EXPERTS AFFIRM: GLOBAL WEALTH EXPECTED TO GROW AS PANDEMIC TRENDS PERSIST IN YEAR AHEAD
Steamboat Sotheby’s International Realty Debuts Global Research Report Exploring Shifts in Real Estate Markets
Sotheby’s International Realty is pleased to announce the release of its inaugural 2021 Luxury Outlook report which examines high-end residential markets across the globe in the wake of the Covid-19 pandemic. The comprehensive report provides insight into the world’s top primary and secondary markets and the anticipated wealth trends that will drive discretionary investment in the coming months.
As noted in the report, the Rocky Mountain region has seen a particular surge in the real estate market as a result of the pandemic. As people become more accustomed to remote working, buyers searched for properties with more space and acreage, natural beauty, and a more relaxed lifestyle. In 2020, the Steamboat Springs real estate market set several records and saw a 50% increase in dollar volume sold over 2019.
Key findings featured in the Sotheby’s International Realty 2021 Luxury Outlook include. OPPORTUNITY TO SWAP THE BELOW FOR STATS SPECIFIC TO YOUR LOCAL MARKET, AS APPLICABLE.
• 63% of respondents said they expected luxury home prices to rise over the next three years
• Trophy home buyers remain heavily concentrated in the U.S. and China
• By August 2020, high-net-worth individuals’ collective wealth had grown 37% from March 2020, according to a study by Wealth-X
• The most important amenities for luxury buyers today are private outdoor space or nearby parks and additional square footage for remote work and education
• By 2025, millennials could account for 45% of luxury goods sales
The Sotheby’s International Realty 2021 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents who transact in the US$10M+ price category around the world. This information was complemented by gathering supporting data from other leading industry experts, including Credit Suisse, the Luxury Institute, and the National Wellness Institute, in addition to art and luxury experts at Sotheby’s, the famed auction house.
Click here to download the complete report.