Luxury Rents Across 30 Global Cities Outpace Prime Sales Prices
Average prime rental values jumped by 5.9%, with some cities seeing jumps of more than 50%
2 min
The growth of luxury rental prices outpaced the sales market in top global cities last year, according to a report Monday from Savills.
Average prime rental values jumped by 5.9% in 2022 across the 30 world cities analyzed in the report, the data showed. Limited inventory and increased demand pushed rents higher, while capital values saw an average of 3.2% rise during the year.
“Rental growth came as people continued to return to cities after the lifting of pandemic-related restrictions, and as rapidly rising interest rates in the latter half of 2022 meant that more people chose to rent,” Lucy Palk, an analyst at Savills World Research, said in a statement. “The rebound in international travel was a factor too, by the end of 2022 international arrivals had recovered to between 75% to 80% of 2019 levels.”
Meanwhile, average rents were up 10% or more in cities such as Singapore, New York, Dubai and Lisbon, Portugal, the report said.
For example, in New York, the median rent for properties in luxury, doorman buildings spiked 53% to almost $5,000 at the end of last year compared to $3,270 in December 2020, the figures showed.
And in Singapore, prime rents shot up by 26.2% annually as the country opened its borders and students, expats and high-net-worth individuals flooded the city. “Delayed completions of new prime stock further contributed to the significant rental rise seen in 2022,” the report said.
Climate, quality of life and strong business environments have been big draws for Lisbon and Dubai last year, where luxury rents were up 25.4% and 22.9%, respectively, according to the report.
The two strongest performing cities in the Asia Pacific region last year were Seoul, with 4.9% rental price growth, and Tokyo, 4.1%, the data showed.
On the flip side, Hong Kong had the lowest rental growth for luxury properties. The country is still subject to Covid-19-related restrictions, and has yet to see the full return of international tenants. In addition, rising interest rates have undermined consumer confidence.
“This suppressed transaction volumes causing pricing declines across all price brackets except the ultra-prime residences,” the report said. “Average prime prices fell by 8.5% in 2022.”
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Lamborghini Esperienza Giro 2024 in Langhe, Piedmont
3 min
A three-day super sports car driving experience immersed in authentic Italian culture, the Esperienza Giro brought together Lamborghini super sports car owners from across Europe for an exclusive tour celebrating the picturesque region of Langhe in Piedmont, northern Italy. Participants enjoyed luxurious accommodations, exceptional authentic dining, and an immersive experience of the region’s culture, traditions, and landscapes, during the exclusive VIP experience all organized by Automobili Lamborghini.
Il Boscareto Resort and Spa, nestled between the hills of Serralunga d’Alba, provided a luxurious setting for the guests. Upon arrival, Lamborghini clients were treated to a two Michelin-starred dinner crafted by chef Michelangelo Mammoliti at the Rei Natura restaurant, which embraces the natural elements of the region in both its interior design and cuisine.
The tour covered a total of 488 kilometers over several days, beginning with a drive to the medieval Castello di Prunetto, where guests enjoyed a specially curated hazelnut tasting experience, a regional delicacy. The super sports cars then proceeded to Pico Maccario winery, known for its innovative winemaking techniques, picturesque vineyards, and the historic Cru Cannubi wine: a bottle of which is recognized as the oldest in Italy (dated 1752), and considered one of the most important vineyards in the world. Set in rolling vineyards punctuated with the famous Pico colored pencils, denoting the different varieties of grapes and wines, the Lamborghini owners enjoyed a private tour of the production facilities and a lunch before heading back to Il Boscareto. The day ended at the remote 11th century Castello di Grinzane Cavour, a site of significant importance in Italian history and owned over the centuries by several noble Piedmontese families where guests attended a dinner in a medieval setting entertained by flag-throwers and a falconry performance.
The following day featured an exhilarating drive through mountain scenery with a coffee stop at BAart in Agliano Terme, a village renowned for its Barbera grape winemaking and gastronomy. BAart, located in the deconsecrated Chiesa di San Michele, is a community project that blends contemporary art with traditional regional flavors. The group then visited Castello di Razzano, a historic estate dating back to the 17th century, for a private lunch featuring local products, including the estate’s own olive oil. The day ended with a private dinner at Winery Cecilia Monte, where guests savored typical Piedmontese dishes and participated in a unique workshop using wine as paint.
Heading off on day four the Lamborghini owners arrived at Santuario dei Piloni for a mid-morning stop, in a craggy, rural area famed for its history and traditions; here, participants engaged in a truffle hunting experience with dogs, culminating with a tasting of the finest truffle. The tour concluded with a drive to Pollenzo, an ancient city on the banks of the Tanaro river and the home to the University of Gastronomic Studies. Reflecting the university’s dedication to culinary excellence, guests experienced a private lunch of Piedmontese specialities next door at Scuderie Sabaude, where the king of Italy’s stables once stood. Like each edition of Esperienza Giro, Lamborghini guests in Langhe enjoyed a holistic journey incorporating the exceptional and emotional performance of Lamborghini super sports cars, while celebrating the enduring allure of local cultural experiences, exceptional cuisines and Italian heritage.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
