The latest study by Savills, 'Prime Residential World Cities', analysed 30 cities around the world, concluding that the value of prime residential properties remained resilient during the first half of 2024, recording an average growth in their value of 0.8% and exceeding the 0.6% growth forecast for 2024 as a whole.
Year-to-date, cities in southern Europe and the Middle East recorded the strongest growth in the value of the luxury housing market during the first half of the year.
“Lisbon leads the way with a 4.2% increase in the first half of the year. Amsterdam, Madrid, and Athens recorded value increases of over 3% and Dubai completes the Top 5 with a 2.9% increase”, highlights the consultancy,
Across the EMEA region, only two of the 13 markets recorded negative value growth in the first half of the year. Berlin and London recorded slight price drops of -0.8% and -0.1%, respectively. “In Berlin, an increase in the supply of prime properties in some neighbourhoods, without a corresponding increase in demand, led to downward pressure on prices”, indicates Savills.
“In many parts of Europe, especially in southern Europe where a lack of supply is driving up prices for prime residential properties, American buyers have become a key potential buyer base, thanks to a comparatively strong dollar and a growing interest in the lifestyle of these cities,” it continues.