Global

Prime global rents rise 0.5%

Prime global rents have seen a marginal increase of 0.5%, the first rise since Q2 2015 after three consecutive quarters of negative growth

According to Knight Frank’s Prime Global Rental Index report, the number of cities where rental growth has increased rose from seven in Q1 to 10 this quarter.

Moscow was the strongest performing market, with prime rents rising by 11.1% year on year. Rental growth was underpinned by investment in city infrastructure, a slowdown in the contraction of the national economy and a gains in oil prices, which recovered some 40% in the weeks leading up to June.

Nairobi remained at the bottom end of the rankings, with a 9.2% annual fall in prime rents.

The gap between the strongest and weakest performing cities has widened, separated by 20.3% in the latest figures, up from 15.1% a year earlier.

The prime central London rental market slowdown continued with rents falling by 3% in the 12 months to June 2016, with higher stock levels and uncertainty in financial markets contributing to the fall.

But the data for London in the global report largely covered the period leading up to the UK’s EU referendum. Knight Frank’s latest report indicated that rental values fell by 4.1% in the year ending 31 July 2016.

Meanwhile North America registered the strongest increase for the third…

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