Tag: Luxury Property

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Sotheby’s International Realty Announces 2023 Luxury Outlook Report

An ambitious exploration into high-end residential markets across the globe.

Sotheby’s International Realty is pleased to announce the release of the 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 years, translating to a potential influx of luxury buyers and an increase in price points in high-end property markets around the world.

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, 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 

CLICK HERE TO READ THE REPORT

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Sotheby’s Expands into Egypt and Australia

Sotheby’s International Realty today announced the opening of Egypt Sotheby’s International Realty, signifying the brand’s second office in Northern Africa and its 206th office in the EMEIA region.

Egypt Sotheby’s International Realty is co-founded and operated by Marwan Gebril who brings 15 years of real estate experience to the company. The company is headquartered in the city of Cairo and will service the entire country, including the city of Sheikh Zayed, a top development area, and Arkan, the country’s up-and-coming retail landmark.

“Luxury real estate has been on the rise in Egypt, with hidden gems being uncovered across the country’s expansive and varied terrains,” said Philip White, president and CEO of Sotheby’s International Realty. “Major public investment, including infrastructure upgrades in Cairo, have further primed the country for growth in the sector. I am proud of our continued expansion in the region, and I look forward to supporting Marwan and the entire Egypt Sotheby’s International Realty team.”

“Over the past decade, we’ve seen the rise and demand for branded serviced residences, signature projects, and boutique complexes in Egypt,” said Gebril. “It is clear that Egypt will  play a much bigger role in the region as a key luxury real estate destination and investment hub. Our firm is primed for such industry growth as the only luxury real estate firm in the country, and our affiliation with Sotheby’s International Realty enables us to capitalize on this growing demand on a global level.”

The office currently has 30 sales associates with plans for continued expansion. Egyptian properties offer proximity to some of the world’s oldest monuments, artifacts, and historic towns, in addition to lifestyle interests, such as world-class diving and golf.

Sotheby’s International Realty today announced its expanding presence in Australia with the opening of the Byron Bay office in New South Wales. The addition marks the Sotheby’s International Realty brand’s 11th affiliated office in Australia.

The office is owned by Michael Pallier who is also managing director for Sydney Sotheby’s International Realty. The new location will be led by James McCowan and will operate as Byron Bay Sotheby’s International Realty.

“With its stunning natural attractions and eclectic community, Byron Bay has become one of the world’s most famous coastal towns,” said Philip White, president and CEO, Sotheby’s International Realty. “Due to its popularity, we are seeing increased interest from ex-pats and high-net-worth individuals from New Zealand, Australia, and the Asia-Pacific region, and the prices of homes have risen by more than 20%, according to local records. The addition of the Byron Bay office enables the company to further service their clients in New South Wales, and I am thrilled to support their growth.”

“We saw an opportunity to break into the rural and lifestyle real estate sector of Byron Bay and its surrounds,” said Pallier. “While the real estate market is highly competitive, we understand our clients’ properties were once livelihoods or dream homes, and we want to represent that as best as we can. Our company provides solid real estate knowledge, a tailored level of service, and global marketing opportunities through our affiliation with Sotheby’s International Realty.”

Prior to the opening of the Byron Bay office, Michael and James have had a 25-year history of working together, where they launched Sydney Sotheby’s International Realty 10 years ago and have consistently broken sales records for many significant luxury homes and rural properties.

The Sotheby’s International Realty® network currently has nearly 26,000 affiliated independent sales associates located in over 1,000 offices in 81 countries and territories worldwide. Byron Bay Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.

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Sotheby’s Expands in Ireland

Sotheby’s International Realty today announced the opening of Lisney Sotheby’s International Realty in Ireland. The opening brings the brand’s total number of affiliated offices in Europe to more than 200 and signifies the brand’s continued expansion in Ireland with a total of seven offices servicing the country.

Lisney Sotheby’s International Realty is owned and operated by Lisney, Ireland’s largest independently owned multi-disciplinary property advisory company. Through its affiliation, the company will join forces with Ireland Sotheby’s International Realty, making Lisney Sotheby’s International Realty the brand’s sole affiliated company in Ireland. David Byrne will serve as Managing Director for the company and David Ashmore, formerly of Ireland Sotheby’s International Realty since 2016, will join the company as Director.

“The luxury and residential real estate market in Ireland is seeing strong demand,” said Philip White, president and CEO of Sotheby’s International Realty. “Ireland is attracting the attention of major companies looking to set up headquarters, resulting in both domestic and international interest. We are also seeing ex-pats return home to take advantage of Ireland’s strong employment and high quality of life. The affiliation of Lisney Sotheby’s International Realty, and the strategic integration of our existing affiliated company, further enables us to have a significant presence in the country, and I look forward to welcoming the Lisney Sotheby’s International realty team to the network.”

“As a long-established Irish property firm, we are very proud of the expertise we have in the country,” said Byrne. “Sotheby’s International Realty is globally recognized as one of the most desirable brands and our affiliation provides instant recognition to buyers looking to purchase property in Ireland. We believe this partnership has the potential to set a new standard of client-orientated service. Our team has the knowledge and foresight to spot and unlock new opportunities in a rapidly changing marketplace, and Sotheby’s International Realty has the capabilities to market on an international scale, enabling us to build stronger client relationships.”

Lisney Sotheby’s International Realty will service the entire country with seven offices in the cities of Dublin and Cork. The company is active in the local community and each year the firm selects a charity to support with regular fundraising events. The company is also regularly involved in the sale of some of Ireland’s most expensive homes year after year.

The Sotheby’s International Realty® network currently has more than 25,000 affiliated independent sales associates located in more than 1,000 offices in 78 countries and territories worldwide. Lisney Sotheby’s International Realty listings are marketed on the sothebysrealty.com global website. In addition to the referral opportunities and widened exposure generated from this source, the firm’s brokers and clients will benefit from an association with Sotheby’s auction house and worldwide Sotheby’s International Realty marketing programs. Each office is independently owned and operated.