Global house prices up 3.8%

Worldwide prime house prices have risen by 3.8% in the year to September, according to Knight Frank’s third quarter Prime Global Cities Index.

Vancouver topped the list with a 31.6% rise, although its quarterly price growth was down from 8.1% to 1.5%. A new 15% tax for foreign buyers and talks of a tax on vacant homes in 2017 led to the slowdown, the study said.

Growth around the world slowed down in the quarter following a 4.6% rise in Q2.

Chinese cities had a strong showing in the top 10, with Shanghai, Guangzhou and Beijing all making the list.

Europe was split between strong performers such as Dublin, with a 5.5% rise in prime prices, and weak ones like Paris with a 3.8% fall in the past year.

The continent was the second-weakest region in the world after Russia and the CIS in the aftermath of the Brexit vote in June. However, low interest rates and quantitative easing helped to prop up the markets.

The study said that currency movements, including a strong dollar, will be the “single largest determinant” of international demand in top cities in the next six to 12 months. It added that investors are likely to see the US as a safe haven in the coming year.

Other News

C&W predicts jump in European investment

Investment into European property will rebound with 6.3% growth in volumes in 2017 despite rising inflation and political volatility, forecasts from Cushman & Wakefield’s 2017… Read more »

G Global

2016 global top 100 real estate owners

Only the US, China, Japan and Germany have GDPs larger than the total assets held by Estates Gazette Global’s top 100 real estate owners. This… Read more »

G Global

Centres of excellence

The top 100 richest cities in the world account for around one-third of global GDP. To access 25% of available global output, you would need… Read more »

G Global