for their international vineyard purchases, are
showing interest in Italy and New Zealand,
while Brazilians are also looking beyond their
traditional choices of Latin America and the
Napa Valley, to Tuscany
Luxury markets face challenges in
2015 with New York and Sydney
tipped for growth
With worldwide economic uncertainty
returning, only New York and Sydney luxury
real estate markets are expected to experience price growth, according to Knight Frank’s
Global Cities Report.
Of the eight cities included in the forecast
only two are expected to experience prices
gains, one to see prices remain stable and
five to see prices decline. During 2015, prices
in Manhattan could rise by 5% to 10%, while
Sydney could see prices up 5%, says the
338
report. London should see little or no change.
Strengthened demand from China, UK, Russia
and Latin America as well as improving
economic indicators are behind the positive
outlook for New York and Sydney real estate.
In Dubai, luxury property prices could slip by
5-10%. Limited supply and a growing appetite
from Indian purchasers should cushion the
market in the emirate, the report says.
Paris, Singapore, Hong