Chinese cities have posted a dip in price growth in the luxury residential market, according to Knight Frank’s latest Prime Global Cities Index.
Despite the fact that Guangzhou tops the price growth rankings for the 12 months to June 2017, the three Chinese cities tracked by the index – Guangzhou, Shanghai and Beijing – all recorded declines in annual growth compared to the growth rate over the previous quarter.
Beijing recorded the biggest drop – down from 22.9% year on year in March to 15% annual growth this quarter.
Guangzhou was followed in the rankings by Toronto in second place – which also saw a slowdown in growth as prices increased by 8.5% in the first quarter of 2017 but only 5.1% in the second quarter.
Overall, 28 of the 41 cities recorded flat or rising prices over the 12-month period but cities in Asia, Russia and the CIS accounted for 10 of the 17 cities that have seen annual growth rates decline compared with the previous quarter.
Cities in Europe and Australasia reported a rise in their price growth rates with Madrid, Berlin and Paris seeing growth rates of 10.7%, 9.7% and 8.8% respectively.
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