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1、 EditionKnight Franks annual review of market trends in the global branded residences sectorGlobal Branded Residences Report This years Global Branded Residences Report confirms a market enjoying sustained growth despite significant recent economic turmoil.Liam Bailey,Knight Franks global head of re
2、search,argues that while the sector will face growing challenges as it matures,substantial opportunities will remain for developers and operatorsOur approach To assess the health of the market we have set out the key macro themes impacting demand for luxury residences including wealth,travel,and pro
3、perty trends.We then provide a review of the global branded residence pipeline,looking at areas for future growth,both by geography and market type.Finally,we have taken soundings from the industry with a range of expert interviews and case studies which provide qualitative insights to inform our an
4、alysis.Wealth creation will support the sector The global population of ultra-high-net-worth individuals(UHNWIs)declined by 3.8%in 2022 due to sharply higher interest rates and more challenging geopolitical conditions.However,more positive long-term trends mean that the population of UHNWIs is proje
5、cted to rise by 28.5%between 2022 and 2027.The US and China will contribute significantly to wealth creation,but other countries such as Canada,Australia,India,Germany,and the UK will also see substantial growth in the number of UHNWIs.At a regional level,growth will be led by Australasia,Asia,and t
6、he Middle East.Travel volumes are set to recover Hotel stays,a proxy for travel,dropped significantly during the Covid-19 pandemic but have been recovering steadily.Flight data highlights some regional differences,with Asia experiencing the slowest progress.However,global travel is forecast to excee
7、d pre-pandemic levels by 2027,with significant growth in Africa,the Middle East and Asia.Asia dominates in terms of expected future growth,but Europe and North America also offer opportunities with increased mobility.Property in demand Future demand for second homes,including branded residences,is e
8、xpected to be driven by rising affluence,increased mobility,and the desire of wealthy investors to expand their residential property portfolios.The pandemic boosted residential property demand from UHNWIs,with around 17%purchasing homes in 2022.LIAM BAILEY,GLOBAL HEAD OF RESEARCH“Our assessment of t
9、he luxury branded residence market covers 324 schemes comprising over 26,000 residential units across 52 countries.”GLOBAL BRANDED RESIDENCES REPORT 20232Branded Residences Survey 2023Locations of the 324 schemes included in this years surveySource:Knight FrankDespite higher interest rates,there rem
10、ains healthy underlying demand with 15%of UHNWIs considering a purchase in 2023.Global sales of prime and super-prime properties have rebounded,and key hub markets such as the US,UK,Australia,Spain,and France are favoured destinations for second home purchases.The branded residence marketOur assessm
11、ent of the luxury branded residence market covers 324 schemes comprising over 26,000 residential units across 52 countries.Among the tracked schemes,186 are live and operational,with 138 in the pipeline.Our assessment of schemes with known opening dates points to a sector growing by an average of 12
12、%each year up to 2026.Saudi Arabia and Vietnam are the fastest-growing markets in terms of development numbers,while the UAE,Mexico and the UK have significant projects in the pipeline.Florida leads US market growth.Brands such as Aman and Six Senses are seeing strong growth,while The Ritz-Carlton a
13、nd Four Seasons lead in terms of the number of schemes.Key risksOur review of industry trends reveals several challenges for the sector.There is a potential conflict between purchaser and developer timescales,pointing to a need for brands to articulate their long-term commitment to schemes.A wider c
14、hallenge to the sector comes from the need to define and substantiate the added value that a brand can provide.Finally,the sector is wrestling with the need to provide clear evidence of its commitment to sustainability a brand that can clearly demonstrate this has a potential opportunity to partner
15、with Robert-Jan van Ogtrop(see page 13).Key opportunitiesThe clearest feedback from our survey work is the depth and breadth of opportunities.Our contributors point to growth potential in Asia,particularly in cities such as Hong Kong and Singapore;in Europe,with a focus on the UK,Portugal,Turkey,Fra
16、nce,Italy,and Greece;in the Middle East,where Dubai and Saudi Arabia are the stand outs;and the Americas,including the US,the Caribbean and Mexico.As the sector matures and competition rises there is an expectation that those developers that can deliver best-in-class schemes with a relentless focus
17、on the quality of the real estate,facilities,service,and design will outperform.“Global sales of prime and super-prime properties have rebounded,and key hub markets such as the US,UK,Australia,Spain,and France are favoured destinations for second home purchases.”12%growth each year predicted in the
18、branded residences market sector up to 2026GLOBAL BRANDED RESIDENCES REPORT 20233WealthOver recent decades global wealth creation has enabled the rapid expansion of international second home and branded residence markets.Despite a reversal in 2022,the outlook for wealth creation is positive and will
19、 support further growth in the sector Higher rates saw wealth creation falter last year Lets start with the bad news for branded residence developers.The global population of UHNWIs defined as someone with assets of US$30 million or more fell by 3.8%in 2022.Higher interest rates and more challenging
20、 geopolitical conditions last year meant that the total wealth held by UHNWIs in 2022 fell by 10%.This decline was largely due to very weak financial market performance,and the knock-on effect on investment portfolios.but growth will resume in 2024Looking ahead,however,developers will be cheered by
21、our forecast for future market expansion.Our recent Wealth Populations report confirms that the world population of UHNWIs will rise by 28.5%over the five years from 2022 to 2027.While this marks a slowdown from the 44%recorded for the previous five-year period,2017 to 2022,if we are correct,by 2027
22、 there will be an extra 165,200 very wealthy people for developers to court globally.Wealth expansion will be led by the mass affluent Of course,you dont need US$30 million in investable assets to be in the market for a second home.Our broader measure of high-net-worth individuals(HNWIs)covers those
23、 with US$1 million+in assets,a group that saw growth of 2.9%last year and which is expected to grow by a remarkable 57%over the next five years taking it from just shy of 70 million to more than 109 million people globally.The US and China are the critical markets for wealth creationIf we accept tha
24、t future demand for international second homes will be influenced by wealth creation,then developers need to focus very hard on the US and China.These two economies will account for more than half of all new UHNWIs over the next five years,with growth of 30%and 27%respectively.but new buyer demand w
25、ill be global Aside from these two dominant markets the story is global,with Canada,Australia,India,Germany,and the UK all predicted to gain upwards of 5,000 new UHNWIs by 2027.At a regional level Australasia,Asia and the Middle East will see the fastest rate of growth,with UHNWI populations expandi
26、ng in these regions by more than a third up to 2027.AustralasiaAsiaMiddle EastGlobalAmericasEuropeAfrica44%40%33%28%26%20%13%Fig 3:Regional wealth creation forecastForecast rate of growth in UHNWIs 2022 to 2027Source:Knight Frank(The Wealth Report 2023)Fig 2:Future wealth creation hubsTop 10 countri
27、es for forecast growth in UHNWI population,2022 to 2027Source:Knight Frank(The Wealth Report 2023)USChinaCanadaAustraliaIndiaGermanyUKFranceSouth KoreaSwitzerland8,0367,1337,0505,6695,0414,2173,6523,05243,83150,016Part 1 Macro Context Fig 1:Global wealth creationHistoric and forecast populationSourc
28、e:Knight Frank(The Wealth Report 2023)020080070060050040030020010004.03.53.02.52.01.51.00.5020027HNWI(millions)UHNWI(000s)Billionaires(000s)GLOBAL BRANDED RESIDENCES REPORT 20234TravelFuture expansion in second home markets implies continued growth in travel and mobility from o
