The last six months saw political and economic headwinds intensify. What’s changed? Although still rising, the rate of wealth creation globally slowed in 2018. The Prime Global Cities Index, which tracks the movement in luxury residential prices across 45 cities globally, registered its lowest rate of annual growth since the final quarter of 2009, when the world was in the grip of the financial crisis. COMPILED QUARTERLY, THIS IS A VALUATIONBASED INDEX TRACKING THE TOP 5% OF THE HOUSING MARKET IN MOST CITIES. KNIGHT FRANK’S PRIME GLOBAL CITIES INDEX TRACKS THE MOVEMENT IN PRIME RESIDENTIAL PRICES ACROSS 45 CITIES WORLDWIDE USING DATA FROM OUR GLOBAL RESEARCH NETWORK. Miami leads the four US cities tracked by the index, its appeal boosted by the State and Local Tax (SALT) deduction ruling.Moscow has risen up the rankings with the launch of a number of high-end projects in districts such as Ostozhenka pushing prices higher.European cities account for seven of the top ten rankings for annual growth – Berlin, Frankfurt, Edinburgh and Paris are in front.Why is prime price growth slowing? Political and economic headwinds in Q1 2019, rising cost of finance, more property market regulations.The index increased by 1.3% in the year to Q1 2019, its lowest annual rate of growth since Q4 2009. Two years ago, prime prices were rising at an average rate of 4.3% per annum growth has now slowed to 1.3%.
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