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Despite market adjustments, the demand for luxury properties remains steady signaling an optimistic second half ahead for the 2024 luxury real estate market, according to recent reports.
Mid-year market reports from Sotheby’s International Real Estate and Christie’s International Real Estate highlight that the demand for luxury properties remains steady however, elections, interest rates, and tax policies all may impact the luxury market for the remainder of the year.
President and chief executive officer of Sotheby’s International Realty, Philip A. White Jr. outlines, “Our first quarter of 2024 was impressive and illustrates that luxury listings continue to outperform the general market. We know that exceptional properties in sought-after locations are attracting strong interest and will often sell at premium prices. I look forward to a strong remainder of the year.”
The 2024 Mid-Year Luxury Forecast by Christie’s Real Estate predicts key influences of politics and interest rates will challenge real estate markets worldwide in the second half of 2024. The report explains, “U.S. presidential elections have been known to cause buyers and sellers to take a step back, and this November’s election will be one of the most anxiety-inducing in history. Conflicts rage on in Ukraine and the Middle East. And inflation and therefore “higher-for-longer” interest rates remain a risk. But 2024 has also exceeded expectations in many regards, and the market feels like it is on track for a solid second half.”
SOURCES:
Sotheby’s Mid-Year Report 2024
Christie’s International Real Estate
