Knight Frank, the independent global property consultancy, today launches the Global House Price Index for Q2 2021. The index tracks the movement in mainstream residential prices across 55 countries and territories worldwide.
The pandemic-induced housing boom continues with prices rising by 9.2% on average across 55 countries and territories in the year to June 2021. Ten of the world’s developed economies averaged price growth of 12% in the 12 months to June, double that seen in key developing markets (4.7%).
- The index is now rising at its fastest rate since Q1 2005
- A breakdown by developed and developing economies shows a more nuanced picture with developed markets outperforming by some margin
- 18 (33%) of markets tracked saw prices increase by 10% or more in the year to June 2021
- At 16.4%, Australia recorded its highest rate of annual price growth since 2003
- Purchase sentiment in the primary market is strong, the residential price in Hong Kong raised 2.6% year on year
Martin Wong, Director and Head of Research & Consultancy, Greater China: “On a quarterly basis, the housing price growth in Hong Kong was ahead of that in most Asian leading economies including Chinese mainland, South Korea and Singapore. With the local economy continue to perform well backed by government consumption voucher, improving business sentiment and declining unemployment rate, the Hong Kong housing prices are expected to set new record in Q3. The low interest rate environment remains a solid factor for the housing price growth to sustain over a longer term.”