29、wners.Following a remarkable worldwide collapse in travel during the Covid-19 pandemic,the latest data confirms only a partial recovery to date.Forecasts,however,point to a resumption of pre-Covid trends over the next five yearsTravel volumes are recovering slowly Taking hotel stays as a proxy for t
30、ravel and mobility,in 2019 there were 10.7 billion nights spent in hotels globally.This total plummeted during the pandemic to just 5.4 billion in 2020.Recovery has been steady but slow,with 2022 volumes still 14%below 2019s total and the pre-pandemic peak not expected to be exceeded until 2024.Flig
31、ht data confirms substantial regional differences The latest global flight data confirms a similar story.Figure 5 shows how,having plunged by 44%during the pandemic,total scheduled passenger flights worldwide remained 12%below their pre-pandemic level in the 12-month period to April 2023.The slowest
32、 recovery was seen in Asia where lockdowns lingered throughout 2022,but in markets like Latin America,Africa and North America volumes were close to or above pre-pandemic levels.Despite a slow recovery,travel volumes will hit new record levelsWhile we are yet to see a full recovery to pre-pandemic l
33、evels of mobility,the pandemic does not appear to have fundamentally changed the desire to travel.Figure 6 provides a forecast for growth in hotel stays in 2027 against a 2019 pre-pandemic baseline.On this measure,by 2027,global travel will rise 31%above the pre-pandemic peak,led by rapid growth in
34、Africa,the Middle East and Asia.All world regions will see growth but Asia dominates If we shift focus and consider absolute growth in activity,then Figure 7 confirms a striking picture with Asia dominating and accounting for almost half of all future global growth in hotel stays in the period to 20
35、27.Asias dominance shouldnt eclipse opportunities for businesses to take advantage of growing mobility in other parts of the world Europe and North America,for example,will see 18%and 11%of all new stays respectively.Fig 6:Regional forecast growth in hotel demandOvernight stays rate of growth,2019-2
36、027Source:Knight Frank,Oxford EconomicsAfricaMiddle EastAsia-PacificCaribbeanGlobalLatin AmericaEuropeNorth AmericaAsia-Pacific Europe Global Middle East Caribbean Africa North America Latin America 2002020224202520262027Fig 7:Regional share of growth in hotel demandShare of gl
37、obal growth in overnight stays in hotels by world region,2019 to 2027Fig 5:Regional change in flight volumes12-months to April 2023 vs full year 2019Fig 4:Global hotel demandOvernight stays in hotels (billions of nights)Source:Knight Frank,Oxford EconomicsSource:Knight Frank,OAGSource:Knight Frank,O
38、xford Economics9.8 10.310.75.46.99.210.611.812.7 13.514.0-20%-13%-12%-9%-7%-5%-5%1%Asia-PacificEuropeNorth AmericaMiddle EastLatin AmericaAfricaCaribbean47%18%11%8%7%7%1%45%45%43%32%31%24%24%16%GLOBAL BRANDED RESIDENCES REPORT 20235PropertyRising affluence and mobility are positives for future secon
39、d home demand but the critical component for the sector is appetite from wealthy investors to increase their exposure to residential property.The latest results from The Wealth Report confirm a continued desire for investment Residential demand from UHNWIs was boosted by the pandemic We noted in the
40、 2021 Knight Frank Global Buyers Survey that 33%of respondents confirmed that the pandemic had made them more likely to buy a second home.As evidence of this trend in March this year The Wealth Report revealed that around 17%of global UHNWIs purchased a new primary or second home in 2022.This percen
41、tage was ahead of the long-term trend and reflected the post-Covid boom in residential markets which supported housing investment through 2021 and 2022 leading to very strong price growth in many prime international markets.Underlying demand remains healthy,despite higher interest rates The Wealth R
42、eport also revealed future purchase intentions.The Attitudes Survey within the report,compiled as interest rates rose sharply in the developed world between Q4 2022 and Q1 2023,revealed that 15%of UHNWIs surveyed were considering a first or second home purchase in 2023.Although lower than 2022s outt
43、urn the figure remains above the long-term trend.Latest sales data confirms positive international purchase activity A useful snapshot of activity in housing markets with a high international and discretionary bias is provided by Knight Franks Global Super-Prime Intelligence report.The latest quarte
44、rly edition released in May confirmed global$10 million-plus sales bounced back in Q1 2023,with 417 sales across the 12 markets tracked,up 11%on the 376 recorded in Q4 2022 and the highest volume since Q2 2022.15%of UHNWIs surveyed were considering a first or second home purchase in 202333%of respon
45、dents confirmed that the pandemic had made them more likely to buy a second homeFig 8:US$10m+residential sales Quarterly sales for key global citiesCITY2022 Q12022 Q22022 Q32022 Q42023 Q1Dubai3353587588Geneva2515141519Hong Kong3250193067London4962666936Los Angeles7064495146Miami7034212420New York838
46、1433758Orange County39202293Palm Beach4336201430Paris1261073Singapore3731342337Sydney4226182210All535478374376417Source:Knight Frank(Global Super-Prime Intelligence Report 2023 Q1)GLOBAL BRANDED RESIDENCES REPORT 20236Global demand favours key hub markets In terms of where these purchases are likely
47、 to take place,Figure 9 confirms the top five destinations for second home purchases for UHNWIs from each world region.Globally,respondents to The Wealth Report Attitudes Survey stated that they were most likely to buy in the US,followed by the UK,Australia,Spain,and France.Investment remains the ke
48、y driver for residential purchases The Wealth Report this year provided a useful insight into the key drivers behind HNWI residential purchases.While“lifestyle”was the second most important driver,it lagged by some distance the importance placed on“investment”.For branded residence developers,this p
49、oints to a need to articulate the long-term financial benefits of their projects the depth and liquidity of markets and the prospects for future rental and capital growth.InvestmentLifestyleSafe havenJob relocationEducation45%21%16%9%8%Fig 10:Key drivers of residential demandThe factors driving HNWI
50、 residential property purchases,%of respondents citing their top driverSource:Knight Frank(The Wealth Report 2023)Source:Knight Frank(The Wealth Report 2023)Fig 9:Global demand for prime homes“If purchasing a new home in 2023,where is it most likely to be located?”(1=most likely)AFRICAASIAAUSTRALASI
51、AEUROPEAMERICASMIDDLE EASTGLOBAL AVERAGE1 UK US US Spain US UK US 2 Kenya UK Australia US Portugal UAE UK 3 US Australia UK France Spain US AUSTRALIA 4 Australia Singapore New Zealand Italy UK France SPAIN5 Canada/South Africa Japan Switzerland Portugal UAE Switzerland FRANCE“there is a need to arti
52、culate the long-term financial benefits of projects”GLOBAL BRANDED RESIDENCES REPORT 20237Survey results In this years report we have taken the opportunity to provide a more focused view of the luxury branded residence market.We have defined our market segment with reference to a curated list of bra
53、nds and track its expansion,leaning into pipeline data to reveal growth by geography,market type and brandDefining the market While there is no formal definition,a branded residence is generally recognised as a residential property which is associated with an established brand,such as a hotel operat
54、or.The brand provides the property with its branding,services and amenities.Premium pricing Often but not always branded residences will sell for a premium above their non-branded counterparts.This premium pricing is justified by the additional features that come with these properties:security;facil
55、ities;services;quality assurance provided by the brand;the ease of placing the property into a rental pool;and finally,the“lock up and leave”nature of a well-managed property.However,as our expert contributors confirm,this premium is not guaranteed,and developers need to work hard to justify its exi
56、stence.The luxury branded segment In this report we are focused on the luxury segment of the branded residence market.To help us understand the growth and development of the sector we have tracked the estates of 15 leading luxury brands:-Aman Auberge Banyan Tree Bulgari Dorchester Collection Faena F
57、our Seasons Mandarin Oriental Peninsula Raffles Rocco Forte Rosewood Six Senses St.Regis The Ritz-CarltonIn addition,we have also included several standalone developments,such as The Knightsbridge in London and The Waldorf-Astoria,New York,which form integral parts of the sector.Part 2 Branded Resid
