Revealed: The global cities where prices are sky high
Wuxi in China has the fastest growing property prices of any global city, according to a report from Knight Frank.
The city, with a population of six million, saw prices rise by over 30% in the year to March 2017.
House prices across 150 cities worldwide increased by 6.9% on average over the same period, and 40 global cities experienced double digit price growth.
Chinese cities dominate the top rankings, occupying seven places, while the remaining three positions are filled by Toronto, Hamilton and Oslo.
Prices in Toronto increased by 24.8% in the year to March, however the launch of a 15% foreign buyer tax in April suggests the city may fall down the rankings later this year, as sales have plummeted.
Oslo (21%) remains Europe’s strongest-performing city for the second consecutive quarter, but the Icelandic capital, Reykjavik, came a close second. Prices surged 18.3% in the year to March 2017 up from 6.3% a year earlier.
Top 10 cities
1 Wuxi, China 31.7%
2 Nanjing, China 28.8%
3 Zhengzhou, China 25.4%
4 Toronto, Canada 24.8%
5 Hangzhou, China 23.0%
6 Guangzhou, China 22.9%
7 Hamilton, Canada 21.5%
8 Tianjin, China 21.5%
9 Wuhan, China 21.2%
10 Oslo, Norway 21.0%
Other super cities
The Netherlands is also emerging as a key centre of growth, said Knight Frank. The country’s four largest cities – Amsterdam, Rotterdam, Utrecht and The Hague – all saw double digit price growth in the year to March.
Seattle (12.2%) is the highest-ranking US city, fuelled by a booming tech industry set against an historic undersupply of housing.