Residential buildings are reflected in a window near the West Kowloon station in Hong Kong, China, on May 6, 2020. Mainland Chinese buyers are shying away from real estate in Hong Kong as the coronavirus pandemic clouds the economic outlook and keeps investors from traveling to the city. (PHOTO / BLOOMBERG)

Luxury property prices in some of the world’s most popular cities fell in the first quarter as COVID-19 began to take its toll on the real estate sector.

High-end homes in New York, London, Hong Kong, Vancouver and Singapore saw their values dip versus the first three months of 2019, according to a Knight Frank LLP report

High-end homes in New York, London, Hong Kong, Vancouver and Singapore saw their values dip versus the first three months of 2019, according to a Knight Frank LLP report released Thursday.

Compared with the December quarter, all five cities registering the weakest growth were in Asia -- testimony to the spreading coronavirus in the region at the time.

By contrast, the crisis “was in its nascent stages in the UK and the US, meaning it is likely to be the second quarter before we can accurately gauge the full impact,” Knight Frank said.

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But, even in the midst of a pandemic, prime home prices in some cities, including Tokyo and Stockholm, rose.

Knight Frank expects the luxury residential market worldwide to be broadly stagnant as a result of travel limitations.

“With travel restrictions firmly in place and with many solicitors and land registries largely closed we expect the second quarter to see a marked drop in sales volumes,” it said. Prices, on the other hand, may display more resilience.

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