2025年第三季度全球主要城市指数

knightfrank.co.uk/research The Prime Global Cities Index (PGCI) is a valuation-based index,tracking the movement of prime residential prices across 46 citiesworldwide using data from our global research network. The indextracks nominal prices in local currency 2025 Q3 Prime house price growth slowest Average annual house price growth across our 46-citybasket slowed to 2.5% in the third quarter of 2025, downfrom 3.0% in Q2. The deceleration reflects growinguncertainty over the timing and scale of interest rate cuts 2.5%average annual growth in prices across our46-city basket 61%proportion of our cities that saw positivehouse price growth over the past 12 months Tokyothe city with the fastest rate of annualgrowth in Q2 buyers unable to access increasinglyexpensive new-build homes turn tothe resale market instead. Limitedsupply, a weak yen, which has spurredrising foreign investment, and a more A COOLING MARKETAverage global prime residential prices rose by 2.5% in the 12 months to theend of September 2025, continuing Dubaifive-year growth of 198% We’ve discussed the challengesposed by higher interest rates and theslowdown in the rate-cutting cycle.As recently as September 2024, 43%of a sample of 37 global central banks Hong Kong is showing the first signsof recovery, supported by interestrate cuts that have helped to stabilisefinancing conditions. Investors, The overall direction for global ratesis downward, and for that reason weexpect house price growth to strengthen By contrast, luxury markets on theChinese mainland remain subdued.The government has deliberatelyshifted emphasis away from realestate toward high-tech industry and ASIA-PACIFIC DEEP DIVEAcross the Asia-Pacific region, residential markets are experiencingmarkedly different dynamics. Tokyo In Australia, the picture varies bycity. The Gold Coast and Perth are benefiting from strong migrationinflows, relative affordability andtight supply, which continue to fueloutperformance. Sydney remainsresilient thanks to its depth of demand Leading marketsStrongest 10 markets for price growth, five years to Q3 2025 “Prime house price growth has cooledto its slowest pace in two years, asa slowing pace of global rate cutskeeps a lid on performance acrossglobal cities. But with rates set to fall Liam Bailey, Knight Frank’s global head of research We like questions, if you’ve got one about ourresearch, or would like some property advice,we would love to hear from you. Research enquiriesLiam Bailey+44 7919 303 148liam.bailey@knightfrank.com Press enquiriesAstrid Recaldin +44 20 7861 1182astrid.recaldin@knightfrank.com