Pacific Sotheby’s International Realty Debuts Global Research Report Exploring Shifts in Real Estate Markets, and Wealth Creation
San Diego, CA (February 16, 2021) – Pacific 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.
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
The real estate trends created in 2020 show no signs of slowing according to Brian Arrington, Owner, and CEO of Pacific Sotheby’s International Realty. “Across Southern California, January 2021 marked the highest consumer demand in home purchasing since 2012. The pandemic has presented many with the opportunity to work remotely and luxury buyers are rethinking their preferences and taking the opportunity to purchase a home in their dream location.”
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.
Click here to download the complete report.
Pacific Sotheby’s International Realty was founded in 2010 and quickly grew into the most dominant real estate firm in San Diego. In 2018, Pacific Sotheby’s International Realty expanded its reach by acquiring HOM Sotheby’s International Realty allowing for contiguous service territory throughout Southern California, representing over 120 miles of prime coastal real estate. The firm’s listings are marketed on pacificsothebysrealty.com and the sothebysrealty.com global website. In addition to the referral opportunities and expanded exposure generated from this source, both its brokers and clients benefit from an association with Sotheby’s auction houses and worldwide Sotheby’s International Realty marketing programs.