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.”