Mid-Year Luxury Outlook Report 2024
JUST DROPPED: The Sotheby's International Realty 2024 Mid-Year # LuxuryOutlook report! Explore the latest insights shaping global luxury residential property markets in our first-ever Mid-Year Luxury Outlook report.
I hope you are doing well. The Olympic Games in Paris have officially begun! Paris is one of my favorite cities, and I can't wait to experience the enchanting atmosphere of the games. In this week's newsletter, I wanted to invite you to join me in exploring the luxurious side of Paris. We have two featured blog articles that highlight the enduring luxury capital and the best cultural experiences to have while exploring the city.
Additionally, we have included the Mid-Year 2024 State of Luxury Report released by Sotheby's International Realty Canada. This reportprovides valuable insights into the state of luxury real estate in Canada's top-performing provinces.
If you have any questions or would like to discuss the local market, please don't hesitate to reach out to me. I'm here to help.
Top-Tier Real Estate: 2024 Mid-Year State of Luxury Report*
The increasing number of people immigrating and moving between different regions and provinces in Canada is having a significant impact on the real estate market. This includes both conventional and luxury properties. The patterns of migration between provinces are now considered important indicators of local economic confidence, housing affordability, and market performance.
Don Kottick, the President and CEO of Sotheby's International Realty Canada, explains that while the population growth in Canada's largest cities continues to influence the real estate market, the migration of people between provinces and regions is now becoming a key factor in determining economic sentiment, housing demand, and overall market performance. This migration trend can provide insights into sales activity, housing prices, and market performance in both the cities people are leaving and the areas they are moving to.
Kottick also notes that sales activity in most of Canada's major luxury real estate markets has been steady but subdued in recent months. This is due to high prices and interest rates, which are causing potential buyers to carefully consider their decisions and delay transactions. However, Alberta's major housing markets have been exceptional performers, thanks to the significant population growth in the province.
Spotlight on France: The Enduring Luxury Capital
When LVMH was announced as the Premium Partner for the 2024 Olympic and Paralympic Games in Paris, it may have been an unprecedented move, but shouldn’t have been surprising. France’s signature cultural and economic export is luxury. And iconic French brands within the LVMH group — like Christian Dior, Louis Vuitton, and Givenchy — aren’t just elite fashion maisons, but global ambassadors. But while France dispenses luxury to the rest of the world, it also attracts it...
The Best Culture to See in Paris this Olympics Season
In the lead up to the 2024 Olympic Games, hundreds of events, shows, and exhibitions are taking place in cultural institutions across France as part of the Cultural Olympiad—a multidisciplinary artistic and cultural program that aims to start new conversations between the worlds of art, culture, and sport. With so much happening in Paris alone, we have put together a guide of the best things to see this summer. Cycloïde Piazza, Centre Pompidou, June 25–September 15
To celebrate skateboarding’s recent inclusion at the Olympic Games, the Centre Pompidou has invited French artist Raphaël Zarka to create a “skateable” sculpture for the vast Place Georges-Pompidou in front of the museum.