Knight Frank’s Prime Global Cities Index
8 August 2014, – Knight Frank Asia Pacific, the independent global property consultancy, today launches the Prime Global Cities Index report. Prime residential prices across the index’s 32 cities rose by 6.2% on average in the year to June 2014. Luxury homes in key US cities are now increasing in value at a faster rate than those in several European and Asian cities.
Results for Q2 2014:
- Prices of prime property in Mumbai and Delhi increased by 0.8% and 1.8% respectively during the last 12 months
- 27 cities recorded positive annual price growth in the year to June 2014, up from 21 a year earlier.
- Jakarta and Dublin recorded the strongest rise in prime prices in annual terms.
- Dubai saw annual price growth slip from 11.7% in Q1 to 6.3% in Q2.
- Key Asian and European capitals dominate the bottom of the annual rankings with US cities positioned at the top.
Kate Everett-Allen, Partner, International Residential Research at Knight Frank, says, “New York, Los Angeles, Miami, San Francisco all recorded double-digit annual price growth in the 12 months to June, placing them in the top 10 rankings.”
- We noted last quarter the improving performance of luxury homes in North America, this trend has continued in the second quarter with New York, Los Angeles, Miami and San Francisco all recording double-digit annual growth in the 12 months to June, placing them all in the top 10 rankings.
- Jakarta and Dublin stood out due to their stellar performances, ending the year to June 27.3% and 23.5% higher respectively. However, in both cases the rate of growth has slowed in the second quarter.
- In Dubai, prime prices rose by 6.3% in the year to June, down from 11.7% last quarter. The mortgage cap and the doubling of transfer fees at the end of 2013 influenced buyer activity more than forecast as new research by Knight Frank revealed around 25% of purchases are mortgage financed in the Emirate. More than previously thought.