Malaysia – Knight Frank, the independent global property consultancy, today launches the Global House Price Index*for Q2 2017. The index monitors and compares the performance of mainstream residential markets in 55 countries across the world, 11 of which are from Asia-Pacific.
The index rose by 5.6% on average (weighted by PPP) in the year to June 2017, down from 6.5% recorded last quarter. Forty-nine of the 55 housing markets tracked recorded flat or positive price growth in the year to June 2017.
Results for Q2 2017
· Iceland and Hong Kong continue to lead the rankings; both have seen their annual rate of price growth accelerate over the last three months, in Iceland’s case from 17.8% to 23.2% and for Hong Kong, from 14.4% to 21.1%.
· New Zealand and Canada, two countries whose housing markets have moved in tandem for the last few years, are now moving in opposite directions. New Zealand slipped from third position in the rankings to tenth as annual price growth moderated to 10.4%.
· China’s average price growth dipped marginally to 9.6% in the 12 months to June. Reports suggest developers are raising their sales targets for 2017, undeterred by policymakers’ efforts to rein in speculative demand and control price inflation via a series of cooling measures.
Nicholas Holt, Head of Research for Asia-Pacific, says,“The five-year price growth figures show a huge divergence in performance across the Asia-Pacific region, with the growth numbers in India (69.7%) standing in sharp contrast to Singapore (-5.6%) which has seen the stringent cooling measures applied over the period dampen market activity.
“The Australasian markets have seen some of the strongest growth over this period, with the cities of Sydney, Melbourne and Auckland especially outperforming the wider market.”
Kate Everett-Allen, Partner, International Residential Research, adds, “Hong Kong’s stellar performance is perhaps counter-intuitive given there have been three interest rate rises in the last year but like Iceland, strong demand and limited supply are behind its strengthening prices. Local buyers in Hong Kong, along with mainland Chinese investors, are keen to hedge against the yuan’s depreciation.”
* The index’s overall performance is weighted by GDP on a Purchasing Power Parity basis and the latest quarter’s data is provisional pending the release of all the countries’ results.
For further information, please contact:
Nicholas Holt, Asia-Pacific Head of Research
Rachel Loke, Asia-Pacific Head of Marketing, Communications & Digital
Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia
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Notes to Editors
Knight Frank LLP is the leading independent global property consultancy. Headquartered in London, Knight Frank has more than 15,000 people operating from over 400 offices across 60 countries. These figures include Newmark Knight Frank in the Americas, and Douglas Elliman Fine Homes in the USA. The Group advises clients ranging from individual owners and buyers to major developers, investors and corporate tenants. For further information about the Company, please visit knightfrank.com.
has a strong presence in Malaysia
with its headquarters in Kuala Lumpur as well as branches in Penang, Johor and Kota Kinabalu. The company offers high-quality professional advice and solutions across a comprehensive portfolio of property services and is registered with the Board of Valuers, Appraisers and Estate Agents. The Company is licensed to undertake property, valuations / consultancy, estate agency and property management and is also on the panel of all leading banks and financial institutions. For further information about the Company, please visit www.knightfrank.com.my