Luxury homes in some of the world’s top cities saw a slowdown in price growth in the last quarter as new taxes, elections, referendums and economic jitters took hold.
Despite an average annual growth rate of 3.8%, 18 of the 37 cities tracked by the Knight Frank index saw their rate of price growth slide compared with last quarter. Among them were Vancouver, Toronto, London, Sydney and Melbourne; all cities where new taxes have been imposed in the last 12 months; either in the form of higher stamp duty, additional taxes for foreign buyers or the closing of tax loop holes for non-residents.
In Cayman we have had a very successful year with a number of residential homes selling, including within the luxury market, and more recently IRG has sold various properties including condos and mid-priced single family homes. We're seeing good appreciation in the residential sector in the 4-5% range and a positive outlook for the islands as we remain on a steady course economically, socially and politically. We're viewed as a safehaven for investors assets in uncertain times such as these, which should further strengthen Cayman's property market as the world comes to terms with the US election results and Brexit.
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