If there’s one unifier among global real estate development, it’s that getting a luxury high-rise off the ground has not been an easy feat in recent years between pandemic delays, supply-chain hiccups and worker shortages.
Just take San Francisco or Los Angeles, two places with few off-plan sales launches coming this fall.
One constant that predates the pandemic rollercoaster ride is the fierce one upmanship among top-tier new builds. The result is ever-more lavish finishes and amenities.
In New York, outdoor space remains the perk of the moment, and buyers are paying a premium to commune with nature in the Big Apple. In Dubai, where well-heeled buyers are back in force, even the kids are spoiled in buildings with teen lounges and dedicated kids’ pools; and in Australia, developers have followed buyers to the hot coastal enclaves to which many Aussies have decamped.
In this series, let Mansion Global guide you through what new developments are in store in top luxury markets from Miami to London.
New Launches to Help Ease Miami’s Luxury Housing Crunch
After a frenzied couple of years, the Miami housing market has cooled to more normal levels.
In July, single-family home sales decreased 27.2% year over year, from a record-breaking 1,373 in July 2021 to 999, according to the Miami Association of Realtors, which attributed the drop to lack of inventory and rising mortgage rates…Read More
Even as people return to the cities, Manhattan’s condominium sales remain slightly sluggish even while rent prices soar.
Citing rising interest rates, luxury buyers appear hesitant to buy into off-plan developments, which tend to carry fairly more risk compared to built properties. However, as Mansion Global recently reported, that’s when some of the best prices and concessions can be scored…Read More
Fresh Slate of Luxury Apartments Are Coming to Australia—and Buyers Are Hungry for Them
As Australia’s property market faces a fast cooldown in prices post boom, experts believe apartments will weather the storm a little better than houses in the year to come.
National house values for the three months through Aug. 1 were 2.2% below their April peak according to CoreLogic data, however apartments were down just 1.4%. Houses reaped the greatest real estate rewards during the pandemic as Aussies went in search of spacious suburban homes after spending the better part of two years locked down. Apartments during the same time frame, however, saw weaker price growth…Read More
A Few Fall Launches to Add to Los Angeles’s Budding Luxury Condo Sector
The explosive growth that propelled the Los Angeles luxury condo market is beginning to slow, but that doesn’t mean that prices are following suit.
Indeed, the average price of properties that are $3 million and above increased year over year by 32.4% to $1,993 per square foot in the second quarter…Read More
Dubai’s luxury real estate market surged in the first half of the year as global investors flocked to the desert city to hedge against inflation and geopolitical uncertainties.
The city’s total residential sales in the first half of 2022 reached 39,269 units, the highest since 2009…Read More
San Francisco Buyers Looking for New Condos Must Play the Waiting Game
Housing demand is cooling in San Francisco’s luxury market following a record-breaking streak of sales in the second quarter of 2021, but prices are refusing to retreat in tandem.
The luxury market, defined as properties that are selling for $3 million or more, recorded only 20 sales in the second quarter of 2022, down by half from the second quarter of 2021…Read More
Despite a summer filled with record-breaking temperatures and travel disruptions, London is almost back to its pre-pandemic bustle, and that’s been a boost to the property market.
A recent Knight Frank report said the U.K. capital has a strong pipeline of prime sales transactions, showing “there’s currently a healthy appetite for higher-priced homes.” The report said the number of offers accepted on prime homes across the capital in July was the highest in a decade. The top end of the market (homes priced £5 million or more) have seen the biggest increase in new instructions in August, up 30% on 2018 levels…Read More