High-end buyers are feeling 'sticker shock' as mortgage rates rise.
London has fallen further down the wealthiest city rankings, with fewer millionaires now calling the UK capital home than New York, Tokyo and San Francisco.
'With home prices at or near peak levels in many luxury markets, high-end buyers around the globe are discovering markets where they wield more buying power,' reports Christie's International Real Estate
"Global housing markets have wrongfooted us this quarter," says the Knight Frank research team, as property markets continued to post strong growth
The world is getting back to something like its pre-Covid self, according to researchers at the Economist Intelligence Unit
"A lot has changed in global property markets since we issued our last global prime residential forecast in December 2021," says Knight Frank
The average international premium for a waterfront property compared with a non-waterfront home has climbed to 40%, according to Knight Frank.
“Megacities are once again thriving as tenants are drawn back to urban living after the lifting of lockdowns," says Savills, as prime rents climb in New York, Singapore, London and Los Angeles.
Knight Frank's latest international index tells of cooling housing markets around the world, including at the top end.
"It's over," declares The Guardian's Economics Editor, Larry Elliott. "An era of ever-rising house prices stimulated by cheap money is coming to an end."
Knight Frank reports on the current surge of American interest in European property markets.