Luxury Rents Across 30 Global Cities Outpace Prime Sales Prices
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Luxury Rents Across 30 Global Cities Outpace Prime Sales Prices

Average prime rental values jumped by 5.9%, with some cities seeing jumps of more than 50%

By V.L. HENDRICKSON
Tue, Feb 7, 2023 9:15amGrey Clock 2 min

The growth of luxury rental prices outpaced the sales market in top global cities last year, according to a report Monday from Savills.

Average prime rental values jumped by 5.9% in 2022 across the 30 world cities analyzed in the report, the data showed. Limited inventory and increased demand pushed rents higher, while capital values saw an average of 3.2% rise during the year.

“Rental growth came as people continued to return to cities after the lifting of pandemic-related restrictions, and as rapidly rising interest rates in the latter half of 2022 meant that more people chose to rent,” Lucy Palk, an analyst at Savills World Research, said in a statement. “The rebound in international travel was a factor too, by the end of 2022 international arrivals had recovered to between 75% to 80% of 2019 levels.”

Meanwhile, average rents were up 10% or more in cities such as Singapore, New York, Dubai and Lisbon, Portugal, the report said.

For example, in New York, the median rent for properties in luxury, doorman buildings spiked 53% to almost $5,000 at the end of last year compared to $3,270 in December 2020, the figures showed.

And in Singapore, prime rents shot up by 26.2% annually as the country opened its borders and students, expats and high-net-worth individuals flooded the city. “Delayed completions of new prime stock further contributed to the significant rental rise seen in 2022,” the report said.

Climate, quality of life and strong business environments have been big draws for Lisbon and Dubai last year, where luxury rents were up 25.4% and 22.9%, respectively, according to the report.

The two strongest performing cities in the Asia Pacific region last year were Seoul, with 4.9% rental price growth, and Tokyo, 4.1%, the data showed.

On the flip side, Hong Kong had the lowest rental growth for luxury properties. The country is still subject to Covid-19-related restrictions, and has yet to see the full return of international tenants. In addition, rising interest rates have undermined consumer confidence.

“This suppressed transaction volumes causing pricing declines across all price brackets except the ultra-prime residences,” the report said. “Average prime prices fell by 8.5% in 2022.”



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Scotch whisky expert, luxury hospitality strategist and Keeper of the Quaich inductee Ross Blainey is bringing a new philosophy of luxury experiences to Citizen Kanebridge.

A restored 1860s Brisbane residence transformed by GRAYA has smashed Paddington’s house price record, selling for more than $12 million.

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MEET THE MAN CURATING CITIZEN KANEBRIDGE’S NEXT CHAPTER

Scotch whisky expert, luxury hospitality strategist and Keeper of the Quaich inductee Ross Blainey is bringing a new philosophy of luxury experiences to Citizen Kanebridge.

By Staff Writer
Fri, May 22, 2026 4 min

From Scotch whisky and luxury retreats to fashion collaborations and world-class hospitality, Ross Blainey has spent years shaping high-end experiences around one idea: modern luxury is no longer just about what you own.

It is about access, connection and moments money alone cannot buy.

As Citizen Kanebridge continues to grow as one of Australia’s most sought-after private members’ clubs, Blainey, the club’s new Head of Membership,  says the future lies in creating experiences members cannot find anywhere else.

“The ultimate memorable experiences are the money can’t buy moments,” Blainey said.

“The things that you can’t just put together anytime or any place. They make up something that is greater than the sum of its parts.”

On June 4, Blainey will bring that philosophy to life when he hosts an exclusive whisky evening for Citizen Kanebridge members at Sydney’s Royal Automobile Club of Australia.

Titled A Journey Through Whisky, the intimate event will see Blainey guide members through a curated selection of rare and unreleased whiskies drawn from his personal archive, alongside stories gathered across years working at the highest levels of the Scotch whisky world.

