London’s High-End Property Market Is on the Rise Again

Posted in Market Report

London’s high-end real estate market is showing continuing signs of recovery, according to the latest property index from Coutts. Prime property prices in the city crept up again in the second quarter, leaving them 3.1% higher than they were at the end of last year, said the private bank and wealth manager in last week’s report. 

Helping to support prices is a lack of supply and increasing demand. Sales activity was up 21.4% in the second quarter compared to the previous three-month period. 

Despite the recent uptick, prime prices are still 14.5% lower than they were in 2014, making high-end properties in the city good value to buyers. But those same low prices are also discouraging sellers from listing their homes. The number of prime properties on the market in London is down 12.5% compared to the same period last year. 

“Fewer properties on offer means that competition can be intense among buyers for desirable properties when they come up, and it’s not surprising to see gazumping on the rise,” Katherine O’Shea, of Coutts real estate investment services, said in the report. 

Gazumping refers to the unfavorable practice of accepting a higher bid on a property at the last minute despite having already accepted a verbal offer. 

Prime supply has dropped most in the neighborhoods of Kensington, Notting Hill and Holland Park, where inventory across the three areas is down roughly 25% compared to the second quarter in 2018, the report said.  It’s up most in the neighborhoods of Kings Cross and Islington, where there has been an almost 15% increase in supply in the same time. 

Staff Writer

12 Facts & Figures to Know About the Global Property Market

Posted in Market Report

HK$916 million

Purchase price for House 15 at Mount Nicholson, paid by the 22-year-old CEO of Causeway Education Matthew Cheung Siu-woon (HK$105,603 per square foot for 8,674 square feet).

1.5 per cent

The fall in the average price of Hong Kong town houses during the second quarter of 2019, according to Savills.

Hong Kong is strong

Hong Kong remains the world’s most expensive luxury property market, according to Christie’s International Real Estate — but Los Angeles might overtake it soon.

0.3%

The overall rise in Hong Kong luxury property prices during the first quarter, according to Knight Frank; global growth was 1.3%, the lowest in a decade.

HK$3.5 billion

The highest asking price for a property in Hong Kong history, for 24 Middle Gap Road on The Peak.

S$73.8 million

Singapore’s most expensive apartment, a 21,000-square-foot triplex in Guoco Tower, the city’s tallest building, bought by British entrepreneur James Dyson.

650,000

The number of condos lying empty in Thailand, with developers in Bangkok reporting take-up rates of 55 per cent and asking prices down 6% year on year.

20%

The down payment now required in Thailand on homes worth more than 10 million baht and all second homes, under new government rules introduced earlier this year.

10%

The discount given to buyers by a range of luxury developers in Malaysia under the National Home Ownership Campaign 2019, which has been extended until the end of the year.

US$500 million

The price of the world’s most expensive property for sale, the 100,000-square-foot, 20-bedroom, 30-bathroom The One in Bel Air, Los Angeles.

250 million euros

The asking price for a mansion next to the Eiffel Tower, of which the reclusive owners have stipulated that no interior photos be published.

6%

Growth forecast for 2019 by Knight Frank in what it considers to be the world’s four fastest-growing prime residential markets: Madrid, Paris, Berlin and Cape Town.

Staff Writer