World cities see rise in residential property prices
In the wake of the Global Financial Crisis, 26 global cities have seen residential property prices rise by 1.1 per cent over 2012's third quarter.
In the wake of the Global Financial Crisis, 26 global cities have seen residential property prices rise by 1.1 per cent over 2012's third quarter.
Knight Frank's Prime Global Cities Index found that of all the 26 cities in the year to September, 15 saw either growth or remained the same, but for the third quarter, this increased to 20.
For the year to date, the index found that the cities had progressed by three per cent.
According to this report, these figures show that there is cause for positivity.
The city that saw the greatest level of real estate growth for the year to September was Jakarta in Indonesia, which had experienced a 28.5 per cent jump in its prime residential market.
The worst performing area was Europe, which actually as a whole declined by 0.5 per cent in the nine months to September.
The index is currently 18.7 per cent above the trough that was seen halfway through 2009 and Hong Kong has performed the best since that period three years ago, rising 52.9 per cent.
The year to September 2012 saw some cities undergo large growth including Dubai, Miami, Nairobi and London, which all experienced double digit rises.