Second only to Miami/Ft. Lauderdale on our comprehensive list with 22 new developments, the Big Apple continues to be a dynamic location in which to invest and expand your portfolio.
The New York luxury real estate market is increasingly competitive, with limited inventory continuing to drive up prices over the past few years. The first quarter of 2014 saw average prices for luxury real estate jump 45 per cent from $5.1 million to $7.4 million year-on- year, according to appraisal firm Miller Samuel.
In compiling our guide to the top residential real estate worldwide, we have used data from WealthInsight and Knight Frank to consider 19 different attributes, which include: current UHNW population; UHNW population projections for 2023; importance of the location currently; economic activity of the location; price change of luxury real estate in the past year; price per square foot and quality of life.
We have also carried out our own independent research on amenities and services, which comprises 55 per cent of each score. Taken into consideration are amenities including pool, secure parking, valet parking, 24-hour security, professional concierge, gym/health club, roof deck, cinema/media room, sauna/steam room, housekeeping service and on-site restaurant.
In our global guide, four New York developments make it into the top 10, including our number one luxury property overall, 432 Park Avenue – set to be the tallest residential tower in the western world.
Commenting on the list Ollie Williams, an analyst for WealthInsight, says: “Today’s UHNW households live an intercontinental, global lifestyle. Traveling between continents is a normal occurrence and the result is there is a heightened interest in real estate ownership where it’s not unusual for the wealth to maintain residences on two and even three continents.”