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Positive 2013 for the world’s luxury-home markets?

Positive 2013 for the world’s luxury-home markets?.

Luxury villas in Dubai's Palm Jumeirah.Luxury villas in Dubai’s Palm Jumeirah.Nakheel

The world’s luxury-home markets can be a collective sigh of relief, according to Knight Frank’s Prime Global Residential Forecast for the fourth quarter of 2012.

The world’s luxury-home markets can be a collective sigh of relief. For now. That’s according to Knight Frank’s Prime Global Residential Forecast for the fourth quarter of 2012.

According to the London-based estate agent, barring a euro collapse, the USA toppling off its fiscal cliff or Asian protectionism being ramped up, the outlook for the world’s luxury-home markets is one of quiet optimism.

Prices are expected to rise or remain flat in 11 of the 14 cities included in Knight Frank’s forecast, said Kate Everett-Allen of the estate agent’s international residential research team. She added that Moscow is expected to record the strongest price growth due to tight supply.

In addition, Dubai’s luxury villa market is expected to rise between 5% and 10% in 2013, as the volume of enquiries from professionals relocating from the UK and Asia is rising while the supply of high-quality family homes remains static.

Prime prices, however, are expected to fall in Paris, Geneva and Shanghai, but in each case by less than 5%.

Below is a summary of the forecast for the 14 cities.

Rank

City

Annual % change (2013 forecast)

1

Moscow

10–20%

2

Miami

5–10%

3

Dubai*

5–10%

4

Beijing

<5%

5

Hong Kong

<5%

6

Sydney

<5%

7

Manhattan

No change

8

London

No change

9

Monaco

No change

10

Singapore

No change

11

Tokyo

No change

12

Shanghai

<5%

13

Geneva

<5%

14

Paris

<5%

*Villas only

By Rodel Ambas Jr.

17 December 2012

Source: Knight Frank

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This entry was posted on December 18, 2012 by in Future, Investment, Property and tagged , , .

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