Dubai leads prime residential growth forecasts while Los Angeles' proposed “Mansion Tax” remains under close watch, per Knight Frank's 2023 forecasts.
Knight Frank says the switch from a seller’s to a buyer’s market is already underway across most prime residential markets, per 2023 forecasts. Image credit: Dubai Polo & Equestrian Club via Wikimedia CommonsGlobal real estate agency Knight Frank presents an adjustment to its prime residential predictions expectations for 2023 from 2.7 percent to 2 percent, down from the global research network’s June 2022 estimates.
The market is cashing in on the capital outflow of other countries, as stricter global monetary policies and taxes are met with the proliferation of preventive measures from HNWIs .Knight Frank's infographic identifies key prime residential market trends for 2023. Image credit: Knight Frank New visa measures and government efforts to attract additional family offices have aided in positioning the city-state as Asia’s regional wealth hub, according to the firm’s experts.
Conversely, the firm presents the following — safe haven capital flight, investments in infrastructure, alternative asset volatility, currency play and target markets offering relative value — as the upcoming year’s five areas of opportunity. Its leaders cite Dubai’s rapid rise in comparative real estate value during and since the pandemic, forecast by very few.
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