House price growth in Cape Town, Joburg and Durban vs the world
Knight Frank has published its Global Residential Cities Index, which reveals how the property market of South Africa’s top cities performed against their global counterparts in the fourth quarter of 2016.
Knight Frank’s data showed that house prices across 150 cities worldwide increased by 6.6% on average in 2016.
Chinese cities occupy the index’s top nine rankings for annual house price growth but the property group said it expects a marked change in the first quarter of 2017.
Oslo is Europe’s strongest performing city but Dutch cities have also risen up the rankings, Knight Frank.
It pointed out that no single world region dominates the bottom of the rankings with Moscow, Aberdeen, Seville, Darwin, Jaipur comprising the five weakest markets
South Africa
Ranked 92nd, Cape Town is the best performing city in South Africa, with 3.9% growth. Ranked 109th, Johannesburg grew at 2.2%, while Durban registered negative growth of -5.1% – giving it a ranking of 122.
Kate Everett-Allen, partner, international residential research at Knight Frank, said: “Chinese cities would have occupied the entire top ten had New Zealand’s Wellington not nudged Schenzen out of tenth spot.”
Read: What £1 million buys you in Cape Town, London, New York, and Paris
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