Prime residential rents in London fell 5.1% in 2016 – the second biggest fall last year among the cities in Knight Frank’s Prime Global Rental Index.
Only Nairobi’s luxury rents fell further, by 6%, in the study of 17 cities.
Overall growth among the cities was 0.4%, compared to 2.5% in 2015. North America was the strongest performing region for the fifth consecutive quarter with an average annual prime rental growth of 5.2%.
Europe was the weakest-performing region with prime rents falling 2.1% in 2016.
The report suggested central London is likely to have an uptick in demand because the number of tenancies agreed in the fourth quarter was up 20% year-on-year, alongside a 12% fall in new rental properties coming on the market.
Listen to a podcast explaining the data below.
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