58、ences Survey 2023“Often but not always branded residences will sell for a premium above their non-branded counterparts,with the premium pricing justified by the additional features that come with these properties.”LIZZIE LETHBRIDGE,ANALYST RESIDENTIAL RESEARCHGLOBAL BRANDED RESIDENCES REPORT 20238Si
59、zing the market Our definition of the luxury branded residence market comprises 324 schemes.We have information on the number of residences in 276 of the schemes totalling just under 26,000 residences and an average of 94 units per project.Of the schemes identified 186 are live and operational with
60、138 in the pipeline.We have estimated delivery dates for 103 of the pipeline schemes for between 2023 and 2026 pointing to a sector that is growing by 12%annually.Key locations North America accounts for nearly 40%of all projects,followed by Asia-Pacific(20%)and Europe(13%)see figure 12.The schemes
61、are located across 52 countries,dominated by the US(106 schemes),and with Mexico,the UAE,Thailand,the UK and China all with double-digit numbers of schemes.Growth markets In terms of growth markets,60%of the Middle East market is currently under development,Europe and Latin America follow at 49%and
62、46%respectively Figure 14.In absolute terms the biggest development pipelines are seen in the US(36 known schemes),the UAE(7),Mexico(7),the UK(5),and Saudi Arabia(4).Florida leads Within the US Florida is leading the charge compared with all other states,with the highest number of units in operation
63、(1,642)and the highest number of units in the pipeline(1,872).80%of Floridas schemes are found in Miami which currently has 11 operational schemes and will have 10 more by 2026.Fig 12:Location of luxury branded residence projects%split by world regionSource:Knight FrankPROJECTSRESIDENCES*Operational
64、 186 15,774 Pipeline 2023 32 3,166 Pipeline 2024 23 2,053 Pipeline 2025 26 2,586 Pipeline 2026 22 1,922 Pipeline other 35 414 Grand Total 324 25,915 Fig 11:Luxury branded residences Global 2023 survey results,counts of projects and residencesSource:Knight Frank.*We have numbers of residences for 276
65、 of the 324 projects in our analysisFlorida 32 California 15 New York 14 Massachusetts 7 Colorado 7 Texas 5 Utah 3 Washington D.C 3 Hawaii 3 Arizona 3 Fig 15:Top US states for luxury branded residences Number of live and pipeline projects by stateSource:Knight FrankFig 14:Most active regional pipeli
66、nes%of all projects in the development pipelineSource:Knight FrankMiddle EastEuropeLatin AmericaNorth AmericaAsia PacificCaribbeanAfrica60%49%46%33%26%25%8%US 106 Mexico 19 UAE 15 Thailand 13 UK 11 China 10 Vietnam 7 Canada 7 Indonesia 7 Turkey 6 North AmericaAsia PacificEuropeMiddle EastLatin Ameri
67、caAfricaCaribbean39.4%19.5%12.7%10.3%9.6%4.5%4.1%Source:Knight FrankFig 13:Top 10 markets for luxury branded residences Number of schemes by countryGLOBAL BRANDED RESIDENCES REPORT 20239Brands Ritz-Carlton leads in terms of number of schemes,followed by Four Seasons.In Figure 16 we have split scheme
68、s between live and pipeline for the largest 10 brands.In terms of rate of growth Aman and Six Senses lead with 68%and 67%respectively of their total portfolio currently in their development pipelines.63%of global schemes are city projects,with sun and ski projects accounting for 32%and 6%respectivel
69、y80%of Floridas schemes are found in Miami which currently has 11 operational schemes and will have 10 more by 2026Ritz-CarltonFour SeasonsSt.RegisAmanMandarin OrientalRosewoodSix SensesBanyan TreeAubergeRafflesFig 16:Largest brands Luxury branded residence project(by status)Source:Knight FrankLIVEP
70、IPELINE Fig 17:Branded residences by market typeSplit of projects by city and resort typeSource:Knight FrankAfricaCaribbeanEuropeMiddle EastNorth AmericaAsia PacificLatin AmericaGrand TotalCITYRESORT-SUNRESORT-SKI46.2%53.8%100%52.8%38.9%93.3%6.7%77.4%11.3%59.6%38.6%21.4%78.6%62.5%31.6%8.3%11.3%1.8%5
71、.8%Urban versus resort markets Projects fall into two main types city and resort.Within resorts we have split our results into two further categories sun and ski.Around 63%of global schemes are city projects,with sun and ski projects accounting for 32%and 6%respectively Figure 17 provides a regional
72、 split by project type.In terms of the pipeline-city projects are most active with 69 projects in the pipeline,sunbelt resorts follow with 33 known pipeline schemes,followed by 3 snowbelt resorts.GLOBAL BRANDED RESIDENCES REPORT 202310RICHARD BURSBY,PARTNER,TAYLOR WESSING There is a tension between
73、purchaser and developer timescales Buyers purchase a freehold,or at the least a long leasehold,interest in a property.But the developer will enter a shorter-term management agreement with a brand.Some of these may be for 50 or more years,but most luxury management agreements are for 25 to 30 years.T
74、here is an obvious conflict here if a buyer purchases a unit in a development because they like brand A,but brand A then fails to renew the management agreement and is replaced by brand B which is less well regarded in the market.What then happens to the value of the residence?To protect buyers ther
75、e are obligations to replace brands“like for like”but this is a value judgment.The key here for buyers is to understand the commitment and track record of the brand they are buying into.The value of a brandI feel the biggest difference in the sector is between hotel and non-hotel branded schemes,whe
76、ther these are a fashion or jewellery,automotive or interior designer brand.The challenge for the non-hotel brands is to define clearly for the buyers what their added value is.Its not impossible but the lack of heritage in the service and property management arena makes it harder.To be successful y
77、ou must ensure that you are not just franchising your name with little control.Part 3-Expert insights“You must be focused on every detail structure,service,design to make your projects work.Get the foundations right and there is a big growth market.”Alexandra Yao,IHG Hotels&ResortsFundamentally this
78、 is a property and service proposition.Get every element right and the developer can justify their premium,but this calls for relentless focus on the basics:the right location,the right building,and the right brand.Service is critical too.These are not normal luxury apartments and if the quality of
79、the experience doesnt match the quality of the brand promise,then there is no justification for a premium.Get this wrong and you have failed.ALEXANDRA YAO,VICE PRESIDENT GLOBAL HEAD OF BRANDED RESIDENCES,LUXURY&LIFESTYLE,IHG HOTELS&RESORTSOpportunities are globalAsia is the busiest market in terms o
80、f volume.The branded residential concept is well established in the region and there is room for more growth.Some cities in Europe will see expansion London will lead but Europes growth will likely be focused on resorts and leisure locations in Portugal,Turkey,France and potentially Italy and Greece
81、.The Middle East is of course big as well with Dubai in the UAE but Saudi Arabia is on the rise as a branded residential market.The Americas are also seeing healthy growth with both urban and leisure location demands for branded residential projects in the US,the Caribbean and Mexico.Sector risks ca
82、n be mitigated by relentless focus on detailYou must be focused on every detail structure,service,design to make MARKET VIEWyour projects work.Get the foundations right and there is a big growth market.Think about how people want to use their property.In addition to residential leisure requirements,
83、think about supporting key work habits.Particularly post-Covid,owners want flexibility to work from multiple international home bases and their property portfolio should be designed to support this.Think also about the need for some buyers to accommodate staff,especially at the luxury level,and the
84、need for multi-generational living requirements in some markets.There is still so much more room for innovationThere has been a focus on wellness and technology and demand is increasing.We believe that there is an opportunity to harness this by offering more wellness-and technology-focused amenities
85、 in a branded residential environment.This could be a game changer for the industry.In terms of where the most innovative thinking is happening,we see all our markets globally focusing on innovations in their unique tailored approaches especially with intelligent design and service experience so tha
86、t we can bring a branded hotel lifestyle 24/7 to all our residents around the world.During May and June 2023,we spoke to experts including developers,investors,funders,designers,and advisors to take the pulse of the latest trends and themes,adding qualitative insights to our branded residence survey
