China's Slowdown to Hit Luxury Real Estate Market
The latest Knight Frank Prime Cities Forecast shows luxury price growth in the world's major cities was cut almost in half this year.
The report shows price drops from 3% to 1.7% over 2015—possibly caused by rising US interest rates and China or other emerging markets’ economic slowdown.
China's rough patch slowed its housing market, along with the Asian markets that wealthy Chinese buyers love so much—like Hong Kong (left) Singapore (center) and Shanghai (right), CNBC reports.
On the flip side, Sydney, Australia, should top the price list again in 2016—with a 10% price increase over its 2015, top dollar price tags—even with its many Chinese buyers backing off. [CNBC]