What has the rise in luxury rents this year in major cities?
As pandemic restrictions are eased, prime rents have risen in major cities around world.
The removal of pandemic restrictions, border controls and housing rents in 10 major cities around world saw a 10.2% increase in housing rents in the third quarter of 2022 compared to one year ago. According to the latest data Knight FrankPrime Global Rental Index report.
The Prime Global Rental Index tracks luxury residential rents in ten cities using data from Knight Frank’s global research network. It is published quarterly.
Out of the 10 cities tracked by the real estate consultancy, only two of them — Hong Kong and Auckland — registered declines in prime rental prices. Financial hub Hong Kong was the worst affected. pandemic restrictions,Knight Frank reported that supply was strong in Auckland’s luxury segment of the property market.
There is some good news about the seemingly constant rise in rentals in other cities. The rate of growth has slowed: The 10.2% rent rise is less than the 11.9% Knight Frank reported in the second quarter.
Keep reading for a look at the five major cities where prime — or luxury — rentals rose the fastest in the third quarter of 2022. We also include Hong Kong, Monaco, Tokyo and Auckland in our top 10.
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