News roundup: Super luxury home sales up by 11 percent worldwide in Q4 2023, and other headlines

For PropertyGuru’s real estate news roundup, global super-prime residential sales rose 11 percent in the fourth quarter of 2023. In other headlines, investments in Australia’s commercial property sector continue to have a bright future, while Noida International Airport in Jewar, India, is scheduled to open to the public in September 2024.

Super luxury home sales spike 11 percent worldwide in Q4 2023

Based on new data from international property consultant Knight Frank, global super-prime (USD10 million+) residential sales rose 11 percent in Q4 2023 on a year-on-year basis. According to the report in The World Property Journal, there were 411 sales across the 12 markets covered in the three months to December compared to 370 in the same period in 2022.

The uptick in super-prime sales activity reverses the slowdown in the previous quarter. It reflects a more confident global economic outlook at the end of 2023, as expectations for interest rate cuts in 2024 grew stronger.

The largest market in Q4 was Dubai (108 sales), followed by London and New York (with 52 each). Hong Kong’s volumes dipped to 15 sales, pushing it out of the top five markets for the first time. Sydney and Geneva ranked fourth and fifth, respectively, with strong activity throughout the quarter.

Although super-prime sales rose in the fourth quarter, pushing 2023’s total sales ahead of 2022, they were still 22 percent lower than the levels reached in 2021. However, the total was still significantly higher than the pre-pandemic level seen in 2019.

Australia’s commercial property investment future bright amid global uncertainty

The stability and strong fundamentals of Australia’s commercial property sector are expected to translate to continued foreign investment as a challenging economic period emerges.

While market commentators debate the chance of Australia falling into a recession following the fastest rise in interest rates in a generation, international institutions and investment funds have continued to turn to Australia as a haven for capital.

Data released by Treasury and reported by realcommercial.com.au shows the value of ­approved investment proposals totalled AUD19.3 billion in the December quarter, an increase of AUD4.1 billion on the prior ­period. At the current rate, foreign spending this financial year is set to outpace the previous year.

India’s Noida Airport: 75 percent of work complete

Operations on the upcoming Noida International Airport in Jewar might start in the coming two or three months with 75 percent of construction work now over, say officials.

“The pivotal Air Traffic Control (ATC) infrastructure is also in place. From July onwards, the airport will witness the full functioning of two state-of-the-art radars signaling a significant enhancement of the airport’s operational capability. Initially, this advancement is expected to allow the scheduling of 50 flights a day,” the Member of the Legislative Assembly from Jewar Dhirendra Singh told media, including Housing.com.

The Noida airport is the second largest in Asia and the fourth largest in the world. It is scheduled to open to the public in September 2024 with one terminal building and one runway. Being developed across an area of 1,300 hectares in the first phase, the Noida Airport in this phase will be equipped to handle an annual passenger traffic of 12 million.

The Property Report editors wrote this article. For more information, email: [email protected].