87、 results GLOBAL BRANDED RESIDENCES REPORT 202311BECKETT TUCKER,REGIONAL DIRECTOR OF RESIDENCE SALES,EMEA,AMANThe market outlook is strong for exclusive branded residential projectsThe market for branded residences in the ultra-luxury segment is incredibly positive,something were seeing the impact of
88、 throughout our Aman Branded Residence projects.Our most recent launches have led to strong purchase registrations,many from new buyers,as well as our cohort of loyal clients and existing owners who understand the value of the brand and have a great affinity with our proposition.The response we have
89、 received reveals a real hunger from buyers for opportunities to buy the finest real estate with absolute best-in-class service.Everything is about the entirety of the Aman value from working with the worlds leading architects,to our ability to offer a seamless service for buyers.Once they understan
90、d the priority access to hotel amenities,services,and the option for their residence to be managed in the Aman rental programme,they are committed.There are so many strong destinations for future projects Dubai and Miami remain interesting global markets for branded residence propositions and these
91、two markets have proved they have real depth of demand over time.Additionally,Japan is an exciting destination in which branded real estate is growing at pace.Our Niseko project is fascinating in terms of the spread of demand:China,Hong Kong,Singapore,US and even Japan are strong markets seeking an
92、elevated offering as they see the future value in Japans ski offering.Across Europe,the sector will be led by resort propositions.Italy has real opportunity for growth in the resort space and Croatia is a market which is always on the cusp of happening it will in this cycle.Similarly,Marrakech is ex
93、periencing increased interest,especially with clients seeking the rental proposition for their residence due to the consistent stream of year-round guests.PETER BAZELI,PRINCIPAL AND MANAGING DIRECTOR,WEITZMAN ASSOCIATESThere are risks to the model from within the sectorIm optimistic that branded res
94、idences will continue to evolve to meet luxury home market requirements,but the sector has become increasingly competitive.Leveraged properly,the brand adds value for the developer in clear layers it ties together the real estate,services,and amenities while the global brand owner benefits from a to
95、olkit that“creates the magic”and drives perceived value among purchasers.But the model has become so attractive to developers that poorly conceived branding schemes are being introduced with lesser impacts on sales.Frankly,it is too easy to slap a brand on a development and claim you have created a
96、premium.The premium must be activated through a lot of hard work and attention to detail in design and execution.You must demonstrate those clear ties between brand perception and the physical and operational product.The sale proposition is always about the experience of living in the completed deve
97、lopment,and developers are leaving money on the table when they rely on the brand name in and of itself to bear the marketing burden.The increasing challenge for the best developers and operators is to cut through the noise and educate the market on differentiating between true value-creating brand
98、propositions and those that might look appealing but are actually unable to offer sustainable value.The non-hotel brands face a challengeWhile still emerging,non-hotel brands can be effective marketing partners there have been some very strong unconventionally branded developments in the Miami marke
99、t,for instance,that have been quite successful.Its just a much bigger challenge.If you are delivering residences adjacent to and branded by a well-known luxury hotel,a lot of the heavy lifting has been done.You are leveraging that considerable investment in services,restaurants,bars,and wellness int
100、o the residential sales proposition.Without that offer up front,you have to work harder to justify the value-add for buyers through owner benefits,programming and service that has a clear tie to the brand ethos.Certainly,it can be done,whether its a fashion,wellness,watch,car,or other emerging luxur
101、y brand.Some buyers like the separation from hotel guests and are attracted to standalone developments,whether branded by a hotelier or other luxury brand.Once again,though,as the sector continues to evolve,buyers will become even more demanding and better educated,and they will need clear answers a
102、s to what each development is really offering to back up the premium prices being marketed.STEVE CHARLTON,FOUNDER AND CEO,I/O ATELIERReal sustainability changes the concept of luxuryBrands are having to respond to the fact their customers are asking for much more rigour around sustainability claims.
103、They feel bad enough about flying to their chosen resort,and while they might adopt the“travel less for longer”creed to partially salve their conscience,they also expect hotels to help them.So,hotels and resorts must work harder.Provenance is everything,from the embodied materials in the real estate
104、 to the food and drinks on offer the more local the better.Its very hard to do“opulence”in this new environment the new aesthetic is deliberately stripped back and natural but it lends itself to a wellness retreat styling.Developments need to think how they create a sense of placeBuyers are becoming
105、 ever more demanding.They might want the safety and familiarity of a brand when they invest,but they absolutely do not want a cookie cutter development.The developer can focus on design and architecture to set the scene,but the operator needs to deal with the“every day”and think about what can reall
106、y add depth to the customer experience.These are affluent people they really dont need more“welcome”chocolates or champagne.Think about intelligent co-branding experiences.Associate your development with other brands that resonate with your customers.Education and art are exciting opportunities:so,t
107、hink for example about creating space to host art exhibitions with public or even private galleries,introducing your buyers to opportunities they just wouldnt easily find on their own.JAMES PRICE,VICE PRESIDENT RESIDENTIAL,FOUR SEASONSA more mature market creates new challengesAs the market becomes
108、more crowded with a growing development pipeline,developers need to vary their marketing strategy.Buyers in markets such as Florida and Dubai need very clear communication of each schemes point of difference.You cannot be successful in this field if you simply rely on being the newest scheme ever ne
109、wer schemes will come to market before you have sold out.You need to be confident in the longevity of your offer.At Four Seasons we spend a huge amount of time making developments work as homes and communities.It isnt easy and it involves a lot of investment and staff to deliver but it works.At a su
110、perficial level competing schemes have similar amenity offerings concierge,spa,residents-only lounge but it is the quality of back of house services and the ongoing property management that really sustains value.Opportunities abound in Europe,but skill is needed to maximise results Compared with man
111、y of the worlds luxury residential markets,Europe differs in one important respect:it is just much more mature.In some markets GLOBAL BRANDED RESIDENCES REPORT 202312the only luxury product available comprises new-build schemes,but in Europe wealthy buyers have much more choice.How does a branded sc
112、heme compete with a Notting Hill garden square?Its a challenge developers in Asia or the Middle East dont face,and it requires real skill to overcome.Urban schemes will often involve conversions of existing hotels,leaving limited space for residences.As a result,standalone developments are more comm
113、on and these,as we know,require incredible attention to detail from a service perspective to compete with integrated hotel developments.Limited historic city centre development potential also results in challenges in finding the right urban sites in the very best locations with the right scale.As su
114、ch we have a balanced pipeline profile with resort projects featuring just as prominently but even here there is a density of established options for home buyers to consider which pushes branded developers to keep innovating.ADELINA WONG ETTELSON,GLOBAL HEAD OF RESIDENCES MARKETING,MANDARIN ORIENTAL
