According to the latest report released by Knight Frank, Global House Price Index, which tracks mainstream residential prices in 53 countries as well as Dubai and Hong Kong, has exceeded its pre-financial crisis high.
Highlights for Q3 2013:
• The Knight Frank Global House Price Index rose by 4.6% over the 12 months to the end of September
• The index now stands 4% above its previous peak in Q2 2008
• Dubai, Mainland China and Hong Kong recorded the largest annual rise in mainstream prices, increasing by 28.5%, 21.6% and 16.1% respectively
• The performance of a number of emerging markets – Taiwan, Indonesia, Turkey and Brazil – has bolstered the index this quarter
• Ireland’s rebound: the country recorded the fifth highest rise in prices in the three months
to September
Thomas Lam, Director and Head of Research & Consultancy, Greater China at Knight Frank, expects Hong Kong’s residential prices to dip in 2014, amid further drops in home sales volumes with the continual implementation of cooling measures anticipated. In Mainland China, residential prices are set to continue growing in 2014, with first-tier cities seeing more notable growth than second-tier.