Paris luxury property values boom
Monday, 6 June 2011 2:38 PM
Many cities across the globe have seen luxury property values bounce back after the recession,
with Paris leading the way, figures released today reveal.
Knight Frank’s inaugural Prime Global Cities Index showed the value of the luxury housing market in Paris rose 22 per cent year on year in the 12 months to the end of March.
The French capital was the world's strongest performer, beating the traditionally fast-growing property values of major Asian cities because of supply constraints and growing interest from overseas buyers.
The luxury market in Hong Kong was second on the list, with year-on-year growth of 15 per cent.
The Index said the gap between Europe and Asia’s cities narrowed as efforts by Asian governments to cool inflation took effect and European markets came out of the downturn.
London and Singapore shared sixth place. Each city's luxury market grew by an average of 8.6 per cent over the period.
Of the 15 cities listed by the Prime Global Cities Index, only two experienced falls in their average property value. Moscow saw the biggest average value decrease at eight per cent, while Los Angeles' average value decreased by 2.2 per cent year on year.
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