City house prices are outpacing their national markets which registered growth of 10.2% on average over the latest 12-month period. Discover the impact of the pandemic on house prices and whether these trends are bound to change in the foreseeable future by delving into Knight Frank's Global Residential Cities Index and Global House Price Index.
Singapore - Knight Frank has released its Global Residential Cities Index and Global House Price Index for Q1 2022. These reports track the movement in average residential prices worldwide across 150 cities and 56 countries and territories respectively using official statistics. The index tracks nominal prices in local currencies.
"Even though 94% of the 150 global cities tracked in the Global Residential Index saw prices increase over the latest 12-month period, an increase from 85% a year ago, the market cycle is shifting. As large parts of the world move to a post-pandemic landscape coupled with inflation, rising taxes, and more property regulations, we expect the rate of the price growth to slow and normalise in most markets offering a more sustainable backdrop to growth moving forward but we think a sudden shift to negative price growth is unlikely for most cities in 2022"
_Victoria Garrett, Head of residential, Asia-Pacific
"City house prices in the Asia Pacific rose by an average of just over 7% from a year ago, lower than the global average of 11.5%. However, when seen against a context of lower inflation and a string of cooling measures, we believe the region’s property markets to be better anchored to its economic fundamentals, which will also continually revive from reopening dynamics. The region’s economic growth story will remain urban-centric, and its residential investment landscape will continue to be defined by its prime urban cores. Underpinned by its high rates of urbanisation, investors can look forward to a more sustainable growth trajectory and wealth preservation profile"
Key Highlights of The Global Residential Cities Index
Istanbul is the city with the highest rate of price growth in the year to Q1 2022.
The average annual price growth across 150 cities is 11.5% (the highest rate since Q3, 2004).
43% of cities are registering annual price growth in excess of 10%.
9 cities out of 150, saw prices decline on an annual basis.
Halifax is the top-performing city in North America with annual price growth of 34.7%.
Real estate investors purchased about 1 in 5 homes in LA and Anaheim
