Guangzhou leads luxury residential price index despite wider China slowdown
9 November 2017, Singapore – Knight Frank, the independent global property consultancy, today launches the Prime Global Cities Index for Q3 2017, which tracks the movement of luxury residential prices across 41 cities around the world using using data compiled by our global research network.
Results for Q3 2017
- Luxury residential prices across 41 cities around the world climbed 4.2% in the year to September 2017
- Guangzhou leads the annual rankings despite the wider slowdown across China’s first tier cities
- Cities in the Asia Pacific region account for five of our top ten annual rankings
- Madrid, Paris and Berlin are outpacing their European counterparts
- Toronto saw its annual prime price growth almost halve between June and September 2017
- Australasia (10.7%) is the strongest performing world region on an average basis, Russia and the CIS is the weakest (-8.4%)
Nicholas Holt, Head of Research for Asia Pacific, says: “Half of the top 10 strongest-performing cities come from Asia-Pacific, and all of them registered at least 10% annual growth in Q3 2017. However, with more cooling measures kicking in across the region, the price growth in some of these cities is showing signs of slowing down.”
Kate Everett-Allen, Partner, International Residential Research, says, “Cities in Asia Pacific account for five of our top ten rankings, with Seoul (11.2%), Sydney (11.0%) and Melbourne (10.4%) joining Guangzhou and Shanghai. Seoul’s rate of annual growth has slowed following a number of policy measures announced this year, including tighter mortgage lending rules and higher capital gains tax for owners of multiple homes.”
