Forbes Publishes New Global Report, ‘Perspectives’


Forbes Global Properties has announced it has published “Perspectives,” a new report compiling information from more than 17,000 experts, concentrating on 21 luxury real estate markets worldwide.

“Through the insights and outlooks of our global network, we paint a vivid picture of real estate’s current state and future trajectory,” said Michael Jalbert, CEO of Forbes Global Properties. “The parallels drawn between our member analyses and expert interviews offer a valuable guide for navigating and understanding the nuances of the prime property market and business world.” 

Highlights of the report and expert takeaways:

An observed increase of more than $1.5 trillion in 2023, spurring long-term strategic planning with a specific focus on securing financial stability for future generations. This trend is being realized by Bennett Property Shop Realty in Ottawa, Canada, where the projected generational transfer of $1 trillion by 2026 is empowering younger homebuyers and reshaping the real estate landscape.

High- and ultra-net-worth buyers were unencumbered by geographic boundaries, flocking to destinations that offer a wide range of lifestyle amenities, culture and pedigree. This was seen in cold and warm weather markets alike, and included Grace Bay Realty in Turks and Caicos, which registered a 113% increase in the dollar volume of single-family homes over 2022, and South Florida, where Keyes Company CEO Mike Pappas commented, “Five years ago, there were less than 100 sales over $10 million, last year there were close to 600.”

As to the origin of the buyers, Chestertons in London experienced a wave of international buyers, a trend echoed by CDR San Miguel Real Estate in San Miguel De Allende, Mexico where 67% of the local market was made up of foreign buyers with Americans leading the group, and by 2Seas Los Cabos, Mexico, which saw an influx of buyers specifically from California, Texas, and Colorado. Similarly, Portugal’s Modern noted a 5% annual increase in investment leads from the U.S. “We tend to get a lot of sales through people who just come on holiday and fall in love with the place,” commented Stephen Garvey of Best Invest in Turkey.

Slifer Smith & Frampton Real Estate in Colorado, Barry Cohen Homes in Toronto, Canada, Hong Kong’s Okay.com, and Driven Properties in Dubai joined several members who noted that high buyer demand was met with limited inventory within their respective markets. “In 2023 we have seen a paradoxical dynamic where the market has clearly slowed down due to the increase in interest rates, but prices kept increasing due to a strong demand and limited , yet at a slower pace than in previous years,” said Quentin Epiney, FGP Swiss & Alps.

“We’re kind of overexposed,” said Matt Beall of Hawaii Life. “Because so much of the trade volume during Covid was in the high-end market, we sold everything there was to sell.”

However, around the world, market optimism is on the rise as 2024 unfolds. In December 2023, Shaza Luxury Real Estate reported that the number of homes sold in Sweden increased by 8%, compared with the previous three months. David Kramer of Beverly Hills’ Hilton & Hyland also believes that the market rally that began at the end of 2023 will bring strong sales this year, especially with an anticipated decrease in interest rates to further bolster market confidence. 

And pointing to “pent-up demand from buyers who are looking for trophy properties,” Ken Jacobs of Private Property Global in Australia, also anticipates a strong 2024 with new submarkets potentially gaining prominence.

Chris Morrison of RETSY in Arizona believes that as interest rates decline, inventory will increase. “All those people on the sidelines could flood the market,” he said.

“I’m optimistic,” said John Turpin, Turpin Realtors, New Jersey, said of the luxury market. “I am hopeful that pent-up inventory will come to market, meeting strong buyer demand not only in the luxury segment but across all markets.”

“I’m positive for the new year,” echoed Anthony Morsinkhof, PQ Property Intelligence, New Zealand. “There’s still hard work and people need to be realistic about prices they’re going to get, but there’s definitely a change happening.”

For more information, visit https://www.forbesglobalproperties.com/.





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