fbpx
SEOUL-TAKES-GLOBAL-PROPERTY-PRICE-HIKE-TOP-SPOT

SEOUL TAKES GLOBAL PROPERTY PRICE-HIKE TOP SPOT             

14.05.18

Residential prime property prices in key cities around the world increased by an average of 4.8% in the year to March 2018, led by Seoul and with Asia Pacific cities taking five of the top 10 rankings.

Prices in Seoul jumped 25%, followed by a rise of 19.3% in Cape Town, a rise of 16.1% in Guangzhou. Prices were up 10.9% in Berlin and Shanghai, up 10.5% in Paris, up 10.1% in Madrid, up 9% in San Francisco, up 8.7% in Sydney and up 8.3% in Melbourne.

The property index from Knight Frank shows that the biggest price fall was in Stockholm with values down by 8.4%, followed by Taipei down 7.4% and St Petersburg down by 4% over the 12 month period.

The rise overall was marginally lower than the 4.9% recorded in December 2017, but according to Kate Everett-Allen, head of international residential research at Knight Frank, as borrowing costs start to increase across some of the world’s major economies prime price growth is expected to moderate further.

“Already, the gap between the strongest and weakest performing city has slipped from 39% to 33% in the last three months and the number of cities that saw their rate of annual growth decline has risen from 16 to 23 over the same three month period,” she says.

She also pointed out that key European cities are well represented at the top of the table. Edinburgh and Zurich join Berlin, Paris and Madrid in the top 15 in the first quarter of 2018. Indeed, prime residential prices in Edinburgh increased by 7.7% as demand-supply imbalance is underpinning values with sales above £500,000 increasing 16% in 2017.

With prices up by 8.7%, and Melbourne up 8.3%, both cities are following a similar narrative to Edinburgh with supply constraints supporting prime prices. Both cities continue to outpace their Australian counterparts, with prices up just 3.6% in Brisbane and 2.8% in Perth, both of which are included in the index for the first time.

The world’s top tier cities of London, New York and Hong Kong, all saw annual price growth dip marginally compared with last quarter. In London, while the market remains sensitive to political events there is a sense of stability being restored, while in New York the weaker dollar is attracting foreign interest and with Wall Street bonuses back to pre-crisis levels Knight Frank expects luxury demand to strengthen.

Abode Affiliates

  • Alleyne Real Estate
  • Blevins Franks
  • Coldwell Banker
  • Crane Resorts
  • Monaco Real Estates
  • RDO
  • St Francis Links
  • Unique Home Stays
  • Yoo
  • Worldwide Dream Villas
  • Enigma Yachts Limited
  • Cornerstone Tax Advisors
  • Pedini London
  • Alexander James
  • Moore Stephen
  • Ibiza Transit Express
  • Oyster Yachts
  • Jumeirah
  • Wall Street Luxury
  • Heron Real Estate
  • Edenhurst
  • MG&AG
  • Gama Property
  • Touch Design Group
  • St Edward
  • Ultra Villa
  • Luxury Italian Living
  • Habitat First Group
  • BDO
  • 7Storeys
  • Worldwide Property
  • Dimora
  • Dominic McKenzie Architects
  • Harry Manning
  • Smart Living
  • Isle Blue
  • MAS Marbella
  • Millgate
  • Jersey Finance
  • guernsey-relocations-logo
  • viberts-logo
  • kpmg-logo
  • author-interiors
  • Wilkinson Beven
  • BoConcept
  • Ante Vrban
  • Deborah Garth
  • You home
  • Ra Shaw Designs
  • Caudwell Collection
  • accanto-interiors
  • Fritz Hansen
  • capital-rise
  • jarrods-staircase
  • neil-davies-logo
  • Tina Shone Group
  • Taplow riverside
  • Aimo
  • ns-ceramics-logo
  • Rusk
  • Consilium Expert Group
  • Ben Krupinski Builder
  • Swoffers
  • Guernsey Relocation Services
  • Douglas Graneto
  • Strutt & Parker
  • wilsons
  • MJC Associates
  • plainspace
  • Fine & Country
  • Bramble Ski
  • Penthouse queen
  • Sarco_Affiliate_Logo
  • taylor wimpey
  • cooper-gardner
  • M Design Architects
  • codan
  • Lovells
  • London DE
  • HELENA JORNET FINQUES
  • Prime Lands Group
  • Bellegarde Estates
  • Sinclair
  • Pippa Paton
  • Ecole d'Humanite
  • Benedek Lewin
  • Inspired Villages
  • Huelin Homes
  • Gaudin
  • Lovells Property
  • Racecourse Lodge Logo
  • Paseo
  • Lemay + Escobar
  • Octagon
  • Locate Isle of Man
  • Newlands of Stow
  • Hawksford
  • Holdun
  • Schule Schloss Salem
  • AR Architecture
  • lazaro
  • Sella Concept
  • Blakstad
  • SAREG
  • miller interior
  • Wealth Club
  • Yellow House Architects
  • Designer Touches
  • Zafiro
  • Nicole Murray
  • Scout Boats
  • Emerson Insinkerator
  • Forsters
  • https://www.cullenhomes.co.uk
  • https://www.londonlight.works

Enter your dream destination