Where to Expect Property Values to Rise in 2016
As much as London's housing prices are rising, there are actually other cities around the world that may see property values rise more over the next five years.
Property consultancy Knight Frank's latest report, "Prime Cities Forecast" sheds some light on which five major cities could either match or surpass London's property values in 2016.
Let's take a look: London and Miami are tied for sixth place, with an expected rise of 2% this year, Business Insider reports.
Knight Frank muted its prediction despite the housing shortage, because of higher transaction costs, affordability and politics surrounding the Miami mayoral election.
Knight Frank adjusted its forecast for Miami down from 4% in 2015 because of a weakened US dollar against certain South American currencies.
Monaco and New York City are tied for fourth place, with a predicted 5% growth, thanks to the ongoing demand for luxury homes. (Big Apple demand has cooled off a little from recent years, however.)
Shanghai ranks second, with a 4% rise, and Sydney, Australia, take the top spot with a predicted 10% growth. Though that number may seem like a lot, it's actually down from 2015's 15% growth. [BI]