Prime residential property in Apac now a buyer’s market

by Albert02

Prime residential property in Apac now a buyer’s market

Prime residential property in Apac now a buyer’s market. For the second quarter in a row, worldwide prime home values fell in Q3 2022. According to Christine Li, head of research at Knight Frank Asia-Pacific, conditions will remain unequal in the short term as prices fall in line with current monetary policy, resulting in a buyer’s market for prime residential property in Asia-Pacific. Li’s remarks follow the release of Knight Frank’s latest Prime Global Cities Index on Thursday (November 10), which revealed that prime prices fell in 19 of 45 cities in the third quarter of this year.

According to Li, prime residential prices in the Asia-Pacific region fell further in the third quarter, accounting for 11 of the 19 global markets that fell between June and September 2022, a sharp reversal from annualised figures that showed only four markets in the red. However, prime prices rose annually in 84% of the regions surveyed. During the pandemic, cities such as San Francisco, Toronto, Wellington, Stockholm, Vancouver, Los Angeles, and Seoul, as well as some Chinese Mainland cities, experienced some of the most significant price increases.

Tokyo and the Gold Coast are two of six global prime cities with annual price growth in the double digits. According to the study, prices in prime central London have climbed at the quickest rate since the first quarter of 2015. “Resilient labor markets, scarcity of supply, and well-capitalised lenders will underpin prime values in the majority of markets through 2023,” Victoria Garrett, head of residential at Knight Frank Apac, said.

According to Li, regional market declines have moderated, and the same can be said for the South-East Asian market, where price levels are likely to be supported by the ongoing supply imbalance and the reopening of travel and immigration.

The Prime Global Cities Index is a valuation-based index that tracks the movement of prime residential prices in 45 cities around the world in the year leading up to the third quarter of 2022, defined as the top 5% of the housing market in terms of value. The index is calculated in the local currency using nominal pricing.

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