115、 HOTEL GROUPOutdoor space is more sought after since the pandemicOne trend that has been successful for our brand is the standalone branded residence concept.In the last year,Mandarin Oriental launched three standalone residences in Beverly Hills,New York and Barcelona.Additionally,we continue to se
116、e demand for outdoor living spaces,especially since many of our buyers are increasingly working from home and home-schooling their children.At Mandarin Oriental Residences,Beverly Hills,each home includes an outdoor area,and some even have an indoor/outdoor bonsai garden!“Limited historic city centr
117、e development potential also results in challenges in finding the right urban sites in the very best locations with the right scale.”James Price,Four SeasonsGrowth is forecast in Asia and Europe but Miami continues to shine Globally,we see steady growth in Europe and Asia.Miami continues to have its
118、 moment and is on our radar.I believe there will be even more demand to live there,especially as major retailers and restaurant groups continue to debut or expand their presence in the city.Europe and Asia are markets where we have seen enormous growth and interest,especially from our buyers in seve
119、ral of our European projects including Mandarin Oriental Residences,Barcelona and The Residences at Mandarin Oriental Mayfair,London.Asia has always been a core market for us given our companys roots in Hong Kong.Brand value is key to differentiate a schemeSince the pandemic there has been an emphas
120、is on the need for flexibility and technology.Developers,designers and buyers are re-thinking the meaning of home as we know it to be more thoughtful and functional as our work and personal lives continuously blend.We have also seen other brands beyond hotels getting involved in branded residences,i
121、ncluding from the fashion,restaurant and auto industries.Historically,the market consisted of luxury hotel brands,which are the most relevant to residential living.Now,everyone is jumping on the bandwagon,and it is getting harder to establish the point of difference.Luckily,Mandarin Oriental is a lu
122、xury five-star hotel brand that has been around for 60 years.What we have experienced over the years is that our brand value continues to remain strong,which translates to owners seeing gains on re-sales.ROBERT-JAN VAN OGTROP,FOUNDER,TENUTA DI FORCIPushing the limits of sustainability Tenuta di Forc
123、i is a family project in the fullest sense of the term with complete involvement of the next generation.The development comprises an ancient agricultural estate dating back to the 14th century with 350 hectares of forest,vineyards,fruit trees,a vegetable garden and vast olive groves.The development
124、will include a holistic health sanctuary where visitors will benefit from detailed health assessments to inform food,exercise,and meditation plans.Separately across the estate are 11 homes which are currently being sold.We have taken sustainability to the heart of the development across four key pil
125、lars of the project.In terms of the agricultural pillar,we have adopted a permaculture approach to vegetable and fruit production,with a farm-to-table vision with an explicit link to farming on the estate delivering food to our guests,who also benefit from the opportunity to produce their own wine a
126、nd olive oil in partnership with the estate.The health retreat forms our second pillar,providing a deeply personal experience.Art forms our third pillar,with extensive artist-in-residence programmes to provide education and stimulus to our residents.The final pillar is real estate,our financial engi
127、ne,which includes the 11 houses on the estate.These benefit from a rental pool to allow for investment returns and for year-round occupation and activity.But even here buyers sign management contracts to confirm that buildings are run and managed sustainably.GLOBAL BRANDED RESIDENCES REPORT 202313We
128、 are unbrandedfor nowThe easiest step for us to take when we embarked on this project would have been to have signed with a brand.The experience the big hotel brands have with delivering projects,facilities,sales contracts and so on were all things we had to learn from scratch.I have deep respect fo
129、r these businesses,this is a hard competitive market to operate in and they do it exceptionally well.However,despite speaking in detail to a number of brands I just couldnt reconcile my vision with the approach they were looking to take.There is a tension between what I see as following a truly sust
130、ainable approach and the growth mandate that most global hotel brands must deliver for their investors.Im not saying it is a tension that cant be reconciled but it is a real challenge.I also think the approach we have taken so far has attracted buyers who couldnt find the attention to detail they we
131、re looking for elsewhere in the market.Can sustainability be delivered at scale?The experience I have had at Tenuta di Forci suggests the slow,considered approach to real estate and lifestyle resonates with buyers and investors.This suggests a limit to the ability to scale the product.My children ha
132、ve been thinking about this challenge.They have been working with Zunya in Costa Rica,a development based on a very similar concept to ours,and it has prompted thoughts around a joint venture for similar projects under the umbrella term of a“regenerative alliance”.If we find other entrepreneurs and
133、real estate businesses willing to run their properties with a shared ethos and philosophy,I can see a route to scaling our approach.But authenticity is extremely important.The product must be truly sustainable one thing that is very clear to me is that consumers are only going to become more and mor
134、e sceptical about sustainable claims and all brands need to be very careful how they handle this theme.“Miami continues to have its moment and is on our radar.I believe there will be even more demand to live there,especially as major retailers and restaurant groups continue to debut or expand their
135、presence in the city.”Adelina Wong Ettelson,Mandarin Oriental Hotel GroupGLOBAL BRANDED RESIDENCES REPORT 202314The Whiteley,London ALEX MICHELIN,CO-FOUNDER OF FINCHATTON Service is the differentiator Not all branded residence schemes are made equal,and level of service is usually the defining diffe
136、rentiating factor.At The Whiteley,we are extremely focused on providing world-leading service to our residences,the kind of service normally only available in the best five-star hotels,and that is why we chose Six Senses to be our partner on the project.The brand knows how to deliver tailor-made ser
137、vice in a residential setting to the absolute highest standards and that is what residents of The Whiteley are buying in to.It is a lifestyle.Owners want everything that the brand embodies to be part of their life.That includes incredible food,levels of service and amenities but also a globally unma
138、tched wellness offering which is the signature of the Six Senses brand.Residents will have access to wellness programming normally only found in medical centres in Switzerland.The amenity offering at The Whiteley is phenomenal:60,000 sq ft of residential amenities are on offer for all the family,inc
139、luding a 25-metre pool,state-of-the-art gym,childrens playroom,sports hall,music room and meeting rooms all at a surprisingly low service charge due to the scale of the building and professionality of Six Senses.A wellness programme to prolong life What has been created at The Whiteley is a wellbein
140、g offering that is unrivalled anywhere in the world,and certainly in London.Six Senses Place,a wellness-focused members club,provides a curated programme of treatments that will take members through health and wellness to a degree that is usually only found in medical centres.Six Senses Place is a k
141、ind of club that will literally prolong your life by analysing and telling you what is wrong or imbalanced in your body and then providing you with a step-by-step guide to try to fix it.This is more than just a token gesture towards health,this is the real deal!Owners are offered complimentary membe
142、rship to Six Senses Place where members do not have to choose between work and health,the two are symbiotic and all in one place.Part 4-Case studies MARKET VIEWTo add further context to our research we have assessed a range of new and upcoming schemes to shed light on the latest trends in developmen
143、ts,services and facilities across the sector The Whiteley,LondonGLOBAL BRANDED RESIDENCES REPORT 202315The Whiteley is leading the way with a plastic-free initiativeThe Whiteley aims to be a plastic-free building.All water is purified and filtered to deter plastic water bottle purchases and all grey
