Residential property trends in the world’s ten leading cities
The Wealth Report provides the global perspective on prime property and wealth. In this edition, publishers Knight Frank took the opportunity to focus exclusively on the world’s prime residential market in ten leading cities, in order to understand the dominant trends as we move into the next decade. They looked at trends in London, New York, Miami, Hong Kong, Singapore, Dubai, Paris, Berlin, Shanghai and Sidney.
Understanding the buyer is a critical issue for anyone considering a property sale. This edition analyses property buying behaviour of different age groups. In the London market, Baby Boomers, still account for more prime London purchases than Millennials and Generation Xers combined, but these groups tend to favour different locations.
According to Knight Frank, the London economy has performed better than anyone would have expected in the aftermath of the vote to leave the EU in June 2016. Firms like Apple, Deutsche Bank, and Wells Fargo have committed to new HQs in London, Amazon and Facebook are both recruiting here and unemployment is at its lowest level for over 40 years. Overseas firms have seized on the fall in value for the pound to invest in London at a discount.
Knight Frank has measured the premiums paid by those who wish to live close to city parks. Those lucky enough to own homes adjacent to London’s Regent’s Park and New York’s Central Park both see an uplift of almost a third in the value of their homes compared with their near neighbours, confirming the ongoing attraction of green space.
This edition of The Wealth Report also looks at private jet arrivals at the world’s luxury island destinations confirms a growth market, with a 7% annual increase in flight activity, driven overwhelmingly by huge growth in Asia-Pacific. To access the report, click here.