Knight Frank's Global Residential Cities Index tracks the movement in average prices across 150 cities worldwide.Romesh Navaratnarajah, Senior Editor at PropertyGuru, edited this story. “A mix of economic stagnation, high rates of new supply and affordability constraints are contributing to softening prices in a number of these urban markets,” said Knight Frank.
Stockholm, Tel Aviv and Turin represented the three weakest city markets during the period, with price declines of seven, eight and 13 percent respectively. The report noted that 123 of the 150 cities tracked registered a hike in residential prices, while several first tier cities such as London, Shanghai, Melbourne and Kuala Lumpur posted a drop in prices.
Globally, home prices rose 4.5 percent on average. Of the remaining world regions, only Latin America and Russia/CIS have seen price growth accelerate, all others, including Europe and North America, have registered slower growth.”
“On average, prices across Asia Pacific cities increased 6.2 percent over the 12-months to September 2018, up from 3.3 percent a year ago. “Analysis by world region shows cities in Asia Pacific have seen a surge in growth over the last 12 months,” said Knight Frank. Get more details on the property market outlook for 2019 hereįive other Asian cities join Xi’an in the top ten rankings, including Hong Kong (seventh) and four Indian cities – Ahmedabad (second), Hyderabad (fourth), Bengaluru (fifth) and Surat (ninth).Ĭompleting the top ten list are Budapest (third), Porto (sixth), Rotterdam (eighth) and Amsterdam (10th).
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