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Prime residential property prices in Vancouver increased by 25% in 2015 due to lack of supply, foreign demand and weaker Canadian dollar, according to Knight Frank’s Prime International Residential Index (PIRI).

Kate Everett-Allen, partner, residential research at Knight Frank says, “The value of the world’s leading prime residential property markets rose on average by 1.8% in 2015. This was similar to the 2% overall growth seen in the previous year. However, in 2015 66% of the PIRI 100 locations recorded flat or positive price growth compared to 62% in 2014.”

Antipodean markets also performed well in 2015 with Sydney, Melbourne and Auckland recording double-digit annual price growth, up 15%, 12% and 10% respectively. Munich, Amsterdam, Monaco and Berlin are Europe’s standout performers, recording price growth of 12%, 10%, 10% and 9% respectively. The prime central London market remained in positive territory during 2015 (+1%) despite a raft of new property taxes.

Of the 34 locations where prime prices slipped in 2015, 22 of these were located in Europe. Nonetheless, there is renewed optimism that prices in many of the region’s most popular second-home destinations are close to bottoming out.

Buenos Aires and Lagos are located at the bottom of the PIRI rankings. Buenos Aires saw prices drop by 8% and prime prices in Lagos declined by as much as 20%. The US Federal Reserve’s recent rate rise, the resulting strong US dollar and the collapse in commodity prices help to explain the decline in these two markets.

Ranking-Location / World Region-Annual % change (Q4 2014-Q4 2015)

1-Vancouver/ North America- 24.5%
2-Sydney / Australasia-14.8%
3-Shanghai / Asia- 14.1%
4-Istanbul / Middle East- 13.0%
5-Munich / Europe – 12.0%
6-Melbourne / Australasia – 11.9%
7-San Francisco / North America -10.9%
8-Auckland / Australasia – 10.2%
9-Amsterdam / Europe – 10.0%
10-Monaco / Europe -10.0%

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