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NYC, London Luxury Property Prices Dip as Asia Real Estate Soars
Top-end homes in Seoul, Dubai and Tokyo experienced double-digit growth while prices in New York and London dipped, according to a Knight Frank report.
Seoul, South Korea.
Photographer: SeongJoon Cho/BloombergThis article is for subscribers only.
Luxury home prices in many Asian cities are growing, bucking a downward trend in more established markets including New York and London.
Prime property prices — defined as the top 5% of the market — fell 0.3% in New York and 1% London in the final quarter of 2024 compared to the same period a year earlier, according to real estate firm Knight Frank. While there are signs that New York’s luxury market could bounce back, London’s is struggling after its worst year since 2020. Hong Kong, Frankfurt and Melbourne also posted declines.