International property markets see strong growth despite Covid-19 pandemic
Research by the world's leading high-net-worth mortgage broker, Enness Global, has revealed which of the world’s high-end property playgrounds has performed best where pandemic house price growth is concerned.
Enness analysed house prices across nine major international property playgrounds for the super-wealthy, looking at the change in property values between the first reported case of Covid in each city and now.
The figures show that Dubai has seen the most pandemic-proof property price growth, with house prices climbing 9.6 per cent since the first reported case of Covid back in January of last year.
Geneva has also performed well. Since the first reported case of Covid in February 2020, house prices have climbed a respectable 6.9 per cent.
Berlin also ranks within the top three, with property price growth hitting 5.6 per cent since March of last year when Covid first struck the city.
Pandemic property price growth in Vancouver is currently 4.8 per cent, while in Paris, price growth has hit 3.5 per cent.
London has suffered from falling demand due many now working from home. However, the capital has still registered a 3.3 per cent uplift in house prices since the first reported case of Covid in February 2020.
New York (2.2 per cent) and Hong Kong (0.8 per cent) have also registered positive property price growth during the pandemic. Madrid is the only city to see the property market suffer, with prices falling -1.2 per cent since the first registered case of Covid a year ago.
Managing Director of Enness Global Mortgages, Hugh Wade-Jones, says: “A new year but a worryingly familiar picture where current Covid restrictions are concerned. The good news is that the current pandemic is yet to dent the appetite of high-end, international homebuyers in many flagship markets worldwide.
"As a result, these go-to destinations of the super-wealthy have continued to register strong property price growth almost across the board, despite the dark clouds of Covid hanging over them.
"Although uncertainty remains, this is a trend we expect to continue in 2021. Mortgage rates continue to sit at record lows across many global markets, and for those with the financial pedigree to obtain them, there are still some outstanding products available. While this remains the case, buyer demand is sure to stay robust, which should also result in positive movement where property values are concerned.”