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Business Insider

A new report released by global property consultancy Knight Frank found that the price of prime real-estate – or the top 5 per cent of the market value-wise – rose by an average of 4.6 per cent in the first quarter of 2021. That marks the biggest quarterly increase since Q4 2017.
Three Chinese cities led the ranking: Shenzhen registered a 19 per cent price increase year over year, while Shanghai and Guangzhou each registered 16 per cent price increases in the same time frame. Seoul came in at No 5 on the ranking with a 14 per cent change.
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“Despite the introduction of stricter curbs on China new home sales in January 2021, buyers’ enthusiasm continues to persist as the low inventory stoked a fear of missing out among homebuyers,” Victoria Garrett, head of APAC residential for Knight Frank, said in a press release.
The only non-Asian city to rank among the top five cities is Vancouver (No 4 on the ranking), where prime real estate prices increased by 15 per cent annually. The highest price change among American cities was in Los Angeles (No 8), where prices rose by 12.6 per cent from Q1 2020 to Q1 2021.

Other cities saw prices soften in this same time frame, according to the report. Notably, New York, Hong Kong, Paris, Dubai and London each saw a dip in their prime real estate prices. Among the 46 global cities tracked by Knight Frank, New York City saw the biggest price dip: Prices fell by 5.8 per cent year over year.
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From fishing village to unaffordable metropolis
Thirty years ago, Shenzhen was a fishing village.

Now a city of 12.5 million people, the city attracts young talent and is sometimes called the “Silicon Valley of Asia”. The average age of the city’s residents, according to a report from Nikkei Asia, is 32, and people in their fifties or older are rarely seen.
Tech giants including Tencent, Huawei and ByteDance are all based in the city, which borders Hong Kong, the special administrative area which long reigned as the world’s most expensive city to rent a luxury apartment. Its proximity to Hong Kong – the cities are a 15-minute bullet train ride apart – has led some property developers to eye Shenzhen as a more affordable housing counterpart.

But as Bloomberg CityLab reported in December, the city is facing down its own real estate problems: it has China’s highest real estate prices and lowest home ownership rates. The cost of an apartment in Shenzhen, per Bloomberg, is 43.5 times a resident’s average annual income.
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Shanghai, meanwhile, was recently named the most expensive city in the world for the ultra-rich in Julius Baer’s 2021 wealth and lifestyle report. The cost of housing in the city is 36.1 times higher than a resident’s average annual income, per Bloomberg. And in The Economist’s “2020 Worldwide Cost of Living Report”, which was released in December and which considers housing among 200 factors in establishing its results, Guangzhou, Shanghai and Shenzhen all ranked among the world’s cities with the highest cost of living.
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This article originally appeared on Business Insider


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International Property

China’s real estate is on fire: luxury homes in Shanghai, Shenzhen and Guangzhou are gaining value faster than anywhere in the world – while prices dip in New York, London and Dubai

A picture of the newly renovated Xintiandi Plaza in Shanghai. Photo: Handout

Luxury home prices are soaring in Shenzhen, China, faster than anywhere else in the world. Photo: Liu Dawei

Two homes in the British Properties district of Vancouver, where luxury home prices are rising fast. Photo: Ian Young

The Futian National Nature Reserve in Shenzhen, Guangdong. China. Photo: SCMP

Today Shenzhen is a modern metropolis at the heart of China’s emerging Greater Bay Area. Photo: Martin Chan

Now it’s millennials buying up multimillion homes – Sotheby’s real estate survey predicts rising prices as younger buyers skip starter homes for lifestyle living

A mansion in Montecito, California on sale for almost US$17 million sitting on just over four acres. Photo: Sotheby’s International Realty

This US$17.5 million, six-bedroom home is on the market in Austin, Texas. Photo: Sotheby’s International Realty

This US$46 million house for sale in Aspen, set on 115 acres, has 17 bedrooms. Photo: Sotheby’s International Realty

Snowmass Base Village, near Aspen, Colorado. Photo: Knight Frank

A US$5.7 million home for sale in Koh Samui, Thailand. Photo: Sotheby’s International Realty

A Beverly Hills mansion. Photo: Nourmand & Associates

Would this home suit a rising millennial demographic? Photo: The Oppenheim Group

Inside Larry Ellison’s new US$80 million Palm Beach mansion: the billionaire Oracle co-founder has splurged on a sprawling beachfront Florida property in gated community Seminole Landing

Larry Ellison and his new beachfront mansion in Florida. Photos: AP, Douglas Elliman

Larry Ellison’s beachfront mansion. Photo: Douglas Elliman

Larry Ellison. Photo: @AffirmationSpot/Twitter

Larry Ellison’s Florida beachfront mansion. Photo: Douglas Elliman

Riding the property wave: luxury beachside surf homes, resorts and even islands, from Tahiti to Queensland and Indonesia, have become so popular that agents are struggling to keep up with demand

Flow Residences on Australia’s Gold Coast are typical of the kind of beachside, surfer-friendly properties taking off in global real estate. Photo: handout

Flow Residences on Australia’s Gold Coast are ideally located for surfers. Photo: handout

A rendering of Awaken Residences by S&S Projects, an upcoming boutique development on Queensland’s Gold Coast. Photo: handout

Part of a destination in its own right, Miles Residences will overlook the Kirra Beach surf breaks on Queensland’s Gold Coast. Photo: handout

The Caribbean Sea laps at the shores of private Iguana Island in Nicaragua – a steal at just US$475,000. Photo: handout

This boutique surf resort on Simeulue Island off Sumatra is available on a 25-year lease. Photo: handout

The Surf Villas at Selong Selo Resort & Residences in South Lombok. Photo: handout

Athlete and entrepreneur Robby Naish’s Hawaii property. Photo: handout

Inside Rihanna’s US$13.8 million Beverly Hills mansion: new neighbours include Madonna, Mariah Carey and Paul McCartney after her ‘biggest’ property purchase yet

Rihanna and her Beverly Hills property. Photos: @badgal__rihanna/ Instagram, @FentyStats/Twitter

Rihanna goes big – on property. Photo: Bang Showbiz 

Rihanna’s US$13.8 million mansion in Beverly Hills. Photo: @FentyStats/Twitter

Rihanna’s mansion in Beverly Hills. Photo: @FentyStats/Twitter

The Tesla effect: why EV charging points are London’s next big luxury real estate trend

Electric cars might still be the reserve of the elite – but that’s exactly why affluent new property developments need to be ready for them. Photo: Reuters

The Tesla effect? Electric cars might still be the reserve of the elite – but that’s exactly why affluent new property developments need to be ready for them. Photo: Reuters 

King’s Road Park development in London. Photo: handout

Prince of Wales Drive development in London’s Battersea district. Photo: handout

London’s White City Living emphasises a holistic way of life. Photo: handout

White City Living apartment interiors. Photo: handout

The Brentford Project by Ballymore development in London. Photo: handout

Taylor Wimpey Central London’s Postmark development. Photo: handout

The penthouse private terrace at One St. John’s Wood. Photo: handout

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Luxury homes are gaining value at the fastest rate since 2017 and Asia is leading the charge, with Shanghai, Guangzhou and Seoul all in the world’s top five
Meanwhile high-end homes in New York, Paris, Dubai, London and Hong Kong all lost value, according to Knight Frank’s quarterly track of 46 key global cities



While prices dip in New York, London and Hong Kong, luxury real estate in China is soaring – with prime homes in Shanghai, Shenzhen and Guangzhou gaining faster than in any other city on the planet
