The Real Deal reports that Vancouver (Canada), Shanghai (China), Sydney (Australia), Melbourne (Australia), and Cape Town (South Africa) are the top five cities where property prices have exploded the most. Let’s define Prime Residential Properties: the top 5% of the wider housing market in each city.
Put into perspective, prime prices in the top 35 cities increased an average of 3.6% in the twelve months prior to March, 2016, but the top five had prime price increases in the double digits! According to Knight Frank’s latest Prime Global Cities Index report the double digit growths were attributed to low supply and record-low interest rates.
For the curious, Miami was ranked number 14 with 3.8% growth (New York ranked #17; Los Angeles #10).
To learn more about real estate in Coral Gables, Coconut Grove, Ponce Davis Estates. South Miami, Pinecrest, & Palmetto Bay contact Val Byrne & Associates at [email protected] or at 305-323-6231. Val Byrne & Associates – Working For You!