Chinese cities grabbed 11 of the top 12 places in a list of global locations with the highest property price rises.
Each place posted home values increased by more than 20% during 2016, says international property consultancy Knight Frank’s Global Residential Cities Index for the final three months of the year.
Top of the index was Nanjing, where property prices soared by 41.1% last year. Nanjing has a population of 8.2 million and stands on the Yellow River about 300 kilometres from Shanghai.
Second place went to Wuxi, another city near Shanghai, with a rise of 35.7%.
China’s financial powerhouse Shanghai was third with home prices increasing by 31.7%.
The only city outside China to break into top 10 was Wellington, New Zealand – taking the 10thplace with property values surging by 23.7%.
The only other city to register home values rising by more than 20% was Oslo, Norway, which came 12th with an increase of 21.7%.
Moscow props up the table
Eight more Chinese cities had price rises ranging between 3.1% and 19.5% which gave them places in the top 100 of the index, which means almost one in five cities with the highest price increases last year were in China.
The USA also had 19 cities in the top 100. The highest ranking was Seattle, Washington, showing with 10.8%.
At the other end of the table that lists price changes in 150 locations, 29 cities saw prices fall.
The largest drop was 15% in Moscow, followed by 9.9% in Sevilla, Spain, 9.8% in Aberdeen, Scotland, and 7% in Darwin, Australia.
The rest suffered falls in value between 0.2% and 6.3%.
Eight of the bottom cities were in Italy and three in Cyprus.
Global cities: top and bottom home price changes 2016
The top 10 cities were:
Source: Knight Frank