Based on official data, the Knight Frank Global Residential Cities Index found that prices had either remained stable or had risen in 121 of the cities with Shenzhen in China leading the way with unprecedented growth of 47.5 per cent over the course of the year.
“In 2015, first-tier cities in China saw strong demand on the back of the relaxation of policy restrictions which boosted market performance,” said the index. “Shenzhen is fast becoming one of China’s key technology hubs, its population of 10 million has an average age of 30.”
Auckland saw the second highest rate of price increases with a 25.4 per cent rise while Budapest was the index’s strongest performing capital city with a 16.3 per cent hike recorded during 2015. “The city’s comparative value, combined with an exclusive investment immigration bond programme for Chinese nationals, has fuelled demand,” said Kate Everett-Allen, head of international residential research at Knight Frank.