Riyadh Real Estate News
Riyadh
Worldwide Ultra Luxury Home Sales Dip in Q3
According to new research by Knight Frank, global super-prime ($10m+) residential sales fell 2.4% in Q3 2023 on a year-on-year basis, with 362 sales across the 12 markets covered in the three months to September compared to 371 in the same period last year.
Global Commercial Investment Implodes 51 Percent Annually in Q3
Global commercial real estate investment declined by 51% year-over-year in Q3 to $142 billion. Investment fell by 53% in the Americas, 54% in Europe and 31% in Asia-Pacific. Rising interest rates in many countries contributed to the significant drop of investment activity.
Despite Peak Interest Rates, Global Housing Markets Improved in Q2
Global house price growth ticked up to 3% in Q2 of 2023, up from 2.9% in the previous quarter. About a third of markets saw prices decline during the most recent three months, narrowing from four in ten over the past year.
Prime Global Residential Rents Hit Record High in Q1
According to global property consultant Knight Frank, rents in global luxury residential markets are continuing to see strong growth. The Knight Frank Prime Global Rental Index rose by 8.5% in the 12 months to March 2023 this year - with rents in a majority of markets hitting new records.
