Worldwide prices for premium housing fall for the first time since 2009

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

How did they count? The Prime Global Cities Index (PGCI) is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide using data from the Knight Frank global research network. It describes nominal prices (not adjusted for inflation) in local currency.

Main trend. The index fell by 0.4% in the 12 months to the end of March this year. This marks a significant reversal from a peak growth of 10.1% in the fourth quarter of 2021. The slowdown has been driven by sharply higher interest rates following the recent tightening in global monetary policy.

TOP-10 cities in the world with the fastest prime residential price change (Q1 2022 - Q1 2023):

1. Dubai, UAE +44.2%

2. Miami, USA +11%

3. Zurich, Switzerland +9.4%

4. Berlin, Germany +5.7%

5. Singapore +5.5%

6. Mumbai, India +5.5%

7. Edinburgh, Scotland +5.1%

8. Shanghai, China +5.1%

9. Lisbon, Portugal +4.6%

10. Nairobi, Kenya +4.5%

Source:  Knight Frank

Photo by Greg Rosenke on Unsplash

Quoting conditions of Prian.info materials