The global property markets driving pandemic price growth

tierra-mallorca-rgJ1J8SDEAY-unsplash

Research by the leading mortgage broker for global high-net-worths, Enness Global Mortgages, has highlighted which global property hotspots are performing best in the face of a pandemic where house price appreciation is concerned.

Enness analysed house prices across 17 major cities worldwide and found that since December 2019, house prices have increased by an average of 8% across the board.

Of course, some markets have performed far better than others and none more so than the major cities of New Zealand. At 28.9%, Wellington has seen the sharpest increase in house prices since the start of the pandemic, with Auckland not far behind with an uplift of 26.4%,

The Canadian city of Vancouver sits third, with house prices up 18.8% since the start of the pandemic, while Los Angeles has also seen house price growth hit double figures at 12.4%.

Closer to home, Geneva and Berlin have also performed well up 9.8% and 8.9% respectively. Miami (8.1%), Dubai (6.7%) and Paris (6.1%) also sit ahead of London.

Despite the stamp duty holiday causing house prices to skyrocket across much of the UK market, growth in London has been more muted. However, house prices have still climbed 4.1% across the capital despite many homebuyers looking outside of London for more space at a more affordable price tag.

Lisbon, New York, Hong Kong and Sydney have also seen positive movement, while Melbourne, Madrid and Monaco have seen marginal declines in property prices since the end of 2019.

CEO of Enness Global Mortgages, Islay Robinson, commented:

“All things considered, the global property market is standing pretty firm on all fronts and while the majority of recent market activity will have been driven by domestic buyers, there remains a strong appetite from international investors.

With travel restrictions now easing we expect this international buyer interest to continue gaining momentum, particularly across the upper tiers of the global property market, with many bolstering their bricks and mortar portfolios in anticipation of any future Covid inspired bumps in the road.”

 

Location Price Type Currency Average Property Value (Dec 2019) Current Average Property Value Change (%)
Wellington Price NZD $ $685,000 $882,700 28.9%
Auckland Price NZD $ $886,000 $1,120,000 26.4%
Vancouver Price CAD $498,000 $591,400 18.8%
Los Angeles Price USD $743,614 $835,721 12.4%
Geneva Sq m CHF 14,000 CHF 15,365 CHF 9.8%
Berlin Sq m Euro € 4,720 € 5,140 8.9%
Miami Price USD $376,830 $407,245 8.1%
Dubai Price AED AED 1,772,689 AED 1,892,226 6.7%
Paris Price Euro € 312,900 € 331,900 6.1%
London Price GBP £479,153 £498,795 4.1%
Lisbon Sq m Euro € 3,247 € 3,377 4.0%
New York Price USD $632,391 $649,490 2.7%
Hong Kong Sq ft HKD $ $14,858 $14,991 0.9%
Sydney Price AUD $ $862,750 $867,500 0.6%
Melbourne Price AUD $ $681,000 $677,500 -0.5%
Madrid Sq m Euro € 3,732 € 3,712 -0.5%
Monaco Sq m Euro € 48,151 € 47,619 -1.1%
Source: Enness Global Mortgages
         

 

To stay up to date on the latest, trends, innovations, people news and company updates within the UK property and housebuilding market please register to receive our newsletter here.

Media contact

Rebecca Morpeth Spayne,
Editor, Showhome Magazine

Tel: +44 (0) 1622 823 922
Email: editor@yourshow-home.com

Subscribe to our newsletter

Don't miss new updates on your email
Scroll to Top