Opportunity and Optimism for Luxury Real Estate Markets in 2024
While challenges of higher interest rates and lower listing inventory continue to affect luxury real estate markets across the globe, the majority of Christie’s International Real Estate affiliates look at the 2024 market with “opportunity and optimism”.
Based on several affiliate surveys and interviews conducted by Christie’s International Real Estate, the annual Global Luxury Real Estate Forecast for 2024 outlines a strong demand for luxury real estate with more inventory expected to enter the market throughout the year. While inventory increases will likely help with a lack of supply across many markets, US brokers are more optimistic than their European counterparts regarding an increase in prices.
“A stable U.S. economy, early signs of recovery in Europe, and the influence of Asian funds in high-end property markets around the world are all positive signs for the global luxury real estate outlook,” explains co-CEO of Christie’s International Real Estate, Mike Golden.
There are four emerging luxury real estate markets in particular to watch for real estate investment, according to another Christie’s report. Ras Al Khaimah City (UAE), Malta, Nicaragua, and Park City, Utah are expected to draw luxury investors due to minimal taxes, low-threshold residency-by-investment programs, and highly desirable locations.
Sources:
2024 Global Luxury Real Estate Forecast – Christie’s International Real Estate
Emerging Markets: Four to Watch in 2024 – Christie’s International Real Estate