Kuala Lumpur – Knight Frank, the independent global property consultancy, launches the Prime Global Cities Index Q2 2017 which tracks prime residential prices across 41 global cities worldwide. The report enables investors and developers to monitor and compare the performance of prime residential prices across key global cities. Prime property corresponds to the top 5% of the housing market in each city.
Highlights of the report:
- The index saw growth of 4.4% in the year to June 2017, with Guangzhou leading the city rankings with luxury prices up 35.6% in the 12 months to June 2017.
- Chinese cities led the index for three consecutive quarters. However, all three Chinese cities tracked by the index – Beijing, Shanghai and Guangzhou – recorded a decline in annual growth compared with the rate seen last quarter. Beijing recorded the largest drop – down from 22.9% year-on-year in March to 15.0% annual growth as at the end of June.
- Sydney and Melbourne remain in the top 10, with Sydney staying at 6th place as per the previous quarter while Melbourne has slipped to 10th place from 9th last quarter.
- European cities such as Madrid, Berlin and Paris have risen up the rankings in the last year.
- Quarterly figures for Toronto suggest the new foreign buyer tax is having an effect on luxury price growth.
Nicholas Holt, Asia Pacific Head of Research, Knight Frank, says, “A majority of prime residential markets in Asia saw growth rates slow in the second quarter of 2017. Tier-1 Chinese cities continue to see the impact of the home purchase and lending restrictions, while Hong Kong and Singapore both saw price performance in prime residential homes slow since the previous quarter.
“In Australia, Sydney and Melbourne, with limited supply at the top-end of the market, continued to see buoyant price growth during the second quarter of 2017.”
Kate Everett-Allen, Partner, International Residential Research, Knight Frank, highlights, “Although prices in prime central London fell 6.3% in the 12 months to the end of June, the quarterly figure of -0.3% was the lowest quarterly fall recorded since early 2016. While there was an element
of hesitation ahead of the General Election on 8 June, anecdotal evidence suggests activity has been relatively healthy since this time.”
To download the report, please click:
For further information, please contact:
Ms Seline Soo, Marketing & Communications Manager, Knight Frank Malaysia
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