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While economies across the world are still reeling from Covid, one unexpected upshot of the pandemic has been a boom in global housing markets. In fact, the surge of money flowing into luxury residential bricks-and-mortar investments in key city, sun and ski hotspots made global house prices rally by an average 8.4% last year — up from 2% in 2020. It’s the highest growth recorded in 14 years.

That’s according to the latest edition of international real estate group Knight Frank’s annual "Wealth Report", released recently. The report tracks spending and investment trends among high net worth individuals around the globe. A key takeaway is that luxury homes last year became the asset class of choice for the wealthy...

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