Knight Frank’s Global Residential Cities Index indicates that 94% of 150 global cities saw prices rise over the latest 12-month time frame, up from 85% one year ago.
Global City Home Prices Rose an Average of +11.8% y/y
Global city home prices outpaced national markets by increasing +11.8% y/y compared to the +10.3% y/y increase in their national markets.
Clearly, the dynamism of cities has resurfaced under the shadow of a “race for space” that took hold during the early months of the pandemic.
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The average annual price growth across 150 global cities was +11.5%, the highest rate of price growth since Q3 2004. A solid 43% of global cities registered annual price growth in excess of +10% in Q1 2022 while only nine cities out of 150 saw home price declines on an annual basis.
Price Growth Expected to Slow
Amid heightened uncertainty, rising interest rates, rising taxes and more property market regulation such as Canada’s ban on foreign buyers, Knight Frank anticipates the rate of home price growth to slow in most global markets.
Knight Frank does not, however, anticipate most global cities to shift to negative price growth during 2022. This analytics firm points to the key elements of economic growth, supply levels and employment, and the speed and scale by which interest rates rise to determine the extent of global home price slowdowns over the coming year.
Top Performing Cities in Knight Frank’s Global Residential Cities Index, Q1 2022
City 12-Month Change (%)
- Istanbul +122.0%
- Ankara +111.7%
- Izmir +105.9%
- Halifax +34.7%
- Phoenix +32.9%
- Miami +29.7%
- San Diego +29.1%
- Dallas +28.8%
- Hamilton +28.5%
- Brisbane +28.4%
- Seattle +26.6%
- Hobart +26.0%
- Bratislava +25.1%
- Adelaide +25.1%
- Atlanta +24.0%
- San Francisco +22.9%
- Toronto +22.3%
- Denver +22.3%
- Los Angeles +22.1%
- Utrecht +21.3%
Weakest Performing Cities in Knight Frank’s Global Residential Cities Index Q1 2022
City 12-Month Change (%)
- Rabat -6.3%
- Genoa -3.4%
- Venice -3.0%
- Lima -3.0%
- Florence -1.8%
- Palermo -1.4%
- Kuala Lumpur -1.3%
- Turin -1.0%
- Zhengzhou -0.7%
- Hong Kong +0.3%
- Aberdeen +0.1%
- Wellington +0.4%
- Nicosia +0.4%
- Tianjin +0.5%
- Rome +0.8%
- Hyderabad +0.9%
- Chennai +1.0%
- Jakarta +1.3%
- Abu Dhabi +1.5%
- Wuhan +1.5%
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Thanks to Knight Frank.
