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Global Living a City by City Guide CBRE Residential 2–3 Global Living

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Global Living a City by City Guide CBRE Residential 2–3 Global Living Global living A city by city guide CBRE Residential 2–3 Global living Contents Introduction 4–5 City by city at a glance 6–7 How do residential markets compare? 8–11 Europe Barcelona, Spain 14–15 Berlin, Germany 16–17 Dublin, Ireland 18–19 Edinburgh, United Kingdom 20–21 Frankfurt, Germany 22–23 Lisbon, Portugal 24–25 London, United Kingdom 26–27 Madrid, Spain 28–29 Manchester, United Kingdom 30–31 Milan, Italy 32–33 Moscow, Russia 34–35 Paris, France 36–37 Rome, Italy 38–39 Americas Chicago, United States 42–43 Los Angeles, United States 44–45 Miami, United States 46–47 New York, United States 48–49 Toronto, Canada 50–51 Vancouver, Canada 52–53 Asia Pacific Bangkok, Thailand 56–57 Beijing, China 58–59 Hong Kong, China 60–61 Mumbai, India 62–63 Shanghai, China 64–65 Singapore, Singapore 66–67 Sydney, Australia 68–69 Tokyo, Japan 70–71 Middle East, Africa and Turkey Abu Dhabi, UAE 74–75 Cape Town, South Africa 76–77 Dubai, UAE 78–79 Istanbul, Turkey 80–81 Johannesburg, South Africa 82–83 Venice, Italy CBRE Residential 4–5 Global living Introduction Our world is changing faster than ever before. The population is growing by the minute, global travel means nowhere is more than 24 hours away, and the internet means everyone is connected, all of the time. The homes we live in are also changing to reflect this; we’re building taller skyscrapers, redeveloping major industrial sites, and finding clever new ways to integrate technology into our homes. Globalisation has meant our property markets are more integrated than ever before. Best practice in architecture, design and interiors is being shared around the world, and migration means people are sharing culture and ways of living with new audiences. But our major cities haven’t lost what makes them distinctive and special. In this report we celebrate the unique characteristics of the world’s major cities, and pull out insightful information. From Shanghai to Paris, New York to Tokyo and London to Madrid, we have criss-crossed the globe to bring you a snapshot of the property markets in 31 global cities, chosen for their world prominence, promise and interest. Some of our findings may surprise you, but the overall thread running through these pages is one of markets that are intertwined and yet individualistic; symbiotic and yet inter- dependent. The global crisis of 2007/8 affected us all and yet some markets have bounced back even stronger, while others have been less resilient. Unexpected findings are scattered throughout these pages: Dublin has the highest house price growth at 22%, Singapore has the highest property price by Capital Value at £570,000. However, when viewed on a pound per square foot basis it came fifth (with £519psf). Moscow has the highest proportion of owner occupiers, and Istanbul and South Africa have much cheaper property markets. Next to these, are the more expected findings: London has the highest rents at £2,080 pcm and Hong Kong property has the highest price per square foot. As the world’s population expands and the overall international economy continues to recover, it will be interesting to see how things pan out, around our ever-changing globe. We hope you find this report enlightening, inspiring and interesting. Jennet Siebrits Head of Residential Research New York, United States CBRE Residential 6–7 Global living City by city Manchester Edinburgh London Berlin Istanbul £150,021 £268,318 £525,837 £156,255 £61,935 A quick glance at the main £772pcm £942pcm £2,080pcm £405pcm £387pcm Dublin residential markets £200,000 Dubai £851pcm Madrid Frankfurt Moscow £348,969 £161,533 £230,516 £130,725 £1,485pcm n/a £835pcm £440pcm New York Beijing £432,243 £235,621 £1,529pcm £498pcm Shanghai Chicago £232,686 £120,128 £567pcm £1,045pcm Tokyo Vancouver £264,401 £339,416 £993pcm £1,036pcm Los Angeles £344,102 £1,616pcm Miami Hong Kong £182,243 £507,992 £1,163pcm £1,344pcm Toronto £277,123 £966pcm Mumbai Sydney £188,775 £370,359 £959pcm £1,185pcm Lisbon Abu Dhabi £145,797 £313,878 £453pcm Paris £1,698pcm £366,950 £1,143pcm Asia Pacific Rome Europe £185,425 Bangkok £139,847 Middle East, Africa and Turkey £731pcm £466pcm Americas Barcelona £162,443 n/a Milan £195,282 £651pcm Singapore £570,000 Average home price Cape Town Johannesburg £1,650pcm £91,296 £67,515 Average monthly rent £530pcm £454pcm CBRE Residential 8–9 Global living How does global Top ten highest value Top ten lowest value Top ten share of owner occupiers Top ten highest house price growth residential real estate compare? Average property price Average property price Share of owner Average annual (£ psf) (£ psf) occupiers (%) house price growth (%) So how do the residential 1 Hong Kong 908 1 Istanbul 72 1 Singapore 90.0 1 Dublin 21.6 markets in these cities 2 London 657 2 Johannesburg 78 2 Moscow 85.0 2 Hong Kong 20.0 compare with each 3 New York 540 3 Cape Town 106 3 Beijing 70.7 3 Edinburgh 20.0 other? Which city has the 4 Paris 524 4 Lisbon 124 4 Dublin 70.0 4 Sydney 16.8 most expensive housing? 