144、 water is reclaimed within the building.Everything has been done to get the building as close to a BREEAM Outstanding rating as possible and all flats will hopefully have an Energy Performance Certificate(EPC)rating of A,something unusual for a historic building.The Towers of the Waldorf Astoria,New
145、 YorkDAN TUBB,SENIOR DIRECTOR OF SALESA last chance to own a part of this iconic buildingThe history of the Waldorf Astoria sets it apart from any other building in New York City.Leading cultural figures and world leaders entertained,performed and lived in the original Waldorf Astoria,some of them r
146、enting in The Towers for 20-30 years but they could never own.The legacy and international recognition created by its long-storied history can never be replaced.True privacy and exclusivityNothing is shared with the hotel.Not an entrance,not a corridor,not an elevator and not even the staff.Over 50,
147、000 sq ft of private residential amenities including the only pool in the building,the 25-metre Starlight Pool,are completely exclusive to the residents.The immediacy of hotel services are still at your beck and call and never more than a phone call away while maintaining clear separation of privacy
148、 and exclusivity between the condominiums and the hotel.A historic building can be highly sustainableOpposed to a new building,the renovation of the Waldorf Astoria is adaptive reuse,where this landmark property and everything within it,from the windows down to the wiring,is brand new and rebuilt to
149、 todays building codes and standards.The lone exception is the heritage public interiors within the hotel,which were granted landmark status and have been meticulously preserved and restored.The Towers of the Waldorf Astoria,New YorkGLOBAL BRANDED RESIDENCES REPORT 202316The Residences at Shell Bay
150、by Auberge Resorts Collection,Miami ALEX WITKOFF,CO-CHIEF EXECUTIVE OFFICER,WITKOFFA playground for the global eliteThe sports amenities at Shell Bay are unrivalled.A championship golf course designed by Greg Norman includes a 12-acre practice facility.It is the first new course in Miami for 25 year
151、s and is within this private,gated community.The racquet club is one of the only places globally to offer all four Grand Slam tennis courts,four pickleball courts and two padel courts and consultants from Wimbledon are aiding the tennis court design.It is the most exclusive club in Miami and it open
152、s before the residences so owners who join the exclusive Shell Bay Club can enjoy access while they wait.150-acre property is a winning featureThe location and size of the scheme is unrivalled anywhere in Miami and truly makes this scheme incredible.It is the only thing of its kind in the area and b
153、uyers appreciate the fully gated exclusivity of the vast space.Additionally,residences will have tailored service by award-winning Auberge Resorts Collection including in-room dining,sommelier and housekeeping,as well as a state-of-the art spa.The scheme is attracting buyers from the west coastAltho
154、ugh many buyers in the scheme are international,we have a lot from New York as well.Testament to the popularity and success of the scheme,we are also seeing strong sales to buyers coming from the west coast which is a new trend as we see it.The Shore Club Private Collection,MiamiALEX WITKOFF,CO-CHIE
155、F EXECUTIVE OFFICER,WITKOFFThe starchitect factor is attractiveThe Shore Club Private Collection is a limited collection of 49 curated homes designed by award-winning architect Robert A.M.Stern.Each Robert A.M.Stern home is designed to reflect the freedom and openness that an escape to the beach off
156、ers,creating an oceanfront lifestyle intended to be experienced to the fullest.The property will have the services of a five-star Auberge Resorts Collection Resort and the resort is designed by Brian OSullivan,the designer behind The Connaught and Claridges.City living can have the serenity of the c
157、ountrysideThere are three acres of carefully landscaped gardens which aim to be the Miami tropical version of the great botanical gardens across the globe.Native flora and fauna will surround the property in which residents can dine,bathe in three swimming pools or just relax in nature.The Residence
158、s at Shell Bay by Auberge Resorts Collection,Miami GLOBAL BRANDED RESIDENCES REPORT 202317The speed of sales highlights The Shore Clubs appealUS$500 million in sales were secured at the Shore Club Residences in the first 12 weeks on the market.It is the most successful scheme in terms of rate of sal
159、e and price per sq ft seen in Miami and individuals are flocking from around the world to own a piece of this iconic and spectacular development.The OWO,London CHARLIE WALSH,HEAD OF RESIDENTIAL SALES&MARKETING,WESTMINSTER DEVELOPMENT SERVICES LTD(THE OWO)A tangible piece of British history is for sa
160、le This is one of the most historic buildings in London and there will not be another project like this for some time.The building resonates authenticity.There is no need to create a back story for this property because the true story of the role The OWO has played in British history is so rich.Give
161、n the history and complexity of the building and its Grade II*listed status every single apartment is unique which has resonated with our buyers as they know that their piece of this historic building is unlike anyone elses.Hospitality is in the DNA of Raffles Raffles is a class leader in its field
162、and hospitality is core to its DNA.Buyers love the turnkey,five-star hotel service which has been compounded even more so since the pandemic.Residents can lock up and leave to do the travelling that they could not do during the pandemic,and they can go knowing that their property is in the safest of
163、 hands.400 staff look after the hotel and residences so the manpower behind the operation is extensive.This is why Raffles fans are so excited for the opportunity to own a home that is serviced by the wonderful hospitality they are so familiar and comfortable with and which is synonymous with the Ra
164、ffles brand.The OWO,LondonThe Shore Club Private Collection,MiamiGLOBAL BRANDED RESIDENCES REPORT 202318The design ticks all the boxes for the discerning ultra-wealthy buyer The OWO naturally splits well into two parts.The front includes the five-star hotel,nine restaurants and three bars,and the ba
165、ck houses the residences which are designed to be extremely private.All amenities are separate from those of the hotel and buyers really value discretion and privacy.Buyers love the ability to tap into the exciting buzz of the front of The OWO but with the knowledge that they can retreat to the priv
166、ate residents part of the building for peace and quiet.Aman Nai Lert,Bangkok YUHAN CHEN,DIRECTOR OF AMAN RESIDENCES SALES,ASIA PACIFIC Aman buyers seek tranquillity within an urban settingAmans development has taken the brand into the growing city of Bangkok which is quickly becoming an established
167、business hub.The pillar of tranquillity that Aman focuses so strongly on is fully reflected in this scheme.Set within the only private park in Bangkok with over 100 years of history the residences here embody the peace and quiet of an Aman resort,all while nestled within the heart of one of the worl
168、ds most dynamic cities.Community flourishes naturally among Aman loyalistsCreating a community of owners is a very organic process for Aman.Buyers and owners often already know the brand extremely well and our existing clients are always given priority access to any forthcoming Aman Residences proje
169、cts.Clients have the knowledge that they will be taken care of wherever they go within Amans global portfolio due to the brands unparalleled service and exceptional standards of design.Tailored wellness services are a key concept for buyersThe approach taken by Aman towards wellness reflects our own
170、ers.Holistic methods are focused upon with a perfect blend of traditional medicinal practices and best-in-class technology which will ensure a preventative approach is taken towards residents health.The Ritz-Carlton Residences,Dubai,Business BayTAREQ DARWISH,HEAD OF RESIDENTIAL PROJECT SALES AND MAR
171、KETING,KNIGHT FRANK DUBAIMembership is a key concept for buyersOwners at this residential project will receive automatic Elite Platinum status to Marriotts Bonvoy Loyalty Program providing VIP status at all of Marriotts luxury hotels worldwide including W Hotels,The St Regis,EDITION and JW Marriott.
