Global Luxury Home Prices Fall for The First Time since 2009
The luxury home market in major cities around the world has seen a decline for the first time since the 2009 global financial crisis, according to a report by real estate consulting firm Knight Frank.
The report attributed the decline in luxury home prices in some cities to the wave of interest rate increases around the world, leading to higher mortgage rates. The prospect of a pause in monetary tightening may not do much for the global luxury home market, the report said. While the US Federal Reserve and other central banks may be nearing completion of their rate hike campaign, the luxury home market could continue to decline.
However, the report also noted that there are few signs that the situation will be as bad as the 2009 global financial crisis, during which the top-to-bottom decline in the Knight Frank global luxury home price index was 8.2%. Overall, the luxury home market is expected to remain under downward pressure over the next few quarters.
Global Luxury Home Prices Fall for The First Time since 2009
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