{"id":2804,"date":"2022-06-13T10:19:26","date_gmt":"2022-06-13T10:19:26","guid":{"rendered":"https:\/\/royabhishek.in\/urbanbuyer\/top-20-strongest-global-prime-property-markets-for-2022-and-5-aussie-cities-made-the-list\/"},"modified":"2022-06-13T10:19:26","modified_gmt":"2022-06-13T10:19:26","slug":"top-20-strongest-global-prime-property-markets-for-2022-and-5-aussie-cities-made-the-list","status":"publish","type":"post","link":"https:\/\/royabhishek.in\/urbanbuyer\/top-20-strongest-global-prime-property-markets-for-2022-and-5-aussie-cities-made-the-list\/","title":{"rendered":"Top 20 strongest global prime property markets for 2022 \u2014 and 5 Aussie cities made the list"},"content":{"rendered":"

[ad_1]
\n<\/p>\n

\n
\n
\n\n\"key<\/picture><\/span><\/p>\n

Key takeaways<\/p>\n

Australia\u2019s property boom sees 5 Aussie cities placed in the global top 20 for prime property price growth in 2022.<\/p>\n

Despite robust price growth across multiple markets in the past 12 months, the report also reveals that overall quarter-on-quarter prime price growth cooled for the first time since the start of the pandemic.<\/p>\n

The global GDP is still expected to average 3.6% in 2022 as governments intervene to cool overheated property markets.<\/p>\n<\/div>\n<\/div>\n

Australia\u2019s property boom<\/a> sees 5 Aussie cities placed in the global top 20 for prime property<\/a> price growth in 2022.<\/p>\n

International property consultancy Knight Frank\u2019s Prime Global Cities Index Q1 2022<\/em><\/a>, crowned the Gold Coast as Australia\u2019s top-ranking prime property market thanks to robust property price growth.<\/p>\n

The city ranked in 7th place with a 19.3% annual hike in prime property prices.<\/p>\n

\"Market<\/p>\n

Sydney<\/a> comes in close behind in 9th place with a 16% increase in prices while Brisbane<\/a> and Perth came in 12th and 13th place with respective 11.3% and 11% increases.<\/p>\n

Melbourne<\/a> also made the top 20 list in 14th place with a 10.9% annual price growth.<\/p>\n

\"01\"<\/p>\n

What other cities made the list?<\/span><\/h2>\n

Dubai took the first spot as the world\u2019s strongest prime property market thanks to a whopping 58.9% annual increase in prices.<\/p>\n

Miami also saw an extravagant 33.1% increase over the year, putting the city\u2019s property market in second place.<\/p>\n

In fact, 4 of the top 5 cities are all located in North America.<\/p>\n

Placing 3rd is Toronto with a 24% annual increase while San Francisco and Los Angeles came in 4th and 5th place with increases of 23.4% and 22.8% respectively.<\/p>\n

\"02\"<\/p>\n

Global prime price growth has slowed<\/span><\/h2>\n

Despite robust price growth across multiple markets in the past 12 months, Knight Frank\u2019s report also reveals that overall quarter-on-quarter prime price growth cooled for the first time since the start of the pandemic, although on average prime cities continue to register 9% annual growth.<\/p>\n

\"03\"<\/p>\n

The data shows a drop-off in annual price growth versus the past quarter.<\/p>\n

\n

Why?<\/p>\n

Well, the report\u2019s authors point out that there is no denying that the pandemic-induced boom is winding down.<\/p>\n

\n

\u201cThe macroeconomic climate looks very different with an end to asset purchases and tighter monetary policy now the order of the day,\u201d <\/em>the report says.<\/p>\n

\u201cInflationary pressures are fuelling a higher cost of living and rising mortgage rates are starting to weigh on buyer sentiment.\u201d<\/em><\/p>\n<\/blockquote>\n

The biggest slowdowns over the last quarter were across the Asia Pacific – Wellington, Guangzhou, Shanghai, and Shenzhen saw their annual rates of growth slide by 17%, 15%, 8%, and 7% respectively over the 3-month period.<\/p>\n

This is attributed to new waves of Covid-19 and a zero-Covid policy in countries like China which saw some housing markets halted in their tracks, while 4 interest rate hikes in New Zealand over the last 6 months have dampened buyer appetites.<\/p>\n

But despite all the mounting headwinds facing property worldwide, the global GDP is still expected to average 3.6% in 2022 as governments intervene to cool overheated property markets – although this is a drop from the previous 4.4% estimate.<\/p>\n

\"London\"<\/p>\n

Prices surging in London and New York<\/span><\/h2>\n

The report reveals that prime property prices in 2 of the world\u2019s largest residential markets – London and New York – are rising at their fastest rate for 7 and 6 years respectively.<\/p>\n

At 2.1%, London is shaking off years of political uncertainty and tax changes with annual price growth expected to end the year at 3.5%.<\/p>\n

And with a 5.6% annual growth, New York is following a similar trajectory – after 6 years of subdued activity sales increased by 10% in Q1 2022 compared to Q1 2021.<\/p>\n

\n

\u201cThe crisis in Ukraine and a weakening economic outlook for Europe are key challenges, but President Macron\u2019s recent victory and a weaker euro may bolster interest from overseas, particularly from US dollar buyers, or those currencies pegged to the dollar,\u201d <\/em>the report said.<\/p>\n

\u201cAt the end of last year, a \u20ac1m property cost a US buyer $1,137,270, four months later the same property cost $1,070,780 as a result of currency shifts, almost 6% or $66,490 less.\u201d<\/em><\/p>\n<\/blockquote>\n