New research identifying the top global hotspots for property price performance as well as providing insights on how these international markets have performed since the start of the pandemic has just been released.
The research examined the property market trends in 15 of the world’s most prominent property markets by analysing the price appreciation of properties in the areas over the past year, comparing how these markets have evolved since the outbreak of the pandemic.
According to the research, Miami topped the table with the strongest performance in terms of annual and 3-year property price growth over the pandemic, with property prices increasing by 23.7 per cent in the last year and 56.2 per cent since the fourth quarter of 2019 respectively.
In terms of ‘pandemic market performance’, Vancouver saw the second strongest performance after Miami, with property values increasing by 53.7 per cent since Q4 2019. Other top pandemic performers included Los Angeles with property price appreciation of 30.5 per cent, Berlin (25.6%), Dubai (20.2%) and Auckland (20.2%). London ranked 10th for property price growth with a 13.1 per cent increase in prices.
When analysing property price appreciation over the last year, Dubai scooped the second spot (behind Miami) with an increase of 10.2 per cent, while Madrid took the third spot with price appreciation 6.3 per cent. London scooped fourth place with an increase of 6.2 per cent ahead of New York at 5.8 per cent. By contrast, Auckland (-18.1%), Melbourne (-11.7%), and Sydney (-8.8%) saw a decline in market values over the last year.
Commenting on London’s performance, Jason Ferrando, CEO of easyMoney, which conducted the research, commented: “While the pandemic certainly had an impact on both domestic and overseas demand for London real estate, we’re now seeing momentum start to build across the market and this is starting to drive house price performance. So much so that the capital ranks fourth in our global list of property hotspots when it comes to annual house price growth and we only expect this performance to strengthen as the year goes on.”
