The performance of the world’s most important prime residential markets
Virtually everybody likes to talk about house prices, particularly the value of their own home. But for ultra-wealthy individuals who may own houses around the world, keeping track of their portfolio’s worth is not that simple.
However, Knight Frank’s newly enlarged Prime International Residential Index (PIRI) now includes performance data for 100 of the world’s key luxury city and second-home markets, and is recognised as the sector’s most comprehensive performance benchmark.
So what does the PIRI 100 tell us about prime market performance in 2014 – which UHNWI property owners will be rubbing their palms, and who will be less cheerful? Well, the picture is certainly mixed around the world.
Analysis of the latest trends to emerge from Knight Frank’s unique Prime International Residential Index (PIRI)
The value of luxury residential property around the world rose by just over 2% on average in 2014, based on the performance of the 100 locations covered by our PIRI rankings.
With reversals in markets as far apart as Asia, the Middle East and Europe, growth was lower than the 2.8% seen in 2013. The US dominates the top of our table, taking four out of the top 10 positions, with New York (+18.8%) and Aspen (+16%) in first and second place respectively. The disparity with Europe’s cities is stark.
Luxury prices rose by almost 13% on average across US cities last year, compared with an average of only 2.5% in Europe.
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