Global residential rental index slips into negative territory
Knight Frank, the independent global property consultancy, today launches the Prime Global Rental Index for Q3 2015. The index, which tracks the change in luxury residential rents across 17 global cities, fell by 0.9% in the year to September – its weakest performance in five years.
Results for Q3 2015
- The index slipped 0.9% in the year to September 2015, down from a rise of 3.4% two years earlier.
- Guangzhou leads the annual rankings with prime rents up 6.2%.
- Comparing the world region, Africa recorded the strongest rise in rents, up 1.3% on average.
- The gap between the strongest (Guangzhou) and weakest (Moscow) performing cities has shrunk from 30 to 17.5 percentage points in the last two years.
- The index reached its peak in Q4 2014 having increased 23% from its financial crisis low in Q2 2009.
Ms Kate Everett-Allen, Partner, International Residential Research, says, “Of the 17 cities tracked by the index, nine recorded flat or falling prime rents in the 12 months to September 2015.
“The strong link between economic performance and prime rental growth explains the low rankings of Singapore, Beijing and Moscow where economic output is slowing or tepid at best.”
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