Property prices have increased by more than 10% in eight Chinese cities, with Chongqing in the lead as the top riser for both the mainstream (+ 58.9%) and the prime property (+48.5%) market.
“reflects huge demand from a growing and increasingly affluent population with a very high savings ratio and few choices of other assets into which to invest their cash”.
Only two European cities – Amsterdam and Dublin – made the top 10 for mainstream properties alongside seven mainland Chinese cities, with an increase of 20.9% and 12.3% respectively. Mainstream values have risen in Vancouver as well, with an increase of 16% compared to last year which earned the city a place in the top 10.
London holds the 26th position in the ranking for mainstream properties prices, with a modest increase of just 2.3%. As for prime properties, that is to say, “the most desirable, and normally most expensive, property in a defined location” according to Knight Frank Research, the ranking was also dominated by Chinese cities, with the top four recording a growth of at least 25%.