LONDON — Luxury rentals in the the world’s major financial cities showed sluggish growth in the first half of the year, according to data from Knight Frank.
The estate agent’s latest Prime Global Rental Index showed the overall cost of rents increase by 0.5% in the first quarter of 2017.
Cities in the Middle East showed the strongest rise in prime rents, up 1.7%, while Europe, racked by political uncertainty, showed the weakest growth and fell by 0.3%.
Knight Frank classifies “prime” property as the top 5% of the housing market in each city. Here is how the index breaks down.
The percentage described in the index refers to the 12-month change in rental prices.
17. Nairobi, Kenya: -6.2%. Prices in the Kenyan capital fell due to a combination of high interest rates, the downturn in the oil market, and the uncertainty of an election year.