On a global level, New York City’s luxury market is beginning to lag behind. According to Knight Frank’s Prime Global Cities Index (released Monday) prices for the city’s dearest pads remained flat in the first three months of the year, while high-end home prices exploded in competing global cities.
The index, which follows luxury residential property prices across 41 international cities ranked New York City at 22 with an increase of just 1.7 percent from last year. Chinese cities, on the other hand saw among the greatest increases. In Shanghai, for example, prices increased almost 23 percent, while Beijing’s luxury sector saw an increase of 20 percent.
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