The evening will also include reflections on Blainey’s induction as a Keeper of the Quaich at Blair Castle in Scotland last year, one of the whisky industry’s rarest global honours.

A career built around experience

Before joining Citizen Kanebridge, Blainey built a career spanning luxury hospitality, Scotch whisky, premium lifestyle brands and experiential events. 

But he says one industry above all others shaped the way he thinks about people and community: Scotch whisky.

“At its core, at its heart and throughout its whole history, Scotch has been about sharing, enjoyment, telling stories, meeting people and generally having a good time,” he said.

“Whisky can be that shared moment of laughter, and it can also be a shared moment of just slowing down, taking stock and contemplating. These are so key to building community.”

Blainey’s deep involvement in the whisky world culminated in 2025 when he was inducted as a Keeper of the Quaich at Blair Castle, a recognition is reserved for a select group of individuals who have made an outstanding contribution to Scotch whisky internationally.

“I was inducted last year, 2025, an incredible honour,” he said.

“There were a couple of teary-eyed moments as I stood in Blair Castle, on historic ground, realising that this was a moment I would remember forever.”

The next chapter for Citizen Kanebridge

Looking ahead, Blainey says Citizen Kanebridge will continue to focus on highly curated experiences, exclusive access, and bringing together like-minded members from Australia’s property, finance, and investment sectors.

“Our baseline of Car of the Year is already one of the most impressive events on the social calendar of Australia,” he said.

“My job is to find a way of raising the bar, taking things to the absolute top level for access, experiences and events.”

Blainey said the long-term goal was not simply to create another networking group or luxury club, but to build a community centred around meaningful relationships and unforgettable experiences.

“We provide the access, the money can’t buy memories, and we will be making those happen regularly,” he said.

“If we start with how amazing Car of the Year is and the only way is up, we are going to have some mind-blowing moments for our members.”

Hospitality at its absolute best 

Another major influence on Blainey’s thinking came through his connection with world-famous New York restaurant Eleven Madison Park, once named the best restaurant in the world.

He says two concepts from the restaurant’s owners still shape the way he approaches luxury experiences today: “enlightened hospitality” and “unreasonable hospitality”.

“Enlightened hospitality is a way of doing business that looks at not just the product of what you serve, but how it makes people feel,” Blainey said.

“Unreasonable hospitality is more about striving for the absolute best all the time. If you’re going to do something, do it to an unreasonable level that blows everything else out of the water.”

It is a philosophy, he says, which aligns closely with where Citizen Kanebridge is heading next.

“That’s what we’re doing here with CK, taking members’ experiences to another level,” he said.

Fashion, whisky and creative collaborations

Blainey’s career has also included working with Glenfiddich as a Creative Collaborations Lead, where his role centred on bringing luxury experiences and partnerships to life through designers, chefs, artists and bartenders.

Among the projects were runway collaborations with leading Australian fashion designers, with pieces from the partnerships now housed inside Sydney’s Powerhouse Museum.

“My job was to find a creative way of bringing the brand to life,” he said.

“How do we make something that none of us could make on our own? Searching for the things that will resonate with people.”

What luxury consumers want now

Beyond whisky and events, Blainey also played a key role in building Blackbird Byron, the boutique Byron Bay hinterland retreat later recognised in Tatler’s Top 101 Hotels list.

The property, known for its dramatic views, minimalist architecture, and secluded atmosphere, helped shape his understanding of how luxury consumers are changing.

“I think I learned that people looking for luxury in hotels want memorable moments, considered design and the ability to get away from the hustle and bustle of modern life,” he said.

“To feel at home without being at home is important.”

More broadly, he believes today’s luxury consumers are increasingly driven by authenticity and emotional connection.

“For luxury consumers overall, I think it comes down to craft, story and connection,” he said.

“The product itself has to be impeccable, the story behind it builds your reason for looking at it, and then you need to make a genuine connection with people.”

Interested in becoming a member of Citizen Kanebridge? You can contact Ross here.

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