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. In Q3 2022, prime home values declined internationally for the second quarter in a row. 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, with prime residential property in Asia-Pacific being a buyer’s market. Li’s comments came after Knight Frank released its 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 continued to fall in the third quarter, accounting for 11 of the 19 markets globally that fell between June and September 2022, a sharp reversal from annualised figures that showed only four markets in the red. However, 84% of the locations studied saw annual rises in prime prices. 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 during the pandemic.

Tokyo and the Gold Coast are two of six global prime cities with double-digit annual price growth. According to the research, prices in prime central London have risen at the fastest rate since Q1 2015. “Resilient labor markets, a scarcity of supply, and well-capitalised lenders will underpin prime values in the majority of markets through 2023,” said Victoria Garrett, head of residential at Knight Frank Apac.

According to Li, who noted that regional market decreases have moderated, 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 – defined as the top 5% of the housing market in terms of value – in 45 cities around the world in the year leading up to the third quarter of 2022. The index is calculated using nominal pricing in the local currency.

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