Cape Town ranks as the 9th most luxurious residential property city in world
Category General News
Looking at prime residential pricing in the Mother City
According to Knight Frank’s Prime Global Cities Index, Cape Town has been ranked 9th out of 41 cities across the world for its luxury residential property prices. Capetonians know that property prices are (at times) astronomical, but there are a couple reasons for these prices; the prime locations and the prime spaces.
Knight Frank is a commercial and residential team of researchers who produce reports and indices for developers, government organisations, investors and funders across the globe.
Their Global Cities Index, which was released for the second quarter of 2017, has revealed that the index climbed 4.4% in 2017 thus far. The indexes track the top 5% of the housing market. The aim of the index is to allow global investors to compare residential prices and track their performances across the globe.
The quarterly report for 2017 indicated that Cape Town was showing a 9.2% annual growth in prime property. The first six months of 2017 showed 6.5% growth, with the the second quarter showing 4.5% growth. Interesting to note is the upward market direction for the Mother City.
Chinese cities have led the index rankings for three consecutive quarters, with the port city Guangzhou ranking at the top of the list at 35.6% between June 2016 and June 2017.
With quite a gap between the first and second ranking, Toronto is next with 20.7% annual price growth.
Melbourne, Paris, Hong Kong and Stockholm rank consecutively after Cape Town at 10th,11th,12th and 13th respectively. The report indicates that cities in Australasia and Europe represent a positive rise in the annual growth rate in comparison to the prices of the previous quarter.
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Want to rent, buy or sell your property on the Atlantic Seaboard or in Woodstock, Cape Town? Berman Brothers Properties specialise in listing and selling your property and we have a variety of available houses, new apartments and other real estate options to ensure that you find your next dream home. Contact us on +27(0)21 439 9030 to find out more about the latest developments in area hotspots such as Woodstock, Green Point, Sea Point, Llandudno, Camps Bay or Three Anchor Bay.
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Author: Berman Brothers