Yet a cursory glance at the performance of luxury residential property markets reveals a remarkably resilient sector. According to Knight Frank’s prime international residential index, which monitors movements in luxury prices in the world’s top residential markets, 77 of the 100 markets tracked experienced a rise in capital values last year.
Among the five fastest-growing markets, three are Asian. In Seoul and Manila, prices rose 18.4 per cent and 17.9 per cent respectively, outpacing Dubai and Riyadh. Tokyo is fifth with 12.1 per cent growth.
Moreover, buyers get more bang for their buck in many Asian cities. While US$1 million buys only 34 square metres (375 square feet) of luxury property in London and New York, budgets stretch a lot further in Tokyo (58 square metres) and Mumbai (99 square metres).
Rising capital values and relatively affordable homes are among the reasons why Asia is fertile ground for branded residences, high-end properties associated with well-known brands and, of course, hotel chains. Asia accounts for over a fifth of the world’s branded residences.
Source link
