Global City Update

Global City Update Tourists Visits to New York rose 71% from 2021 to 2022. New York’s hotel occupancy topped 90% in December, leading the US. 56 million people visited New York in 2022. That's 2 million fewer than the visitor count of Disney Florida at 58 million. Florida welcomed around 137 million domestic visitors in 2022 (and 5 million international), an increase of 5% over 2019 and 12.9% over 2021 contributing about $96.5 billion to Florida's economy.  Roughly 259 million people visited California in 2022, 46 million to Los Angeles alone! Population Growth in Global Cities The biggest cities are now more sought-after than ever before: Manhattan and Chicago have exceeded their pre-pandemic populations. London now probably has more than 9 million inhabitants, its highest number ever. Greater Paris has a record 12.4 million. Manhattan is in no danger of losing its place as the cultural capital of the world as anyone who spends any time there can attest. Housing Prices The global financial system is showing strains as rising interest rates spark turmoil in Western banks. Besides turmoil in the financial sector, another part of the global economy might be cracking, and that's the luxury home market.  A new report from real estate consultancy Knight Frank reveals luxury home prices in 46 cities across the world slid 0.4% year-over-year in the first quarter, the first drop since 2009, and is a steep decline from 10% of growth in the fourth quarter of 2021, according to Bloomberg. I am not sure 0.4% overall qualifies as a global crack but definitely some cities are seeing sharp declines. Knight Frank's report showed luxury home prices in Wellington, New Zealand -27%; San Fransisco, California; and Vancouver, Canada, recorded the most significant declines. Inversely, luxury home prices were higher in Dubai +44% and Miami +11%.  Dubai’s desirability is always suspect probably driven by wealthy Russians needing a safe haven for their assets.   However in March of this year Dubai also expanded their ’smart valuation process’ using AI, so you can now buy property in Dubai and close in minutes. That is definitely driving values.  Miami will be the American city most likely to benefit from financial and political turmoil around the world, due to its lifestyle and continuing supply of top class residential inventory. 28 Minnetonka Road 5 Bed | 5 Bath | 6,215 SF | $10,995,000 Welcome to this one-of-a kind architectural custom built masterpiece. Crafted in limestone this property spares no expense. Upon entering, you are greeted with a custom glass elevator and sunken fire pit. The living area and kitchen feature an open floor plan with Gaggenau appliances and high ceilings. A $500,000 saltwater 70 ft infinity edge pool with a custom waterfall and led lighting. 112 ft directly on the Intracoastal makes this a boaters paradise.  Reach out for more info: 347.222.5625 Say Hi! Amanda Sawyer Real Estate Advisor  M: 347.222.5625 amanda.sawyer@compass.com © Compass 2023 ¦ All Rights Reserved by Compass ¦ Made in NYC Not intended to solicit currently listed property. © Compass Florida, LLC. Equal Housing Opportunity. All information furnished regarding property for sale or rent or regarding financing is from sources deemed reliable, but Compass makes no warranty or representation as to the accuracy thereof. All property information is presented subject to errors, omissions, price changes, changed property conditions, and withdrawal of the property from the market, without notice. Photos may be virtually staged or digitally enhanced and may not reflect actual property conditions. marketingcenter--