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Prime global price growth led by...

Tuesday 12th November 2013

New research which looked at prime property prices across 27 cities worldwide found that the best performing market was Beijing during the third quarter of this year.

Prime prices across all 27 cities rose by 6.6% on average in the year to September but by only 1.2% in Q3 2013, according to Knight Frank. But Beijing is defying expectations with the Chinese city recording the highest quarterly rise in prime prices, increasing by 7.9% quarter-on-quarter.

According to the Knight Frank Prime Global Cities Index, published on Tuesday, Jakarta and Dubai, in annual terms, recorded the strongest growth, up by 27.2% and by 21.8% respectively.

The top 10 was completed by Beijing (+16% y-o-y), Bangkok (+13.9%), Tokyo (+13%), Shanghai (+12%), New York (+11.1%), San Francisco (10.9%), Sydney (+8.4%) and London (+7%).

The Middle East was the strongest performing region; on average luxury prices have risen by 13.1% in the last 12 months, with Dubai leading the boom. 

The Knight Frank Prime Global Cities Index now stands 31% above its low in the second quarter of 2009. 

This quarter’s results represent the index’s strongest annual growth since the third quarter of 2010 but its weakest quarterly growth since 2012.

Just five cities - Zurich (-2.1%), Geneva (-2.8%), Paris (-4%), Singapore (-4.3%) and Rome (-7.7%) - recorded negative growth over the last 12 months compared with 11 a year earlier.

"With the Eurozone crisis abating, economic confidence improving – particularly in influential markets such as the US, the UK and Germany – and the financial markets offering little return, the appetite amongst the world’s wealthy for luxury bricks and mortar is growing," Knight Frank said in a statement.

              

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