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.
1 minute to read
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
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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.
![](//content.knightfrank.com/blog/2022/7/1cd01773-5b89-47ae-a4a5-cef1628bbaa2/pgci-q2-2022-fig2.jpg)