When it comes to the world’s fastest-rising prices for luxury residential real estate, don’t look to the United States, although prices in many parts of the US are going up, just at a slower rate.
China dominates the world’s fastest-rising prices for luxury residential real estate. Leading the pack is Guangzhou, the capital of the southern province of Guangdong. Luxury homes here shot up 36.2% from March 2016 to March 2017, according to Knight Frank. The other two hot spots included Beijing, where luxury homes rose 22.9%, and Toronro where they rose rose 22.2%.
In the luxury markets on U.S., Miami was the winner with prices ring 4.1% year over year, but only about 0.3% from the previous quarter. Miami’s uber-luxury market got a boost from luxury complexes such as the residences at Four Seasons At The Surf Club, Miami
And these homes are attracting buyers from all over the world—but particularly New York and other urban residents of the U.S. Northeast. That’s because Americans who reside in Florida for just over six months can enjoy lower taxes than those who live full time in U.S. cities with higher tax obligations.
In Los Angeles luxury prices rose 2.5% annually and 0.1% from the last quarter because the economy in California is “booming” and there are top-notch colleges and universities in the state. The city is also seeing more luxury high-rise condo buildings going up.
San Francisco followed closely behind Los Angeles, with prices increasing 1.8% year over year and 0.4% from the last quarter of 2016.
New York fell much further down the list which was blamed on many years of rising prices, few new luxury condos and a stronger dollar.