Property prices in London have exploded over the last few years but there are a number of cities that are experiencing such a massive surge in growth that they make prices in Britain’s capital look paltry.In fact, there are some cities across the globe where prices have rocketed by over 25% in the last 12 months, according to Knight Frank’s latest Prime Global Cities Index report.
This is the case for prime residential properties – which refers to the top 5% of the wider housing market in each city.
Four of the top cities recorded double digit price growth, which Knight Frank put down to low supply, combined with record-low interest rates.
Prime prices in the top 35 cities increased an average of 3.6% in the the twelve months up to March 2016, but London didn’t make the top 21 – prime residential prices in that city only increased 0.8%.
Check out the list below: