Compared to the December quarter, the five cities that recorded the weakest growth were in Asia, reflecting the spread of the coronavirus in the region at that time.
By contrast, the crisis “was in its early stages in the UK and the US, which means the full impact is likely only to be accurately appreciated in the second quarter,” Knight Frank noted.
But even in the midst of a pandemic, prices for premium homes in some cities, such as Tokyo and Stockholm, rose.
Losing Their Luster
Knight Frank anticipates a stagnation of the global luxury residential market overall due to travel limitations.
“With tight travel restrictions and the closure of many lawyers and land registries, we expect the second quarter to see a sharp drop in sales volumes,” he said. Prices, on the other hand, could show more resistance.
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