpg\" alt=\"\" width=\"630\" height=\"340\" \/><\/a><\/p>\n<p><span data-contrast=\"auto\">Key findings featured in the report include:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">Approximately half the world\u2019s voting-age population are eligible to take part in <\/span><span data-contrast=\"auto\">elections in 2024, more than four billion people stretching across nearly 80 countries that account for more than 60% of global GDP.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">Historically, the housing market tends to experience a slowdown in activity during presidential election years<\/span><span data-contrast=\"auto\">. <\/span><span data-contrast=\"auto\">A sense of political stability, on the other hand, can have an unsurprisingly positive effect.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">While real estate agents the world over are watching out for political changes, they are keeping an even closer eye on interest rates.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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%.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"auto\">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.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"https:\/\/www.luxuryoutlook.com\/2024-mid-year-luxury-outlook-report\/\" target=\"_blank\" rel=\"nofollow noopener\">Click here<\/a>\u00a0to read the complete report.<\/p>\n<p><a href=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2021\/04\/footer-water-generic.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"330410\" data-permalink=\"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/footer-water-generic\/\" data-orig-file=\"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/wp-content\/uploads\/2021\/04\/footer-water-generic.png\" data-orig-size=\"1024,171\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"footer-water-generic\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/wp-content\/uploads\/2021\/04\/footer-water-generic.png\" class=\"wp-image-330410 size-large aligncenter\" src=\"\/\/static-sir-corp-blog-production.gtsstatic.net\/blog-api\/wp-content\/uploads\/2021\/04\/footer-water-generic-1024x171.png\" alt=\"\" width=\"630\" height=\"105\" \/><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Today,\u00a0Sotheby&#8217;s International Realty published\u00a0the next iteration of the brand\u2019s coveted Luxury Outlook\u2120 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 [&hellip;]<\/p>\n","protected":false},"author":64295786,"featured_media":342145,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1403],"tags":[1458],"class_list":["post-342144","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-insights","tag-luxury-outlook"],"jetpack_featured_media_url":"","jetpack_likes_enabled":false,"jetpack_shortlink":"https:\/\/wp.me\/pf4gbL-1r0s","jetpack-related-posts":[{"id":397,"url":"https:\/\/www.sothebysrealty.com\/extraordinary-living-blog\/introducing-the-2025-luxury-outlook-report\/","url_meta":{"origin":342144,"position":0},"title":"Introducing the 2025 Luxury Outlook Report","author":"Procurement Admin","date":"January 23, 2025","format":false,"excerpt":"Today,\u00a0Sotheby's International Realty\u00a0released its 2025 Luxury Outlook\u2120 report, which delves into emerging trends and key developments set to shape the global luxury real estate landscape in the coming year. 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