China sees the fastest rise in home prices in the world
HOUSING prices in China grew the fastest in the world over the past year while Toronto in Canada saw the biggest rise in housing prices globally, a latest research released by Hurun Research Institute has found.
Six of the 10 cities that recorded the highest house price changes around the globe in the 12 months through June were located in China, with Wuxi in Jiangsu Province leading with a year-on-year growth of 22.9 percent, according to the Hurun Global House Price Index 2017 Half-Year released today.
Wuxi followed the 26.1 percent annual gain in Toronto and the 23 percent increase in Reykjavik in Iceland, the Hurun report revealed.
Hong Kong, where housing prices rose 20.8 percent year on year, trailed Wuxi in No. 4 and Zhengzhou, Changsha, Guangzhou and Shijiazhuang also made it into the Top 10 list.
Of the top 50 cities spread over 12 countries, China has the most with 21 cities, followed by seven from the US, six from Germany, four from Canada and three from Australia.
Shanghai ranked No. 42 with an annual house price rise of 10 percent, the smallest gain among the 21 Chinese cities in the Top 50 list.
Toronto, with an annual return of 32.4 percent, also ranked the highest in a separate Hurun China HNWI Global Property ROI 2017 Half-Year, which takes into account the annual house price changes, rental yields as well as the local currency against the yuan.
Sixteen of the top 50 cities in the Hurun China HNWI Global Property ROI 2017 Half-Year registered returns of more than 20 percent.
"Global asset allocation is one of the biggest trends now for China's high net worth individuals, led by real estate," said Rupert Hoogewerf, chairman and chief researcher of Hurun Report.