Knight Frank has named the cities with the most significant price increases for premium housing

What has happened? Knight Frank has published the Prime Global Cities Index (PGCI) report for the third quarter of 2023.

How did they count? PGCI is an index that tracks the variations of premium home prices in 46 cities around the world using the data from the Knight Frank global research network. The index tracks nominal prices in local currency.

The main trend. The average growth rate of 2.1% for the 12-month period to September was up from the 1.6% recorded in Q2. This is the most significant increase since the third quarter of 2022.  While 67% of markets saw prices rise over the year, only 63% saw an increase over the quarter, indicating lingering uncertainty, primarily due to the potential for further interest rate hikes.

TOP 10 cities in the world with the fastest growth in luxury house prices (third quarter of 2022 - third quarter of 2023):

• Manila, Philippines +21.2%
• Dubai, UAE +15.9%
• Shanghai, China +10.4%
• Mumbai, India +6.5%
• Madrid, Spain +5.5%
• Stockholm, Sweden +4.7%
• Seoul, South Korea +4.5%
• Sydney, Australia +4.2%
• Nairobi, Kenya +4.1%
• Delhi, India +4.1%

Source:  Knight Frank

Photo by Amy Humphries on Unsplash

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