Prime global cities price growth continues to slow
Prime price growth is slowing. On average prime prices increased 7.5% in the year to Q2 2022 down from 10% in Q1 2022.
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The story of the global cities index is one of slower rates of annual growth rather than price falls year-on-year.
Prime price growth continues to slow
- Of the 45 cities tracked 19 saw their rate of annual price growth decline between March and June 2022
- Auckland, Wellington, Toronto and Stockholm registered some of the largest declines in annual price growth between March and June 2022
- In Europe, Berlin (12.6%), Dublin (10.2%), Edinburgh (11.2%) and Paris (8.9%) are out in front as the appeal of urban living strengthens and international buyers return
The winds of change are blowing through global property markets, including the prime sector.
The index, which tracks the movement in prime residential prices, defined as the top 5% of the housing market in value terms, saw annual price growth decline from 10% in Q1 2022 to 7.5% in Q2 2022.
However, so far the story is one of lower rates of growth, not falling prices. The number of cities registering a fall in prices in the year to Q2 2022 is the same as last quarter – just six.
