Knight Frank Prime Global Rental Index
Prime residential rental growth weakest in world’s top financial cities
Key Highlights – Results for Q1 2014:
·
Prime Global Rental Index rose by 4.7% in the year to March 2014
·
Nairobi topped the annual rankings for the fourth consecutive quarter
·
Prime rents declined in Singapore, London and Hong Kong in the year to March 2014
·
Dubai and Tokyo recorded the strongest rise in prime rents in the first quarter of 2014
·
Rising interest rates could push would-be buyers into prime rental markets in cities such as London and New York in 2015
Key Findings:
·
Prime rents in the Kenyan capital, Nairobi,
increased by almost 26% in the year to March but there are signs the
market is cooling with growth of only 2.1% recorded in Q1 of this year.
·
Some of the world’s top financial centres –
Singapore, London and Hong Kong – are positioned at the bottom of the
rankings with annual falls of -0.3%, -2.0% and -6.3% respectively.
However, we expect prime rental growth in these
key cities to strengthen over the remainder of 2014.
·
In London, the rental recovery looks to be
taking hold as price growth starts to slow. New registrations are up 17%
year-on-year and tenant demand is coming from a diverse set of
industries – oil and gas, mining and IT.
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