High-end home prices are growing fastest in these Asian cities

Asian cities defied a weakening in the annual growth of prime
residential prices in top-performing property markets during the
second quarter, data revealed Tuesday by Knight Frank showed.

Guangzhou and Singapore crowned the consultancy’s latest quarterly Prime Global Cities Index tracking the performance of housing markets in 43 cities worldwide.

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Prime home prices appreciated 11.9 percent and 11.5 percent in
Guangzhou and Singapore, respectively, in the year to June. They
join Madrid, with a change of 10.3 percent, as the only three cities on the index to have posted double-digit growth.

New and strengthened property curbs, along with rising cost of
finance and a degree of political uncertainty, have led to a moderation in prime home price growth across many markets, according to Kate Everett-Allen, partner for international residential research at Knight Frank.

Guangzhou’s performance is down from the 16.1 percent annual
growth it recorded last quarter, mirroring a wider deceleration in the mainland Chinese market. Beijing and Shanghai placed 10th and 22nd with prime home prices growing 7.3 percent and 3.3 percent, in that order.

“At the mid-point of 2018, a couple of key trends are emerging in the Asia-Pacific prime residential markets: firstly, a continued slowdown in China and Australia; and secondly, a resurgence of price growth in Singapore,” Nicholas Holt, Asia-Pacific head of research at Knight Frank, said.

“These trends look to continue in the second half of 2018.” he said.

Ref: Property Report