A report by real estate consultancy Knight Frank - which tracks purchases in 12 markets around the world - showed a 13% decline in residential property sales valued at more than $10 million.
Dubai topped the list of cities in the world in terms of the volume of luxury home sales worth more than $10 million in the second quarter on an annual basis of approximately $1.6 billion, up from $797 million in the same period last year.
New York came in second place with a sales volume of $1.1 billion in the second quarter, followed by London in third place with a value of $1 billion.
A report by real estate consulting firm Knight Frank - which tracks purchases in 12 markets around the world - showed that residential property sales worth more than $10 million declined by 13% during the second quarter compared to the same period last year, with the impact of rising borrowing costs around the world on... market.
Total sales in the 12 months ending in June fell to less than $30 billion, from $40.7 billion in 2021, but higher than the pre-pandemic level of $18.6 billion in 2019.
According to Bloomberg, Liam Bailey, head of global research at Knight Frank, said that next year most markets may witness a shortage in supply that will affect sales, explaining that the lack of new development starting between 2020 and 2022 means that next year will witness New deliveries are weak, which means increased competition for available supply.
The highest cities in the world in terms of sales of luxury homes worth more than $10 million
Sales volume in the second quarter of 2023 (million dollars) | Sales volume in the second quarter of 2022 ($ million) | City | Ranking |
1582 | 797 | Dubai | - 1 |
1142 | 1538 | New York | - 2 |
1034 | 1246 | London | - 3 |
834 | 1084 | Hong Kong | - 4 |
686 | 410 | Sydney | - 5 |
477 | 492 | Singapore | - 6 |
383 | 1169 | Los Angeles | - 7 |
338 | 634 | Palm Beach | - 8 |
Source: Knight Frank - Bloomberg
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