Luxury residential property bucked the trend of falling prices in 2023 and rose 3.1 per cent, as double-digit gains in the likes of Manila and Dubai offset falls in New York and London, Knight Frank said on Wednesday.
LONDON (Reuters) – Luxury residential property bucked the trend of falling prices in 2023 and rose 3.1 per cent, 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 26pc, followed by Dubai at 15pc and the Bahamas at 15pc. Luxury prices in New York and London declined 2pc in 2023 and are now 8pc and 17pc 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 statemen
Luxury Residential Property Prices Trend Falling 2023 Double-Digit Gains Manila Dubai New York London Knight Frank Borrowing Costs Inflation Economic Uncertainty Transaction Volumes Portfolios Rich Stock Markets The Wealth Report Affluent Buyers
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