Key findings:
- Average annual house price growth rose by 4.1% in the 12 months to March 2024, up from a 3.2% increase seen in the final quarter of 2023
- Prices are rising at their fastest rate since the third quarter of 2022
- 78% of the markets analysed saw positive annual price growth
- Only one city (Frankfurt) saw prices fall more than 5% in Q1 2024 compared to nine cities in Q1 2023
- Manila leads the rankings this quarter with annual price growth of 26.2%
Liam Bailey, global head of research at Knight Frank said:
“The rebound in global housing markets is continuing, as evidenced by our Prime Global Cities Index reaching 4.1% annual growth. Rather than heralding a return to boom conditions, the index indicates that upward price pressures are stemming from relatively healthy demand, set against continued low supply volumes. The pivot in rates – when it comes – will encourage more vendors into the market, leading to a welcome return to liquidity in key global markets.”