5 Singapore 519 5 Chicago 150 5 Rome 69.3 5 Berlin 15.6 6 Tokyo 447 6 Madrid 157 6 Sydney 65.2 6 Istanbul 15.0 Which city had the 7 Los Angeles 430 7 Barcelona 159 7 Hong Kong 65.0 7 Shanghai 14.0 strongest growth last year? 8 Milan 349 8 Sydney 165 8 Chicago 64.1 8 Beijing 12.4 Which has the highest 9 Rome 336 9 Bangkok 168 9 Milan 63.4 9 Cape Town 12.1 share of owner occupiers 10 Edinburgh 328 10 Berlin 182 10 Miami 60.7 10 Abu Dhabi 12.0 and who pays the highest rents? Before we provide an Hong Kong is synonymous with high For best value for money, go to the city Reflecting the city’s wealth, Singapore has Dublin had the highest rate of house price property prices and, despite measures to where east meets west: Istanbul, which 90% owner occupiers. Moscow comes in a growth last year at 21.6%. However, over in-depth focus on the cities cool the market, prices increased by 13.5% despite 15% prices rises last year, has the close second. This is less to do with wealth, the last month or so, growth has stabilised. themselves the next few last year. Average prices are now around cheapest house prices in our sample of rather it reflects the fact that the rental sector Edinburgh recorded the second highest £508,000, which at £908psf is the highest cities. South Africa also offers good value is not very well developed. This, coupled house prices growth last year of 20%. pages provides an easy, level across our sample of cities. However, housing, with properties in Johannesburg with the expensive rents, drives people into This partly reflects a market bounce at a glance comparison. prices can go much higher, with prime and Cape Town averaging at £78psf and the owner occupier market. Interestingly, back following the lull in the market in the properties averaging nearer £1.6 million and £106psf respectively. Moscovites unable to afford to live in run up to the Scottish referendum. prices of around £3.4 million more common Moscow city centre, are more likely to buy at the very high end. Prices are underpinned Although Sydney has the fifth highest capital and travel several hours into work rather by a very constrained supply backdrop. Over value, at £367,648, its unit sizes are relatively than rent in the centre. the last decade on average around 110,000 large and so on a per square foot basis it is units have been built, yet population has relatively affordable at £165psf. increased by half a million residents. Both the Spanish cities of Barcelona and Although Singapore has the highest capital Madrid are relatively affordable. This is value at £570,000, its property size is fairly unsurprising; Spain suffered badly during large at 1,100 sq ft, which compares with the global financial crisis, with its housing nearer 800 square foot in Hong Kong market hit hard. In fact, property values London and the US cities. As a result, its remain around 40% lower than they were at average price per square foot is £519, the start of the crisis in 2007. coming in fifth in the most expensive places to buy property. Singapore CBRE Residential 10–11 Global living Top ten average rents Top ten average rental growth Top ten average yield Average monthly rent Average rental growth Average yield (£) (%) (%) 1 London 2,080 1 Edinburgh 19.0 1 Chicago 10.4 2 Abu Dhabi 1,698 2 Abu Dhabi 12.0 2 Johannesburg 9.7 3 Singapore 1,650 3 Istanbul 12.0 3 Cape Town 7.9 4 Los Angeles 1,616 4 Sydney 8.3 4 Miami 7.6 5 New York 1,521 5 Tokyo 7.6 5 Abu Dhabi 7.0 6 Dubai 1,485 6 Dublin 7.5 6 Manchester 6.6 7 Hong Kong 1,344 7 Dubai 7.0 7 Dubai 6.5 8 Sydney 1,258 8 Berlin 5.7 8 Los Angeles 5.6 9 Miami 1,163 9 Los Angeles 5.6 9 New York 5.1 10 Paris 1,143 10 Shanghai 5.1 10 Dublin 5.0 There has been a massive resurgence in Edinburgh experienced the largest increase Chicago with its huge multifamily the rental market in London, with a 75% in rents over the year.
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