The sudden slowdown in housing markets after two years of heady and frenetic activity is also expected to define much of 2023.
Despite subdued deals around the world, a number of trends will shape the luxury housing market over the next 12 months. On the one hand, shoppers are expected to favor urban and lower-cost markets as workers settle back into office routines and even the wealthy seek to stretch their budgets further. Meanwhile, new developments will see relatively strong sales after a booming construction period. Many new projects, from Boston to Helsinki, prioritize feel-good elements, fewer units and an emphasis on environmental friendliness.
Sustainability in the form of recycling and craftsmanship will also remain a strong element of high-end interior design. Although the most dramatic change in design will be a doubling of maximalism – busy, colorful bursts of personality into people’s homes. Home technology, on the other hand, is getting much quieter, as connected devices require fewer inputs than ever to keep everything working properly, from temperature to home security.
Learn more about these and other trends in Mansion Global’s outlook for 2023 and what lies ahead for luxury housing markets, design, amenities, technology and new developments.