Friday, March 3, 2017 - 11:18
According to a recent report by Knight Frank, China has been named the top performing country for luxury real estate in 2016. Inspite of many local investors looking for places such as London, prices in China’s big cities continue to grow at a high rate.
Shanghai has always had the reputation for being one of the most expensive cities in the world for living. In this metropolis, prime property increased 27.4% in 2016 despite the doom and gloom surrounding the country.
Same as Shanghai, Beijing had an impressive increase of 26.8% in 2016. For one of the most recognised cities in the country its no surprise such an increase.
Although not as recognised as Beijing or Shanghai, Guangzhou had an increase of 26.6% in 2016.
Truth be told, many of the competing markets have weakened during 2016 due to several domestic policies. However, China has managed to stay on top due to its economical growth, the increasing demand and its relatively low supply in some areas.
It is expected in the near future that foreign investors target London due to its currency weakness and all the Brexit benefits.