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Seoul, Manila and Dubai led the price rise rankings in 2024
Growth in major residential property prices around the world is gradually gaining momentum, according to Knight Frank’s latest Prime Global Cities Index. Annual growth rose in the final quarter of 2024, reaching 3.2%. This shows improvements from the last quarter, but below the 2020 average of 5.3%.
Asian markets lead the price
Seoul appeared as a top performer in 2024, with annual price growth surged to 18.4%, a sharp rise from 4.6% in the third quarter. The city’s gorgeous real estate market shows resilience despite political uncertainty. Meanwhile, Manila maintained robust annual growth, but experienced a price decline of 7.6% over the past three months of the year. Beyond the wider index, two-thirds of cities report positive annual growth, with less than 20% dropping.
Spotlight in Tokyo
Tokyo’s luxury real estate market made a strong comeback in the fourth quarter of 2024, recording a quarterly rise of 10.6% following previous declines. Despite Japan’s weak yen continued to attract foreign buyers despite raising interest rates to 2017 highs, contrary to trends in other developed countries.
New regional balance
Over the past four years, major North American housing markets have experienced significant volatility, shifting from a pandemic-driven surge to slower growth during periods of rising interest rates. By the end of 2024, growth rates in all regions had converged near a global average of 3.2%.
Looking ahead
“The path to a lower rate is more complicated next year due to the stubbornly high inflation rates in developed countries,” said Liam Bailey, the world president of Knight Frank.
