Key European cities are also well-represented at the top of the table. Although the wider city market is cooling, a lack of supply in the prime areas we track in Camps Bay, Bantry Bay and the Atlantic Seaboard is pushing prices higher.Ĭities in Asia Pacific now account for five of the top ten rankings. Across a large part of the city new macro prudential measures, including new taxes for owners of multiple properties and tighter lending restrictions, are cooling growth, but the prime area of Gangnam is still seeing strong speculative activity.Ĭape Town continues to occupy second position in the rankings with prices ending the year to March 19.3% higher. Seoul has overtaken Guangzhou this quarter, registering 24.7% annual growth. Already, the gap between the strongest and weakest-performing city has slipped from 39% to 33% in the last three months and the number of cities that saw their rate of annual growth decline has risen from 16 to 23 over the same three-month period. As borrowing costs start to increase across some of the world’s major economies we expect prime price growth to moderate further. The index increased by 4.8% in the year to March 2018, marginally lower than the 4.9% in December 2017. Our Q1 2018 index represents the first update since our Wealth Report analysis and is a valuable means of gauging where luxury prices are headed at a time when, despite the global economy being in robust health, there are significant risks ahead in the form of rising debt, inflation, and greater housing market regulation.
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