The Prime Global Cities Index is a valuation-based index tracking the movement in prime residential prices in local currency across 40+ cities worldwide using data from our global research network.
This is our first opportunity to take the pulse of prime residential markets around the world since our PIRI 100 Index in The Wealth Report 2020. A lot has happened since December 2019. We are now in the midst of a global pandemic with strict travel restrictions in place and the global economy is forecast to shrink by 3% in 2020 according to the IMF.
The latest index results cover the year to the end of March 2020. At this
stage, much of Asia and the Middle East had been hit by Covid-19 with cases in China totalling 83,000 and those in Iran 47,000. However, whilst cases in Italy and Spain were escalating; the crisis was in its nascent stages in the UK and US meaning it is likely to be Q2 before we can accurately gauge the full impact of the disease on prime housing markets globally.