Prime London real estate has started to crash and perhaps luxury real estate globally

Home values in the Bayswater district fell 14 percent in the 12 months through January, the biggest drop in central London’s best neighborhoods, as sellers cut their asking prices in the wake of the Brexit vote.
Values dropped by an average of 6.7 percent across the capital’s best districts as successive sales-tax increases damped demand, Knight Frank LLP said in a report on Monday. The lower prices are luring buyers back into the market, with sales increasing in the final quarter of 2016, the broker said.
The Chelsea neighborhood saw a price drop of 13.3 percent, the second most among the districts Knight Frank defines as prime central London. Kensington was next with a drop of 11.9 percent.
More owners are accepting the need for discount to make up for the higher transaction costs that buyers face, narrowing the gap with what purchasers are willing to pay, Tom Bill, head of London residential research at Knight Frank, wrote in the report. “In some instances the EU referendum was the catalyst for overdue price reductions.”
The average person needs a break.
Red-Hot Property Markets Cool as Rich Investors Retrench
Demand for high-end homes in London, New York slows as market turmoil hits global investors
Rents across the UK start to fall after years of strong rises
Hamptons home prices take a beating
Prices of Hamptons Mansions Slid Almost One-Third at End of 2016
Prices are coming back down to earth for luxury Miami real estate
NYC landlords continue to offer rent discounts as market softens Landlords in Brooklyn and Manhattan are offering record numbers of concessions
Housing Trends 2016: Manhattan Apartment Rents Fall As Tenants Scout For Better Deals
Manhattan Office Owners Pay to Keep Tenants as Demand Falls
Residential market in Dubai close to bottom and likely to stagnate in 2017
Dubai residential property prices down 5pc in December
h/t SpontaneousDisorder

We are primarily funded by readers. Please subscribe and donate to support us!

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.