2021 Luxury Outlook report 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.
The report reveals that global wealth is forecasted to grow and pandemic trends are expected to persist in the year ahead. With priorities shifting toward larger homes with special amenities, including “Zoom rooms,” multiple offices and workspaces, and an increased interest in sustainable homes with wellness and technology features, the Luxury Outlook highlights new spending habits and homebuying trends.
Amid an Uneven Recovery, Global Wealth Forecasted to Grow and Pandemic Trends will Dominate Year Ahead
Over the coming year, the flight to larger, greener properties, interests in suburbs, secondary cities and vacation markets is likely to continue. That said, savvy buyers are already hunting for opportunistic buys in major cities, a trend that will only accelerate as vaccines against the virus bring urban centres back to life. The past year has been a roller coaster with dramatic swings in the stock market ending in record-breaking highs, while interest rates sank to new lows.
Meanwhile, both changing tax policies in the wake of government revenue shortfalls and opportunities for alternative home bases will shape where real estate investment flows. There’s even a growing appetite for trophy homes priced at or more than US$10 million.
Over the longer term, shifting lifestyle preferences and demand for sustainable, responsible homes and goods will push more developers and sellers to favor green features, wellness amenities, and more technology-driven conveniences.
The 2021 Luxury Outlook report offers insight into the new normal following a global pandemic. Explore our collection of exceptional real estate from the comfort of your home in our curated lifestyle collections.
This article was originally published on Sotheby’s International Realty’s Extraordinary Blog, and has been adapted for Sotheby’s International Realty Canada.