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News from Knight Frank Hong Kong

Tokyo leads luxury residential market slowdown; HK prime residential prices increased 8.8% y-o-y

30 April 2013
Knight Frank has just released the Prime Global Cities Index Q1 2013.  The average price of luxury homes in the world’s key cities fell by 0.4% in the first quarter of 2013 although the annual rate remained positive at 3.6%.
 
Highlights of the Prime Global Cities Index Q1 2013:
  • Prime property prices fell on average by 0.4% in the first quarter of 2013
  • Prime prices across the 29 cities tracked by the index increased by 3.6% in the year to March 2013
  • Cities in Europe remain the weakest performers, recording a fall of 2.3% on average
  • Jakarta (up 38.1%) was the strongest performing prime residential market.  Hong Kong came eighth, experiencing price growth of 8.8%
  • Tokyo (down 17.9%) was the weakest performing prime residential market in the last 12 months