Dubai, Geneva and Berlin have provided the average rate of quarterly property price growth for international homebuyers so far this year, according to research by the world’s leading high-net-worth mortgage broker, Enness Global.
Enness Global analysed house price data across 10 major destinations for global property buyers, ranking each city based on average quarterly house price growth over the last year to see where had seen the most consistent uplift in values.
The research shows that Dubai tops the table with quarterly house price growth in the city averaging 2.6% over the last four quarters, the highest of all global cities, despite seeing a cool in the rate of growth during much of 2020.
Geneva ranks second, with quarterly house price growth averaging 2% over the last four quarters, with Berlin also making the top three with a 1.9% average quarterly rate of property price growth.
Property prices in Vancouver, Sydney and Paris have also averaged a quarterly increase of 0.8% over the last year, while London is the only other city to see a positive jump up 0.2% on average per quarter.
New York (-0.1%), Madrid (-0.4%) and Hong Kong (-0.9%)have all seen average quarterly property price growth drop into negative territory over the last four quarters.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones said, “It’s been a turbulent year for the global property market for obvious reasons and we’re only now starting to get a better picture of overall market health. Of course, some destinations have fared far better than others but overall, we’ve seen a sustained level of demand from high-end buyers who remain keen to expand and diversify their bricks and mortar portfolios.
While Covid has presented its challenges, it has also provided opportunity with interest rates remaining very favourable across a large number of countries. While uncertainty does play a part, high-end buyers remain able to borrow at some unheard of rates and so it makes very good business sense to make hay while the sun shines in this respect.
We believe this will continue to be the case as we head into the new year and the international markets that have become popular with super-wealthy homebuyers will continue to benefit from this buyer demand where price appreciation is concerned.”