New research has analysed property price growth across 15 global property hotspots, revealing which markets have performed strongest over the past year. So, which international destinations have seen values surge, which have seen property prices stagnate and fall, and where does London place in the rankings? Here’s what the data shows…
The analysis reveals that Madrid tops the table for market performance amongst the 15 international property hotspot locations, with the Spanish capital city seeing property values climb by 20.3 per cent over the last year, demonstrating strong demand for the location within the global real estate market.
Coming in second is Dubai, a long-standing favourite among international investors and tax-savvy expats. The UAE city has seen property values surge by 16.5 per cent in the past year, reinforcing its ongoing appeal.
There’s a notable drop of over 10 percentage points between second and third place, with Mumbai seeing a more modest annual property price increase of 6 per cent. New York follows with growth of 4.2 per cent, while Singapore completes the top five at 3.9 per cent.
At 3.6 per cent growth, Geneva has also recorded a respectable level of property price appreciation over the last year, while property price rises have been more measured across Los Angeles and Monaco, with the cities enjoying property price growth of 1.3 per cent and 1.1 per cent respectively.
Vancouver, Berlin, Sydney and London have seen muted market performances over the last year, with an annual rate of growth of just 0.4 per cent. Meanwhile, property values across Paris (-3%), Auckland (-4.8%) and Hong Kong (-8.2%) have all fallen.
Damien Jefferies, Founder of Jefferies James, which conducted the research, commented: “The global landscape currently presents a rather mixed bag with respect to property price performance, as whilst a handful of cities have seen a respectable rise in values over the last year, there’s a good proportion where the market has remained fairly muted, with some even seeing a reduction.
However, whilst this may seem negative on the face of it, we’re seeing a heightened degree of activity from luxury buyers, who recognise that now is the time to act in order to take advantage of less buoyant market conditions.
This has particularly been the case across London, where property values have remained largely static year on year. Despite this, the city remains by far one of, if not the most desirable destinations for international buyers, many of whom are recognizing that now is the smart time to invest, before improving market conditions cause prices to rise.”
