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News from Knight Frank Hong Kong

Knight Frank launches Prime Global Cities Index

16 August 2017

 Knight Frank today launches the Prime Global Cities Index Q2 2017 which tracks the performance of prime residential prices across 41 global cities worldwide. The report enables investors and developers to monitor and compare the performance of prime residential prices across key global cities. Prime property corresponds to the top 5% of the housing market in each city. 

Results for Q2 2017:
  • The index saw growth of 4.4% in the year to June 2017, with Guangzhou leading the city rankings with luxury prices up 35.6% in the 12 months to June 2017.
  • Chinese cities led the index for three consecutive quarters. However, all three Chinese cities tracked by the index – Beijing, Shanghai and Guangzhou – recorded a decline in annual growth compared with the rate seen last quarter. Beijing recorded the largest drop – down from 22.9% year-on-year in March to 15.0% annual growth as at the end of June.
  • Hong Kong’s luxury residential prices grew 8.1% during the second quarter of 2017 compared with a year ago, a faster growth rate compared with the first quarter. We expect luxury residential prices to continue go up due mainly to the limited supply of such flats. 
  • Sydney and Melbourne remain in the top 10, with Sydney staying at 6th place as per the previous quarter while Melbourne has slipped to 10th place from 9th last quarter.
  • European cities such as Madrid, Berlin and Paris have risen up the rankings in the last year.
  • Quarterly figures for Toronto suggest the new foreign buyer tax is having an effect on luxury price growth.
Nicholas Holt, Asia Pacific Head of Research, Knight Frank, says, “A majority of prime residential markets in Asia saw growth rates slow in the second quarter of 2017. Tier-1 Chinese cities continue to see the impact of the home purchase and lending restrictions, while Singapore saw price performance in prime residential homes slow since the previous quarter.  
“In Australia, Sydney and Melbourne, with limited supply at the top-end of the market, continued to see buoyant price growth during the second quarter of 2017.”