Cities With the Fastest Growth in Luxury Real Estate Prices in Q3 2022

Knight Frank has published the Prime Global Cities Index report for the third quarter of 2022.

Prime Global Cities Index tracks changes in prices for premium housing (5% of the market) in 45 cities around the world. Prices are not adjusted to inflation and calculated in local currency.

Numbers. In the third quarter of 2022, the average annual growth in prices for luxury real estate in 45 cities was 7.5%. For comparison, in the first quarter, annual growth was 10%. However, on a quarterly basis (from July to September), prices for luxury housing decreased in 19 cities out of 45. There were only nine such cities in the first quarter.

TOP 10 cities in the world with the most significant annual growth in prices for premium housing (third quarter of 2021 – third quarter of 2022):

1. Dubai, UAE +88.8%
2. Miami, USA +30.8%
3. Tokyo, Japan +17%
4. Los Angeles, USA +13.6%
5. Gold Coast, Australia +11.3%
6. Zurich, Switzerland +10.7%
7. Edinburgh, Scotland +9.9%
8. Berlin, Germany +9.4%
9. Seoul, South Korea +8,9%
10. Taipei, Taiwan +8,6%

The outsiders. The annual decline in prices for luxury housing was recorded in seven cities around the world: Wellington (-18%), Frankfurt (-9.4%), Stockholm (-5.2%), Guangzhou (-2.5%), Jakarta (-2.2%), Vancouver (-1.7%) and Kuala Lumpur (-0.5%).

Source: Knight Frank Report
Photo by Ярослав Алексеенко on Unsplash

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