[ad_1]
The U.S. Private Office of the London-based real estate company Knight Frank announced that—together with its U.S. residential partner, Douglas Elliman—it has transacted on over $250 million in global deals since its inception in December 2021. Headquartered in New York and led by Hugh Dixon, Knight Frank’s U.S. Private Office is a key hub for the company’s ultra-high-net-worth advisory service, which provides private clients and family offices with personalized real estate service globally.
Knight Frank’s U.S. Private Office, in conjunction with Douglas Elliman’s Development Marketing team, has been involved in some of the largest branded residences sales in New York City in the last 18 months, including a two-bedroom apartment at one of the most recognized branded residences in the city, which was sold for upwards of $20 million. This confirms the findings of the latest DE|KF Branded Residences Report, which highlights that demand for branded residences remains strong, with the sector set to grow 12% annually to 2026—or 55% overall over the period to 2026.
Despite significant recent economic turmoil, U.S. super-prime sales activity also remains strong, with 58 sales above $10 million taking place in Q1 2023 in New York and 46 in Los Angeles, confirming that the U.S. is central to the world’s wealthy. Knight Frank’s Private Office at Douglas Elliman has registered a steady demand for super-prime properties, particularly from Hong Kong and Singapore buyers, attracted by business opportunities, high-quality education and exposure to dollar-based assets. The demand registered extends across both the east and west coast.
“The major trend we are currently experiencing is the increase in next-generational wealth,” said Hugh Dixon, head of the Knight Frank US Private Office at Douglas Elliman. “We are increasingly seeing the rise of second-and third-generation family members taking control of their family wealth, wanting to focus on capital preservation and income generating assets. Given the volatility in stock markets, these younger generations are looking at real estate as a long-term strategy to build wealth. This is across multiple real estate asset classes, including trophy residential, hospitality and student housing to name a few.”
Together with Douglas Elliman, Knight Frank’s U.S. Private Office is currently assisting several U.S.-based family offices that, for the first time, are looking to diversify their current domestic real estate portfolios globally, interested particularly in investment in the UK and Europe such as student housing and logistics.
London continues to be a central hub for U.S. families and individuals, attracted by business opportunities, excellent education and easy access to other European hubs. Examples of this can be found in recent transactions completed by Knight Frank’s U.S. Private Office and Douglas Elliman, such as assisting a Miami-based family with their £6 million property in St John’s Wood, and a New York-based real estate group with a commercial transaction in central London valued at £40 million, their first acquisition outside of North America.
Over the next five years, according to the latest DE|KF Wealth Report, the global UHNWI population will expand by 28.5% to almost 750,000 from 579,625 in 2022. In the U.S., the number is set to grow by 24.6%, from 203,338 in 2022, to 253,354 in 2027, a key indicator that real estate will continue to be a sector of strong investment amongst wealthy individuals.
Knight Frank has five dedicated Private Office teams globally, based in London, Dubai, New York, Singapore and Hong Kong, providing a joined-up service for private clients.
[ad_2]
Source link