Luxury home sales fall in London, NY

Boston

THE world's wealthiest homebuyers are pulling back from the traditional magnets of New York, Hong Kong and London, making way for cities such as Auckland, New Zealand, and Jackson Hole, Wyoming, to rank among the fastest-growing luxury real estate markets.

Sales of luxury homes - those of at least US$1 million - rose 8 per cent worldwide last year, slowing after a 16 per cent jump in 2014, according to a Christie's International Real Estate survey released on Thursday.