Change is sweeping across global property markets, especially the prime sector.
The index, which tracks the movement of prime residential prices, defined as the top 5% of the housing market in terms of value, saw annual price growth fall from 10% in Q1 2022 to 7.5% in Q2 2022, Knight Frank, global real estate consultancy says.
However, thus far, the trend has been one of slower growth rates rather than declining prices. The number of cities seeing price declines in the year to Q2 2022 is the same as it was in the previous quarter – six.
In 19 of the 45 surveyed locations, the yearly rate of price growth slowed between March and June of 2022.
Auckland, Wellington, Toronto, and Stockholm had some of the sharpest declines in annual price growth between March and June 2022.
In Europe, Berlin (12,6 percent), Dublin (10,2 percent), Edinburgh (11,2 percent), and Paris (8.9 percent) lead the way as the appeal of city life increases and foreign buyers return.
