Knight Frank – Prime Global Cities Index, 4Q 2023

The Knight Frank Prime Global Cities Index saw an average annual price increase of 3.7% across 45 residential markets, the strongest growth since Q3 2022. Vancouver saw the most improved rank in annual growth, rising to 6th place in Q4. 82% of cities experienced price rises over the last 12 months, with all cities tracked showing growth in 2023. Global luxury housing markets saw a third consecutive improvement in annual price growth in Q4, despite interest rate hikes in major economies. Manila led the rankings with a growth rate of 26.3%, while Dubai and Mumbai also saw impressive price growth. In the United States, Los Angeles and Miami experienced healthy price increases, while New York saw a decline. Vancouver's prices rose by 7.2% despite high interest rates in Canada. New Zealand's market is recovering significantly, with strong growth expected to continue. Asian markets, such as Seoul, saw strong annual growth, but faced challenges in the quarterly outlook due to policy rate increases.