Luxury properties from Hong Kong to New York are getting cheaperreal-estateUpdated: May 07, 2020 18:53 ISTLuxury property prices in some of the world’s most popular cities fell in the first quarter as Covid-19 began to take its toll on the real estate sector. High-end homes in New York, London, Hong Kong, Vancouver and Singapore saw their values dip versus the first three months of 2019, according to a Knight Frank LLP report released Thursday. But, even in the midst of a pandemic, prime home prices in some cities, including Tokyo and Stockholm, rose. Knight Frank expects the luxury residential market worldwide to be broadly stagnant as a result of travel limitations. “With travel restrictions firmly in place and with many solicitors and land registries largely closed we expect the second quarter to see a marked drop in sales volumes,” it said.

Source: Hindustan Times May 07, 2020 13:24 UTC