Prime Global Cities Index Q3
The Prime Global Cities Index tracks the movement of prime residential prices across 45 cities globally in the year to Q3 2022
Prime definition: The most desirable and expensive property in a given location, generally defined as the top 5% of each market by value. Prime markets often have a significant international bias.
Key findings:
Globally, prime price growth dipped for the second consecutive quarter in Q3 2022.
The index recorded average annual growth of 7.5% in Q3 2022, down from a peak of 10% in Q1 2022.
Despite annual growth of 7.5%, the quarterly data reveals a marked slowdown. Of the 45 cities tracked, 19 saw prime prices decline between June and September 2022, up from seven in Q1 2022.
At 2.7%, prices in prime central London are now rising at their fastest rate since Q1 2015.
Resilient labour markets, a lack of supply and well capitalised lenders will support prime prices in most markets into 2023. However, the transition out of a sustained period of low lending rates will lead to pinch points in some markets.
