The apparent strength of the Asian markets belies a much-reduced level of growth from 12 months ago when the markets jumped a combined 55% in the first quarter alone. The more measured growth now indicates the success of local governments to take the sting out of the more speculative property investments and, perhaps, a more cautious approach among buyers.

The enduring importance of both Paris and London may be partly attributable to their status as the planet’s most cosmopolitan and concentrated centres of affluence, implies Liam Bailey, head of residential research at Knight Frank: “The recent rise in Paris repeats the post-crash super-bounce in the central London market. These are the city markets where tight supply constraints meet high, and growing, demand from an expanding international HNWI and UHNWI population.

Global buyers in the London prime market make up 50%+ of the market; in New York (Manhattan) it is circa 15%, in Singapore 30%, and Hong Kong around 20%.”

[Editor’s Note: For the purpose of research Knight Frank measures the prime market as being the top 5-10% of the mainstream housing market in each city.]

Read the full news item at Knight Frank