Sotheby’s International Realty 2023 Luxury Outlook Report Explores the Resurgence of Cash Buyers, Real Estate in the Metaverse, and How Real Estate is Still King for Passing Wealth Between Generations

New York, NY – Jan. 5, 2023 (PRNewswire) Sotheby’s International Realty published today its 2023 Luxury Outlook report, an in-depth exploration into high-end real estate markets across the globe. Following two years of residential real estate frenzy and historically low interest rates as a result of the Covid-19 pandemic, the report reveals that many luxury agents are continuing to see interest in high-end properties among the affluent, despite record interest rate hikes. Global wealth creation is expected to increase over the next several years¹, translating to a potential influx of luxury buyers and an increase in price points in high-end property markets around the world.

“Buyers and sellers are once again maneuvering an ever-changing and fast-moving real estate market,” said Bradley Nelson, chief marketing officer, Sotheby’s International Realty. “Our goal for the third edition of the Luxury Outlook report was to couple the expert insight of our agents with the perspectives of leading institutions on the trends affluent buyers can expect in the months ahead to help them make opportunistic transactions in 2023.”

The Sotheby’s International Realty 2023 Luxury Outlook report was compiled by surveying Sotheby’s International Realty agents around the world who transact in the US$10M+ price category. This information was complemented by gathering supporting data from other leading industry experts, including Morgan Stanley; the Federal Reserve; Credit Suisse; Wells Fargo Wealth & Investment Management, the National Association of Realtors; in addition to art and luxury experts at Sotheby’s, the famed auction house, to round out luxury trends in the year to come.

Key findings featured in the report include:

• Sellers are choosing not to sell and take on new mortgages, which could end up being two to three percentage points higher than the ones they have now, protecting home prices from falling
• More than 60% of leading Sotheby’s International Realty agents said inventory is low or very low in their regions
• Now that interest rates have more than doubled over the past year, buyers are turning back to cash
• Credit Suisse, a global investment bank and financial services firm, expects global wealth to increase by US$169 trillion, a cumulative rise of 36%, by 2026
• The U.S. dollar reached a decades-long high, resulting in U.S. buyers flexing their buying power abroad
• Real estate sales across major metaverse platforms totaled US$501 million in 2021, according to MetaMetric Solutions
• The most important amenities for today’s luxury buyers are a salt-water swimming pool, water purification systems, electric car charging stations, and floor-to-ceiling windows

“As a leader in luxury real estate, buyers and sellers know they can turn to Sotheby’s International Realty agents in any market,” said Philip White, president and chief executive officer, Sotheby’s International Realty. “Luxury Outlook is an extension of the service and expertise our clients have come to expect from our brand and offers an inside-look into the biggest happenings in real estate – from how past market corrections can set a stage for what lies ahead, to the up-and-coming global markets for luxury investors.”

Click here to read the complete report.

^{1Credit Suisse, Global Wealth Report 2022}

Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house. Today, the company’s global footprint spans more than 1,000 offices located in 81 countries and territories worldwide, including 50 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Anywhere Real Estate Inc. entered a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby’s International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com. 

The affiliate network is operated by Sotheby’s International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby’s International Realty, Inc. Both entities are subsidiaries of Anywhere Real Estate Inc. (NYSE: HOUS) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby’s International Realty Affiliates LLC and Sotheby’s International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

Media contact:
Melissa Couch
Senior Manager, Public Relations & Communications
melissa.couch@sothebys.realty

SOURCE Sotheby’s International Realty

Luxury Real Estate Brand’s Long-Standing Commitment to Strategic Growth and Virtual Technology Helped the Brand’s Expert Agents Around the World Drive a Record Year

New York, NY – Feb. 25, 2021 (PRNewswire) Sotheby’s International Realty is pleased to announce that its affiliated brokers and independent sales professionals achieved a record US$150 billion in 2020 global sales volume, a nearly 32% increase in sales growth year over year, as the definition of home changed for consumers around the world. Due to a longstanding commitment to innovation, Sotheby’s International Realty^® agents were able to seamlessly help clients navigate the changing market dynamics brought on by the global pandemic with existing technology offerings which propelled business momentum.

“Agents affiliated with Sotheby’s International Realty quickly pivoted to address the impact of the global pandemic,” said Philip White, president and CEO of Sotheby’s International Realty. “Thanks to innovations we pioneered nearly a decade ago, our affiliated companies and agents made the impossible possible. Their adaptability to serve clients safely further extended our position as a leader in luxury real estate.”

Long-Standing Commitment to Virtual Technology Paved Way for Success

Sotheby’s International Realty continued to lead the industry and was well-positioned to meet the needs of consumers as the buying and selling process became increasingly virtual. Sotheby’s International Realty agents accelerated the use of the brand’s existing video, virtual reality, and live-streaming technology to produce new forms of content that engaged buyers and set a new standard for marketing luxury properties. Currently, buyers can safely tour more than 6,000 properties via virtual reality or video on sothebysrealty.com. Property videos also proved engaging on social media where the brand’s YouTube channel delivered 43 million views, or the equivalent of more than one million hours watched.

