Singapore, Paris, Miami … how are the world’s top luxury housing markets expected to perform in 2020 – and which will be the strongest?

Political instability in Hong Kong, ongoing Brexit negotiations and trade tensions between the United States and China made 2019 an uncertain year for luxury real estate around the world, according to global real estate consultancy firm Knight Frank.

In its Prime Global Forecast 2020 Report, Knight Frank has looked ahead at how the world’s top prime housing markets will perform in the year ahead.

STYLE Property series: Celebrity homes exposed

Paris is expected to have the world’s strongest luxury real-estate market in 2020, thanks to low interest rates, economic stability and limited inventory of high-end properties, according to the report.

Berlin and Miami are also forecast to have strong years, while New York City, Dubai and London are expected to see prices fall.

Here’s how the world’s top luxury housing markets are expected to fare, ranked in ascending order.

Vancouver

The British Columbia port city of Vancouver will see a 5 per cent fall in luxury home prices in 2020, but the decline is slowing down, according to Knight Frank.

The housing market is slowly recovering thanks to less inventory and a gradual adjustment to property market regulations.

New York City 

New York City is forecast to see high-end home prices fall 3 per cent because of lower mortgage rates and strong employment indicators.

How the 1 per cent live: exploring New York’s richest neighbourhoods

 Dubai

While luxury real-estate prices are expected to drop 2 per cent in 2020, Dubai’s prime housing market will be boosted by its hosting of Expo 2020 in October.

The city has poured money into new infrastructure such as expanded metro lines leading up to the event, according to Knight Frank.

 Mumbai

Buyers in Mumbai are expected to be “cautious” in 2020 after the economic slowdown in 2019 and an increase in stamp duty tax, according to Knight Frank. Prime real-estate prices are forecast to shrink 1 per cent.

Hong Kong 

The political unrest in Hong Kong indicates the high-end housing market will remain mostly static, with neither significant price growth nor declines anticipated.

Is Hong Kong still the most expensive city to live in?

There were several high-end sales in the city’s most exclusive neighbourhood, The Peak, in 2019, according to the report.

London 

With some of the uncertainty surrounding Brexit dissipated after the Conservative Party won an overwhelming majority in parliament, London’s housing market should see the release of a “pent-up demand that has built in recent years”, with expected growth of about 1 per cent, according to the report.

What will happen to Coco Chanel’s ‘love nest’?

Los Angeles

Luxury home prices are expected to grow 2 per cent in Los Angeles, but the growth depends on which price range you’re looking at.

The market is forecast to see strong demand for homes below US$2 million and moderate price growth in the US$2 million to US$10 million range. The US$10 million-and-above range is “slow [and] patchy at best,” according to Knight Frank.

Melbourne

Luxury prices in Melbourne are expected to grow 3 per cent thanks to a lower interest rate environment.

The Australian city is seeing high demand from buyers who want to downsize to properties that are easy to maintain and close to the city centre.

Singapore 

In Singapore, the high-end market will also grow by about 3 per cent, thanks to wealth moving in from Hong Kong amid political tensions there.

Can you name the 17 richest people in Singapore?

Madrid

Knight Frank expects Madrid to see price growth of 3 per cent thanks to an increase in international buyers.

Sydney

Prices are forecast to grow 4 per cent in Sydney thanks to lower interest rates, a limited supply of high-end homes, and major investments in its light rail system.

Like Melbourne, high-end homes in Sydney are in demand for those looking to downsize.

Geneva

Geneva will see prices swell by 4 per cent for similar reasons to Sydney: low interest rates and investment in transport – in Geneva’s case, the Leman Express commuter rail network.

Miami

Luxury real-estate prices in Miami will increase by 5 per cent, according to Knight Frank, largely thanks to the influx of wealthy people fleeing tax reform that has made it more expensive to own high-end homes in New York, Connecticut, California and New Jersey.

Berlin

The German capital will see prime price growth of 5 per cent, thanks to high demand from domestic and international buyers, according to the report.

Paris

Paris is expected to be the strongest luxury housing market in 2020, thanks to price growth of 7 per cent, low interest rates, economic stability and limited supply of prime properties, according to Knight Frank.

Is this plushest hotel room in Paris?

The French capital’s real-estate market will also see a boost thanks to the 2024 Summer Olympics and the Grand Paris Project, Europe’s largest infrastructure initiative.

Want more stories like this? Sign up here. Follow STYLE on Facebook, Instagram, YouTube and Twitter .

This article originally appeared on Business Insider.