– Global Luxury Home Prices Just Did Something They Haven’t Done Since 2009:
The global financial system is showing strains as rising interest rates spark turmoil in Western banks. Besides turmoil in the financial sector, another part of the global economy might be cracking, and that’s the luxury home market.
A new report from real estate consultancy Knight Frank reveals luxury home prices in 46 cities across the world slid .4% year-over-year in the first quarter, the first drop since 2009, and is a steep decline from 10% of growth in the fourth quarter of 2021, according to Bloomberg.
Knight Frank’s report showed luxury home prices in Wellington, New Zealand; San Fransico, California; and Vancouver, Canada, recorded the most significant declines. Inversely, luxury home prices were higher in Dubai and Miami.
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