The overall value of prime property in the world’s key cities fell 0.4 percent in the first quarter of 2012, according to a report from Knight Frank due to global economic woes and the implementation of cooling measures in key markets. In Asia, only two cities beat the trend with Jakarta experiencing 14. percent price growth in the 12 month period between March 2011 to March 2012, while Beijing saw prices increase by 2.9 percent in the same period.
If we look back five years however, the picture is dramatically different. Here are the top performing Asian markets based on a five-year change in the Global House Price Index as devised by Knight Frank Research by setting the index at 100 in the fourth quarter of 2007.
Hong Kong saw the biggest increase in the index at 164 in the first quarter of 2012 due to its role as a global economic centre and gateway to China.
India saw the second largest increase, to 159, fuelled by strong demand both from the domestic and foreign markets.
China, unsurprisingly came in on a third place, its index rising around 50 percent to 150. The increase is highly attributed to China’s rise as a global economic powerhouse in terms of trade, commerce and the staggering production of newly-minted millionaires.
Taiwan and Malaysia came in on a shared fourth place in the fourth quarter of 2011 since first quarter results for Malaysia were unavailable. Having both seen their indexes rise to around 124 in the fourth quarter of 2011, it is likely that Taiwan may have overridden Malaysia due to pre-election jittery in the latter market.
Taiwan and Malaysia came in on a shared fourth place in the fourth quarter of 2011 since first quarter results for Malaysia were unavailable. Having both seen their indexes rise to around 124 in the fourth quarter of 2011, it is likely that Taiwan may have overridden Malaysia due to pre-election jittery in the latter market.
Source: PropertyReport – 2012 Jul 19
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