Prime property values on the rise, claims survey | 31 July 2012
Prime property values in some of the world’s key cities rose by 1.4 per cent in the second quarter of 2012, according to propertywire.com.
While the recession has taken its toll, it has been a startling 18 months since the property firm Knight Frank’s Prime Global Cities Index achieved a similar rate of quarterly growth.
Asia has been key in the resurgence, with prime prices rising by 3.4 per cent in the year to June. The equivalent figure in March was 2.5 per cent, according to propertytalklive.co.uk.
Prices in Europe also rose by 1.3 per cent in the year to June, an improvement on the -3.4 per cent recorded in the year to March. This figures become even more impressive when taking into account the ‘deepening’ Eurozone crisis.
James Price, representative of Knight Frank, commented on the survey: “The appeal of cities in stable economies is being brought into marked contrast with the investment environment in weaker countries.
However, he did warn that future growth may be muted thanks to economic frailty and protectionist measures, which could inhibit price inflation within mainstream and prime markets for the rest of 2012.
“We are unlikely to see significant sustained growth given the numerous downside risks facing the global economy,” he added.
Written by Ashley Curtis on behalf of Qube Global Software
While posted by Qube Global Software all views expressed are not necessarily those of the company. All facts are verified where possible directly by the author.
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