The research survey of residential prices in 63 countries, found 21 countries had recorded a drop in residential prices in the third quarter of 2018 compare with the same 2017 period, while 42 counties recorded a rise in residential prices.

Hong Kong continues as the world’s residential market leader, with its prices jumping nearly 15 per cent for the third quarter of 2018 compared to 2017, the biggest rise in the world.

Meanwhile, Singapore’s residential prices also increased above 10 per cent for the same period, ranking fifth in the latest IMF survey.

The Philippines ranked 13, with a price rise of about 6 per cent, while Thailand ranked 16 with price growth of up to 5 per cent, and China placed 25th with a price rise of nearly 5 per cent.

Japan ranked 33, also with a rise of nearly 5 per cent, while Taiwan came in 35th with a nearly 3 per cent bump, India also saw a nearly 3 per cent rise to place 36th, Malaysia ranked 39 at nearly 3 per cent, and Indonesia placed 42nd with a residential price rise of nearly 2 per cent for the third quarter of 2018 over 2017.

Meanwhile, the fifth annual Global Living Report from CBRE, a realestate services and investment firm, also found three Asian cities with high residential prices.

Top was Hong Kong, at an average of US$1.23 million per residential unit (about Bt39.52 million), followed by Singapore at $874.372 per unit (Bt27.97 million) and Shanghai in China at $875,555 (Bt27.92 million). Property price in Bangkok, ranked 33rd, stood at an average of US$106,383 per unit (Bt 3.4 million). 

CBRE profiled the property market across 35 major cities. The results highlighted that investments in urban areas, such as transport infrastructure, connectivity, retail, cultural centres and housing, were key drivers of economic growth.

The biggest year-on-year growth was experienced in double-digits by Barcelona (16.9 per cent), Dublin (11.6 per cent), Shanghai (11.2 per cent) and Madrid (10.2 per cent). London remained one of the top 10 performing global cities, with an average property price of Bt20.7 million ($646,973) although growth was down to 1.1 per cent.

“House prices increased yearonyear across 30 out of the 35 cities we looked at, although generally at lower rates than previously,” Jennet Siebrits, head of residential research at CBRE UK, said. “In general, CBRE is seeing house price growth slow across our cities as we move towards the end of a long property cycle. We would expect increasing interest rates to be affecting cities in the US, and various cooling measures affecting the Asia Pacific region, although Shanghai still saw robust growth.”

Six out of the 10 cities experiencing highest growth in house prices were in Europe, she said. “Three of these – Barcelona, Madrid and Dublin – all suffered severe price falls during the financial crisis and took much longer to recover from the economic downturn that followed. Now [that] they are recovฌering they are showing significant growth. In comparison, London recovered much faster after the downturn and is now further into the cycle.” 

Source: http://www.nationmultimedia.com/detail/Real_Estate/30371186