Prime cities are back on top form according to the latest release of the Knight Frank prime global cities index, which recorded the biggest growth in such cities since 2010.
As testament to the major resurgence in the Thailand property market, Bangkok tops the chart with prices up 28.8% in the year ending Q2, and up 15.6% during the quarter. Jakarta and Nairobi are second and third with annual growth of 28.5% and 21.8% respectively. Then we have our first pleasant surprise as Miami comes in 4th. Miami prices are up just 13.4% year on year, but it is one of the few places in the index where price growth is accelerating, with prices up 17.4% in the 6 months to end Q2, and 19.7% during the quarter itself.
London takes 5th place with growth of 10.5% on the year, followed by New York with 7.4%. Geneva with 6% growth on the year is the first on the chart where growth appears to be slowing, as on the quarter prices fell 5%. Zurich, San Francisco and Cape Town complete the top 10. As you can see, America has 3 cities in the top 10; Los Angeles in 16th completes the American contingent.
Apart from that, Dubai's continued strong performance in the index is also noteworthy. In Q2 we have Dubai in 12th with prices up 2.3% on the year, and 5.6% in the 6 months ending Q2, although the index states that Dubai's data is based on apartments only.
The last 12 locations on the chart all have prices falling the year ending Q2. Of those, Los Angeles, Kiev, Madrid, Kuala Lumpur, Rome, Singapore and Tel Aviv all have prices falling on the quarter as well as over the year. The chart is below for full details.
- Wednesday 01 August 2012