Global luxury home prices fall for first time since 2009

Luxury home prices in Wellington, Auckland and Christchurch fell by double digits. (Image: Getty)

Fri, 12 May 2023

By Alice KantorGlobal luxury home prices fell in the first quarter for the first time since the financial crisis.An index of prime prices in 46 cities declined 0.4% year-over-year, the first drop since 2009, according to real estate consultancy Knight Frank. That’s a sharp reversal from 10% growth seen in the fourth quarter of 2021.New Zealand’s housing market posted the biggest slump, with luxury home prices in Wellington, Auckland and Christchurch falling by double digits. Major cities including San Francisco, New York, Los A...

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