By Andrew Batt:
Property prices in Bangkok grew by 9.4 percent in 2012, ranking the city inside the top 15 of global cities ranked by price growth.
The news comes in Knight Frank’s annual Wealth Report, published yesterday, in which Bangkok was placed in 14th place in the Prime International Residential Index. The Index looks at average prices for luxury residential family homes in cities around the world.
Phuket saw price growth of 4.7 percent according to the report, with low supply and rising investment interest cited by the report as reasons for the rises in both locations.
Asia-Pacific remained the main source of positive news for the luxury residential sector in 2012, with five of the year’s top 10 growth markets. Indonesia led, with stellar performance in both Jakarta (up 38 percent) and Bali (+20 percent). Jakarta benefited from continued strong GDP growth, which has stood at or above 6 percent for five out of the past six years and, in particular, from rapid growth in middle-class wealth.
Knight Frank’s Prime International Residential Index is a comprehensive barometer of the performance of the world’s top property destinations.
Global Rank of Southeast Asia cities and their percentage growth in 2012
1. Jakarta 38.1%
2. Bali 20%
14. Bangkok 9.4%
21. Phuket 4.7%
28. Kuala Lumpur 1%
30. Singapore 0.6%
70. Ho Chi Minh City -10%
Andrew Batt, International Group Editor of PropertyGuru, wrote this story. To contact him about this or other stories email andrew@allproperty.com.sg
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