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Guangzhou is the world's hottest prime home market

11-Aug-2017


Guangzhou posted the highest annual growth for prime residential values. HelloRF Z/Shutterstock

Property Report

Luxury residential price increases are at their highest worldwide in Guangzhou, data from Knight Frank’s Q2 2017 Prime Global Cities Index showed.

The first-tier mainland Chinese city saw prime home prices rise 35.6 percent in the 12 months to June. Conversely, Beijing posted the steepest plunge, with prime home values in the Chinese capital only growing 15 percent on the year, compared with a 22.9 percent annual growth in March. 

The 41 cities tracked on the index collectively showed an increase of 4.4 percent during the period tracked. Twenty-eight cities registered either flat or rising prices over the year.

Guangzhou, Shanghai, and Beijing all recorded a decline in annual growth in the second quarter. Shanghai posted an annual growth of 19.7 percent, trailing Seoul with a 19.9 percent growth on the year. 

“Perhaps more valuable an indicator is the market direction of each city,” said Kate Everett-Allen, head of International Residential Research at Knight Frank. “Cities in Asia, Russia and the CIS account for ten of the 17 cities that have seen their rate of annual growth decline compared with last quarter. Conversely, cities in Europe and Australasia are well represented within the group that have seen a rise in their annual rate of growth compared with last quarter.”

Toronto trailed Guangzhou in prime home price increases, standing at 20.7 percent in the year to June. While the figures suggested resilience against its property curbs on foreign home buyers, the Canadian city only showed price increases of 5.1 percent in the three months to June, down from a previous quarterly increase of 8.5 percent in March.


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