London Luxury-Home Prices Increase the Most Since March 2008

March 01, 2010 - London

Luxury-home prices in central London jumped 17 percent in February from a year earlier, the biggest gain in almost two years, as more buyers competed for a dwindling number of properties, Knight Frank LLP said.

The value of houses and apartments costing more than 1 million pounds ($1.5 million) rose 3.2 percent from January, the London-based property broker said in an e-mailed statement today.

The annual increase was the largest since the market peaked in March 2008 and compares with an 11.5 percent advance in January. Prices are still 10 percent lower than the peak.

“The continuation of the growth in prices and the recent increase in the speed of such growth has been caused by a dramatic shortage of supply,” Liam Bailey, head of residential research at Knight Frank, said in the statement.

Knight Frank sells Moulin Rouge

March 01, 2010 - France

A mixed-use development which includes Moulin Rouge, home to the Parisian cabaret and named after the large red imitation windmill on its roof, has been sold through Knight Frank.

Moulin Rouge, along with the several additional commercial elements of the development was sold to the Moulin Rouge operating company and the residential units to social housing group 13F in the largest 2009 retail investment transaction in Paris (sq m).

Massive interest from buyers at luxury development throughout India

December 07, 2009 - India

The luxury property market in India is booming as buyers wait in line for popular properties.

As the market rebounds builders have started construction at projects that had previously been held at the planning stage.

"There are buyers who were sitting on the fence since last year who have now decided to buy,” said Pranay Vakil, Chairman, Knight Frank India Private Limited. Lalit Kumar Jain, Chairman and Managing Director of Pune-based Kumar Builders added: “Our research has shown that there is a market for such houses and people are ready to pay for luxury."

London: Luxury Home Prices on the Rise

November 30, 2009 - London

Luxury-home prices in central London rose on an annual basis for the first time in 17 months as bank and hedge-fund executives bought houses and apartments in anticipation of bonuses, Knight Frank LLP said.

Homes with values of above $1.6 million appreciated 1.6 percent in November compared to the same month last year.

This was the first annual increase since June 2008. Nonetheless, prices remain 15 percent lower than the March 2008 peak. From October to November, prices grew 1.2 percent.

World’s best performing real estate market raises interest rates

November 03, 2009 - Israel

Israel, the best-performing residential property market this year, may lose its standing after becoming one of the first countries to raise interest rates since the global recession began.

Although located in one of the world’s most volatile regions, Israel has defied the worldwide real estate slump because of a dearth of land available for development and tax breaks for investors.

Prices rose 12.5% in the second quarter from a year earlier, double the increase for Switzerland, the second best performer among countries tracked by London-based property consultants Knight Frank.

London’s luxury homes sell at fastest pace in 2 years

September 01, 2009 - London

London’s luxury homes this month sold at the fastest pace since the market started to slide more than two years ago as overseas buyers took advantage of a weakening pound, Knight Frank LLP said.

About 250 homes and apartments costing more than 1 million pounds ($1.6 million) were sold during August, compared with about 75 a year earlier, said Liam Bailey, head of residential research at the London-based broker.

London prime properties rise for the 4th month

August 03, 2009 - London

Prices for prime central London properties rose for the fourth month running in July July with Middle East investors doubling their demand, according to the Knight Frank Prime Central London Index.

Last month’s rate of growth at 1.5% means that the annual rate of price change has moderated to -14.4%.

Overseas buyers in the £1m+ market have grown their market share from 35% to 43% over the past 12 months.