RESIDENTIAL PROPERTY
PRICES for luxury homes and mansions around the globe will rise by about 2% in 2023, but the growth is a downgrade on previous forecasts as the prime residential market transitions from...
Prime prices would need to fall by 30% to 40% in some cities for prices to return to their pre-pandemic levels of 2019, according to Knight Frank’s Prime Residential Forecast for 2023.
Across the 25 cities tracked, Knight Frank expects prime prices to rise by 2.0% on average in 2023, down from...
Dubai leads the prime price forecast for 2023 with 13.5% annual growth, while European cities including Dublin, Madrid, Lisbon and...
Singaporean high-net-worth individuals are the most optimistic about price growth in the their market in 2023, with...
Meanwhile, Melbourne is tipped to see a 1% fall, down from 7% growth forecast a year ago, and Sydney’s updated forecast of...
Michelle Ciesielski, head of residential research at Knight Frank, said that although Sydney luxury residential sales (sales of $3 million and above) volumes were...
“This lower sales volume will continue to impact price growth momentum in 2023, but interestingly, active prime residential listings remain low at...
“Lingering travel restrictions are still creating much lower prime residential viewings in Sydney from international buyers despite being an attractive safe haven to many. However...
Ciesielski said the currency play for many international buyers is as favourable now, as it was leading into the pandemic, but...
Erin van Tuil, Knight Frank’s head of residential, said Australian private wealth clients are increasingly agile once again and spending time preparing to...
“Many clients have already factored in part of this risk by spending the best part of the last two years building and...
“We still see strong underlying opportunities for the Sydney prime residential market over the coming year, such as the volatility in...
Elsewhere, London and Seoul are at the bottom of the rankings with 3% falls tipped for 2023. New York’s 2% forecast is...