KnightFrank-优质房地产与投资的全球视角（英）-2024.docx

XKnight4Frank18thedition2024TheglobalperspectiveonprimepropertyandinvestmentTHEWEA1.THREPORT18theditionDefinitionsanddataHowwechoseourcoverEDITOR1.iamBaileyWRITTENBYKnightFrankResearchJamesCulleyKateEverett-AllenPatrickGowerAntoniaHaralambousFloraHarleyChristine1.iIanMcGuinnessAndrewShirieyMARKETINGSallyIngramPUBUCRE1.ATIONSAstridRecaldinHNWI:High-net-worthindividual-someonewithanetworthofUS$1millionormore.UHNWI:Ultra-high-net-worthindividual-someonewithanetworthofUS$30millionormore.PRIMEPROPERTY:Themostdesirableandmostexpensivepropertyinagivenlocation,generallydefinedasthetop5%ofeachmarketbyvalue.Primemarketsoftenhaveasignificantinternationalbiasintermsofbuyerprofile.THEPIR1100:Nowinits17thyear,theKnightFrankPrimeInternationalResidentialIndextracksmovementsinluxurypricesacrosstheworld'stopresidentialmarkets.Theindex,mpiledusingdatafromourresearchteamsaroundtheworld,coversmajorfinancialcentres,gatewaycitiesandsend-homehotspots-bothcoastalandrural-aswellasleadingluxuryskiresorts.THEKNIGHTFRANKWEA1.THSIZINGMODE1.:Themodel,createdbyourdataengineeringteam,measuresthesizeofHNWI,UHNWIandbillionairecohortsinmorethan200countriesandterritories.ThisyearscoverprovidesaStarkillustrationofacriticalchangeintheprivateclientinvestmentstory.Theshifttohigherinterestratesin2023representedamassivebreakwiththepatternofever-lowerdebtcoststhatshapedtheprevioustwodecades.Whileratesarelikelytobecutthrough2024,theywillremainsubstantiallyabovetheirrecentultralowlevels.This,togetherwithaglobalelectionboom,anevermoretangledgeopoliticalwebandaperfectstormofdisruptionforrealestate,meanstheoldrulebooknolongerapplies.Forinvestors,it,stimetoturntotheNextChapter.SUB-EDmNGSunnyCreativeDESIGN&DIRECTIONQuiddityMediaFRONTCOVERCourtThreePRINTOptichromeA1.1.KNIGHTFRANKCONTACTS:firstname.familynameDAttitudesSurveyTHEATTITUDESSURVEY:The2024instalmentisbasedonresponsesprovidedduringDecember2023bymorethan600privatebankers,wealthadvisors,intermediariesandfamilyofficeswhobetweenthemmanageoverUS$3trillionofwealthforUHNWIclients.ACCESSINGOURRESEARCHANDINSIGHTSKnightFrankResearchprovidesarangeofmarket-leadinginsightsthroughtheyearcoveringallmajorglobalrealestatesectorsandmarkets.TogetthebestofKnightFrankstraighttoyourinbox,visitknightfrank.ccxn/ResearchNewslettersImportamOOtee©2024.AHrightsreservedThispublicationi$PrOdUCodforgeneraloutlineinformationonly,itno<drvoanditnotIoberelieduponinanyway.Alttxxighwqbc<vethathighSiancterdshaveboonusedinproparatkxofIheinformation,analysisandviewspresented,r>responsibilityorIiabililywhatsoevercanboacceptedbyKnighiFrankforanyerrorsorloss<xdamagercsuhantfromtheu”oforroforoncotothecontentsofthpublication.WemakenoexpressorimpidWanantyofguaranteeoftheaccuracyofanyofthecontents.ThispublicationdoesnotnecessarilyreflecttheviewofKrgh!Frankinanyrespect.InformationmayhavebeenprvkJedbyotherswithoutVenllcabon.Readersshouldnottakeor<xntttotakeanyactionasaresultofmto11natiointhisPUblCalIon.InpceparngthispuMcabon.Kgh(FrankdoesnotimplyoreslaWishanyc11t.Jwsory.Iinancalorpro1ssionarelationship,nortsKnightFrankoranyotherpersonprovidinga<tv<xy.IinanciaJOfservicesInparticular,KnighiFrank1.1.Pt$notauthorisedbytheFinancialConductAuthoritytoundertakereguai(×jactivities(otherthanlimitedinsurancei11tormdiationactivityinconnectionwithpropertymanag11n1).Nopartolth«pub½ationShaJlbereproduced,storedinaretrievalsystem,ortransmitted*nanytornofbyanymeans,electronic,mechanical,photocopymg.recordingorotherwise,withoutpriorwrittenpermissionfromKwghtFrankforth©same,including,mIhecaseofreproduction,priorwrittenapprovalKnightFranktothespecificfomandcontentwithinwhichitappearsKnighlFrank1.1.PisamemberoanintQ11¼tionanct*xkdi11cfepo11dc11tfirmswhichmayusethe*KnightFrank"namea11d,orlogosasaorpart&thorbusinessnames.NoeKnightFrank*Cnbtyactsasagentfor.orhasanyauthoritytorepresent,bindorobligateinanyway.anyotherKXfighlFrank"entity.Thpublicationicompiledfrominf<xmatkxcontrijtdbyvarioussourcesincludingKnightFrank1.1.P.itsdirectUKSubskiarleeandanetworkotseparateandindependentoverseasentiOesorPfaetkleeotteringpropertyservices.Togetherthesearegenerallyknownas'tKnighlFrankgtobainetwork".EachenotyorpracticeintheKmghtFrankQtobalnetwork妗ast11uandseparatelegalentityItsownershipandmanagernentisdisnctfromthatotanyotherentityorpractice,岫仪herOPeralngunderthenameKn>ghtFrankorOtberwse.Whereapplicable.rGlrecstoKnighlFrankincludetheKmghiFrankglobalnetwork.KniQhtFrank1.1.PisamtedliabilitypartnershipregisteredinEnglandwthregisterednurnterOC30554.th©regiswreddcei&5BakerStreet.1.oncJonWIU8AN.wherealistotmembers'namesmaybeinspected.WelcOMeThisyear,sreportconfirmsastrongaffinitybetweenprivatecapitalandrealestate-andwithlowerinterestratesonthehorizon,weanticipateasignificantincrease