New York Was the Worst-Performing Global Luxury Market in the First Quarter
The city’s prime prices, defined as the top 5% of the market, fell 5.8% year over year By Fang Block |
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New York City s luxury prices fell 5.8% year over year in the first quarter, the largest decline among the 46 major global cities. Fang Block
New York City s luxury prices fell 5.8% year over year in the first quarter, the largest decline among the 46 major global cities.
Fang Block
New York City’s luxury property market had the biggest annual price decline among major world cities during the first quarter of the year, while prime prices globally rose at their fastest rate since 2017, according to a Knight Frank report released Wednesday.
1. Issues of instability or corruption
Not every property investment overseas is going to be plagued by corruption, require bribes, involve unlicensed real estate sales, etc. Most mature states, like Japan or the UK, have well-enforced laws. Perhaps a useful reference here is the Corruption Perceptions Index, which is updated annually.
A loose rule of thumb is to stick to countries within the top half of the list (e.g., only countries that rank 89 or above), although some investors may have more stringent standards .
As with buying property in Singapore, you can scrutinise the development team as an added safety measure. It’s a fairly safe bet that proven international developers, like Australia-based Lendlease, or the UK-based Berkeley Group, would not attempt to build properties in corrupt or unstable states. Some of these large developers have local projects that you can visit (Lendlease, for instance, is behind the development of Paya Lebar Quarter).