Berlin leads Prime Global Cities Index in Q2 2019
The Prime Global Cities Index, which tracks the movement in luxury residential prices across 46 cities, increased by 1.4% in the year to June 2019, up marginally from 1.3% in March 2019 but still significantly lower than its four-year average of 3.8%.
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Berlin leads the index, its rate of annual growth has slowed from 14.1% in March 2019 to 12.7% in June 2019. Frankfurt, by comparison, has seen its annual price growth increase from 9.6% to 12.0% over the same period.
However, with prime prices in Berlin and Frankfurt currently around €11,500 per sq m and €13,500 per sq m respectively they remain competitive by European standards.
Some 35 of the 46 cities tracked by the index (78%) registered price growth in the year to June 2019. Of the eleven that saw prices decline year-on- year, Istanbul (-9.9%) and Vancouver (-13.6%) were the weakest markets.
We’ve seen a wave of interest rate cuts in the last three months as policymakers try to stimulate growth. Much hinges on the next three months with stronger headwinds on the horizon we expect the index to moderate further in the second half of 2019 before strengthening in 2020.
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For further information please contact Kate Everett-Allen