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Prime property prices in major global cities continue to rise

(2011-08-11 00:16:18) 下一个
Aug 11, 2011 - PropertyGuru.com.sg

Prices of prime properties monitored by Knight Frank's Prime Global Cities Index increased 6.8 percent year-on-year in June 2011, with Hong Kong experiencing the strongest annual growth of 16.1 percent.


“Our latest results confirm that annual price growth in prime city markets has slowed rapidly (from nearly 14 percent in Q2 2010 to barely seven percent in Q2 2011). With growing concerns over sovereign debt and even for the outlook of the global economy, it seems likely that this process will continue – with still lower growth in the world’s prime city markets a likelihood,” said Liam Bailey, Head of Residential Research at Knight Frank.

According to the latest figures, Singapore, Hong Kong and Shanghai were the only prime cities where the prime markets have not outperformed the housing market in the wider country or territory. Meanwhile, Paris, London and St Petersburg were the only locations where prices of prime properties have reached their pre-recession peak.

“One of the most noticeable outcomes from the recent global recession was the divergence between property performance in the mainstream markets (generally weak) and the prime or luxury markets (generally much better),” said Bailey.
 
“The Knight Frank Prime Global Cities Index has tracked this process, which until recently seemed to be strengthening – with improving conditions in the luxury global city markets set against renewed price falls in the mass markets, especially in the US, the UK and most of Europe,” he added.

Bailey thinks one should not become too fixated on the downside risks of the markets tracked in this index.

“The fact is that prime residential markets have acted as ‘safe-havens’ for investors over the past two years – with growing demand for property in London, New York and other key global cities as economic and geo-political concerns have pushed investors to look for stable locations for their wealth.”

“In these important global markets the biggest risks seem to be concentrated for the time being in Asia – with the ongoing process of managed market cooling being buffeted by rapid supply growth – the outcome of this process is likely to determine how healthy the Prime Global Cities Index is looking a year from now.”

To contact the journalist, you may send your message to editor@propertyguru.com.sg
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