\nThese cities recorded a combined annual average growth of 31.8 percent
\n\u201cGrunge City.\u201d Bruce Rolff\/Shutterstock
\nThe world\u2019s eight best-performing residential markets by house price growth are all in China, according to the latest Global Residential Cities Index by Knight Frank.
\nThe report, which tracks mainstream residential prices on a city-by-city basis, also revealed that Nanjing and Shanghai surpassed the country\u2019s tech hub and Q2 chart topper, Shenzen, to fill the first and second spots, respectively.
\n\u201cUrbanisation and rising household wealth are behind the surge in Chinese prices but it is far from uniform with smaller cities and rural markets lagging behind,\u201d noted the report\u2019s author, Kate Everett-Allen, who is responsible for International Residential Research at Knight Frank.
\nShe added that the country\u2019s soaring urban house prices have not gone unnoticed by policymakers. Many Chinese cities have seen a tightening of mortgage lending, higher deposit requirements, and in some cases, a ban on non-local buyers.
\nElsewhere in the top 10, Vancouver is the only entry outside of Asia, with Chennai taking 10th place. The Canadian city also led Knight Frank\u2019s Prime Global Cities Index with a 31.6 percent increase in prime residential prices in the third quarter.
\nHere\u2019s a quick look at what is driving rapid growth in each of the top 10 markets:
\n1. Nanjing
\nNanjing at sunset. Lixiang\/Shutterstock
\nThe capital of China\u2019s Jiangsu province saw a 42.9 percent average increase in home values in the third quarter from the same period a year ago. Nanjing apartment units that went for CNY17,000 per square metre (USD232 per square foot) 12 months ago now go for CNY30,000 (USD409 per square foot).
\n2. Shanghai
\nIn news that may not surprise onlookers of this perennially hot market, Shanghai home values went to a boil by 39.5 percent in the three months to September from a year ago. The home market is so fiery here that couples went through sham divorces to get around home purchase restrictions, Everett-Allen noted.
\n3. Shenzhen
\nThe index\u2019s previous top ranker has slid to third place with a 34.5 percent growth in home values. \u201cSince September there is some evidence to suggest the rate of price growth has cooled in a few key cities as the new regulations have taken effect,\u201d she wrote.
\n4. Beijing<\/p>\n
The Chinese capital, which saw a 30.4 percent price growth, was one of the first cities that unleashed a blitzkrieg of cooling measures in October on home buyers. In spite of the Beijing government\u2019s slew of surprise property curbs, real estate investment in China grew by a record 13.4 percent that month from a year earlier.
These cities recorded a combined annual average growth of 31.8 percent \u201cGrunge City.\u201d Bruce Rolff\/Shutterstock...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-39029","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-a9v","jetpack-related-posts":[{"id":102544,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-prices-up-8-8-in-q3\/","url_meta":{"origin":39029,"position":0},"title":"Singapore home prices up 8.8% in Q3","date":"December 27, 2018","format":false,"excerpt":"\r The city-state was ranked 28th in Knight Frank\u2019s Global Residential Cities Index report. Residential property prices in Singapore rose 8.8 percent year-on-year during the third quarter of 2018, revealed a Knight Frank report. The city-state was ranked 28th in Knight Frank\u2019s Global Residential Cities Index Q3 2018, while Chinese\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":103036,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/singapore-home-prices-up-8-8-yoy-in-q3\/","url_meta":{"origin":39029,"position":1},"title":"Singapore home prices up 8.8% YOY in Q3","date":"December 27, 2018","format":false,"excerpt":"\r The city-state was ranked 28th in Knight Frank\u2019s Global Residential Cities Index report. Residential property prices in Singapore rose 8.8 percent year-on-year during the third quarter of 2018, revealed a Knight Frank report. 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\n5. Wuxi
\nThis manufacturing powerhouse, located by Lake Taihu, saw home prices fly by 28.2 percent in the third quarter. It was one of several cities that slapped surprise cooling measures in early October.
\nMore: What impact might China\u2019s capital controls have on global property?
\n6. Hangzhou
\nHangzhou\u2019s profile rose dramatically when it hosted the G20 Summit in the third quarter. With that rise in prominence came an increase in residential real estate values \u2014 up 28.2 percent from a year ago, according to the Knight Frank report.
\n7. Tianjin
\nTianjin skyline with observation wheel. thatreec\/Shutterstock
\nIn Knight Frank\u2019s previous Global Residential Cities ranking, there were six Chinese cities in the top 10. Now the top eight rankings are occupied by Chinese cities. Coming in at number seven as the hottest home market in the world is Tianjin, a port city in northeastern China. Home values here increased a whopping 25.4 percent in the third quarter.
\n8. Zhengzhou
\nThe capital city of Henan Province in the east-central mainland registered a spry annual growth of 25 percent from the same quarter in 2015.
\n9. Vancouver
\nVancouver, British Columbia, Canada. jiawangkun\/Shutterstock
\nWith a price increase of 24 percent in third-quarter home values from over a year ago, Vancouver is without a doubt the hottest city in the world that isn\u2019t in China or India. Most remarkably, the Canadian metropolis slipped to ninth place after it ranked fifth in the second quarter. \u201cThis shift is not as a result of slowing prices, annual growth is much the same as in June, close to 24 percent, but [it\u2019s] due to the phenomenal ascent of the Chinese cities which have supplanted it,\u201d stated Everett-Allen.
\n10. Chennai
\nIndia\u2019s hottest market is also the world\u2019s tenth hottest. Like Vancouver, the Tamil Nadu state capital posted a 24 percent price growth. However, the Indian city could tumble down the index as the effect of Prime Minister Narendra Modi\u2019s demonization drive continues to manifest itself in the cash-driven realty market. Luxury Chennai condominiums are poised for price markdowns as hefty as 10 to 25 percent.
\nRead next: 5 trends that could affect Asia-Pacific real estate in 2017
\n
\nSource : property-report.com
\nRead more…8 of the world\u2019s hottest residential markets are in this one country<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"