Independent global property consultancy, Knight Frank launches the Global Residential Cities Index for Q4 2017. The company tracks the performance of mainstream house prices across 150 cities worldwide, of which 44 are from Asia-Pacific.
Based on findings, the results for Q4 2017 shows an average increase by 4.5% on global prices, down 7% from the previous year. Berlin, the only city on the index registering growth over 20%, led the annual rankings for 2017 with annual price growth of 20.5%.
Kate Everett Allen, International Residential Research at Knight Frank says, “Germany’s capital lead rankings with prices ending the year 20.5% higher. Strong population growth, a stable economy, record low unemployment and robust interest from overseas investors are together propelling prices.”
Nicholas Holt, Head of Research for Asia Pacific, Knight Frank Asia-Pacific adds, “2017 saw Asia-Pacific residential city markets slow from the previous years, with just six markets seeing double digit annual price growth which is down from 22 cities in the previous year. Most notably, no Chinese cities made it to the Top 10 on the index when there nine Chinese cities previously.”
Chinese cities registered a marked slowdown in 2017 averaging 1.6% growth while US cities averaged 6.3% growth. Seville and Hong Kong stand out as the most improved markets of 2017.