The Most Expensive City for Luxury Rentals Is Hong Kong!

According to a research released this week by Knight Frank, political turmoil and the Covid-19 outbreak have had little affect on Hong Kong's top ranking as the world's most expensive city for luxury rentals. property qatar

According to the data, the average rent for a prime property in the city was US$6.70 per square foot at the end of last year. It maintains its position as one of Knight Frank's top eight markets in the study.

In the analysis, Kate Everett-Allen, Knight Frank's head of international residential research, stated, "A renter with a budget of US$10,000 a month would be able to rent less than 1,500 square feet."

Despite the fact that rentals for doorman buildings in New York City fell 17% year over year in March, the city is still the second most expensive to rent a luxury apartment, according to the research. Prime rates in the area are around US$4.44 per square foot, which implies that for US$10,000 a month, you can have a 2,249-square-foot apartment.

Singapore is ranked third, with an average rent of $3.85 per square foot. According to the data, renters can expect to acquire 2,591 square feet for their US$10,000 monthly price.

“Dubai and Madrid, with 4,800 and 5,000 square feet, respectively, provide the most space for a monthly rent of US$10,000,” Ms. Everett-Allen added.

Despite the fact that the pandemic drove many city people to greener, more spacious areas, cities are starting to come back to life, according to Knight Frank.

According to Ms. Everett-Allen, “the rate of rental decreases is reducing and new lease signings are recovering.” “Prime tenants are returning to several city centers, fueled by substantial discounts, in the hopes of shorter commutes after the pandemic.” According to a Redfin survey released on Thursday, March was a record-breaking month for the U.S. real estate market.

According to Redfin, the median home price in the United States was $353,000 in March, up 17 percent year over year — a record growth rate.

According to the data, pending sales increased 22.1 percent last month compared to the same period in 2020, but the number of homes for sale dropped nearly 29 percent to a new low. The average home sold in 25 days, 19 days faster than in 2020 and the quickest pace since Redfin began tracking in 2012.

Furthermore, the statistics revealed that more homes are selling above asking price than ever before—42 percent. The average sale-to-list ratio, which gauges how close a home's final price is to its asking price, topped 100% for the first time in March, according to the survey.

“Fundamentals like low mortgage rates and great demand for housing are fuelling the record-high price hikes, therefore I don't feel that homes are overvalued,” Redfin's head economist Taylor Marr said in the research, adding that his family is actively house hunting. “Waiting for the market to cool could take months, and by then we may have missed out on the year's super-low mortgage rates and price gains.”

In March, the vast majority of Redfin's 85 metro areas saw their median prices rise. San Francisco, where prices fell 1.6 percent, and Honolulu, where prices fell 4.7 percent, were the exceptions.

Over the last year, Austin, Texas, has been a major winner. According to the survey, the city experienced the biggest year-over-year price increase in March, at 28.2 percent. Last month, the median price rise in Fresno, California, was 23.2 percent, followed by 22.8 percent in Northport, Florida.

In March, sales increased in all but 11 of the metro regions tracked by Redfin.

According to Penta, the global population of ‘Very High-Net-Worth' people increased by 1.3 percent to 2.7 million people last year.

New York City, defying doomsday forecasts of the Big Apple's demise, led the country in sales growth last month, with a 58 percent year-over-year increase in transactions, according to the data. San Jose, California, grew by 56 percent, whereas San Francisco increased by 55 percent.

Rochester, New York, and Grand Rapids, Michigan, both down 9%, and Dayton, Ohio, down 7%, were among the metro regions where sales growth slowed, according to the survey. Inventory has dropped by around 30% in these areas, so sales declines can be attributed to a lack of supply.

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