Daily Management Review

Sales of ultra-expensive real estate double in a year across the world


Since the beginning of this year, 785 homes priced over $10m have been sold in the world's biggest metropolitan areas, double the figure from a year ago. Under the threat of inflation, the super-rich are looking for somewhere to invest their money, analysts say.

Since the beginning of the year, 785 properties priced over $10 million each have been sold in New York, Los Angeles, Hong Kong, London, Sydney, Singapore and Dubai, the American Forbes reported citing a Knight Frank study. That's more than double the number of expensive flats and homes sold in those cities during the same period in 2020, and 52% more than in 2019.

In total, wealthy buyers spent $13.8bn on super-expensive property in the first six months of the year. "We expect super-sales in the prime segment to finish high in 2021," said Knight Frank head of research Liam Bailey.

The biggest increase in purchases of expensive housing was recorded in New York, where 202 such properties were purchased in six months. 

After New York in the list of cities with the highest growth of sales of luxury housing was Los Angeles, where for six months were registered three times more transactions worth more than $ 10 million than the year before.

Forbes explains boom in expensive real estate market not only by the need of rich people in the appropriate way of life. The fortunes of the 2,755 billionaires on Forbes' list have risen from $8 trillion in 2020 to $13.1 trillion now. Under the threat of inflation, rich people are desperately looking for somewhere to invest their money, Forbes USA notes.

source: forbes.com