The prime prices of properties in key cities around the world are increased by about 1.9 percent in the year until September 2015. However the data conceals some excellent performances by cities like Sydney and Vancouver.
Sydney, Vancouver and Shanghai recorded a staggering double digit increase in annual price. The prime global cities index showed a leap to 34.1 percent above its low point during the first quarter 6 years ago. But the annual rate of growth significantly slowed from 7 percent about two years ago. Around 73 percent of the cities recorded a very positive annual growth in prices this year up to September. Two years ago, the figure was at 91 percent and Singapore had the recorded weakest performing luxury property market within seven consecutive quarter but the rate of yearly decline slowed down from -15 percent during the end of the second quarter to about -7.9 percent this quarter.
Vancouver led in the rankings for the second time with the prime prices in the city which was up by about 20.4 percent. The supply on the other hand in the property sector in the city has been down 32 percent on a year on year basis. The local demand is getting stronger alongside with foreign interest as the index report points out. Both Shanghai and Sydney also recorded an annual growth in price in double digit which increased 10.7 percent and 13.7 percent respectively on an annual basis. The report also said that the weak Australian dollar, a strong local economy and an undersupply of new homes in the place are factors that that contributed to the accelerating prices in Sydney.
Looking past the cities that are on top of their game, the overall performance of the housing index is less robust. Analysis by region showed that Australasia leads that has an average annual growth of price of about 11.6 percent which is followed by America at 8.5 percent. Europe on the other hand showed a growth of .8 percent and is now in a positive territory.
Those companies engaged in supplying double basin vanity units and other household furnishings have also seen a leap in their revenue with a great demand in the property market.