Updated: Jun 22, 2020
Luxury property prices in some of the world’s most popular cities fell in the first quarter while Manila is one of the highest in rising its value
Luxury property prices in some of the world’s most popular cities fell in the first quarter as Covid-19 began to take its toll on the real estate sector.
High-end homes in New York, London, Hong Kong, Vancouver and Singapore saw their values dip versus the first three months of 2019, according to a Knight Frank LLP report released Thursday.
Compared with the December quarter, all five cities registering the weakest growth were in Asia -- testimony to the spreading coronavirus in the region at the time.
Knight Frank expects the luxury residential market worldwide to be broadly stagnant as a result of travel limitations.
“With travel restrictions firmly in place and with many solicitors and land registries largely closed we expect the second quarter to see a marked drop in sales volumes,” it said. Prices, on the other hand, may display more resilience.