Asia Pacific countries have taken the lead as the quickest
growing property markets in the world.
An independent survey and report of 47 countries by real
estate agents Knight Frank revealed Hong Kong as the new world leader in the
housing market, producing a 68% annual price rise. Other Asia-Pacific countries
experienced smaller price rises, Australia being named as the 4th largest with a
20% annual price increase and New Zealand ranking at 15th with a 6.8% rise.
“The top four positions in our rankings are all occupied by
Asia-Pacific locations, whilst Europe dominates the bottom half of the table...”
said Liam Bailey, the head of residential research.
Sustained growth can be seen as property price falls slowed
in most depressed markets... in fact 25 countries have all reported increases
with price drops mostly attributed to European countries.
Prices for Britain rose by 8.8% as Asian investors have been
attracted by a weak pound and a rise in rents. The US however experienced a
small price rise of only 2.3%. Although, last year’s best performer Dubai
suffered the worst drop, falling by 8%.
Asian investors are now buying more than a fifth of all
central London new-build properties, and now account for 49 per cent of all
investment purchases in central London, according to the survey. Knight Frank
estimates that over the last 12 months the total volume of Asian investment has
totalled ฃ761million
The report went on to say that of the 7,595 new-build London
properties completed in the 12 months to March 2010, 41 per cent of these were
bought by investors rather than owner occupiers.
“The power shift from the West to the East is having a
massive effect... the purchasing power of an Asian buyer is far greater than
U.K. buyers – the U.K. resident is suddenly 30 per cent poorer against an Asian
resident,” said the report. (Source PR Log/Ocean Villas Group)