172、Exclusivity is attractive in Dubai Being one of only a handful of standalone residences in Dubai,owners can be assured that their access to amenities is completely private and shared with only 71 owners.Residents can book through the concierge and have exclusive access to the entire floor of ameniti
173、es from the residence-only caf,theatre room,cigar lounge to the spa.Communal areas for residences alone create a community of like-minded individuals in private and luxurious surroundings.Aman Nai Lert,BangkokGLOBAL BRANDED RESIDENCES REPORT 202319Mandarin Oriental Residences Fifth Avenue,New YorkMI
174、CHAEL SHVO,CHAIRMAN AND CEO OF SHVOBuyers want a true turnkey solutionThe Mandarin Oriental Residences Fifth Avenue offers true turnkey luxury living.In designing the property,our focus was on making the lives of residents as easy as possible,where every need they could possibly have is catered to.P
175、eople like the idea of living in a hotel,with all the amenities and services they offer,but no one wants the transiency they entail.Here,we offer a hotel-like experience,where residents can move into fully appointed and fully furnished Mandarin Oriental Residences with all their legendary amenities
176、and services.They can also utilise private shopping services by Saks Fifth Avenue among other hotel-level offerings exclusive to residents at home,giving them back the most precious of gifts,their time.True hotel living is crucial for luxury In addition to best-in-class concierge services and variou
177、s amenities including a private spa and wellness centre,residents will also have exclusive access to Michelin-starred dining experiences within the building,with the property home to Boulud Priv,the first ever private residents-only restaurant by Daniel Boulud,with sweeping views of Fifth Avenue and
178、 Central Park.Additionally,Boulud will service the rooftop pool and cabanas,as well as offer private in-residence dining.Location is the best amenity of allSited on the most prestigious boulevard in the world,the residences are located steps away from the luxury shopping of Fifth Avenue and the city
179、s most prestigious art institutions,and within walking distance of Central Park,making this the perfect location for a pied-terre.SHVO worked closely with Mandarin Oriental to create residences of an entirely new calibre that are outfitted down to the smallest detail,allowing residents to move right
180、 into fully furnished and appointed residences.The Ritz-Carlton Residences Dubai,Business BayMandarin Oriental Residences Fifth Avenue,New York Knight Frank LLP 2023.This document has been provided for general information only and must not be relied upon in any way.Although high standards have been
181、used in the preparation of the information,analysis,views and projections presented in this document,Knight Frank LLP does not owe a duty of care to any person in respect of the contents of this document,and does not accept any responsibility or liability whatsoever for any loss or damage resultant
182、from any use of,reliance on or reference to the contents of this document.The content of this document does not necessarily represent the views of Knight Frank LLP in relation to any particular properties or projects.This document must not be amended in any way,whether to change its content,to remov
183、e this notice or any Knight Frank LLP insignia,or otherwise.Reproduction of this document in whole or in part is not permitted without the prior written approval of Knight Frank LLP to the form and content within which it appears.Recent Research17th editionThe global perspective on prime property an
184、d global perspective on prime property and investment 17th edition 202317th EditionThe global perspective on prime property and notice 2023.All rights reserved.This publication is produced for general outline information only,it is not definitive and it is not to be relied upon in any way.Although w
185、e believe that high standards have been used in the preparation of the information,analysis and views presented,no responsibility or liability whatsoever can be accepted by Knight Frank for any errors or loss or damage resultant from the use of or reference to the contents of this publication.We mak
186、e no express or implied warranty or guarantee of the accuracy of any of the contents.This publication does not necessarily reflect the view of Knight Frank in any respect.Information may have been provided by others without verification.Readers should not take or omit to take any action as a result
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191、arious sources including Knight Frank LLP,its direct UK subsidiaries and a network of separate and independent overseas entities or practices offering property services.Together these are generally known as“the Knight Frank global network”.Each entity or practice in the Knight Frank global network i
192、s a distinct and separate legal entity.Its ownership and management is distinct from that of any other entity or practice,whether operating under the name Knight Frank or otherwise.Where applicable,references to Knight Frank include the Knight Frank global network.Knight Frank LLP is a limited liabi
193、lity partnership registered in England with registered number OC305934,the registered office is 55 Baker Street,London W1U 8AN,where a list of members names may be inspected.17th editionEDITOR-IN-CHIEF Liam BaileyEDITOR Flora HarleyWRITTEN BY Knight Frank ResearchKate Everett-Allen Patrick Gower Ant
194、onia Haralambous Andrew Shirley Ruth WettersMARKETING Lauren HaaszPUBLIC RELATIONS Astrid RecaldinSUB-EDITING Sunny CreativeDESIGN&DIRECTION Quiddity MediaBRAND&CREATIVE CONSULTANT WinkPORTRAIT PHOTOGRAPHY Graham LeeFRONT COVER MainframePRINT OptichromeALL KNIGHT FRANK CONTACTS:Definitions and dataH
195、NWI High-net-worth individual someone with a net worth of US$1 million or more,including their primary residence.UHNWI Ultra-high-net-worth individual someone with a net worth of US$30 million or more,including their primary residence.PRIME PROPERTY The most desirable and most expensive property in
196、a given location,generally defined as the top 5%of each market by value.Prime markets often have a significant international bias in terms of buyer profile.THE PIRI 100 Now in its 16th year,the Knight Frank Prime International Residential Index tracks movements in luxury prices across the worlds top
197、 residential markets.The index,compiled using data from our research teams around the world,covers major financial centres,gateway cities and second-home hotspots both coastal and rural as well as leading luxury ski resorts.THE KNIGHT FRANK WEALTH SIZING MODEL The model,created by our data engineeri
198、ng team,measures the size of HNWI,UHNWI and billionaire cohorts in more than 200 countries and territories.In addition,we model the number of HNWIs and UHNWIs at city level for 100 global cities.KNIGHT FRANK HNW PULSE SURVEY New for 2023 is our HNW Pulse Survey.This encapsulates the view of 500 HNWI
199、s across 10 countries and territories including Australia,Chinese mainland,France,Hong Kong SAR,Italy,Singapore,Spain,Switzerland,the UK and US.Conducted in January 2023.THE ATTITUDES SURVEY The 2023 instalment is based on responses provided during November 2022 by more than 500 private bankers,weal
200、th advisors,intermediaries and family offices who between them manage over US$2.5 trillion of wealth for UHNWI clients.Special thanks to ANZ Bank Australia,Bank of Singapore,Citi,Citibank,Commonwealth Bank,Dry Associates,Genghis Capital Ltd,Harvest Financial,HSBC Bank,ICEA LION,Ifigest,JB Were,Key C
201、apital,Komern banka,MA Financial Group,Macquarie Bank,NAB,NCBA Group,Rothschild,Santander Bank,Stanbic Bank Kenya,Standard Chartered Bank Singapore,UBS,United Overseas Bank(Malaysia)Bhd,Walsh Bay Partners and Westpac for their participation.How we chose our coverWorking alongside our creative agency
202、,Wink,we started with a question:what is wealth?In the past,the answer might have focused on equities,property,gold,bonds and digital assets.Increasingly,though,we are coming to think of wealth in terms of the natural world forests,oceans and climate.This years cover visualises many of these concept
