According to Knight Frank's most recent Prime Global Cities Index data, which collated information from 46 cities around the world, 8 out of 10 cities saw luxury home prices rise in the third quarter of 2021 compared to last year.
The price rises registered in this period was even higher than that verified between March and April this year, when the prices of luxury homes in these cities climbed, on average, 8.3 percent, while there are also 16 cities that registered increases of more than 10 percent in the last 12 months.
In Europe, the main increases were registered in Stockholm (11.6 percent), Geneva (10.8 percent) and Edinburgh (8.5 percent). Lisbon rose only 2.4 percent, in line with Madrid, which registered an evolution of 2 percent. The cities of Dublin (4.9 percent) and Berlin (4.7 percent) almost achieved an increase in the order of 5 percent, while London (0.7 percent) and Bucharest (0.6 percent) registered almost zero growth.
The city of Miami, USA, was where the biggest rise of all was registered with luxury home prices climbing 26.4 percent in a year. "The demand for bigger homes, close to the coast and low taxes in Florida have been the main factors that have attracted a new generation of teleworkers to the US" and in particular to Miami, the survey reads.
While the majority of cities saw growth, there were some locations were luxury home prices fell in the third quarter of 2021 compared to the same period of the previous year, such as New York (-1.8 percent), Bangkok (-2.3 percent) and Jakarta (-4.2 percent).