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.

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