Business & Finance
Brought to you by: Monaco Life
Monaco is lagging behind Dublin in terms of prime property prices, according to the latest report from Knight Frank.
Dublin’s prime residential properties, defined as the top five percent of the housing market, increased by 0.9 percent to 5.5 percent on an annual basis for the second consecutive quarter, making the Irish capital the highest performer in Europe.
Monaco – where supply remains limited – and Geneva both grew at 1.8 percent annually, followed by Edinburgh with 1.6 percent growth, according to the property consultancy.
Although Vancouver remains top of the global index, its quarterly price growth fell to 1.5 percent in the three months to September, due largely to the introduction of a 15 percent tax for foreign buyers, a successful policy move intended to slow down price increases.
Overall, the Knight Frank index increased by 3.8 percent in the year to September 2016. In Europe, Vienna (-1%), Milan (-1.4%), London (-2.1%), Zurich (-3.3%), and Paris (-3.8%) all witnessed declines in prime property prices over the period.
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