Luxury home prices drop for first time since the global financial crisis - and will likely keep falling
The price of luxury homes in the world's top markets has turned negative for the first time since 2009, according to real estate trackerThe firm's Prime Global Cities Index, which covers prices in 46 leading markets, dipped 0.4% annually in the first quarter.and continues a sharp reversal from the peak in late 2021, when prices were up by 10.1%.
Although two-thirds of prime markets appreciated in the first quarter, steep price slides in the remaining markets caused the overall index to decline. Since 2020's first quarter, prices in the Middle Eastern city have jumped 149% as a result of structural change in the country's market.
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