Russia has worst performing high-end market this year, Knight Frank finds
Global luxury housing prices increased 4.2% in the year to September, according to a Knight Frank report released Tuesday.
Guangzhou saw the greatest price growth in its luxury market despite cooling in the rest of China?s luxury cities, with prime prices there increasing 36.3% in the past year, according to the international brokerage?s Prime Global Cities Index. The report tracks the quarterly growth in prime properties, or the top 5% of the housing market, in 41 major cities.
The greatest price growth over the past year has been concentrated in the Asia Pacific, with that region claiming five out of the top 10 cities for annual growth.
Shanghai has logged a nearly 15% price hike in the past 12 months, though the market is slowing down and actually saw prime prices decrease by 0.7% in the third quarter. Luxury home prices in Seoul are up 11.2% year-over-year. Prices in Sydney and Melbourne are up between 10 and11%.
?Melbourne and Sydney have now ranked within our top 10 for annual prime price growth for 10 consecutive quarters,? said Kate Everett-Allen, a partner at Knight Frank in the report.

Cape Town, South Africa, ranked No. 3 globally for the fastest rising luxury prices, with year-over-year appreciation of 14.5%. Knight Frank chalked the growth in Cape Town to constrained supply, as the city is landlocked between the Atlantic Ocean and the surrounding mountains.
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