HNW Hotspots: Where the world’s wealthiest are looking to buy homes in 2023

London, New York & Dubai lead the way for HNWI home-buying intentions, reports Knight Frank.

The word’s high net worth community thinks higher mortgage rates and higher taxes are the biggest threat to house prices, according to a recent survey by Knight Frank, looking into the residential-related thoughts and motives of wealthy individuals.

For those based in the Chinese mainland, higher taxes are the main concern. UK, US and Singaporeans are most troubled by rising mortgage rates.

Singapore HNWIs are the most optimistic about the direction of the house prices in their city in the next 12 months with 86% expecting an increase. Prime property values in Singapore have risen by 6% in the last year, according to KF’s Prime Global Cities Index – and it sounds like residents expect more growth to come.

US respondents and those from the Chinese mainland have a similar upbeat outlook, for the most part, with 66% and 64% confident that house prices will increase in the next 12 months respectively. Yet only 59% of UK respondents – where political turmoil has buffeted the economic outlook – expect prices to climb higher.

One in six (16%) UK HNWIs believes their property will fall in value during 2023. That compares to 30% in Mainland China who anticipate a drop in resi prices.

When asked which city they are most likely to purchase a home in over the next one to two years, London comes out on top overall. New York sits in second place but ranks highest with HNWIs in the UK and US.

Source www.primeresi.com