Tax regimes are having an impact worldwide, U.S. buyers are cautiously optimistic, while ultra-high-net-worth buyers remain unfazed by global economic conditions
CHICAGO, July 09, 2024. From Verbier to Vietnam, the report offers a look at the current state of luxury real estate around the world and predictions for the rest of 2024.
The report is based on insights from more than three dozen Christie's International Real Estate broker-owners in 18 countries on five continents. It is designed to guide homebuyers and sellers and those looking to invest in luxury homes in the near future, so they can be confident participants in the current market. Highlights include:
- A global overview (https://www.christiesrealestate.com/blog/global-luxury-real-estate-mid-year-overview) of the luxury real estate market, highlighting commonalities across markets and three themes predicted to impact luxury real estate sales over the next several months;
- Regional forecasts (https://www.christiesrealestate.com/blog/mid-year-regional-market-updates/), offering insight on what to expect in the second half of the year in 29 different markets;
- A look at 10 significant sales (https://www.christiesrealestate.com/blog/mid-year-significant-luxury-home-sales) from the Christie's International Real Estate affiliate network and what these transactions tell us about the luxury real estate market in each location.
Key takeaways include:
- The mood for U.S. brokers is cautiously optimistic, as high interest rates continue to impact both available supply and the luxury buyer's psyche;
- The sunsetting of tax regimes is expected to create a dynamic environment in Europe, where markets including Portugal and the UK have recently phased out, or are planning to phase out, programs incentivizing the purchase of real estate by foreigners;
- Ultra-high net worth (UHNW) buyers have been relatively unfazed by global economic conditions and continue to set their sights on trophy assets in regions including Dubai, London, Beverly Hills, and Naples, Fla.
"Hearing from our affiliates in major financial centres, emerging markets and top resort destinations around the world, we found commonalities, stark differences, as well as some surprises, when it comes to luxury real estate activity and predictions for the second half of 2024," said Thad Wong, co-CEO of Christie's International Real Estate. "Looking at our most significant sales in the first half of the year, it's clear that, despite a complex economic and geo-political environment, the best properties continue to be in high demand."
To read the full report, click here.
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About Christie's International Real Estate
Christie's International Real Estatehas successfully marketed high-value real estate around the world for more than 30 years. Through its invitation-only Affiliate network spanning nearly 50 countries and territories, Christie's International Real Estate offers incomparable services to a global clientele at the luxury end of the residential property market.
Attachment
- Tax regimes are having an impact worldwide, U.S. buyers are cautiously optimistic, while ultra-high-net-worth buyers remain unfazed by global economic conditions (https://ml.globenewswire.com/Resource/Download/56597adc-fe92-4ecc-9eb2-b29cfbe282e8)
