Despite the Covid-19 lockdown and restrictions, housing prices in the high-end sector were better than expected in 2020, rising about 1.9% globally.
Data from global real estate consultancy Knight Frank shows Auckland tops the index with year-end average prices 18% higher – primarily due to how well New Zealand has dealt with the pandemic, ultra-low mortgage rates and a limited supply of quality stocks. …
The next three places are occupied by the cities of Asia: Shenzhen (+ 13%), Seoul (+ 12%) and Manila (+ 10%).
“While Asian markets rank slightly higher on the PIRI (Prime International Residential Index), Australasia and North America were the regions with the highest performers in 2020, with average annual growth of 4.9% and 6.3% respectively.
“Both regions saw a surge in pent-up demand as restrictions were eased and homeowners redefined their lifestyles,” Knight Frank said.
At the other end of the scale, Buenos Aires (-12%) and Cape Town (-9.2%) showed the largest declines in home values in the upmarket area.
Knight Frank data shows that property buyers can also expect higher prices per square meter of luxury properties worldwide.
The group calculates this based on typical luxury home prices and end-2020 exchange rates versus how many square feet you buy for $ 1 million.
“Monaco and Hong Kong continue to be the most expensive residential property markets in the world – a position they have held over the past decade. London retains its third place and New York – fourth, ”the group said.
“Geneva has climbed the rankings this year, while emerging market cities such as Cape Town and São Paulo offer more room for your money than last year, thanks to a combination of price declines and currency movements against the dollar. “.
Based on the data above, BusinessTech has analyzed how many rand will buy you in some of these key premium residential markets, including Cape Town and London.
House with 4 bedrooms in Constance, Cape Town – 4.65 million rand.
House with 4 bedrooms in Rosebank, Cape Town – 5.25 million rand.
4-Bedroom Home for Sale in Mowbray, Cape Town – 4.65 Million Rand
Romford studio, London – R 4 Million (£ 200,000)
2 bedroom apartment in Heathcote Grove, London – 4.4 million rand (220,000 pounds sterling)
1 Bedroom Apartment in Melbourne Australia – 4.9 Million Rand (450,000 AU $)
1 bedroom apartment in Toronto, Canada – 5.9 million rand (519,000 CAD)
Read: This South African billionaire has doubled his fortune due to isolation