The Upside of a Cooling Global Market
The real estate market has recently experienced downward pressure globally, but this could be a good thing if you’re looking to buy your new luxury vacation home. To accommodate the slow-down, developers, policymakers, and bankers are creating an environment where buyers will be able to get incredible deals on high-end homes. All over the world, high-end home prices are being slashed like it’s Black Friday. Read on for a break down of some of the country’s major cities.
London: Home values have dropped 19% in the cities hottest neighborhoods. Brexit and changes in the political relationship with China have caused huge discounts on home prices in areas like Chelsea, Kensington, and Westminster.
Sydney: The average Australian home has fallen over 6% in the last two years, and you can now purchase a four-bedroom home in Avalon Beach for $4.3 million - 38% less than it was offered at in 2017.
Dubai: Since their peak in 2014, residential home prices have dropped by 25%, discounting 7,000-square-foot homes by 10% in four years.
Manhattan: For the first time in three years, the median price of a condo in Manhattan has dropped below $1 million. That’s a 5.8% decrease in from the previous year. A hedge fund manager in New York discounted his penthouse listing price by $70 million from its price in 2013.
If you are looking to find some high-end, luxury home deals around the world, the timing could not be better. The market around the world is responding to financial and political fluctuations, creating a buying environment that can help you score your luxury vacation home for half the price.