Luxury residential property bucked the trend of falling prices in 2023 and rose 3.1%, as double-digit gains in the likes of Manila and Dubai offset falls in New York and London, Knight Frank said on Wednesday.
A jump in borrowing costs, inflation and economic uncertainty hit property markets last year, causing a significant drop in transaction volumes.
That helped support prices of luxury properties, along with a rise in the portfolios of the rich as stock markets rebounded, according to property agents Knight Frank.
The Philippine capital, Manila, topped the list of 100 markets Knight Frank tracks, with prices jumping 26%, followed by Dubai at 15% and the Bahamas at 15%. Luxury prices in New York and London declined 2% in 2023 and are now 8% and 17% lower than their most recent peaks respectively, Knight Frank said in its flagship The Wealth Report.
"As wealth portfolios recovered in 2023, affluent buyers targeted residential property in the world's luxury markets," Liam Bailey, global head of research at Knight Frank, said in a statement.
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