15:08 PM, 11th May 2012, About 9 years ago
London has dropped to second in the rankings for most expensive capital to rent in as rents in Paris takes on the mantle.
Rents in the French capital are now three times more than Shanghai and Mumbai. New York appears to have been the best performer though, with the highest yield and highest leap in rental prices.
Infographic provided by Savills
The first part of the year performed better than the second, as all bar Singapore saw a reduced rental growth.
Rents outpaced capital values at 2.3% growth to 1%.
Infographic provided by Savills
“The strong occupier demand in these cities and the relatively low capital values of Paris, London and New York (particularly when compared to Hong Kong) make them look fairly valued for investors – especially New York which ranks among the cheapest world class cities to buy.” explained Yolande Barnes, head of Savills residential research.
“A key driver of rents in all our world class cities is corporate demand which can have a short term perspective. Uncertainty surrounding the global economy and job security is leading more corporate employees, who might previously have bought, to rent.
“We expect rent rises and high occupier demand to spur investor activity, as has already been seen in London, and for yields to move out in most of the locations monitored in our World Class index.”
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