Germany has topped the latest Prime Global Cities Index for the second quarter 2019, taking the top two places.
The Prime Global Cities Index, researched and published by property company Knight Frank, tracks the movement in luxury residential prices across 46 cities worldwide.
Many overseas property investors take note of the Prime Global Cities Index when deciding where the world to invest for their property portfolios.
The index increased by 1.4 per cent in the year to June 2019, up marginally from 1.3 per cent in March 2019 but still significantly than its four-year average of 3.8 per cent.
German capital Berlin led the Prime Global Cities Index with annual growth of 12.7 per cent, though that marks a slowdown from the 14.1 per cent growth registered in March.
On the other hand, the sun is very much rising on German financial city Frankfurt, which has seen its annual price growth increase from 9.6 per cent to 12.0 per cent over the same period, propelling it to second place in the Prime Global Cities Index.
However, with prime property prices in Berlin and Frankfurt currently around €11,500 per square metre and €13,500 per square metre respectively they remain competitive by European standards.
Moscow grabbed third place with annual growth of 9.5 per cent, after which the rate of growth noticeably drops to 6.2 per cent for Manila in fourth.
Geneva, Madrid, Paris, and Zurich take the next four places, meaning Europe has six of the top ten, with Beijing and Delhi rounding it off.
Some 35 of the 46 cities tracked by the Prime Global Cities Index (76 per cent) registered price growth in the year to June 2019. Of the eleven that saw prices decline year-on-year, Istanbul (-9.9 per cent) and Vancouver (-13.6 per cent) were the weakest markets.
Prime Global Cities Index Q2 2019 Top Ten
12.7 per cent – Berlin
12.0 per cent – Frankfurt
9.5 per cent – Moscow
6.2 per cent – Manila
6.0 per cent – Geneva
5.2 per cent – Madrid
5.0 per cent – Paris
4.5 per cent – Zurich
4.5 per cent – Beijing
4.4 per cent – Delhi