Utah named top five in global markets experiencing a “Luxury Renaissance”

PARK CITY, Utah — Last week, Sotheby’s International Realty’s Mid-Year Luxury Outlook Report was released, and Utah was named one of five global markets experiencing a “Luxury Renaissance”, alongside Saudi Arabia, India, Puerto Rico, and San Francisco. The feature highlights Utah’s growing appeal among high-net-worth buyers, citing strong economic fundamentals, lifestyle-driven demand, and a significant increase in ultra-luxury sales.

As part of the report, Utah’s real estate market was highlighted through expert commentary from Kerry Oman, a real estate advisor at Summit Sotheby’s, who shared direct insights into the trends driving Utah’s luxury real estate growth. Listing images from a $12.5M Salt Lake property (represented by Mark Overdevest and Jenny Overdevest, courtesy of Summit Sotheby’s International Realty) were also featured.

Salt Lake City was recently recognized as a “future wealth hub” in the Henley & Partners USA Wealth Report for 2024. The report credited the city’s momentum to its deep-rooted outdoor culture and reputation as one of the “least-stressed cities” in the nation. The Salt Lake Valley continues to gain traction among finance and tech start-ups seeking a base location that blends innovation and opportunity with a desirable lifestyle.

On Utah’s luxury market and ever-growing appeal, Oman remarked, “Utah has a tremendous economy, and people are coming here for diverse reasons,” he said, citing factors such as housing affordability, accessibility, year-round recreation, culture, the arts, strong educational institutions, and access to top-tier healthcare…

Story continues

TRENDING NOW

LATEST LOCAL NEWS