This Year, Luxury Homebuyers Will Look Further Afield for Deals
Demand is predicted to stay steady. So are prices, according to a new report. This may mean shoppers will have to broaden their searches.
A $6.1 million house set in Puerto Rico’s El Yunque Rainforest.
Photographer: Michael Sorenson/Puerto Rico Sotheby’s International Realty
Following 2022, where luxury real estate stayed relatively stable, even as interest rates jumped and the stock market slumped, the coming 12 months will see sustained demand, according to a new 2023 luxury outlook report from Sotheby’s International Realty.
“You’re seeing wealth creation grow at such a fast pace that there’s no impact on the demand side of the luxury housing equation,” says Bradley Nelson, the company’s chief marketing officer, who spearheaded the report.