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Global Update: A Record Month in Manhattan

News from luxury-home markets around the world

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It was a marvelous May for the Manhattan luxury real estate market.

Getty Images
It was a marvelous May for the Manhattan luxury real estate market.
Getty Images

It was a record-setting May in Manhattan. The Olshan Luxury Market Report, produced by Olshan Realty, says that 157 contracts were signed for properties at $4 million or above during the month, the most for a single month in the 10 years Olshan has been tracking the statistic. The total contract volume for May was also a record at $1.16 billion. Read the full report. [Olshan Luxury Market Report] Records were also set in Sydney, where May proved to be the strongest-ever month of property auctions for the city. When the final results are tallied Wednesday, Sydney’s strong month may beat the nation’s highest clearance rate of 86% set in Melbourne in 2001. [Domain] A new report from property data analytics provider CoreLogic finds that low inventories and growing sales combined to push U.S. home prices higher, bringing the year-on-year gain to 6.8%. [MarketWatch] According to data released by the county’s property appraiser, home values in Miami and Miami Beach have risen 11.3% and 12% respectively since 2014, a double-digit growth that is driven by new construction. [The Real Deal] After yesterday’s announcement by Treasury secretary John Fraser that Sydney was “unequivocally” experiencing a housing bubble, Australian investors should expect that tougher regulations, aimed at mitigating the bubble’s eventual burst, are on the way. [Australian Financial Review] According to a report, Dubai is seeing a drop in luxury real estate prices in response to declining demand, a strengthening U.S. dollar and a weakening oil market. [Gulf News] Simon Henry, co-CEO of Juwai.com, a real estate portal for Chinese investors looking abroad, discusses the demand from Chinese buyers for foreign, and particularly Australian, property. [Bloomberg] Luxury has arrived on Manhattan’s Lower East Side. Apartments and condo units in the neighborhood are now routinely listing, and selling, above the coveted $2,000-per-square-foot mark, with a number of new luxury developments still in the works. [The Lo-Down] Look out for Lovely Banks. This hidden gem, located in the hills above Geelong, Australia, has seen property values rise as much as $1 million Australian dollars (US$768,305) in the span of a decade. [PerthNow] Have an update for Mansion Global? Write to us at info@mansionglobal.com

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