Dubai, Geneva and Berlin recorded the strongest average quarterly property price growth among major international destinations for high-net-worth homebuyers, according to research by Enness Global.
The research analysed house price data across 10 major global cities, ranking each market based on its average quarterly rate of property price growth over the previous four quarters to identify where values had demonstrated the most consistent uplift.
Dubai topped the table, with average quarterly house price growth of 2.6% over the four quarters analysed. Geneva ranked second with average quarterly growth of 2%, while Berlin completed the top three with an average increase of 1.9% per quarter.
Vancouver, Sydney and Paris also recorded positive average quarterly growth of 0.8%. London saw a more modest but still positive average increase of 0.2% per quarter.
By contrast, property price growth moved into negative territory in New York, Madrid and Hong Kong, which recorded average quarterly changes of -0.1%, -0.4% and -0.9% respectively.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, commented:
“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.”
