Seoul saw the biggest annual growth in house prices with a rise of 24.7%
Taiwan News
Date: 2018/05/29
By: Huang Tzu-ti, Taiwan News, Staff Writer
A luxury residential complex in the greater Taipei area (Photo by Facebook 景冠-金鶯一品)
TAIPEI (Taiwan News) – Taipei reported the second biggest annual decline in luxury real estate prices in the first quarter of 2018 while Seoul leads the rankings with the largest rise among the 43 cities surveyed, according to the recently released Knight Frank Prime Global Cities Index.
The Prime Global Cities Index, conducted by the London-based real estate consultancy, analyzes figures based on prices of prime property that represents the top 5 percent of the housing market in each city.
According to the research, Seoul reported a staggering 24.7 percent annual growth in home prices in the year to March 2018, with the Gangnam area being the main driving force. Taipei, which saw a 7.4-percent decline year-on-year in the first quarter this year, ranks 42nd in the index, trailed by the Swedish capital Stockholm, which sits at the bottom with the largest price decline of 8.4 percent.
Knight Frank pointed out that the number of cities that saw their housing prices decline annually has risen from 16 to 23 in the first three months of 2018, partly attributed to the raise of interest rates, reported the Liberty Times. [FULL STORY]
