The “Prime Global Cities Index” study, prepared by the real estate consultancy Knight Frank, forecasts a recovery in prime/luxury housing prices, with Chinese cities leading the way during the first quarter of 2021.
Three cities – Shenzhen (+19%), Shanghai (+16%) and Guangzhou (+16%) – lead the index this quarter, with the improving economic climate and government investment in the Greater China Bay Area driving the acceleration.
“Buyer enthusiasm has persisted despite the new set of restrictions that began in January,” the report said.
Vancouver and Seoul, both with 15 per cent growth in the first quarter of 2021, round out the top five. In these latter locations, successive cooling measures have been deployed to reduce speculative activity in recent years, “but the local appetite for home buying has not been affected.”
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