World’s strongest and weakest performing cities in house price growth
According to the Knight Frank Global Residential Cities Index which is based on official house price data for mainstream residential markets, house prices increased by 4.4 percent in 2015 globally.
The research reveals the house price growth in 165 cities.According to the research house prices in 121 of the 165 cities rose or remained flat in 2015.The Chinese city of Shenzen ranked first in the index with 47.5 percent price growth at the world.Auckland in New Zealand followed Shenzen with 25.4 percent increase in the index.Istanbul placed third with 25 percent house price growth in the world.
The Indian city of Chandigarh was the weakest-performing city with prices falling by 7.7% year-on-year.
Budapest, where prices increased by 16.3% in 2015, is the strongest-performing capital city within the index.Of the twenty US cities included in the index, Portland (11.4%) and San Francisco (10.4%) were the strongest performers with Washington DC the weakest (1.7%).
In 2015 China saw the largest disparity amongst its cities, 50 percentage points separate it’s strongest and weakest performing city housing market.