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%
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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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