Corona Blow To Luxury House Prices In Hong Kong, Dubai, New York and London
CORONA BLOW TO LUXURY HOUSE PRICES
- Because of the pandemic, luxury house prices in cities that are the center of Finance and trade have crashed in 2020. Hong Kong, Dubai, New York and London were the cities where prices fell the most.
- TURKEY-based property consultancy Turkish iClassified has released 2020 data on luxury house prices in 45 of the world's leading cities.
- Of the 45 global cities, 19 house prices rose, while 15 declined. The only city where prices did not change was Bucharest.
- New Zealand has the most populous population with 1.3 million, according to fourth-quarter data from the global cities luxury housing index, the city where house prices have risen the most in the past 12 months.
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- Auckland, where luxury home prices rose 17.5 per cent in 2020, was followed by Shenzen from China with 10.3 per cent and Seoul from South Korea with 11.7 per cent. Manila, the Philippine capital, was another city that saw double-digit growth, with a price increase of 10.2 percent. Russia's capital Moscow is fifth, with 9.9 percent. Petersburg was in sixth place with 8.7 percent.
- The city where luxury house prices fell the most was Bangkok, which fell 7.3 percent. Hong Kong fell 6.9 per cent and Dubai 5.9 per cent. The decline in luxury house prices in financial and commercial centres in 2020, which has seen a pandemic effect, has drawn attention.
- According to the Turkish iClassified Housing Index of cities, New York saw a decline of 5.1 percent, London saw a decline of 4.3 percent, while the Spanish capital, Madrid, saw a decline of 4 percent and Paris 2.3 percent. The luxury housing market has lost momentum in many cities due to travel restrictions and measures in 2020, when Berlin, the German capital, saw a limited 0.9 percent increase in luxury home prices.