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Vaccination Revives Luxury Real Estate In New York

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Specialized data showed early signs of recovery for the luxury real estate market in New York, thanks to a sudden growth in rents, to make the American financial capital ahead of the city of London, which is a competitive global center, and other global cities.

According to the global real estate broker, Knight Frank, rental prices in the most expensive areas of Manhattan rose by 5.9% on an annual basis during the first quarter of this year, the first annual increase since April of last year.

On the other hand, rents across the Atlantic in the best areas of central London are still in the stagnation after declining by 14.3% from the beginning of the year to the end of March, according to data reported by Bloomberg.

And rents in New York may have received a glimmer of hope due to the bright prospects for the American economy, in light of the rapid vaccination campaigns against the Corona virus, which made banks and many companies look forward to returning to offices.

Although London remains one of the world’s weakest markets for luxury rentals, there are signs that falling prices may have bottomed out in the city.

“There is more general optimism in the US market,” said Kate Everett-Allen, head of international residential research at Knight Frank. In the past few months, we’ve seen in London and New York that rents start to rise, and the rate of decline in rents slows.”

Hong Kong remains the world’s most expensive city in terms of luxury rentals, despite falling prices over the past year, according to separate data from Knight Frank, while New York comes in second, even after a glut of real estate hit the market during the pandemic due to the flight of potential tenants. from the city.

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