2025-04-30-莱坊-Prime_Global_Cities_Index_Q1_2025_2页_108kb

Prime Global Cities Index Q1 2025 Summary

Overview

• The Prime Global Cities Index (PGCI) tracks nominal prime residential prices in local currency for 45 cities worldwide, based on data from Knight Frank's global research network.

Key Findings

• The average annual price growth for the index basket was 2.8% in the first quarter of 2025, a slight decrease from 3.2% in Q4 2024, though still significantly below the long-run trend rate of 5.3%.
• Asian and Middle Eastern markets continue to drive growth, with most other cities experiencing modest or uneven increases.
• The market has maintained positive growth since Q1 2023, following a low of -0.6% in that period.
• Growth is supported by factors such as wealth accumulation and limited supply but is tempered by global macroeconomic uncertainty and concerns over interest rates.
• Notable city performances include Seoul with 18.4% annual growth, Dubai stabilizing at high double-digit rates after deceleration, and cities like Chennai and Riyadh showing varying levels of increase.

Future Outlook

• Price growth faces headwinds from inflation, yen depreciation, and policy risks, with interest rate movements being a critical factor for future market dynamics.
• Knight Frank anticipates a range of city-specific outcomes, with Dubai projected for up to +5% annual growth and some Asian hubs struggling for positivity, while European cities show mixed results. Lower borrowing costs are seen as essential for unlocking sustained price increases.