Global Luxury House Prices Recover As Rate Uncertainty Eases

Average annual prices rose 1.5% across the 46 markets covered by the Knight Frank Prime Global Cities Index in the 12-month period to June. The result marked an improvement on the prior quarter with 57% of cities seeing prices rise over the quarter.

Key highlights:

• 1.5% average quarterly growth in prices across 46 cities
• 14 cities have seen price falls over the past three months
• 57% of cities have seen positive price growth in the past three months
• Dubai is the number one city for annual price growth for eight quarters
• Stockholm is the most improved city in the index rising from 41st place in Q1 2023 to 10th   place in Q2

Liam Bailey, global head of research at Knight Frank said: “Global housing markets are still under pressure from the shift to higher interest rates – but the latest results from the Knight Frank Prime Global Cities Index confirm that prices are being supported by: strong underlying demand, weak supply following disruption to new-build projects during the pandemic, and an ongoing return of workers to cities. As uncertainty over the direction of inflation appears to have reduced in recent months – price adjustments in many markets are likely to be less pronounced than was expected even three months ago.”

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