We are pleased to introduce the Sotheby's International Realty 2023 Luxury Outlook
report, which outlines the industry trends and happenings across high-end residential markets around the world.
In 2022, we saw mortgage rates soar after two years of historic lows, fueling a “lock-in” effect that strained an already tight market as homeowners continued to spend more time at home than ever before. In this report, we highlight the trends that you can expect in the year ahead, from the projected flow of global wealth into the real estate market to luxury real estate in the metaverse.
Key findings featured in the report include:
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2022 is likely to be the year of the international buyer as borders open and vaccinations and boosters roll out
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Sellers are choosing not to sell and take on new mortgages, which could end up being two to three percentage points higher than the ones they have now, protecting home prices from falling
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More than 60% of leading Sotheby’s International Realty agents said inventory is low or very low in their regions
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Now that interest rates have more than doubled over the past year, buyers are turning back to cash
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Credit Suisse, a global investment bank and financial services firm, expects global wealth to increase by US$169 trillion, a cumulative rise of 36%, by 2026
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The U.S. dollar reached a decades-long high, resulting in U.S. buyers flexing their buying power abroad
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Real estate sales across major metaverse platforms totaled US$501 million in 2021, according to MetaMetric Solutions
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The most important amenities for today’s luxury buyers are a salt-water swimming pool, water purification systems, electric car charging stations, and floor-to-ceiling windows
As always, we are here to answer any questions regarding the market locally or assist in connecting you with a Sotheby's International Realty expert in another part of the country or world.
