Luxury real estate: trends for 2024

The luxury real estate market always travels independently with respect to economic and social trends. As can be seen from our 2023 Observatory, it is a world in constant evolution and growth, often also in strong contrast with social dynamics. Think about the shocks of recent years: pandemic, war, recession, hyperinflation. None of this has managed to affect Luxury Real Estate, which seems to enjoy its own aura.
For these reasons we believe it is interesting to understand where the luxury real estate market could go in 2024, confident that it will move completely autonomously with respect to geopolitical or social issues.

So what are the trends for 2024?

The first certainty: it will continue to grow
The first certainty is that luxury real estate will continue to grow, at least in Italy. This is demonstrated by the difference in prices per square meter in the main world capitals. If in New York, London, Paris and many other metropolises the cost per square meter varies between 20,000 and 30,000 euros, if not more, in Italy we are still behind. Suffice it to say that in the complex designed by star architect Libeskind, in City Life in Milan, the current price is 10,000 euros per square meter. And we are talking about the so-called "millionaires' condominium", where Fedez and Ferragni recently bought a house.
Not only that, another sign of the growth of luxury real estate are emerging markets, such as China, India and Brazil. In these areas, which are experiencing new development, wealth is constantly increasing, continuously fueling the demand for luxury residences and pushing investors to focus heavily on these areas.


Trends for 2024: digitalisation, green and art
Having established that the Real Estate Luxury market will continue to grow vigorously, it is now important to understand which trends will move in 2024.
The first, which is actually a confirmation, is digitalisation. The luxury real estate sector is increasingly leveraging technology to offer potential buyers a more engaging experience. Virtual reality and digital visualization tools are becoming more and more common. Buyers can, for example, explore properties remotely, which is particularly useful for those looking for properties abroad.
Sustainability is also set to impact the luxury market in 2024. This is because buyers are more inclined to invest in properties that meet high environmental standards. Luxury homes now often include eco-friendly features like solar panels, efficient heating and cooling systems, and sustainable building materials.
Finally, art and design, which as always go hand in hand with the concept of luxury. Increasingly, buyers are looking for homes that double as private art galleries, with exhibition spaces and works of art integrated into the architecture itself. Also not to be forgotten is the impact of new technologies linked to the use of art, primarily NFTs.
The luxury real estate market is therefore destined to grow and shape itself also in 2024. A 360° evolution for which Luxforsale has always been the spokesperson and, above all, an essential partner.