Luxury Home Prices Forecast to Rise Globally This Year—but Not as Much as Expected
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Luxury Home Prices Forecast to Rise Globally This Year—but Not as Much as Expected

Increases of 4.4% are in the cards, down from 6.1% growth forecast at the end of 2021, according to Knight Frank.

By V.L. HENDRICKSON
Thu, Aug 11, 2022 9:40amGrey Clock 2 min

Inflation, rising interest rates and other uncertainties have cooled price growth predictions for luxury homes in cities around the world, according to a Wednesday report from Knight Frank.

Prices of high-cost homes in 25 global cities are expected to rise 4.4% on average in 2022, down from 6.1% in December 2021, the data showed.

“Despite the reduction…this still represents strong growth, outpacing our prime index’s performance in nine of the last 10 years,” Kate Everett-Allen, Knight Frank’s head of international residential research, said in the report.

Nine of the cities tracked in the report are set to see stronger price appreciation than predicted at the end of 2021, with 11 now expected to see less robust growth than anticipated and five remaining unchanged, the report said.

Miami and Dubai landed in the No. 1 spot for price growth, with both cities expected to see prices rise by 12% this year, the data showed.

“However, for both prime markets this represents a slowdown compared to their stellar performances in 2021,” Ms. Everett-Allen continued

Price growth for luxury homes in Auckland has slowed the most—22%—followed by Seoul and Vancouver, which saw drops of 12% and 5%, respectively, since the end of last year.

In Auckland, tighter lending laws were introduced at the end of 2021, plus six interest rate rises starting in October, are behind the shift in buyer sentiment “from a fear of missing out to a fear of overpaying,” the report said.

Although growth is set to slow in 2023, many cities will still see prices increase.

In the U.S., Miami and Los Angeles are predicted to see the largest price acceleration, 8% and 7%, respectively. London (6%), Madrid (6%) and Seoul (5%) are also in the top five cities for price growth next year.

“Overall, we expect more muted price growth in 2023, averaging 2.8% growth across all 25 cities,” Ms. Everett-Allen noted.

Reprinted by permission of Mansion Global. Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication:  August 10, 2022.



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A 600-Year-Old Medieval Villa Overlooking Florence Lists for €12 Million

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load

By LIZ LUCKING
Wed, May 29, 2024 2 min

A 14th-century villa in the hills overlooking Florence, Italy, has hit the market for €12 million (US$13 million).

Surrounded by cypress trees, vineyards and olive groves, the quintessential Tuscan home was built for the Davanzati family—who were powerful bankers, merchants and patrons during the Italian Renaissance who have a museum named after them in the heart of the city. The villa was one of the family’s multiple country retreats, according to Lionard Luxury Real Estate, which brought the home to the market earlier this month.

Courtesy of Lionard

The four-storey, lemon-hued villa boasts more than 16,000 square feet of living space and historic character and charm by the bucket load.

The ballroom has a giant skylight.
Courtesy of Lionard

On the ground floor there are ​​a number of reception rooms and open-air living areas, with many of them boasting antique paintings, tapestries and stately fireplaces made of marble or carved stone.

The most “magnificent” room, according to Lionard, is the winter garden hall, a ballroom with stuccos, loggias and towering vaulted ceilings, illuminated by an Art Nouveau skylight.

Courtesy of Lionard

On the first floor are multiple double bedrooms and an antique library, and the second floor, while in need of renovation, offers the possibility of creating up to 12 en-suite bedrooms. The villa’s tower has a “delightful sitting room and a rooftop terrace offering a breathtaking view of the city of Florence,” the listing said.

The villa has ivy-covered loggias.
Courtesy of Lionard

The basement, meanwhile, has a cellar with brick vaults that are perfect for wine lovers. An elevator runs between the levels.

Outside, the grounds have well-kept gardens, rolling lawns, a fountain, ancient wells and ivy-covered loggias.

Mansion Global couldn’t determine who is selling the villa, or when they acquired it.

The property is “an oasis of peace,” the listing said, and “one of the most exclusive historical estates on the hills that surround the city of Florence.”

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11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

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