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Asian and European prime property markets on the up

Asian and European prime property markets on the up

Prime property markets in both Asia and Europe have seen noticeable improvements in recent months, a new report has revealed.

According to research by Knight Frank, property values in the prime Asian market went up by 3.4 per cent during the 12 months to June 2012.

This marks a significant turnaround from the state of affairs three months earlier, when values were 2.5 per cent down on those recorded in the previous year.

A similar development occurred in Europe throughout the same period, although not to the same extent.

While prime property values in the continent were 3.4 per cent down on the previous year in March 2012, by June they were 1.3 per cent up on the amount recorded 12 months earlier.

These turnarounds helped Knight Frank's prime property index of 27 cities across the globe reach 1.4 per cent during the second quarter of the year. This is the highest figure since the final quarter of 2010.

As a result, real estate investors might be tempted to transfer money online to the best-performing European and Asian cities, such as Zurich, London, Jakarta and Bangkok, in order to secure a presence in a growing market.

However, the organisation stressed that market conditions in these cities should not be interpreted as a reflection of what is going on in each individual country.

James Price, spokesman for the International Residential Development team at Knight Frank, commented: "Prime second home destinations outside the cities may still perform well in a poorer performing wider market."

London is perhaps a good example of a prime market where there is a disparity between the city and the rest of the country.

This was demonstrated in Knight Frank and Markit's recent House Price Sentiment Index, which indicated people in the capital are far more confident of the value of their property heading up in the next few months than those in other parts of Britain.

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