Lisbon Luxury Home Prices Surpass New York in Global Rise

Knight Frank Prime Global Cities Index reveals Lisbon prices surged 4.1% in 12 months, outpacing New York's 3.2% increase.

Luxury home prices on a global scale have seen a significant increase of 4.1% in the 12 months leading up to March 2024, surpassing the 3.2% growth recorded in the previous quarter of 2023. This data comes from the Knight Frank Prime Global Cities Index, which analyzed a total of 44 markets. Among these markets, Lisbon stands out in 28th position, showing an annual growth of 1.8%, outperforming cities such as Paris, Vienna, Geneva, London, New York, and Monaco.

According to the Knight Frank report, there has been a strengthening trend in price growth on a quarterly basis, with a 1.1% increase in the first quarter of 2024, compared to the 0.3% growth in the last quarter of the previous year. Of the 44 markets analyzed, 78% are experiencing annual price growth, while 19% are facing declines. The report also notes that the pace of price declines has slowed down, with only one market, Frankfurt, showing a significant decrease of -6.9%.

At the top of the table in terms of annual growth in luxury home prices are Manila with 26.2%, Tokyo with 12.5%, and Mumbai with 11.5% in second and third positions, respectively. Perth and Delhi complete the top 5 with growth rates of 11.1% and 10.5%, respectively. Lisbon ranks 28th in terms of price growth in luxury housing, indicating a positive trend in the national market that continues to attract international investors, as noted by Francisco Quintela, CEO of Quintela e Penalva, Knight Frank's partner in Portugal.

The data from the Knight Frank Prime Global Cities Index highlights the resilience of the national market and its appeal to international investors, which bodes well for the real estate sector and the overall economy.