Luxury Market Report - February 2024

Dated: February 15 2024

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    • Download the full report HERE. Excerpts below;

Expectations and Considerations for 2024

To say that the high-end market has seen a dramatic growth over the last few years is probably an understatement. The recognition of its impact and undeniable influence, through emerging trends and architectural innovations, on the broader real estate landscape has been equally significant.

As we step into 2024, the luxury market now stands at another fascinating juncture.

This sector, known for its resilience and capacity to set trends, experienced a notable positive shift towards the end of 2023. After a period of stagnation driven by economic uncertainties, the market saw a resurgence in activity, marking a pivotal moment for affluent investors and luxury property enthusiasts.

The initial three quarters of 2023 were characterized by a cautious approach from both buyers and sellers, largely attributed to the unpredictable economic climate. Concerns over inflation, fluctuating interest rates, and the overall economic outlook led to a slowdown in transactions.

However, the landscape began to shift in the last quarter of the year. As indicators of economic stabilization became more apparent, confidence returned to the luxury real estate market. This confidence was mirrored in increased inventory levels and a subsequent rise in sales, surpassing figures from the same period in 2022.

A Market Still Evolving

Early statistics from January 2024, based on the 155 markets researched by The Institute, suggest that this positive trend is not only continuing but has the potential to accelerate, particularly in the single-family luxury market. Indicators point to a robust spring market that could potentially outperform the previous year.

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Susanna Kunkel

Susanna provides executive level service to all her clients based on her years in corporate CEO offices. Creative marketing, global networking and local expertise. Her unique mix of business savvy and....

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