Prime property prices in Bangkok climbed a mere 0.1 percent during the first three months of the year, according to the Knight Frank Prime Global Cities Index, Q1 2015, published yesterday.
The showing of prices at the top end of the market is evident, according to this research. Prices for the period between September 2014 and March 2015 rose 2.7 percent, while in the entire year ending March 2015 prices grew 3.7 percent.
This report ranked the city 16th in the Index in terms of the 12-month change in prime property prices, one place ahead of London and one behind the Spanish city of Madrid.
Knight Frank’s Index, which tracks the performance of luxury residential prices around the world, continued to outperform the mainstream market equivalent. However, it’s a mixed picture with previous strong performers such as London slipping back whilst cities such as San Francisco, Vancouver and Sydney climbing the rankings.
Kate Everett-Allen, Partner Residential Research for Knight Frank, examined the latest luxury trends.
She said: North American cities lead the way with San Francisco, Miami and Vancouver recording annual growth of 14.3 percent, 12.2 percent and 11.8 percent respectively.
“The disparity across the world regions however is stark. On average, prime prices in North America and Australia increased by 8.4 percent and 7.3 percent respectively in the year to March, whilst Europe’s cities saw prices slip by 0.2 percent on average.
“If we were to omit cities in North America and Australia, the Index would have recorded growth of 2.3 percent instead of 3.9 percent in the year to March 2015.”
She added that the Index has climbed 46 percent since its financial crisis low in the second quarter of 2009. Eight cities, including London, Dubai and Hong Kong have outperformed the Index over the same period.
The Index focuses on the top 5 percent by price of each market it surveyed.
Andrew Batt, International Group Editor of PropertyGuru Group, wrote this story. To contact him about this or other stories email andrew@propertyguru.com.sg
