New York has surpassed London as the second-most luxurious major housing market in the world after Hong Kong as the effects of the UK’s vote to leave the EU chipped away at the price of top British real estate.
“In New York, luxury price increases and robust sales volumes, particularly at the low-end of the luxury market, bolstered the city’s index position” last year, Christie’s International Real Estate said in a report.
“Uncertainty over the impact of the UK’s EU referendum and stamp duties increases have cooled London’s market, though the city still recorded strong top sales and average per square foot sales prices”
