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Property prices in major cities worldwide hit record highs

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BRITAIN-ECONOMY-HOUSING
An estate agent's "for sale" board stands outside a residential building in London on August 13, 2017. — AFP

SINGAPORE — Prices of office, retail and industrial properties in most global cities have reached records since the global financial crisis, with values in Hong Kong tripling over the past decade, according to a survey by Real Capital Analytics, Inc.

With the exception of a handful of cities such as Amsterdam, Chicago, Tokyo and Washington, prices in the other cities have fully recovered and gone on to set new records, RCA said in a report.

Prices in Manhattan and London’s West End have almost doubled, the report showed.

The Global Cities Composite of Real Capital Analytics’ Commercial Property Price Indices rose 8.3% in the second quarter from a year earlier.

The increase was led by strong gains in Boston, Hong Kong, Melbourne and large German cities, the report showed.

In London’s West End, prices rose by 0.2% from a year earlier.

The indexes cover all major investment markets around the globe and are based on actual transactions as opposed to appraisal valuations. — Bloomberg

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