New York’s Luxury-Rent Rebound Leaves London Homes in Doldrums
- Manhattan rents see annual jump for first time in 11 months
- Dubai and London post steepest annual declines in prices
Central Park and high rise buildings in New York.
Photographer: Robert Nickelsberg/Getty Images
New York’s luxury-home market is showing early signs of recovery, storming ahead of rival financial hub London and other global cities with a sudden rebound in rental growth.
Prices in Manhattan’s most expensive districts rose 5.9% in the year through March, the first annual increase since April last year, data from broker Knight Frank show. Across the Atlantic, rents in central London’s best areas are still in the doldrums after tumbling 14.3% in the same period.