According to the latest Prime Global Cities Index Report released by Knight Frank, 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.
Highlights for Q2 2014
• Prime residential prices rose by 6.2% in the year to June 2014, up from 5% a year earlier.
• 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, recorded price growth of 27.3% and 23.5% respectively in Q2 2014.
• 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, Singapore at the bottom.
• In Q2 2014, Beijing outperformed Shanghai, Hong Kong and Singapore, recorded double-digit annual price growth.
David Ji, Head of Research & Consultancy, Greater China at Knight Frank says, “In Hong Kong’s luxury residential market, several major transactions were recorded in July, including the sale of the third flat at Opus in Mid-Levels East for HK$430 million. Luxury residential prices recorded a mild increase of 0.4% month on month, but the market remained inactive, due to the government’s various cooling measures and an uncertain external economy.”