Luxury Home Prices From Hong Kong to Vancouver Will Fall Sharply, Knight Frank Says
- Mumbai will drop 5% in 2020 and 3% next year, study shows
- India is under world’s strictest shelter-at-home restrictions
The Vancouver House building stands under construction in Vancouver, British Columbia.
Photographer: Jennifer Gauthier/BloombergThis article is for subscribers only.
Mumbai, Vancouver, Hong Kong, Singapore and Buenos Aires will see the prices of luxury homes fall steeply as the coronavirus outbreak hurts demand, according to a Knight Frank study.
Prices in India’s financial hub Mumbai, the nation’s most expensive market, are expected to drop 5% in 2020 and 3% next year. Of the 20 cities Knight Frank analyzed, only four -- Lisbon, Monaco, Shanghai, Vienna -- will avoid falling into negative territory in 2020 either because of historic supply shortages or because transactions were able to continue during lockdowns.