Cape Town And Shanghai Are Predicted To Have Flourished Luxury Real Estate In 2021

According to predictions released by Knight Frank, Cape Town and Shanghai are to see a significant growth in luxury property of 5% in 2021.

While the supply in terms of prime properties is to remain the same, the sales value and demand in luxury properties are to observe a slight rise in growth.

Despite the effects the pandemic has left on multiple industries, the luxury real estate sector continues to remain primarily steady, with perpetual growth on some scales.

20 out of 22 cities from the list are predicted to observe a marginal increase by 2% across the areas.

London is to see an increase in International demand as travel rules are relaxed all around the world with a predicted growth rate of 4% across major prime properties.

Miami and Vancouver have seen a significant growth of 3% and 4% respectively, with people reconsidering property purchases in light of the pandemic.

While Monaco is all set to observe a 3% growth in sales next year, the market is currently affected by International customers unable to travel to the area for making required purchases due to the present travel ban.

Due to an increase in inventory, the growth rate in New York City is expected to remain flat in 2021.