Where Luxury Housing Will Become More Luxurious in 2022
November 30, 2021
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The cost of luxury properties will increase at a moderate pace next year.
The experts of the international consulting company Knight Frank have studied the world market and identified the cities in which luxury housing will become more expensive at the fastest pace in 2022.
Details
Florida's low tax regime, Miami's competitive prices and the attractiveness of coastal living during the crisis have increased demand. According to Miller Samuel, 35 homes have been sold in Palm Beach County alone since the start of the pandemic with a total worth of more than $30 million, 20 homes were sold for more than $40 million, and 2 for a total value of more than $100 million. In the US, wealth has increased due to a sharp increase in the value of real estate and stocks. The total net worth of households increased by $24.8 trillion or 21% during the pandemic, according to Oxford Economics. Knight Frank predicts real estate in Miami will rise in price by 10% next year.
Sydney ranks second with a forecast of 9% growth in luxury housing prices in 2022. Open borders, the comeback of investors, and the growing appetite among local buyers for secondary housing will lead to a rise in real estate prices.
Los Angeles ranks third. Record low inventory levels, strong demand for large family homes, and continued availability of low mortgage rates are expected to lead to the growth of about 8% in 2022.
Auckland and London (both 7% each) round out the top five largest markets in the forecast for 2022. For Auckland, 7% represents a marked slowdown as the government takes steps to curb the speculative activity. For London, this will be the highest growth rate in the city in the past eight years. The end of the blockages, the resumption of travel, the cancellation of stamp duty leave, the absence of political upheaval due to Brexit will lead to the normalization of market conditions. In addition, prices are noticeably lower for buyers who pay in euros and US dollars, taking into account the weakened pound after the referendum in June 2016.
In Hong Kong, a moderate price increase of 5% is expected in 2022. The economic downturn in mainland China is a deterrent, but luxury housing prices remain at record high levels, and an influx of buyers from mainland China is expected as soon as the border reopens.
In Singapore, price growth is expected to accelerate and reach 5% in 2022. A limited range of large luxury homes in the Central Region, combined with a reduction in pent-up demand after the rules of international travel are simplified, will lead to an increase in sales and prices.
After London, Geneva will become the leader in Europe with a forecast price growth of 6% in 2022. Switzerland is likely to attract a new group of wealthy buyers who will pay attention not only to tax benefits but also to the privacy and lifestyle that the country provides.
The estimated price increases for Madrid and Paris of 6% and 4% will represent the highest annual rates of each city from 2018 and 2019.
In general, the growth of prices for luxury real estate in 2022 will be moderate. Luxury real estate has risen in price by an average of 1% in 2020, prices are expected to rise by 9% by the end of 2021, and then by 7% in 2022.
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