Global

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

Here’s looking at YOO

“Waking up worrying in the middle of the night, feeling like the sky is falling on your head, is a sensation most successful people have… Read more »

G Global

CC Land’s next big play

When Dickie Wong is in London his phone doesn’t stop ringing. The CC Land deputy chairman, who led the £1.15bn acquisition of the Cheesegrater, EC3,… Read more »

G Global

New ULI president Chris Choa puts focus on connectivity

“Connectivity is destiny.” It sounds more like the tagline of an epic Hollywood film trailer than the mantra of the Urban Land Institute’s new UK president. But… Read more »

G Global