KL trumps Singapore in latest Prime Global Cities Index

Kuala Lumpur clinched the 19th spot at Knight Frank’s Prime Global Cities Index for Q2 2014, besting several other key cities in Asia Pacific such as Delhi (23rd), Mumbai (25th), Tokyo (26th), Hong Kong (30th) and even Singapore (32nd).

Prime residential prices in the Malaysian city rose 3.1 percent in June 2014 compared to the same period a year ago, while the aforementioned cities posted a lower figure.

Jakarta leads the index with a year-on-year price growth of 27.3 percent, followed by Dublin (23.5 percent), New York (18.4 percent), Los Angeles (17.8 percent) and Miami at 17.2 percent.

Coming at number six is Beijing (13.2 percent), trailed by San Francisco (12.5 percent), Sydney (10.9 percent), London (8.1 percent) and Tel Aviv with 7.8 percent.

Other Asia Pacific cities with a better standing than Kuala Lumpur are Bangkok (6.4 percent), Bengaluru (5.5 percent) and Shanghai (4.8 percent).

Compared to the global average of 6.2 percent, North American cities saw the highest average annual price growth of 14.5 percent, followed by the Middle East (7.0 percent), Asia Pacific (5.3 percent), Europe (3.5 percent) and African with 3.2 percent.

“Prime residential prices across the index’s 32 cities rose by 6.2 percent on average in the year to June 2014. Luxury homes in key US cities are now increasing in value at a faster rate than those in several European and Asian cities,” said the report.

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