The latest data shows that luxury rents in Sydney were 18% year-on-year in the third quarter3%, ahead of other cities in the world. This momentum has been driven by limited new homes**, construction challenges during the pandemic, and surging demand from newcomers.
According to a report released by Knight Frank International on Wednesday, the average rent of luxury homes in 10 major cities around the world from July to September this year was **7 year-on-year9%。This has resulted in rents for high-end properties nearly 18% higher than their peak in the third quarter of 2019, before the pandemic-induced housing boom.
The strong growth in luxury rentals in Sydney has driven the global market as a whole**. According to the report, Singapore started with 14With an annual growth rate of 5%, it is followed by Auckland, London and Toronto, with luxury rents each2% and 96%。At the same time, Hong Kong's luxury rents have been relatively slow, with only **1 in the last quarter6%。Rents in New York are 2% higher than the same period last year4%, the lowest increase in more than two years, while luxury rents in Geneva were 2% year-on-year7%。
However, the report also revealed some signs of a slowdown in the market. Luxury rents in Singapore and New York each increased by 17% and 13%。This quarter-on-quarter** may be a sign that the rental trend may be slowing down.
Liam Bailey, Head of Global Research at Knight Frank, said in the report: "While rents for high-end properties continue to climb globally, slowing growth in markets such as New York and Singapore may point to the future direction of major urban markets. In these markets, while demand is strong and weak, it is approaching the limits of affordability. ”
Despite a strong rent** trend, luxury rents in London, New York and Singapore are still accruing** compared to 2021. 4% and 503%。This makes luxury rental levels still relatively expensive.
The rise of Sydney not only leads the trend of luxury residential rents in the world, but also highlights the unique attraction of the city and the pursuit of a noble living environment by high-net-worth individuals. While the market may be leveling off, this trend presents a still attractive opportunity for investors and owners.