For hundreds—or sometimes thousands—of years, cities around the globe have defied predictions of their death, including alarms set off during the start of the Covid-19 pandemic.
In fact, many global cities began to rebound as early as the summer of 2020. Luxury-home buyers returned to expand their stake in cities from London to Madrid, from São Paulo to San Francisco, and from Hong Kong to Tokyo. Real estate agents anticipate sales and prices to continue to rise in 2022, as international buyers return.
“The real estate market was one of the sectors that recovered the fastest from the economic crisis generated by the pandemic,” says Renata Victorino, partner-director, Bossa Nova Sotheby’s International Realty in São Paulo, Brazil. The hot market, she says, “has attracted investors who are looking to get away from more traditional financial investments and prefer the security that investing in real estate provides.”
In New York, luxury buyers returned to the market beginning in January 2021, says Wendy Arriz, associate broker, Sotheby’s International Realty–East Side Manhattan Brokerage.
“The most recent Wealth-X report found that New York City was still the number one city in the world, with the most ultra-high-net-worth households in 2020,” Arriz says. “People love the city, and they want to be here for the culture and the energy.”