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Christie's Global Luxury Forecast

Thad Wong and Mike Golden, Co-CEOs Christie's International Real Estate March 8, 2024

Christie's Global Luxury Forecast

Christie’s International Real Estate is pleased to present our 2024 Global Luxury Real Estate Forecast, delving into the key trends shaping luxury real estate around the world in the year ahead.  

Christie’s International Real Estate is pleased to present our 2024 Global Luxury Real Estate Forecast, delving into the key trends shaping luxury real estate around the world in the year ahead.  

Like the broader real estate market, luxury housing surprised many observers and participants last year with its resilience in the face of several challenges. Interest rates spiked as central banks around the world battled inflation. Lasting inventory shortages, the continuing Russia-Ukraine conflict, and the outbreak of war in the Middle East also tested markets. On the flip side, a strong performance in equities bolstered the standing of high-net-worth consumers, who demonstrated they were ready, willing and able to transact in virtually every corner of the world. 

Looking ahead in 2024, we note that strong demand for luxury homes and estates persists, but one of the key questions is how this will translate to deal flow. In several markets, sellers feel little pressure to meet buyers’ moderating price expectations. Other historically strong-performing markets are growing more restrained by regulation. And others, as noted above, simply lack a supply of homes to sell. Our Regional Forecast examines micro-market factors in several key locations through the eyes of local Christie’s International Real Estate brokers.  

The report also looks at Emerging Markets around the world, from Ras Al Khaimah, UAE to Park City, Utah. Located 12,500 miles apart – one on the beach, one in the mountains – both cities are benefitting from strong demand for second homes – and rushing to meet that demand with a monumental development effort.   

While some governments, like the UAE’s for example, have long incentivized luxury purchases, an increasing number of jurisdictions are feeling the need to tax them, a trend we explore in The Mansion Tax Cometh. Cities from Toronto to L.A. to Chicago are making a big bet that levies on high-end home sales will cure budget shortfalls and fund affordable housing programs – without undercutting the luxury market. The early results raise some serious doubts.  

The 2024 Global Luxury Real Estate Forecast also examines a number of developing trends, from the concept of Quiet Luxury to the arrival of Gen Z in the high-end real estate market. And we look at the growing luxury profile of University Towns in the United States, as wealthy retirees and high-earning young professionals seek a low-key lifestyle with big city culture and amenities. We also look back on some of the most Significant Sales throughout the Christie’s International Real Estate network in 2023 and what they say about their respective markets.  

Last year, despite the headwinds, Christie’s International Real Estate continued to expand our global reach, adding several leading luxury brokerage firms to our network while also supporting existing member firms in their growth. Altogether, the brand entered more than 25 new markets last year, including San Francisco and neighboring Marin County; Munich; Belgium; Austin, Texas; the Italian, Swiss and French Alps; and a number of Caribbean nations and territories, including St. Martin, Puerto Rico, the Dominican Republic, and Aruba. We also strengthened our connection to Christie’s venerable auction house, resulting in successful two-way referrals benefitting clients in the purchase and sale of real estate, fine art, and luxury goods.  

Finally, ongoing innovations to our industry-leading, proprietary technology platform and marketing programs mean Christie’s International Real Estate’s independent broker-owners and agents have more resources than ever before to assist clients in their luxury real estate pursuits. 

Enjoy the 2024 Global Luxury Real Estate Forecast, and remember to visit christiesrealestate.com and follow us on social media to make the most of your real estate journey.  


Thad Wong and Mike Golden, Co-CEOs 

Christie’s International Real Estate   

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Jack & Leonard, distinguished luminaries in the realm of real estate, boast an illustrious track record of orchestrating multimillion-dollar transactions in the opulent locales of Brentwood, Beverly Hills, Bel Air, and Malibu. Whether you aspire to buy or sell, rest assured that in their refined stewardship, you shall be endowed with unparalleled resources, consummate expertise, and a network of connections to secure the epitome of value.