Global House Prices Starting To Slow

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Average house prices in 150 global cities tracked rose by 6.1% in the year to the end of the second quarter of 2017, according to property experts.

Although many cities are still showing double-digit growth, the Knight Frank Residential Cities Index slipped 0.8% down from 6.9% in the first quarter, the first fall since the beginning of 2016.

Although nine cities are still posting growth of more than 20%, this has fallen from 12 to nine places and with fewer Chinese cities. However, China still has 14 cities with price growth of more than 10% despite the government putting a brake on the market with cooling measures.

Toronto, Canada, tops the rankings with home values surging by almost 30%. A new entrant to the top 10 is Izmir, Turkey, with prices rising by 20.2%.

“This quarter we have seen some new contenders rise up the rankings, most notably some key Indian cities,” said the firm’s international researcher Kate Everett-Allen.

“A year ago, the 10 Indian cities tracked by our index averaged 3% annual price growth, today this figure has jumped to 12%.”

Countries with most cities with 10%+ price rises
RankCityCountryPrice Rise
1TorontoCanada29.3%
2KochiIndia27.3%
3HamiltonCanada25.6%
4ReykjavikIceland25.0%
5WuxiChina23.0%
6Hong KongChina21.5%
7ZhengzhouChina20.2%
8IzmirTurkey20.2%
9ChangshuChina18.5%
10WellingtonNew Zealand18.1%
Top 10 cities for annual house price increases Q2 2017
RankCityCountryPrice Rise
141PerthAustralia-3.1%
142RomeItaly-3.6%
143PalermoItaly-3.7%
144NaplesItaly-4.2%
145DarwinAustralia-4.9%
146JohannesburgSouth Africa-5.1%
147GenoaItaly-6.1%
148ValenciaSpain-6.9%
149SkopjeMacedonia-7.0%
150AberdeenUnited Kingdom-9.5%
Bottom 10 cities for annual house price decreases Q2 2017
RankCountryCities with 10%+ price rises
1China14
2India11
3Canada4
4Netherlands4
5Australia3
6Turkey2

Source: Knight Frank Global Residential Cities Index

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