203、s in a digital way,showing a matrix of the diverse range of materials that represent wealth today.HNW Pulse Survey Our global networkThe Wealth Report 2023Wealth PopulationsThe global UHNWI population contracted by 3.8%in 2022 after a record climb in 2021-3.8%The Middle East was a regional stand out
204、 with 16.9%UHNWI growth,buoyed by the UAE and Saudi Arabia who saw stellar economic and property market performance16.9%Three of the top 10 fastest growth spots were in Asia,with Malaysia,Indonesia,and Singapore seeing their wealthy populations expand by 7-9%,this comes despite the wider region expe
205、riencing a 6.5%decline3Over the next five years we forecast that the global UHNWI population will expand by 28.5%to almost three-quarters of a million from 579,625 in 2022.744,000 The level of net wealth required to join to be among the top 1%of population in MonacoUS$12.4m The story at the heart of
206、 The Wealth Report 2023,released in March,was that of the legacy of the pandemic and the reverberations from the surge in interest rates.The strong economic rebound in 2021 and then reversal in 2022 was echoed by the global ultra-high-net-worth individual(UHNWI)population,which fell by 3.8%after a r
207、ecord breaking 9.3%growth in 2021.In our recent report we detailed how the total wealth held by UHNWIs in 2022 fell by 10%due in large part to two-fifths of portfolios being held in equities and bonds,which saw the traditional portfolio of 60/40 put in the worst performance since the 1930s in the US
208、.On the flip side,supporting growth,we revealed how property was a bright spot with prices in 100 prime residential markets globally growing by an average 5.2%in 2022 and luxury investment assets saw an inflation busting 16%growth.However,the dip is just that.Taking the longer view,the global UHNWI
209、population grew by 44%in the five years to 2022.While we forecast that this will slow to 28.5%over the next five years,the recent dip will prove short lived as we adapt to a new economic environment.“Property was a bright spot with prices in 100 prime residential markets globally growing by an avera
210、ge 5.2%in 2022.”KEY TAKEAWAYSThe global population of UHNWIs fell by 3.8%in 2022 with the rapid departure from an era of ultra-loose interest rates and relatively benign geopoliticsThe Wealth Report SeriesThe Wealth Report Wealth Sizing R first quarter of 2023 saw annual price change in the worlds l
211、uxury housing markets turn negative for the first time since the Global Financial Crisis.growth in prime Dubai prices through the pandemic(2020 Q1 to latest)149%2023 Q1 PGCI annual change,first fall since 2009-0.4%of markets recording positive growth in Q1 202365%of markets seeing strengthening annu
212、al growth this quarter26%biggest improvement in rank of annual price change since last quarter,Guangzhou+19Knight Franks Prime Global Cities Index(PGCI),which tracks prices in 46 leading prime markets,fell by 0.4%in the 12 months to the end of March this year.This marks a sharp reversal from a peak
213、of 10.1%growth in the fourth quarter of 2021.The slowdown in growth has overwhelmingly been driven by sharply higher interest rates following recent tightening in global monetary policy.Annual prices are now falling in 16 of the 46 markets tracked.While two thirds of markets are still seeing positiv
214、e growth,the large size of price declines in the weakest markets has pulled the overall index negative.Exceptional performanceAt the top of the table Dubais 44%annual growth remains a substantial outlier,with second place Miami the only other city to reach double digit growth(11%).Zurich(9.4%),Berli
215、n(5.7%)and Singapore(5.5%)complete the top five markets-pointing to the resilience of wealth and,in Berlins case,investment hubs.Dubais 149%growth through the pandemic(March 2020 to date)reflects a market undergoing significant structural change.Miami saw the second strongest growth over the same pe
216、riod,but at only 59%Global luxury house prices fall for first time since 20092023 Q1The Prime Global Cities Index(PGCI)is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide using data from our global research network.The index tracks nominal prices i
217、n local currency.Prime Global Cities IndexSource:Knight Frank ResearchFig 1:Pandemic boom Prime residential price change 2020 Q1 to 2023 Q1Dubai149%59%35%33%27%26%26%25%22%22%MiamiLos AngelesShanghaiChristchurchZurichSeoulGold CoastEdinburghGenevaPrime Global Cities IndexQ1 Q1 EditionKnight Franks G
218、lobal Super-Prime Intelligence report provides a quarterly snapshot of$10m+residential sales conditions across 12 key international marketsGlobal Super-Prime IntelligenceGlobal super-prime($10m+)residential sales bounced back in Q1 2023,with 417 sales across the 12 markets tracked in Knight Franks G
219、lobal Super-Prime Intelligence report,up 11%on the 376 recorded in Q4 2022 and the highest volume since Q2 last year.growth in global super-prime sales in Q1 2023 compared to the previous quarter11%the volume of global$10m+sales in the past 12-month period$30.2 bnthe decline in annualised sales in Q
220、1 2023 compared to the 2021 market peak-28.4%The recent uptick comes after several quarters of slowing activity caused by higher interest rates and rising geopolitical risks.The biggest market in Q1 this year was Dubai(88 sales),followed by Hong Kong(67),New York(58),Los Angeles(46),Singapore(37)and
221、 London(36).While volumes rose in Q1,this activity represented$7.2 billion worth of super-prime sales,down 4%on the previous quarter.The most expensive average super-prime sales took place in Geneva($23.8m)and London($20.4m)ANNUAL RESULTSAnnualised$10m+sales slowed noticeably over recent quarters as
222、 global housing markets were hit by roiling interest rate rises.The 1,645 sales across the 12 markets tracked in the 12-months to the end of March 2023,was down 28.4%from a recent peak of 2,298 sales in year to the end of December 2021.On an annualised basis Dubai tops the list of sales markets with
223、 274 sales,followed by London(233),New York(219)and Los Angeles(210).Total super-prime sales topped$30.2 billion in the year to the end of March.While this is down 26%on the$40.7bn reached at the height of the pandemic property boom during full-year 2021,it remains 62%above the pre-pandemic level in
224、 full-year 2019.NEW HUBSThe role of Dubai in supporting the global super-prime market cannot be overstated.In 2019 the Emirate accounted for 2%of all super-prime sales across our 12 markets,but by the most recent 12-month period this share had surged to 17%.Second placed London managed 14%.Dubais sa
225、les boom has helped propel prime prices there higher by 149%since the beginning of 2020,well ahead of the numbers seen in comparable markets.The second strongest prime market,Miami,saw 59%growth over the same period.While sales volumes have held up relatively well,despite pressures from higher debt
226、costs,one issue holding back transactions in recent months has been limited stock availability.Markets like Geneva and Paris in particular struggle with a lack of development opportunities despite strong demand from UHNW buyers.Covid restrictions in Hong Kong resulted in delays to new project launch
227、es,which weighed on sales volumes,however with more new development starts volumes should pick up from here.Dubais share of super-prime sales in the past 12-months17%the average price of super-prime sales in Geneva in Q1 this year$23.8mNew York has maintained a stronger development pipeline over rec
228、ent quarters compared to many markets which has aided activity.Miamis three year long market boom has led to a lack of availability leading to a surge in off-plan sales meaning that a high proportion of development properties slated for deliver in 2024 and beyond have already been purchased.continue
229、d on page 3 Global Super-Prime IntelligenceKeep up to speed with global property markets with our range of dedicated sector newslettersSIGN UP ONLINEGeorgina AtkinsonHead of US Residential Developments,Asia Pacific,Middle East&Europe ;Mark Harvey Head of Residential,Europe,US&Caribbean Victoria Garrett Head of Residential,Asia P;Erin van Tuil Head of Residential,Australia Rupert des ForgesHead of Prime Central London Developments Tareq Darwish Head of Residential Project Sales and Marketing,DLizzie Lethbridge+44 7976 668 Liam Bailey+44 7919 303 Research enquiriesSales enquiries