“As a leader in the luxury real estate industry, Sotheby’s International Realty is able to anticipate trends,” said Chief Marketing Officer, Bradley Nelson. “Our priority remains to present listings in the best possible manner and to provide a superb end-user experience however buyers prefer to search for their new home. Virtual technology has been at the forefront of our marketing strategy for several years and comes as naturally to us as our commitment to high quality service.”

The brand also unveiled a new website, sothebysrealty.com, available in 14 languages and nearly 60 currency conversions, to continue serving its growing international clientele and fuel referrals worldwide. The website achieved a notable amount of traffic for the brand with 37 million visits in 2020. Property videos on the site produced by Sotheby’s International Realty agents were especially popular and played nearly 13 million times in 2020, totaling more than 90,000 hours watched.

A Year of Strategic Growth and Record Achievements

Despite travel restrictions, Sotheby’s International Realty remained committed to expanding its global footprint and achieving strategic growth. In 2020, the brand opened more than 50 new offices across the world, bringing the brand’s total presence to nearly 1,000 offices in 75 countries and territories with approximately 24,000 independent sales associates worldwide.

The brand’s existing affiliated companies around the world continued to grow in 2020. Sotheby’s International Realty increased its total domestic presence to 45 states around the country. Sotheby’s International Realty facilitated affiliate expansions through  12 domestic M&A transactions, including California, Colorado, Florida, Massachusetts, and Washington. 

The brand also continued to expand internationally in key markets and opened offices in seven new territories. In Europe, the brand expanded to Ukraine, Romania, Montenegro, and in Germany. In the Asia-Pacific region, the brand opened its first office in South Korea and expanded in the Caribbean and Latin American region with two new offices in Paraguay and Antigua & Barbuda.

“Our international footprint is one of our greatest competitive advantages,” said Tammy Fahmi, vice president, global operations and international servicing. “Our brand’s locations are in the most desirable places around the globe, so our clients know they can rely on our local market expertise wherever they are looking to buy or sell.”

As affluent individuals looked to acquire secondary homes in markets around the world, Sotheby’s International Realty agents acted as true global real estate advisors and referral volume surged by 42% to US$2.9 billion in closed sales volume.

“Our 2020 results prove what is possible when you focus on quality above all else. We remain proud to be the real estate brand of choice for so many luxury real estate experts and affluent clients. We will continue to work tirelessly to prove their trust has been well placed,” concluded White.

Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house. Today, the company’s global footprint spans nearly 1,000 offices located in 75 countries and territories worldwide, including 45 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy entered a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby’s International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

The affiliate network is operated by Sotheby’s International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby’s International Realty, Inc.  Both entities are subsidiaries of Realogy Holdings Corp. (NYSE: RLGY) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby’s International Realty Affiliates LLC and Sotheby’s International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

CONTACT
Melissa Couch
PR Manager
Sotheby’s International Realty
973-407-6142
melissa.couch@sothebysrealty.com 

SOURCE Sotheby’s International Realty

New York, NY – Feb. 2, 2021 (PRNewswire) 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. 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.

“As a leader in luxury real estate, it was important for us to analyze trends emerging from the most unparalleled year in modern history,” said Bradley Nelson, chief marketing officer for Sotheby’s International Realty. “The pandemic recalibrated interest in larger, greener properties, secondary cities, and geographies with favorable tax and emigration policies. These preferences are likely here to stay for the foreseeable future, and it was important for us to provide a resource to those looking to navigate the months ahead.”

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.

Key findings featured in the Sotheby’s International Realty 2021 Luxury Outlook include:

• 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

“Once more, the vast network of Sotheby’s International Realty has played a crucial role in successfully advising our clients around the world,” said Philip White, president and chief executive officer of Sotheby’s International Realty. “Thanks to our presence in more than 70 countries and territories, we were able to expertly traverse the market conditions and shifting trends the pandemic presented. To produce Luxury Outlook, we relied on the expertise of our local market experts internationally to provide first-hand credibility to market data.”

Click here to download the complete report.

Sotheby’s International Realty

Sotheby’s International Realty was founded in 1976 as a real estate service for discerning clients of Sotheby’s auction house. Today, the company’s global footprint spans approximately 1,000 offices located in 72 countries and territories worldwide, including 45 company-owned brokerage offices in key metropolitan and resort markets. In February 2004, Realogy entered a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a franchise system. The franchise system is comprised of an affiliate network, where each office is independently owned and operated. Sotheby’s International Realty supports its affiliates and agents with a host of operational, marketing, recruiting, educational and business development resources. Affiliates and agents also benefit from an association with the venerable Sotheby’s auction house, established in 1744. For more information, visit www.sothebysrealty.com.

The affiliate network is operated by Sotheby’s International Realty Affiliates LLC, and the company owned brokerages are operated by Sotheby’s International Realty, Inc.  Both entities are subsidiaries of Realogy Holdings Corp. (NYSE: RLGY) a global leader in real estate franchising and provider of real estate brokerage, relocation and settlement services. Both Sotheby’s International Realty Affiliates LLC and Sotheby’s International Realty, Inc. fully support the principles of the Fair Housing Act and the Equal Opportunity Act.

Melissa Couch
PR Manager
Sotheby’s International Realty
973-407-6142
melissa.couch@sothebysrealty.com

SOURCE Sotheby’s International Realty