Declining Domiciles

Home prices in the swankiest parts of the most expensive cities are declining. In part it’s due to slowing wealth creation; fewer millionaires/year are being minted. Also, stronger capital controls have made it harder to ferry money out of China. Transaction taxes on foreigners have hurt; increase supply is also to blame. Also, trophy properties are progressively behaving like a global asset class and increasingly rise and fall in unison.

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