As global head of Knight Frank’s Research department, Liam Bailey keeps an eye on international property markets to see what’s changing, what’s staying the same, and what’s new and noteworthy. The group’s flagship report, The Wealth Report, comes out every March and analyzes how global property markets are faring.
Mr. Bailey leads and coordinates projects in his home country of the U.K. as well as abroad, covering private housing, investment and development. We caught up with Mr. Bailey to find out why he thinks the future is rosy for Miami and New York, and how the uptick in government regulation of real estate has surprised him. There’s that, and a lot more, below:
Mansion Global: Describe your dream property.
Liam Bailey: It would probably be a rural property in Yorkshire with a bit of land.
MG: Do you have a real estate property that got away?
LB: I can think of a flat I looked at in Bayswater, in London; a two-bedroom that was on the market six years ago. I was humming and hawing. The value has probably doubled by now.
MG: What does luxury mean to you?
LB: Luxury implies quality, but ultimately it’s also defined by rarity. It’s difficult to have mainstream luxury. That’s a challenge handbag makers and designers grapple with.
MG: What area do you think is the next hub for luxury properties?
LB: It’s probably fair to say that it’ll be more of the same. Cities like London, New York, Miami—established hot spots—will become more desirable over time. What we’ve seen in the last two decades is how globalized these places can become. Demands for top hubs will increase more than anywhere else, and the difference between them and others will widen over the time.
MG: What’s the biggest surprise in the luxury real estate market now?
LB: How rapidly governments have become interested in this globalization…