Monaco kept its title as the most expensive residential market. Read more at straitstimes.com.
NEW YORK – New York has surged past London as a pricier location to purchase prime residential real estate, according to new data from Knight Frank’s annual wealth report.
“The strong dollar had an influence and boosted New York’s position, but prime prices in New York were up 2.7 per cent last year and 1.5 per cent in London, so we’re seeing slightly slower growth in London,” says Ms Kate Everett-Allen, global head of residential research at Knight Frank, who adds that properties in both markets are attractive to ultra-high net worth buyers as an inflation hedge.
Monaco kept its title as the most expensive residential market, with US$1 million bringing buyers to just 17 sq m, according to the report. When it comes to aggregate super prime sales of US$10 million or more, New York, Los Angeles and London led the pack, with New York topping the list.
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