We are excited to launch the Prime Global Cities Index Q1 2023! The Prime Global Cities Index (PGCI) is a valuation-based index tracking the movement of prime residential prices across 46 cities worldwide using data from our global research network.
Q1 2023 saw annual price change in the world’s luxury housing markets turn negative for the first time since the Global Financial Crisis. The index which tracks prices in 46 leading prime markets, fell by 0.4%. This marks a sharp reversal from a peak of 10.1% growth in the fourth quarter of 2021. While two-thirds of markets are still seeing positive growth, the large size of price declines in the weakest markets has pulled the overall index negative.