New Industry Trends in the Luxury Housing Market
Each year, Sotheby’s International Realty releases a new Luxury Outlook Report to explore what you need to know in order to stay informed and ready to make a smart real estate decision at any moment. Below are just a few highlights:
- A Renewed Focus on Taxes and Regulation - As the global economy emerges from the pandemic, people have more flexibility and are maintaining multiple residences, whether in different states or on different continents. Buyers are reviewing changing tax structures, new government incentive programs, and changing climates as they make decisions on where to buy next. Greece, Hong Kong, Central Europe, and Australia are all incentivizing buyers with new programs. Meanwhile, Portugal is phasing out their Golden Visa program, and the City of Los Angeles’ new real estate transfer tax is driving people from from investment there.
- Stronger Awareness of Climate Risks and Sustainability - Luxury home buyers are indicating that they’re concerned with two issues: whether the house is located in a higher-risk area (wildfires, flooding, future heat levels, and hurricanes) and whether a house has been built with environmentally conscious considerations in mind, include sustainable materials, eco-friendly heating systems, water-efficient landscaping, and garages with charging capabilities for electric cars. Buyers are looking to invest in areas that are have less risk and more long-term stability.
- Embracing Colorful Home Design and Separate Spaces - Design is always changing and this year, we are moving toward natural color tones. Popular colors are taking cues from nature. The most popular color is green, followed by rust, creams, saddle brown, blues, sea green, and sand. Also, people are wanting more recreational and private spaces—rec rooms, theaters, lounges, places to go to entertain and be entertained, yet not always all together. In the kitchen, we are seeing a lot of double islands that bring families together visually, but separate them physically. Additionally, people are asking for more windows, but they want to have protection from the sun. We’re starting to see special glass that’s like transition sunglasses; when the sun hits it, it gets darker. Finally, adding history to a new space is something becoming a lot more popular. For example, reclaimed floors are being used more and more because they don’t feel brand new.
There are so many interesting articles to review in the 2024 Luxury Outlook Report. To read more, click the button below.
Featured Listing of the Week
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