Chinese cities continue to dominate Knight Frank’s latest Global Residential Cities Index, which at 5.5% in Q2 2016 recorded its strongest annual rate of growth for two years.
According to the Index for the second quarter of the year, which tracked 150 cities, six of the top 10 cities, based on rankings for annual price growth, were located in China, led by Shenzhen where annual growth hit 47%, although this is down from 63% in Q1. Shanghai, Nanjing, Beijing, Guangzhou and Hangzhou were the other Chinese cities featured at the top.
Kate Everett-Allen, partner, international residential research, Knight Frank, said: “Six Chinese cities all sit within the top ten rankings for annual price growth. Their ascension has been rapid. According to data from China’s National Bureau of Statistics the average annual rate of growth for the top ten performing Chinese cities equates to 22% in the year to June, a year earlier the comparable figure was -1.1% for the same ten cities.”