Guangzhou sees world’s highest rises in luxury home prices, surging 36pc in past year
China seizes three of the top five spots in Knight Frank luxury home price index, but growth there predicted to slow. HK prices ‘to continue going up’
Guangzhou, China’s third largest city, has seen a whopping 35.6 per cent increase in luxury property prices over the 12 months to June – the highest growth among 41 major cities polled globally by Knight Frank.
The property consultancy says luxury home prices in those major centres increased in the first half of 2017 by an average of just 4.4 per cent compared to the same period last year, and even that upturn can largely be attributed to China’s cities, which led the index for three consecutive quarters.
The prime properties in the company’s report correspond to the top 5 per cent of the housing market in each.
Guangzhou leads the pack and collectively with growth in prime home prices in Beijing, Shanghai, and Guangzhou, they grew 23.4 per cent on average.
However, all three Chinese cities tracked by the index recorded a decline in annual growth compared with the rate seen in last quarter.
The capital city Beijing recorded the largest drop – down from 22.9 per cent year-on-year in March to 15.0 per cent annual growth as at the end of June.
