Mansion Global Daily: The Ultra-Wealthy Are Planning to Spend Big in Dubai

U.K. Home Sales Fell 32% in April

Whatever momentum U.K. home sales had to start the year has come to a crashing halt in April. According to HMRC, only 67,220 homes were sold last month, marking a 32% drop in residential property transactions from April 2022, and a 29% decline from March 2023. While the increased bank holidays (due to Easter) and the end of a first-time buyer scheme may have played a role in April’s diminished sales, industry analysts said the true culprit is the renewed rise of mortgage rates—and the potential for further escalation. City A.M.

The Ultra-Wealthy Will Spend US$2.5 Billion on Dubai Property This Year

Dubai is about to become richer, according to a report from Knight Frank. In a recently released report, the global property consultancy predicted that high-net-worth individuals (those with a net worth greater than $3 million, excluding their primary residence) will spend US$2.5 billion on real estate in the city throughout the course of 2023. The report identifies 22% of the people surveyed as willing to spend between US$5 million and US$10 million on property, while 8% are prepared to commit more than US$80 million, with wealthy individuals from East Asia ready to spend the most—more than US$20 million—as a regional cohort. The National

Fort Lauderdale Home Sales Dropped by Almost One-Third in April

America’s yachting capital has hit rough waters. According to a report from the Miami Association of Realtors, residential sales in Broward County Florida, home to the greater Fort Lauderdale area, fell 31.4% year over year in April. Economic uncertainty, the recent banking crisis, a historically high number of transactions in April 2022 and—of course—rising mortgage rates have all been identified as factors behind the fall. But one thing is for certain: It’s not for lack of trying. Total active listings for the region were up 70.8% year over year in April. World Property Journal

Australian Flower Heir Moves A$130 Million of Real Estate in One Night

How was your night? Probably not as eventful as Leo Lynch’s. Lynch, of the flower wholesaler Lynch Group, gave Australia two of its biggest trophy home deals of the year Tuesday evening when he bought and sold A$130 million (US$84 million) in real estate in a single night. While purchasing a historic Federation estate in Sydney’s Bellevue Hill suburb from Chinese-Australian businessman Wilson Lee and his wife, Baoyu Wu, for A$70 million, Lynch was also selling his own recently rebuilt home, just a few blocks away, for A$61.5 million, for a truly eye-watering transaction total. The Sydney Morning Herald