Luxury Rents Around the World Rose Faster Than Sales Prices 2023

Luxury residential rents remained strong globally in 2023, outperforming capital values in 28 of the 30 cities tracked in the Savills World Cities Index, according to a report from the British real estate company on Wednesday. On average, luxury rents increased by 5.1% last year, compared to the average home price growth of 2.2%. “In the face of economic uncertainty, the prime residential rental market proved resilient in 2023,” said Kelcie Sellers, associate at Savills World Research.

“Continuing a trend from the past year, prime rental value growth outpaced capital values, largely driven by a lack of stock in global prime markets and increased levels of demand from individuals and families who would look to purchase a property, but are holding off until the economic and interest rate situations stabilise.”

Lisbon was by far the leader in rental growth, with luxury rents increasing by an average of 39% over the year and by 22% in just the second half of 2023, according to the report.

“Lisbon has seen an influx of people moving to the city, attracted to its climate, the quality of life on offer and strong business environment. But some have been more reluctant to enter the purchase market in Lisbon due to rising house prices and increasing interest rates,” Sellers said. “While the supply of houses in the rental market has not kept pace with demand, leading to a rise in rental prices throughout Portugal, it remains comparatively priced compared to other rental markets in Europe and will likely continue to attract new renters and investors over the coming year.”

Singapore led the Asia-Pacific region, with its rental growth at 12.3%, though that was down from 32.3% in 2022. Hong Kong also saw luxury rents increase, jumping by 5.9%, as high deposit requirements, increased interest rates and an influx of buyers from Mainland China drove would-be buyers to the rental market, according to Savills.

As for the year ahead, a slight increase in luxury rents is expected across the 30 global cities, though the price growth may be less than usual.

“Looking at the year ahead, prime rental prices are forecast to record a slight increase for the 30 cities covered in the World Cities index, as would-be prime buyers continue to turn to rental markets, but this growth will likely remain below the historic average,” Sellers said. Savills predicts that Amsterdam will lead this year’s rental growth index, with a forecasted increase of 6% to 7.9%, as the city has seen a spike in demand in tandem with limited supply and increased regulations on the private rented sector.

Almost a century before construction began, two sisters unknowingly inspired one of Sydney’s newest residential addresses.

Local landowner and developer John Henry Schroeder combined his daughters’ names, Isobel and May, to create Ismay Avenue, a street name that has become part of the area’s identity, still visible today in Ismay Reserve. The Maybelle borrows that story rather than inventing one. It takes its name from Isobel and May, drawing a direct line between the development and the history sitting right outside its front door.

More than simply another apartment building, it reflects a vision of creating homes that honour the past while looking confidently to the future.

Developed and built by Omaya, a family-owned company with more than 35 years of experience, The Maybelle reflects a commitment to craftsmanship, quality and creating communities that stand the test of time.

Located beside Ismay Reserve, the boutique collection of one, two and three-bedroom residences combines timeless architecture by Squillace Architects, premium interiors and exclusive resident amenities within one of Sydney’s most connected Inner West locations.

Location is one of The Maybelle’s defining strengths, residents are moments from train stations, bus services and the M4 Motorway.

Positioned just moments from North Strathfield, Bakehouse Quarter, Sydney Olympic Park, Parramatta and the Sydney CBD, residents enjoy the perfect balance of green open space, vibrant local amenity and exceptional connectivity.

Surrounded by cafés, restaurants, leading public and private schools, shopping and parklands, The Maybelle offers a lifestyle where everything is within easy reach.

Designed to embrace its unique park-side setting, many residences enjoy expansive balconies overlooking Ismay Reserve, while selected homes capture elevated views across the Sydney Harbour Bridge and city skyline.

Spacious open-plan layouts, premium fixtures and finishes, and two carefully curated interior schemes create homes that are both beautifully refined and designed for everyday living.

The lifestyle extends well beyond each apartment. Residents will enjoy exclusive access to a full-level Garden Pavilion on Level 8, featuring beautifully landscaped spaces for entertaining, recreation, remote working and gathering with family, friends and neighbours.

Complementing this is the elevated Sky Terrace on Level 14, where sweeping Sydney Harbour Bridge and city skyline views create a tranquil setting to relax, recharge and enjoy the remarkable outlook.

As both developer and builder, Omaya oversees every stage of the project – from planning through to construction – ensuring quality, accountability and meticulous attention to detail throughout.

Buyers can also purchase with confidence, knowing The Maybelle is protected by 10-Year Latent Defects Insurance, providing additional peace of mind long after settlement.

With construction nearing completion, buyers will be moving into their brand-new homes by the end of the year, offering a rare opportunity to secure a premium residence without the lengthy wait often associated with off-the-plan developments.

For those seeking more than just a new apartment, The Maybelle offers something increasingly rare – a home with an authentic story, a genuine connection to its surroundings and a lifestyle that brings together heritage, nature, connectivity and contemporary design in one exceptional address.

Now selling premium one, two and three-bedroom residences. To learn more or book a private appointment, visit www.themaybelle.com.au or call 1300 066 292.