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Prime Market Growth Countries

Prime Market Growth Countries

21.01.20

As the market is primed for a slowdown in 2020, the high-end housing markets in Lisbon, Sydney and Moscow look poised to defy the trend that is blighting cities globally this year, according to a recent report undertaken by Savills.

Each of the three cities is expected to log prime property price growth between 6% and 7.9% in 2020, sustained by a combination of low interest rates and increased demand, the estate agency said.

Across all of the 23 cities that Savills analysed for its World Cities Prime Residential Index, prime properties are predicted to rise by 1.8% in value on average in 2020 - an improved outlook from last year when growth averaged just 0.1%.

In the report, Sophie Chick, head of Savills World Research stated “Uncertainty impacted the global property sector through 2019 and the prime residential sector was no exception,” “While the outlook for 2020 is generally more positive, price growth in prime residential markets is still expected to be modest across many global cities.”

Beyond uncertainty, local factors, including tax changes and government policy are often the most significant driver of values, and the largest growth will be seen in cities “where supply is not keeping pace with demand,” Ms. Chick said.

In Lisbon, the discrepancy between supply and demand will be a key driver of value growth, as will a considerable amount of international investment.

In Moscow, a primarily domestic market, growth is being driven by a recovering Russian economy and a developing mortgage market, according to the report.

Price growth in Sydney looks set to be buoyed by lower interest rates, increasing immigration, and increases in demand. But, the market will remain sensitive to global uncertainty and price rises could be reactive to any fluctuations in the market, Savills said.

On the other end of the chart, prime property values are set to decline most significantly in Dubai and Hong Kong.

In Dubai, the prime market is expected to dip between 2% and 3.9% compared to 2019, due to oversupply.

Source: www.Mansionglobal.com

 

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