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Luxury Real Estate Prices Dip in NYC as Asia Drives Global Gains
Prime property in Manila, Tokyo and Mumbai has seen double-digit increases as more established high-end markets slip, according to a report from Knight Frank.
High-rise towers stand beyond low-cost housing on the Pasig River in Manila.
Photographer: Veejay Villafranca/BloombergThis article is for subscribers only.
Luxury home prices in select Asian cities are soaring, 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 more than 2% in New York and London in the first quarter compared to the same period a year ago, according to real estate consultancy Knight Frank. Hong Kong, Frankfurt and Berlin also posted declines. But in Manila, Tokyo and Mumbai, luxury home prices surged, gaining 27%, 13% and 12%, respectively.