wealth tax

A look at the luxury market as 2022 gets underway

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Budge Huskey

With any new year comes the natural reflection on the one past, as well as thoughts about what the future holds. And in the world of real estate, it also heralds the release of the latest Global Luxury Market Report from Sotheby’s International Realty. Several points are shared below from the publication, including my own contributions, as well as additional personal observations of the luxury market from our global advisors.

Real estate proved the sector of the economy with the most rapid recovery from the economic crisis generated by the pandemic. The rebound was evident across all residential real estate classes, locations, and price ranges, yet the greatest surge was present in the resort and second home categories. Vacation home sales were up 57.2% year-over-year in the first few months of 2021, according to the National Association of Realtors, compared with the approximately 20% change in total existing home sales.

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