Global Luxury Home Prices Fall for First Time Since 2009
New Zealand leads drop, while Dubai bucks the trend with a 44% surge.
Homes in Auckland.
Photographer: Brendon O'Hagan/BloombergThis article is for subscribers only.
Global luxury home prices fell in the first quarter for the first time since the financial crisis.
An index of prime prices in 46 cities declined 0.4% year-over-year, the first drop since 2009, according to real estate consultancy Knight Frank. That’s a sharp reversal from 10% growth seen in the fourth quarter of 2021.